Founded in 1999, First Internet Bank was the first state chartered and FDIC-insured financial institution to operate entirely online. Bank members can easily access their bank accounts, including checking account and savings account, as well as manage credit cards and loans, including home loans.
First Internet Bank offers mortgage options for buying a home, refinancing your existing home loan, and building a new home. Applying for a First Internet Bank mortgage is quick and easy. You will be connected with an experienced loan officer to help you choose the best loan option for your needs and assist you in the overall loan process.
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- Variety of Loan Types
- Online Loan Portal
- Accurate Fee Quotes
- Reliable Customer Service
- Helpful Tools and Resources
Variety of Loan Types
First Internet Bank offers a variety of loan types to meet the specific needs of its borrowers:
- Conventional fixed-rate loan — The most common type of home loan with a fixed interest rate, meaning that your monthly payments will be the same throughout the life of your loan.
- Adjustable rate mortgage (ARM) loan — Instead of a fixed rate, your rate will fluctuate with the market. While your monthly payments will not remain the same throughout the life of the loan, your starting rate will generally be lower than with a fixed-rate mortgage.
- FHA loan — Available to those with less-than-perfect credit, generally with a low down payment of 3%.
- VA loan — Available to active military members and veterans with no down payment or mortgage insurance required.
- Jumbo loan — Intended for higher-priced properties.
- Home equity loan — Allows you to borrow against the value of your home.
- Home equity line of credit — Similar to the function of a credit card, you can borrow funds as needed from a revolving line of credit.
- Construction-to-Permanent loan program — Finance your home building process with as little as 5% down, and then convert to permanent financing.
Upon applying for a First Internet Bank mortgage you will be connected with a loan officer that will discuss your needs and finances with you and help you pick the best loan option.
Online Loan Portal
First Internet Bank is an entirely online banking service, and you can access and manage your mortgage details through your First Internet Bank loan portal. You will need to create an account which will then allow you to access your mortgage information.
Accurate Fee Quotes
First Internet Bank states that it takes quotes seriously and ensures that they are accurate so that you’re not met with any surprises down the line.
Typical fees that you can expect by working with First Internet Bank include some of the following:
- Third-party fees — A fee paid to the party that actually funds and processed the loan. Third-party fees include the appraisal fee, the credit report fee, the settlement/closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. These fees may vary between lenders.
- Taxes — You can expect to be charged state/local taxes and recording fees.
- Lender fees — These fees can include discount points, document preparation fees, and loan processing fees.
- Required advances — At closing you may be asked to pay some items in advance that will actually be applied in the future
While First Internet Bank seeks to provide borrowers with the most accurate quotes possible, there may be minor variance due to the lender servicing your loan.
Reliable Customer Service
First Internet Bank seeks to help mortgage borrowers every step of the way through the home loan process. By connecting you with a loan officer upon applying you can receive personalized care and assistance. In addition, you can call First Internet Bank to speak with a company representative, and the company website includes a chat feature.
Helpful Tools and Resources
To help answer pressing questions that you may have, such as whether or not you should rent or buy, how much house you can afford, and what you can expect your mortgage monthly payments to be, First Internet Bank has multiple mortgage calculators available:
- Monthly budget calculator
- Mortgage payment calculator
- Home affordability calculator
- Rent vs. buy calculator
- 15-year or 30-year mortgage calculator
- No USDA Loan Option
- Undisclosed Rates and Terms
No USDA Loan Option
First Internet Bank does not provide a USDA home loan option. Thus, if you are looking to buy a house in a rural area you could benefit from looking into other mortgage lenders that offer USDA loans, since this loan type doesn’t require a down payment and offers other benefits specific to rural properties.
Undisclosed Rates and Terms
There are no rates or terms listed on the First Internet Bank website. While mortgage rates are subject to change frequently, it could be helpful to at least see a rate range for different loan types, providing you with an idea of what you could end up paying in interest on your mortgage.
The Bottom Line
First Internet Bank streamlines the mortgage process by offering an entirely online application process. Once you apply, you will be connected with a loan officer who will help you choose the best loan option based on your information and finances. If you decide after applying that you don’t want to continue the loan process with First Internet Bank, you can do so without consequence.
With a variety of loan types to choose from, you can ensure that you find the right mortgage for your needs. However, rates and terms are not provided for any of the loan options, which can be a drawback if you’d like to get an idea of how much you’ll be paying in interest.
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