First Equity Mortgage Bankers Rates, Fees & Info

MIAMI, FL

LEI: 5493004LAP3ULXM1YB66

Tax ID: 65-0782023

1 stars - Updated: 3/3/24 - out of 5 stars, based on 38 reviews

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

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Mortgage Data

Review & Overview

First Equity Mortgage Bankers is a smaller bank specializing in Home Purchase loans. First Equity Mortgage Bankers has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: San Juan, Miami, Ponce, Ocala, and Crestview among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Equity Mortgage Bankers 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 Equity Mortgage Bankers is typically a high 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
30 Year Conventional Purchase 6.95% 3/3/24
30 Year Conventional Refi 7.06% 3/3/24
30 Year Cash-out Refi 6.27% 3/3/24
30 Year FHA Purchase 7.63% 3/3/24
30 Year FHA Refi 7.56% 3/3/24
30 Year VA Purchase 6.58% 3/3/24
30 Year VA Refi 6.93% 3/3/24
30 Year USDA Purchase 7.21% 3/3/24
30 Year USDA Refi 7.07% 3/3/24
15 Year Conventional Purchase 7.25% 3/3/24
15 Year Conventional Refi 6.98% 3/3/24
15 Year Cash-out Refi 6.98% 3/3/24
15 Year FHA Purchase 7.96% 3/3/24
15 Year FHA Refi 5.68% 3/3/24
15 Year VA Refi 7.53% 3/3/24
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 Equity Mortgage Bankers Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Equity Mortgage Bankers. 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

1,443

Origination Dollar Volume (All Markets)

$306,945,000

Relative Rate

First Equity Mortgage Bankers's average 30 year fixed mortgage rate was 5.28%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.52%.

Relative Fees (Closing Costs)

First Equity Mortgage Bankers's average total fees/closing costs for a 30 year fixed rate mortgage were $9,543.

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 $4,750.

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
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 900 $146,510,000 $162,789 $9,193 5.39%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 280 $115,470,000 $412,393 $11,672 4.89%
PONCE, PR (FHA|USDA|VA) 76 $7,800,000 $102,632 $7,524 5.19%
OCALA, FL (FHA|USDA|VA) 25 $5,275,000 $211,000 $6,667 4.87%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 11 $3,385,000 $307,727 $11,527 4.86%
SAN GERMÁN, PR (FHA|USDA|VA) 21 $2,805,000 $133,571 $8,096 5.51%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $2,380,000 $396,667 $15,211 4.60%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $2,245,000 $320,714 $9,962 4.93%
Key West, FL (FHA|USDA|VA) 3 $2,155,000 $718,333 $21,843 5.00%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 13 $1,955,000 $150,385 $7,883 5.04%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,750,000 $437,500 $12,215 4.81%
YAUCO, PR (FHA|USDA|VA) 14 $1,660,000 $118,571 $7,717 4.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 4 $1,330,000 $332,500 $8,096 5.38%
Arecibo, PR (FHA|USDA|VA) 12 $1,280,000 $106,667 $7,199 5.69%
GUAYAMA, PR (FHA|USDA|VA) 11 $1,145,000 $104,091 $6,857 5.69%
Outside of Metro Areas 8 $1,110,000 $138,750 $7,893 6.84%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $1,070,000 $267,500 $11,669 5.19%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 4 $970,000 $242,500 $5,119 4.44%
Coamo, PR (FHA|USDA|VA) 6 $800,000 $133,333 $9,262 4.60%
MAYAGÜEZ, PR (FHA|USDA|VA) 5 $765,000 $153,000 $8,063 5.60%
Santa Isabel, PR (FHA|USDA|VA) 6 $660,000 $110,000 $7,697 5.75%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $620,000 $310,000 $15,858 5.06%
GAINESVILLE, FL (FHA|USDA|VA) 2 $560,000 $280,000 $7,334 4.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $520,000 $260,000 $7,336 5.69%
TALLAHASSEE, FL (FHA|USDA|VA) 3 $515,000 $171,667 $6,666 5.96%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $460,000 $230,000 $8,166 4.13%
Jayuya, PR (FHA|USDA|VA) 4 $400,000 $100,000 $7,334 4.81%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $12,094 5.25%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $7,485 6.13%
SAVANNAH, GA (FHA|USDA|VA) 1 $245,000 $245,000 $9,308 5.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,973 6.88%
Coco, PR (FHA|USDA|VA) 2 $200,000 $100,000 $5,594 4.81%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $105,000 $105,000 $5,442 4.88%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,828 6.00%
First Equity Mortgage Bankers's top markets include San Juan, Miami, Ponce, Ocala, and Crestview among others.

Their top states include:
  • Puerto Rico (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

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

    CARIBE FEDERAL CREDIT UNION
    Similarity Rank: 144
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 750 $190,120,000 $253,493 $8,963 5.40%
    FHA 492 $85,520,000 $173,821 $10,711 5.15%
    USDA 148 $17,510,000 $118,311 $7,405 4.96%
    VA 52 $13,650,000 $262,500 $11,660 5.26%
    FHA 1 $145,000 $145,000 $0 2.83%

    For 2022, First Equity Mortgage Bankers's most frequently originated type of loan was Conventional, with 750 originations. Their 2nd most popular type was FHA, with 492 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,337 $275,475,000 $206,040 $9,438 5.30%
    Refi 100 $30,750,000 $307,500 $10,760 4.76%
    Other 6 $720,000 $120,000 $2,103 6.69%

    For 2022, First Equity Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 1,337 originations. The 2nd most popular reason was Refi, with 100 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,403 $299,515,000 $213,482 $9,543 5.28%
    15 Year 26 $4,700,000 $180,769 $7,445 4.92%
    20 Year 7 $1,135,000 $162,143 $8,249 4.66%
    Other 6 $1,550,000 $258,333 $11,277 4.28%
    10 Year 1 $45,000 $45,000 $1,209 5.75%

    For 2022, First Equity Mortgage Bankers's most frequently cited loan duration was 30 Year, with 1,403 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 506 $169,000,000 $333,992
    $3k-4k 363 $45,225,000 $124,587
    $4k-5k 226 $37,060,000 $163,982
    $2k-3k 204 $20,250,000 $99,265
    $1k-2k 119 $32,275,000 $271,218
    $<1k 22 $1,880,000 $85,455

    First Equity Mortgage Bankers's average total fees were $9,543, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 506 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 650 $125,690,000 $193,369
    4-5% 254 $66,770,000 $262,874
    6-7% 250 $47,030,000 $188,120
    3-4% 242 $57,910,000 $239,298
    7-8% 26 $5,940,000 $228,462
    2.5-3% 9 $2,545,000 $282,778
    <2.5% 8 $160,000 $20,000
    Over 8% 3 $605,000 $201,667
    % 1 $295,000 $295,000

    During 2022, First Equity Mortgage Bankers's average interest rate for loans was 5.28%, while their most frequently originated rate bucket for loans was 5-6%, with 650 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 574 $76,830,000 $133,850 $7,792 5.30%
    $100,000 or less 361 $29,285,000 $81,122 $5,872 5.40%
    $200k-400k 349 $99,435,000 $284,914 $12,754 5.16%
    $400k-600k 103 $48,185,000 $467,816 $14,801 5.10%
    $600k-1MM 46 $34,130,000 $741,957 $17,657 4.83%
    $1MM+ 10 $19,080,000 $1,908,000 $32,500 5.17%

    2022 saw First Equity Mortgage Bankers place emphasis on $100k-200k loans with 574 originations, totaling $76,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 593 $63,065,000 $106,349 $6,968 5.32%
    $50k-75k 273 $50,605,000 $185,366 $9,432 5.09%
    $100k-150k 190 $53,470,000 $281,421 $11,556 5.32%
    $75k-100k 173 $42,225,000 $244,075 $10,876 5.23%
    $150k-250k 147 $53,645,000 $364,932 $12,502 5.28%
    $250k+ 67 $43,935,000 $655,746 $16,339 5.35%

    First Equity Mortgage Bankers lent most frequently to those with incomes in the $50k or less range, with 593 originations. The second most popular income band? $50k-75k, with 273 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 221 $45,475,000 $205,769 $9,317 5.31%
    20-30% 176 $40,960,000 $232,727 $9,660 5.24%
    50-60% 114 $24,690,000 $216,579 $12,084 4.98%
    44% 79 $15,315,000 $193,861 $8,834 5.20%
    49% 79 $21,045,000 $266,392 $10,374 5.25%
    41% 78 $13,170,000 $168,846 $8,530 5.29%
    45% 74 $12,620,000 $170,541 $8,888 5.42%
    42% 72 $15,670,000 $217,639 $9,123 5.36%
    38% 67 $14,275,000 $213,060 $9,453 5.38%
    37% 66 $13,200,000 $200,000 $9,038 5.34%
    36% 63 $13,215,000 $209,762 $8,895 5.36%
    43% 59 $11,975,000 $202,966 $8,771 5.42%
    40% 57 $9,785,000 $171,667 $8,245 5.44%
    46% 50 $11,710,000 $234,200 $10,502 5.26%
    <20% 48 $10,610,000 $221,042 $8,907 4.95%
    39% 48 $10,430,000 $217,292 $9,775 5.18%
    47% 45 $10,565,000 $234,778 $8,662 5.34%
    48% 40 $9,610,000 $240,250 $9,489 4.98%
    >60% 4 $1,600,000 $400,000 $18,812 4.66%

    First Equity Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 221 originations. The next most common DTI ratio? 20-30%, with 176 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,335 $281,835,000 $211,112 $9,492 5.27%
    Black 95 $20,525,000 $216,053 $9,568 5.08%
    Asian 10 $3,910,000 $391,000 $9,284 5.36%
    American Indian 3 $675,000 $225,000 $11,112 5.83%

    Approval Rates

    Total approvals of all applications
    81.54%

    First Equity Mortgage Bankers has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    44.21%

    First Equity Mortgage Bankers has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,443 $306,945,000 $212,713

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,443 $306,945,000 $212,713

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $5,165,000 $245,952 $8,683 4.75%
    40-60% 68 $16,970,000 $249,559 $8,968 5.36%
    60-80% 541 $102,945,000 $190,287 $8,160 5.43%
    80-100% 787 $177,635,000 $225,712 $10,504 5.21%
    Over 100% 11 $3,245,000 $295,000 $16,206 5.13%
    Under 20% 15 $985,000 $65,667 $1,911 2.36%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%