First Community Bank Mortgage Rates, Fees & Info
Harbor Springs, MILEI: 254900Q4OHCZ5HC5KM52
Tax ID: 38-0519160
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Mortgage Data
Review & Overview
First Community Bank is a smaller bank specializing in Refi and Home Purchase loans. First Community Bank has a high proportion of conventional loans. Their top two markets are Traverse City and Grand Rapids .First Community Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
37Origination Dollar Volume (All Markets)
$11,605,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 25 | $6,885,000 | $275,400 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 10 | $4,610,000 | $461,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $11,605,000 | $313,649 | $0 | 0.00% |
For 2024, First Community Bank's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
For 2024, First Community Bank's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 37 | $11,605,000 | $313,649 | $0 | 0.00% |
For 2024, First Community Bank's most frequently cited loan duration was Other, with 37 originations.
Loan Sizing
2024 saw First Community Bank place emphasis on $100,000 or less loans with 10 originations, totaling $410,000 in origination value.
Applicant Income
First Community Bank lent most frequently to those with incomes in the $250k+ range, with 11 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 37 | $11,605,000 | $313,649 | $0 | 0.00% |
First Community Bank lent most frequently to those with DTI ratios of Exempt%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.50%
First Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.59%
First Community Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 37 | $11,605,000 | $313,649 |