First Internet Bank Review

First Internet Bank at a Glance

 Loan typesMortgages, Refinancing, Home Equity Loans
 Loan featuresVaries
 Repayment Terms   10, 15, 20, 25, and 30 years for fixed-rate
 Top ProEasy-to-access online banking solution
 Top ConLimited variety of loan terms
 Best forFast solutions for new home purchases

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First Internet Bank was established to provide all the services of a traditional bank together with the speed and ease of access of internet lenders. Unlike many online lenders, First Internet Bank provides checking accounts, securities investment accounts, and credit and debit cards, as well as a range of personal and business loans. First Internet Bank offers a range of mortgages, home equity loans, and refinancing options with a quick and simple loan approval process.

  • Fast loan application process with closing within 40 days
  • Many loan options including ARM and fixed rate loans and HELOC or home equity loans
  • Jumbo home equity loans for large amounts
  • Government-backed FHA and VA loans for low down payments and special circumstances
  • Full online banking service
  • Mobile apps to keep track of your loan progress and payments

Best For Whom?

First Internet Bank provides a solution for anyone looking for a competitive mortgage without having to wait forever for the loan to be approved. First time buyers and veterans will benefit from being able to choose from government-backed loans, and anyone with a low down payment will find attractive options. First Internet Bank is also good for borrowers who are seeking good refinancing terms or a HELOC or home equity loan at competitive rates. Thanks to the full banking services along with the competitive mortgage offers, First Internet Bank is also good for anyone who needs a full set of banking options.

Loan Features

First Internet Bank brings all the advantages of online lending, such as speedy approval, simple and streamlined application, and the ease of accessing financial details online and via mobile apps. Along with this, it also presents the wide range of mortgage, home equity, and refinancing possibilities of a traditional bank. First Internet Bank offers traditional fixed-rate and ARM variable rate mortgages for a range of term options. The ability to access FHA and VA loans for buyers with very small down payments is a big plus. First Internet Bank also provides Jumbo loans for loan amounts that go beyond the maximum for traditional mortgages. Borrowers looking for a new home can apply during the house search and get a pre-approval letter to show prospective sellers. This helps prove the buyers are serious and can be a big advantage in purchasing a new home. Finally, First Internet Bank doesn’t charge for credit scoring until you choose to complete your application following pre-approval.


  • Fast loan approval within 40 days
  • Online and mobile banking
  • Loans for small down payments
  • Get loan approval before finding a home to purchase
  • Range of repayment terms
  • Competitive APR rates
  • No charge for credit scoring until you complete the application

The Application Process

Applying for a mortgage or refinancing loan through the First Internet Bank is simple and straightforward. Potential borrowers can complete the entire process online.

You need to register as an account holder with First Internet Bank before you can proceed with the application, but that only takes a few minutes online. Once you’ve registered you can enter your basic personal information – First Internet Bank won’t ask you again for your financial information because you’ll already have entered it to register for an account. If you’re house-hunting you can ask for a pre-approval letter to show to sellers. Once you find a home to buy you can just ask to lock in your mortgage rates and complete the application.

The final stage of the mortgage application requires you to send in documentation. First Internet Bank tries to keep the amount of documentation down as far as possible, so it usually only asks for a recent pay stub or W-2 form to prove your financial information. You can usually close on your loan through First Internet Bank within 40 days.

Pros and Cons

  • Excellent variety of fixed-term mortgages
  • Customers can apply for a home equity loan easily
  • Federally-backed loan options such as VA and FHA loans
  • Representative rates very affordable
  • Lack of information regarding specifics needed for application process
  • Information not centralized and difficult to locate
  • Lack of flexibility regarding adjustable rate mortgage alternatives

Loan Terms – The Bare Basics

First Internet Bank’s loan requirements aren’t entirely clear on the website. There are mortgages on offer for borrowers with very small down payments – as low as 3% with a VA or FHA loan. First Internet Bank also lets applicants borrow the down payment against different collateral like a car or a savings fund.

There’s no minimum credit score listed to apply for a loan through First Internet Bank, but as always, the higher the credit score, the better the loan terms will be. First Internet Bank also doesn’t provide information about loan fees and closing costs.

  • Down payment as low as 3%
  • You can prove your financial situation with just a pay stub or W-2 form
  • You must prove your identity by sending a copy of government-issued photo ID
  • You must be a citizen or permanent resident of the USA
  • You must be over 18
  • You can take out a loan or mortgage for a second or vacation home as well
  • No minimum credit score

Repayment Terms

First Internet Bank offers fixed-rate mortgages with terms of 10, 15, 20, 25, and 30 years, although the fixed-rate 30 year mortgage is their most popular loan. ARM variable rate mortgages are available for 5 years and possibly longer. Home equity loans and HELOC options come with terms of 5, 10, 15, 20, or 30 years.

APR rates vary, but First Internet Bank is helpful about displaying them prominently on the website. A fixed rate VA loan currently begins at 4.171% APR, with a traditional 30 year fixed rate loan available from 4.061% APR and a 5 year home equity loan from 5.251% APR.

Help & Support

There’s a lot of information on the First Internet Bank website, although not all that is needed. The FAQ section is extensive but there are still some gaps. Customer support is provided by phone and web ticket – there’s no live chat, and telephone support is only manned from 7am-9pm ET on weekdays and 9am-3pm ET on Saturdays.

So, Should you Borrow with First Internet Bank?

First Internet Bank provides an impressive range of loan options for mortgages, home equity loans, and refinancing products, coupled with fast application, competitive APR rates, and easy access to user information. We liked that there’s no charge for credit scoring until you complete the application and that borrowers can keep on top of their payments with the mobile apps. The ability to request pre-approval before purchasing a home, loans with small down payments, and government-backed loans make it very attractive to all types of borrowers.

Physical Address

First Internet Bank

11201 USA Parkway

Fishers, IN


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