First Bank Mortgage Rates, Fees & Info

Southern Pines, NC

LEI: 254900L67A0ZTJRS6614

Tax ID: 56-0132230

5 stars - Updated: 6/16/24 - out of 5 stars, based on 42 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

First Bank is a smaller bank specializing in Home Purchase loans. First Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Pinehurst, Wilmington, Durham, Asheville, and Myrtle Beach among others. We have data for 51 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 6/16/24
30 Year Conventional Purchase 5.74% 6/16/24
30 Year Conventional Refi 6.43% 6/16/24
30 Year Cash-out Refi 6.64% 6/16/24
30 Year FHA Purchase 6.94% 6/16/24
30 Year VA Purchase 6.21% 6/16/24
30 Year USDA Purchase 6.28% 6/16/24
15 Year Conventional Purchase 5.93% 6/16/24
15 Year Conventional Refi 5.99% 6/16/24
15 Year Cash-out Refi 5.99% 6/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,805

Origination Dollar Volume (All Markets)

$571,655,000
Show all (12) awards

Relative Rate

First Bank's average 30 year fixed mortgage rate was 5.27%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -1.21%.

Relative Fees (Closing Costs)

First Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,167.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 190 $49,110,000 $258,474 $5,783 7.44%
WILMINGTON, NC (FHA|USDA|VA) 140 $48,960,000 $349,714 $4,723 6.99%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 50 $48,140,000 $962,800 $4,540 5.60%
ASHEVILLE, NC (FHA|USDA|VA) 154 $46,160,000 $299,740 $6,428 6.86%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 146 $45,750,000 $313,356 $5,758 6.87%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 127 $36,585,000 $288,071 $4,175 6.09%
RALEIGH-CARY, NC (FHA|USDA|VA) 97 $31,235,000 $322,010 $5,351 6.71%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 123 $28,855,000 $234,593 $5,391 7.11%
Outside of Metro Areas 112 $27,530,000 $245,804 $5,234 7.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 61 $25,815,000 $423,197 $6,178 7.00%
FLORENCE, SC (FHA|USDA|VA) 31 $20,965,000 $676,290 $6,223 6.92%
Morehead City, NC (FHA|USDA|VA) 38 $17,080,000 $449,474 $4,856 7.22%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 53 $14,365,000 $271,038 $5,538 7.33%
WINSTON-SALEM, NC (FHA|USDA|VA) 61 $14,325,000 $234,836 $5,797 6.77%
JACKSONVILLE, NC (FHA|USDA|VA) 39 $12,375,000 $317,308 $5,030 7.02%
Washington, NC (FHA|USDA|VA) 52 $11,580,000 $222,692 $5,459 7.36%
GREENVILLE, NC (FHA|USDA|VA) 23 $10,245,000 $445,435 $6,837 7.09%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 16 $9,590,000 $599,375 $9,401 7.33%
Sanford, NC (FHA|USDA|VA) 24 $6,040,000 $251,667 $7,177 7.61%
Albemarle, NC (FHA|USDA|VA) 30 $5,880,000 $196,000 $7,614 7.49%
Brevard, NC (FHA|USDA|VA) 19 $5,575,000 $293,421 $4,364 5.76%
Cullowhee, NC (FHA|USDA|VA) 9 $4,865,000 $540,556 $5,784 7.04%
BURLINGTON, NC (FHA|USDA|VA) 20 $4,490,000 $224,500 $4,719 6.76%
Rockingham, NC (FHA|USDA|VA) 26 $4,450,000 $171,154 $5,157 7.02%
COLUMBIA, SC (FHA|USDA|VA) 8 $3,410,000 $426,250 $3,486 6.95%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 12 $3,220,000 $268,333 $3,914 4.60%
Marion, NC (FHA|USDA|VA) 18 $3,200,000 $177,778 $4,117 7.43%
Kill Devil Hills, NC (FHA|USDA|VA) 12 $3,060,000 $255,000 $3,203 7.46%
SPARTANBURG, SC (FHA|USDA|VA) 9 $2,965,000 $329,444 $4,788 6.58%
Lumberton, NC (FHA|USDA|VA) 14 $2,870,000 $205,000 $6,729 7.60%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 5 $2,755,000 $551,000 $3,920 7.08%
Laurinburg, NC (FHA|USDA|VA) 13 $2,315,000 $178,077 $4,034 7.07%
GOLDSBORO, NC (FHA|USDA|VA) 16 $2,040,000 $127,500 $1,408 5.30%
Orangeburg, SC (FHA|USDA|VA) 6 $1,880,000 $313,333 $4,282 7.46%
Forest City, NC (FHA|USDA|VA) 6 $1,830,000 $305,000 $4,563 7.25%
Georgetown, SC (FHA|USDA|VA) 2 $1,700,000 $850,000 $0 7.13%
Seneca, SC (FHA|USDA|VA) 3 $1,605,000 $535,000 $3,958 7.21%
Wilson, NC (FHA|USDA|VA) 4 $1,410,000 $352,500 $1,226 5.75%
NEW BERN, NC (FHA|USDA|VA) 8 $1,330,000 $166,250 $4,959 7.12%
Elizabeth City, NC (FHA|USDA|VA) 8 $1,190,000 $148,750 $3,355 6.99%
Mount Airy, NC (FHA|USDA|VA) 5 $1,015,000 $203,000 $5,857 6.83%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $795,000 $265,000 $4,956 7.21%
Shelby, NC (FHA|USDA|VA) 2 $630,000 $315,000 $7,034 5.63%
Boone, NC (FHA|USDA|VA) 2 $560,000 $280,000 $5,289 7.12%
Newberry, SC (FHA|USDA|VA) 2 $480,000 $240,000 $0 7.38%
ROANOKE, VA (FHA|USDA|VA) 1 $445,000 $445,000 $6,996 6.50%
Henderson, NC (FHA|USDA|VA) 1 $285,000 $285,000 $7,381 8.50%
SUMTER, SC (FHA|USDA|VA) 1 $235,000 $235,000 $0 8.50%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $205,000 $205,000 $4,795 5.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $175,000 $175,000 $2,361 6.38%
Kinston, NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.50%
First Bank's top markets include Pinehurst, Wilmington, Durham, Asheville, and Myrtle Beach among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SAFE FEDERAL CREDIT UNION
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    Telco Community Credit Union
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    Champion Credit Union
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    Piedmont Federal Savings Bank
    Similarity Rank: 720
    Anderson Brothers Bank
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    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 1377
    Coastal Carolina National Bank
    Similarity Rank: 1880

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,037 $449,425,000 $433,390 $5,269 6.02%
    HELOC 738 $113,430,000 $153,699 n/a 8.24%
    FHA 19 $5,095,000 $268,158 $9,554 6.06%
    VA 8 $3,020,000 $377,500 $7,247 5.97%
    USDA 3 $685,000 $228,333 $7,166 5.79%

    For 2023, First Bank's most frequently originated type of loan was Conventional, with 1,037 originations. Their 2nd most popular type was HELOC, with 738 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 956 $405,520,000 $424,184 $5,449 5.98%
    Other 334 $57,130,000 $171,048 $4,456 8.10%
    Refi 250 $69,920,000 $279,680 $5,007 7.89%
    Home Improvement 226 $28,570,000 $126,416 $0 8.26%
    Cash Out Refi 39 $10,515,000 $269,615 $4,717 6.26%

    For 2023, First Bank's most frequently cited loan purpose was Home Purchase, with 956 originations. The 2nd most popular reason was Other, with 334 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 746 $114,880,000 $153,995 $4,278 8.18%
    30 Year 501 $138,085,000 $275,619 $4,167 5.27%
    30+ year 383 $174,595,000 $455,862 $7,069 6.54%
    5 Year 88 $50,710,000 $576,250 $0 7.21%
    Other 58 $84,900,000 $1,463,793 $2,903 6.73%
    1 Year 14 $2,870,000 $205,000 $0 9.00%
    3 Year 6 $3,460,000 $576,667 $0 8.46%
    10 Year 5 $1,065,000 $213,000 $3,928 6.03%
    20 Year 4 $1,090,000 $272,500 $4,541 6.42%

    For 2023, First Bank's most frequently cited loan duration was 15 Year, with 746 originations. The 2nd most popular length was 30 Year, with 501 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 261 $68,685,000 $263,161
    $5k+ 196 $99,830,000 $509,337
    $1k-2k 171 $58,515,000 $342,193
    $2k-3k 140 $47,380,000 $338,429
    $3k-4k 72 $20,870,000 $289,861
    $4k-5k 72 $23,210,000 $322,361

    First Bank's average total fees were $4,167, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 261 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 517 $84,775,000 $163,975
    6-7% 449 $236,795,000 $527,383
    7-8% 431 $127,815,000 $296,555
    5-6% 264 $92,100,000 $348,864
    <2.5% 123 $19,515,000 $158,659
    4-5% 21 $10,655,000 $507,381

    During 2023, First Bank's average interest rate for loans was 5.27%, while their most frequently originated rate bucket for loans was Over 8%, with 517 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 577 $164,485,000 $285,069 $5,487 6.75%
    $100k-200k 461 $67,185,000 $145,738 $3,215 6.81%
    $100,000 or less 374 $22,370,000 $59,813 $2,055 7.66%
    $400k-600k 241 $117,485,000 $487,490 $6,941 6.62%
    $600k-1MM 112 $82,880,000 $740,000 $7,461 6.55%
    $1MM+ 40 $117,250,000 $2,931,250 $9,395 6.86%

    2023 saw First Bank place emphasis on $200k-400k loans with 577 originations, totaling $164,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 383 $97,975,000 $255,809 $6,383 7.26%
    $150k-250k 377 $118,265,000 $313,700 $6,351 7.30%
    $50k-75k 247 $39,895,000 $161,518 $4,467 6.68%
    $250k+ 244 $113,920,000 $466,885 $6,743 7.31%
    $50k or less 209 $24,015,000 $114,904 $2,144 4.94%
    $75k-100k 190 $39,170,000 $206,158 $6,026 7.30%

    First Bank lent most frequently to those with incomes in the $100k-150k range, with 383 originations. The second most popular income band? $150k-250k, with 377 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 348 $80,810,000 $232,213 $4,583 6.79%
    30-36% 318 $77,670,000 $244,245 $5,112 6.78%
    <20% 159 $35,555,000 $223,616 $4,971 7.54%
    40% 142 $27,260,000 $191,972 $5,205 7.55%
    39% 136 $26,340,000 $193,676 $5,884 7.80%
    38% 79 $21,305,000 $269,684 $5,077 6.72%
    37% 61 $16,485,000 $270,246 $5,766 6.94%
    36% 61 $18,755,000 $307,459 $5,359 6.88%
    49% 52 $19,420,000 $373,462 $6,466 6.42%
    47% 49 $18,245,000 $372,347 $5,813 6.34%
    42% 40 $13,780,000 $344,500 $5,753 6.02%
    41% 39 $14,845,000 $380,641 $5,578 5.94%
    44% 37 $13,085,000 $353,649 $5,535 6.05%
    48% 36 $14,300,000 $397,222 $6,544 6.65%
    43% 34 $11,830,000 $347,941 $5,160 5.88%
    45% 33 $12,075,000 $365,909 $6,596 6.36%
    46% 29 $11,025,000 $380,172 $5,938 6.67%
    50-60% 9 $2,415,000 $268,333 $6,709 6.92%

    First Bank lent most frequently to those with DTI ratios of 20-30%, with 348 originations. The next most common DTI ratio? 30-36%, with 318 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,433 $375,495,000 $262,034 $5,782 7.18%
    Not applicable 122 $130,090,000 $1,066,311 $0 7.24%
    Not provided 85 $26,325,000 $309,706 $5,909 6.72%
    Black 115 $22,695,000 $197,348 $2,262 3.58%
    Asian 20 $7,880,000 $394,000 $5,269 6.61%
    Asian Indian 12 $5,060,000 $421,667 $4,337 7.05%
    American Indian 10 $2,310,000 $231,000 $8,236 7.27%
    Other Asian 2 $610,000 $305,000 $4,773 6.87%
    Other Pacific Islander 1 $505,000 $505,000 $0 7.75%
    Vietnamese 3 $285,000 $95,000 $0 8.17%
    Korean 1 $235,000 $235,000 $5,069 6.99%
    Native Hawaiian or Islander 1 $165,000 $165,000 $3,218 6.13%

    Approval Rates

    Total approvals of all applications
    81.73%

    First Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.98%

    First Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,805 $571,655,000 $316,706

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,805 $571,655,000 $316,706

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 357 $82,615,000 $231,415 $3,762 7.54%
    40-60% 321 $145,015,000 $451,760 $4,822 6.62%
    60-80% 501 $207,965,000 $415,100 $5,667 6.33%
    80-100% 290 $103,190,000 $355,828 $5,771 6.15%
    Over 100% 2 $780,000 $390,000 $15,083 6.13%
    Under 20% 334 $32,090,000 $96,078 $4,224 8.15%