First Alliance Home Mortgage is a regional lender serving the East Coast. They offer a range of mortgage options, including conventional and government-backed loans. They aim to guide borrowers through the process with as few bumps as possible.
See today’s mortgage interest rates on TrueRate.
How First Alliance Home Mortgage compares to other lenders
| Headquarters | Cranford, New Jersey |
| Website | firstalliancehomemortgage.com |
| Rate | 0.12% higher than the median rate |
| Lender fees | $1,595 (First Alliance Home Mortgage loan median) |
| Added cost after 1 year, compared to the median interest rate | $11 |
| Added cost after 10 years, compared to the median interest rate | $3,461 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,590 |
| Added cost 10 years (vs. Tomo Mortgage) | $14,645 |
For a $400,000 mortgage, First Alliance Home Mortgage’s rates—about 0.12% above the market median—and $1,595 in lender fees would result in nearly breakeven cost the first year and about $3,461 in added cost over 10 years compared to the median lender. While not the most expensive option out there, borrowers could still save significantly over time with lower-rate, fee-free lenders like Tomo Mortgage.
What customers are saying
Customer reviews of First Alliance Home Mortgage, highlight significant challenges during the mortgage process. Borrowers frequently reported delays in closing, with some transactions taking months longer than anticipated. One reviewer shared that it took nearly five months to close their loan, leaving the buyers of their home temporarily without housing.
Communication issues were also common, with customers describing unresponsive agents who failed to follow up after providing pre-approvals. In several cases, borrowers said agents disappeared when it was time to move forward with an offer.
Hidden fees and last-minute changes to loan terms were recurring concerns. Reviewers expressed frustration over unexpected disclosures and a lack of transparency, as well as confusion caused by the company’s reliance on third-party lenders for underwriting approvals.
Some customers did share positive experiences, particularly first-time homebuyers who benefited from the company’s FHA loan offerings. As a HUD-approved lender, First Alliance Home Mortgage provides programs tailored to borrowers with lower credit scores or limited financial options. A few borrowers also noted that staff members were knowledgeable and helpful throughout the process, although these experiences were less commonly reported compared to the negative feedback.
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.