First Equity Mortgage Bankers Rates, Fees & Info
MIAMI, FLLEI: 5493004LAP3ULXM1YB66
Tax ID: 65-0782023
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Mortgage Data
Review & Overview
First Equity Mortgage Bankers is a smaller bank specializing in Home Purchase and Refi loans. First Equity Mortgage Bankers has a high proportion of conventional loans. They have a a high 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: Miami, San Juan, Ponce, Jacksonville, and Crestview among others. We have data for 36 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 an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.95% | 4/18/24 |
| 30 Year Conventional Refi | 7.06% | 4/18/24 |
| 30 Year Cash-out Refi | 6.27% | 4/18/24 |
| 30 Year FHA Purchase | 7.63% | 4/18/24 |
| 30 Year FHA Refi | 7.56% | 4/18/24 |
| 30 Year VA Purchase | 6.58% | 4/18/24 |
| 30 Year VA Refi | 6.93% | 4/18/24 |
| 30 Year USDA Purchase | 7.21% | 4/18/24 |
| 30 Year USDA Refi | 7.07% | 4/18/24 |
| 15 Year Conventional Purchase | 7.25% | 4/18/24 |
| 15 Year Conventional Refi | 6.98% | 4/18/24 |
| 15 Year Cash-out Refi | 6.98% | 4/18/24 |
| 15 Year FHA Purchase | 7.96% | 4/18/24 |
| 15 Year FHA Refi | 5.68% | 4/18/24 |
| 15 Year VA Refi | 7.53% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,623Origination Dollar Volume (All Markets)
$370,585,000Awards
FIRST EQUITY MORTGAGE BANKERS - 2020
FIRST EQUITY MORTGAGE BANKERS is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 671 | $210,055,000 | $313,048 | $7,868 | 3.32% |
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 674 | $110,750,000 | $164,318 | $7,558 | 3.30% |
| PONCE, PR (FHA|USDA|VA) | 78 | $8,750,000 | $112,179 | $6,271 | 3.21% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 20 | $4,600,000 | $230,000 | $6,798 | 2.98% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 16 | $3,970,000 | $248,125 | $8,255 | 3.21% |
| Key West, FL (FHA|USDA|VA) | 7 | $3,435,000 | $490,714 | $7,706 | 3.23% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 10 | $2,840,000 | $284,000 | $11,504 | 2.99% |
| AGUADILLA-ISABELA, PR (FHA|USDA|VA) | 16 | $2,840,000 | $177,500 | $7,893 | 3.34% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 11 | $2,305,000 | $209,545 | $8,050 | 3.17% |
| Outside of Metro Areas | 7 | $2,165,000 | $309,286 | $10,139 | 3.86% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 10 | $2,070,000 | $207,000 | $7,196 | 3.26% |
| Coamo, PR (FHA|USDA|VA) | 13 | $1,735,000 | $133,462 | $6,790 | 3.21% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 9 | $1,385,000 | $153,889 | $5,080 | 3.24% |
| OCALA, FL (FHA|USDA|VA) | 6 | $1,380,000 | $230,000 | $6,821 | 3.15% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 7 | $1,265,000 | $180,714 | $6,120 | 3.29% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $9,234 | 2.88% |
| YAUCO, PR (FHA|USDA|VA) | 8 | $1,070,000 | $133,750 | $6,242 | 3.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $7,070 | 3.08% |
| Arecibo, PR (FHA|USDA|VA) | 9 | $975,000 | $108,333 | $5,564 | 3.19% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $8,420 | 3.03% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 7 | $905,000 | $129,286 | $6,975 | 3.54% |
| GUAYAMA, PR (FHA|USDA|VA) | 8 | $760,000 | $95,000 | $5,468 | 3.19% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $17,891 | 4.13% |
| Coco, PR (FHA|USDA|VA) | 6 | $580,000 | $96,667 | $5,201 | 3.54% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $5,520 | 2.79% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $10,239 | 3.44% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $8,345 | 2.63% |
| Santa Isabel, PR (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $5,703 | 3.25% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,903 | 4.12% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,700 | 3.00% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,538 | 4.13% |
| Palatka, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,549 | 3.38% |
| Lake City, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,437 | 3.13% |
| Jayuya, PR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,855 | 2.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,111 | 3.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,911 | 3.88% |
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.
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Product Mix
For 2020, First Equity Mortgage Bankers's most frequently originated type of loan was Conventional, with 741 originations. Their 2nd most popular type was FHA, with 602 originations.
Loan Reason
For 2020, First Equity Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 1,276 originations. The 2nd most popular reason was Refi, with 343 originations.
Loan Duration/Length
For 2020, First Equity Mortgage Bankers's most frequently cited loan duration was 30 Year, with 1,537 originations. The 2nd most popular length was 15 Year, with 55 originations.
Origination Fees/Closing Costs
First Equity Mortgage Bankers's average total fees were $7,647, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 561 originations.
Interest Rates
During 2020, First Equity Mortgage Bankers's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 2.5-3%, with 687 originations.
Loan Sizing
2020 saw First Equity Mortgage Bankers place emphasis on $200k-400k loans with 623 originations, totaling $180,435,000 in origination value.
Applicant Income
First Equity Mortgage Bankers lent most frequently to those with incomes in the $50k or less range, with 507 originations. The second most popular income band? $50k-75k, with 420 originations.
Applicant Debt to Income Ratio
First Equity Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 260 originations. The next most common DTI ratio? 20-30%, with 213 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.20%
First Equity Mortgage Bankers has an average approval rate.
Pick Rate
Approvals leading to origination67.22%
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 | 1,623 | $370,585,000 | $228,333 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $245,000 | $245,000 |
| Single Family (1-4 Units):Site-Built | 1,622 | $370,340,000 | $228,323 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTRUST MORTGAGE, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| FIRSTRUST MORTGAGE, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |