First Community Bank Mortgage Rates, Fees & Info

Harbor Springs, MI

LEI: 254900Q4OHCZ5HC5KM52

Tax ID: 38-0519160

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Community Bank is a smaller bank specializing in Home Purchase and Refi 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 average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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    Originations

    41

    Origination Dollar Volume (All Markets)

    $8,045,000

    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
    Traverse City, MI (FHA|USDA|VA) 12 $3,510,000 $292,500 $0 0.00%
    Outside of Metro Areas 20 $3,280,000 $164,000 $0 0.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 9 $1,255,000 $139,444 $0 0.00%
    First Community Bank's top markets include Traverse City and Grand Rapids among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $8,045,000 $196,220 $0 0.00%

    For 2019, First Community Bank's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 23 $5,505,000 $239,348 $0 0.00%
    Refi 17 $2,505,000 $147,353 $0 0.00%
    Home Improvement 1 $35,000 $35,000 $0 0.00%

    For 2019, First Community Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 41 $8,045,000 $196,220 $0 0.00%

    For 2019, First Community Bank's most frequently cited loan duration was Other, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 13 $585,000 $45,000 $0 0.00%
    $100k-200k 13 $1,885,000 $145,000 $0 0.00%
    $200k-400k 11 $3,015,000 $274,091 $0 0.00%
    $400k-600k 2 $950,000 $475,000 $0 0.00%
    $600k-1MM 2 $1,610,000 $805,000 $0 0.00%

    2019 saw First Community Bank place emphasis on $100,000 or less loans with 13 originations, totaling $585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 4 $410,000 $102,500 $0 0.00%
    $50k-75k 4 $270,000 $67,500 $0 0.00%
    $100k-150k 3 $985,000 $328,333 $0 0.00%
    $150k-250k 2 $560,000 $280,000 $0 0.00%
    $50k or less 1 $15,000 $15,000 $0 0.00%

    First Community Bank lent most frequently to those with incomes in the $250k+ range, with 4 originations. The second most popular income band? $50k-75k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 41 $8,045,000 $196,220 $0 0.00%

    First Community Bank lent most frequently to those with DTI ratios of Exempt%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 27 $5,805,000 $215,000 $0 0.00%
    White 13 $1,865,000 $143,462 $0 0.00%
    Asian 1 $375,000 $375,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.54%

    First Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.24%

    First Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 41 $8,045,000 $196,220

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,710,000 $427,500
    Single Family (1-4 Units):Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Site-Built 36 $6,320,000 $175,556

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST COMMUNITY MORTGAGE, INC. VA mortgage Closing on a mortgage 1 50.0%
    FIRST COMMUNITY MORTGAGE, INC. Conventional home mortgage Struggling to pay mortgage 1 50.0%