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First Republic Bank is a lender and wealth management company with offices in several states. The location of those offices is important because if you don’t live in an area with physical access to a local branch, you can’t get a First Republic mortgage.
Things to know about a First Republic mortgage
Must have physical access to a First Republic Branch
You don’t have to buy in a specific ZIP code, but in order to take out a First Republic mortgage loan you have to visit a branch in person and have physical access to the branch. This lender has branches in only a handful of states.
Offers larger loan amounts
First Republic Bank caters to higher-income homebuyers in states like California, New York and Massachusetts.
Who is a First Republic Bank mortgage loan good for?
If you’re a higher-income homebuyer who would like to buy or refinance an expensive property, a First Republic mortgage may be a good option. You may be able to choose from a fixed-rate, adjustable-rate or hybrid adjustable-rate mortgage.
But if you’re a first-time homebuyer looking for a government-backed mortgage with more lenient credit and down payment requirements, it’s probably not for you. You may be better off exploring a lender that offers FHA loans, VA loans or USDA loans.
About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.
