With its headquarters in Fall River, Massachusetts, this historic bank provides mortgage products to customers in the region. While it maintains a strong community presence, borrowers should carefully review mortgage terms for any processing or origination fees.
See today’s mortgage interest rates on TrueRate.
How Bank5 compares to other lenders
| Headquarters | Fall River, Massachusetts |
| Website | bankfive.com |
What customers are saying
Customer reviews of First Bank’s mortgage services, as seen on platforms like BBB, Yelp, Zillow, and ConsumerAffairs, reveal mixed experiences.
Borrowers praised First Bank for competitive mortgage rates and helpful loan officers. Customers highlighted smooth transactions during home purchases and refinancing. Specific staff members, mentioned on Zillow, were noted for exceeding expectations and providing excellent service.
Complaints frequently mention poor communication, unexpected changes in loan terms, and delays in processing. For example, one borrower reported that First Bank altered the terms of their home equity loan upon renewal without clear communication, leading to financial losses. Other issues include misapplied payments and rigid policies that caused frustration during critical stages of the mortgage process.
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.