Intro: ConsumerDirect Mortgage Reviews

It is difficult to distinguish which mortgage companies in this competitive, low-rate market can truly give the best services to borrowers. In this ConsumerDirect Mortgage review, we will discuss its loans and lending services and how it can help you achieve your financial goals.

ConsumerDirect Mortgage aims to help you select the best type of loan depending on your needs and situation using conventional, Federal Housing Administration (FHA), and Veterans Affairs (VA) loans. Their fast and easy seven-step loan process allows them to close their loans faster than other lenders, which is an advantage for borrowers who need to loan immediately.

Located at Nashville, Tennessee, ConsumerDirect Mortgage is a division of FirstBank, and is a Fannie Mae and Freddie Mac Direct Seller/Servicer. They service 95% of their loans and are insured by the Federal Deposit Insurance Corporation.

ConsumerDirect has been a National Mortgage Lender for 106 years and holds over $2 billion in assets; rest assured that they can efficiently assist you with your financial needs. To learn more about their programs and features (and FirstBank mortages as well) that can help you achieve your financial goals, keeping reading this ConsumerDirect Mortgage review.

consumerdirect mortgage reviews

Image Source: ConsumerDirect Mortgage

See Also: Refinance Your Mortgage with Bad Credit (How to Complete a Bad Credit Refinance)

Mortgage Calculators

In order to help borrowers estimate the rates and time period it will take to pay off a loan, ConsumerDirect Mortgage has online mortgage calculators wherein borrowers can calculate their annual percentage rate, debt consolidation, prepayment savings, early payoff, refinance breakeven point, tax savings, and rent vs. own difference.

To utilize the mortgage calculators that are mentioned in this ConsumerDirect Mortgage review, click the link of your chosen calculator and simply fill in the required data. The results will then be calculated, and the estimate will help you adjust your finances.

Keep in mind that the information given by the calculators is for illustrative purposes only and accuracy is not guaranteed. This is just to help you make estimations, so here is a friendly reminder from this ConsumerDirect Mortgage review: it’s best to consult a financial professional before relying on the results given by the calculator.

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Printable Forms and Types of Loans

All of the ConsumerDirect Mortgage printable forms that you will need during the loan process are available on the website. This is convenient as the forms are ready to print and saves you the hassle of making a trip to their office. It’s wise to skim through the forms so that  you’ll know in advance what other information you need; this leaves less room for errors which may cause a delay in the loan process.

Also on the ConsumerDirect website is an explanation of mortgage loan types that the company offers. These include:

  • Thirty-year fixed rate mortgage
  • Fifteen-year fixed rate mortgage
  • Adjustable Rate Mortgages (ARM)
  • Hybrid ARM (3/1 ARM, 5/1 ARM 7/1 ARM)
  • 2/1 Buy Down Mortgage
  • Annual ARM
  • Monthly ARM

Are some of those terms new to you? ConsumerDirect has you covered; the same web page explains each mortgage type without jargon in a way the everyday consumer can readily understand.

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Mortgage Checklist and Step-by-Step Instructions

As an added aid to borrowers who want to acquire a mortgage, ConsumerDirect has created a checklist of the necessary documents and information that are usually required during the loan process. This includes Social Security Number, bank statements, and resale values of owned vehicles which will help you check the documents and information that you have on hand and secure the rest that you don’t have. Many ConsumerDirect Mortgage reviews commend this helpful feature as well.

To make your loan process faster, the ConsumerDirect Mortgage website also has a step-by-step instruction on how to get a loan, which is very easy to follow. Almost all of the processes required are found on their website, including the forms, so you will not have a difficult time filing a loan application.

The details of what you need to do after sending your application are also on the website. However, if you feel that you need more information, their phone number and email address are also listed there. Needless to say, the ConsumerDirect Mortgage website provides adequate information for borrowers who want to avail of their services.

One-Stop Glossary and Directory

For the benefit of the borrowers who aren’t very familiar with the mortgage jargon, ConsumerDirect Mortgage has a mortgage glossary with easy-to-understand terms and definitions. They carefully selected the most used terms when getting a mortgage so borrowers can just sift through the glossary to look for those that they don’t understand.

They also have an employee directory on their website where each of their staff’s name, position, and contact details are supplied. So whenever a borrower wants to seek staff expertise, they can simply go to the ConsumerDirect Mortgage website and acquire the contact details of a mortgage banker.

Having their employees’ contact list is beneficial to the borrowers should they need further assistance, have questions, or want updates about loan progress. They will reach a whole network of ConsumerDirect Mortgage bankers in case one of the staff isn’t available, which is also very convenient for the borrowers.

Related: Cost to Build a Home – What You Might Be Missing! (Typical Closing Costs, Estimated & Average)

ConsumerDirect Mortgage Reviews

Reputable website provides an overwhelmingly positive picture of ConsumerDirect: with over 300 reviews, the company has received an average 4.8 rating! Three of the highest-rated reviews cited a speedy and painless refinance through ConsumerDirect.

consumer direct mortgage reviews

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The Better Business Bureau gives ConsumerDirect an A+ rating, sharing 32 positive experiences compared to just six negative ones (plus one neutral). ConsumerDirect responded to all but one of these negative experiences, and most show a follow-up from the complaining customer stating that the company did reach out and make things right. What’s not to love about that?

However, not everyone was in love with their ConsumerDirect experience: contains four very low-rated reviews citing slow processing, lack of information, and higher than average interest rates. It is important to bear in mind, though, that these are just four reviews compared to the over three hundred we’ve read about from the above two web sites.

At the end of the day, it is up to you to do your homework and find out whether or not ConsumerDirect is the right company for you.

Secure Banking

FirstBank Mortgage values the security of its borrowers. They help in ensuring that all banking information is safe and secure whether you are banking in person, over the phone, or online.

Borrowers can opt to check security of potential threats to their bank accounts on their website homepage. For online banking, they have security features like challenge questions, a timeout feature, firewall protection,  and encryption among others, plus account activity monitoring. These security features are very useful in protecting borrowers from potential hazards to their bank accounts.

If you have concerns that need immediate attention, you may call your FirstBank Mortgage branch during business hours, with the assurance that staff will be readily available to attend to your concerns.

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A Personal Touch

The bankers at FirstBank Mortgage offer professional service balanced with a personal touch, and their goal is to give a relationship-oriented approach when it comes to the mortgage lending process. They have more than 900 associates who are willing to use their expertise to find the suitable loan for each borrower.

FirstBank Mortgage doesn’t just aim to give financial solutions to homeowners and community banks; it also gives back to the communities that it serves. And judging by their personalized and satisfactory service, it’s safe to say that they will still continue to help homeowners achieve their goals in the coming years.

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