First Federal Bank, headquartered in Twin Falls, has served southern Idaho communities since 1915 and remains one of the state’s only mutual banks. Known for its deep local roots, First Federal offers a wide range of mortgage options—including VA, FHA, and USDA loans—tailored to Idaho homebuyers. The bank emphasizes personalized service and in-house decision-making, which appeals to borrowers looking for a hands-on, community-focused lending experience. However, borrowers should carefully review the full breakdown of origination and processing fees, as these costs are not always clearly outlined online. Comparing offers from low-cost lenders like Tomo Mortgage could reveal potential savings.
See today’s mortgage interest rates on TrueRate.
How First Federal Bank compares to other mortgage lenders
| Headquarters | Twin Falls, Idaho |
| Website | bankfirstfed.com |
| Rate | 0.18% lower than the median interest rate |
| Lender fees | $995 (median on First Federal Savings Bank loans) |
| Savings after 1 year, compared to the median interest rate | $947 |
| Savings after 10 years, compared to the median interest rate | $6,121 |
| Added cost after 1 year, compared to Tomo Mortgage | $1,631 |
| Added cost after 10 years, compared to Tomo Mortgage | $5,063 |
For a $400,000 mortgage, First Federal’s rates—about 0.18% below the median—and $995 in lender fees result in estimated savings of roughly $947 in the first year and over $6,121 after 10 years compared to the median lender.
What customers are saying
Reviews for First Federal Bank reflect mixed experiences, with many borrowers citing poor communication during the mortgage process. Complaints include loan officers failing to lock promised rates, leading to higher costs, and pressure to accept unfavorable loan terms. Others note outdated online tools and limited branch access. While frustrations around service and support are common, some customers highlight smooth transactions and appreciate the bank’s longstanding local presence—it has served the community since 1915 as Idaho’s only mutual bank. Overall, the bank offers local credibility but faces criticism for inconsistent mortgage service and digital limitations.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.