First Bank Mortgage Rates, Fees & Info
Southern Pines, NCLEI: 254900L67A0ZTJRS6614
Tax ID: 56-0132230
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Mortgage Data
Review & Overview
First Bank is a small 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: Asheville, Wilmington, Raleigh, Myrtle Beach, and Charlotte among others. We have data for 49 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/1/24 |
| 30 Year Conventional Purchase | 5.74% | 11/1/24 |
| 30 Year Conventional Refi | 6.43% | 11/1/24 |
| 30 Year Cash-out Refi | 6.64% | 11/1/24 |
| 30 Year FHA Purchase | 6.94% | 11/1/24 |
| 30 Year VA Purchase | 6.21% | 11/1/24 |
| 30 Year USDA Purchase | 6.28% | 11/1/24 |
| 15 Year Conventional Purchase | 5.93% | 11/1/24 |
| 15 Year Conventional Refi | 5.99% | 11/1/24 |
| 15 Year Cash-out Refi | 5.99% | 11/1/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,633Origination Dollar Volume (All Markets)
$1,101,065,000Awards
First Bank - 2022
First Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| ASHEVILLE, NC (FHA|USDA|VA) | 335 | $162,075,000 | $483,806 | $6,194 | 4.48% |
| WILMINGTON, NC (FHA|USDA|VA) | 225 | $126,415,000 | $561,844 | $4,984 | 4.26% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 187 | $115,975,000 | $620,187 | $4,622 | 3.79% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 248 | $107,520,000 | $433,548 | $5,513 | 4.39% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 171 | $84,295,000 | $492,953 | $5,401 | 4.03% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 256 | $68,030,000 | $265,742 | $5,768 | 4.50% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 162 | $51,820,000 | $319,877 | $4,869 | 4.34% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 109 | $42,475,000 | $389,679 | $4,700 | 4.23% |
| GREENVILLE, NC (FHA|USDA|VA) | 52 | $33,600,000 | $646,154 | $5,102 | 4.17% |
| Outside of Metro Areas | 148 | $32,000,000 | $216,216 | $5,624 | 4.44% |
| FLORENCE, SC (FHA|USDA|VA) | 31 | $28,115,000 | $906,935 | $6,419 | 4.44% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 82 | $26,470,000 | $322,805 | $5,929 | 4.73% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 71 | $24,435,000 | $344,155 | $5,040 | 3.80% |
| Morehead City, NC (FHA|USDA|VA) | 55 | $23,775,000 | $432,273 | $4,581 | 4.00% |
| Sanford, NC (FHA|USDA|VA) | 45 | $20,975,000 | $466,111 | $5,146 | 4.73% |
| Albemarle, NC (FHA|USDA|VA) | 62 | $17,770,000 | $286,613 | $7,628 | 4.45% |
| BURLINGTON, NC (FHA|USDA|VA) | 39 | $15,845,000 | $406,282 | $6,050 | 4.09% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 14 | $14,340,000 | $1,024,286 | $4,014 | 4.70% |
| Washington, NC (FHA|USDA|VA) | 57 | $12,665,000 | $222,193 | $4,963 | 4.49% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 51 | $12,275,000 | $240,686 | $4,943 | 5.15% |
| Marion, NC (FHA|USDA|VA) | 30 | $8,590,000 | $286,333 | $6,005 | 4.30% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $8,005,000 | $8,005,000 | $0 | 3.25% |
| Brevard, NC (FHA|USDA|VA) | 18 | $7,620,000 | $423,333 | $6,580 | 4.45% |
| Elizabeth City, NC (FHA|USDA|VA) | 19 | $5,195,000 | $273,421 | $4,725 | 4.77% |
| Lumberton, NC (FHA|USDA|VA) | 30 | $5,090,000 | $169,667 | $5,102 | 4.26% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 15 | $4,575,000 | $305,000 | $4,449 | 4.23% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $4,340,000 | $1,085,000 | $5,750 | 4.68% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 6 | $3,950,000 | $658,333 | $6,273 | 4.46% |
| Rockingham, NC (FHA|USDA|VA) | 23 | $3,655,000 | $158,913 | $4,546 | 4.41% |
| NEW BERN, NC (FHA|USDA|VA) | 11 | $3,635,000 | $330,455 | $5,937 | 4.09% |
| Laurinburg, NC (FHA|USDA|VA) | 21 | $3,085,000 | $146,905 | $4,119 | 4.32% |
| Boone, NC (FHA|USDA|VA) | 6 | $2,900,000 | $483,333 | $3,507 | 4.31% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $2,755,000 | $2,755,000 | $0 | 4.00% |
| Cullowhee, NC (FHA|USDA|VA) | 8 | $2,690,000 | $336,250 | $7,391 | 4.94% |
| Georgetown, SC (FHA|USDA|VA) | 2 | $2,560,000 | $1,280,000 | $3,682 | 4.33% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 5 | $1,985,000 | $397,000 | $6,099 | 4.17% |
| Forest City, NC (FHA|USDA|VA) | 4 | $1,490,000 | $372,500 | $5,767 | 4.97% |
| Seneca, SC (FHA|USDA|VA) | 2 | $1,450,000 | $725,000 | $0 | 3.38% |
| Wilson, NC (FHA|USDA|VA) | 4 | $1,340,000 | $335,000 | $5,851 | 4.26% |
| GOLDSBORO, NC (FHA|USDA|VA) | 10 | $1,280,000 | $128,000 | $2,275 | 3.75% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $1,050,000 | $525,000 | $0 | 3.63% |
| Bennettsville, SC (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 4.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $2,835 | 5.75% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $5,639 | 4.33% |
| Mount Airy, NC (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $5,517 | 4.94% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,658 | 4.63% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,111 | 4.63% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.00% |
| Kinston, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,076 | 2.00% |
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.
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Product Mix
For 2022, First Bank's most frequently originated type of loan was Conventional, with 1,657 originations. Their 2nd most popular type was HELOC, with 945 originations.
Loan Reason
For 2022, First Bank's most frequently cited loan purpose was Home Purchase, with 1,342 originations. The 2nd most popular reason was Refi, with 464 originations.
Loan Duration/Length
For 2022, First Bank's most frequently cited loan duration was 15 Year, with 1,008 originations. The 2nd most popular length was 30+ year, with 710 originations.
Origination Fees/Closing Costs
First Bank's average total fees were $4,095, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 351 originations.
Interest Rates
During 2022, First Bank's average interest rate for loans was 4.03%, while their most frequently originated rate bucket for loans was 3-4%, with 1,052 originations.
Loan Sizing
2022 saw First Bank place emphasis on $200k-400k loans with 804 originations, totaling $227,770,000 in origination value.
Applicant Income
First Bank lent most frequently to those with incomes in the $100k-150k range, with 507 originations. The second most popular income band? $150k-250k, with 492 originations.
Applicant Debt to Income Ratio
First Bank lent most frequently to those with DTI ratios of 20-30%, with 580 originations. The next most common DTI ratio? 30-36%, with 490 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.94%
First Bank has a below average approval rate.
Pick Rate
Approvals leading to origination87.96%
First Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,633 | $1,101,065,000 | $418,179 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2,633 | $1,101,065,000 | $418,179 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |