First Federal Savings And Loan Association Of Lorain Mortgage Rates, Fees & Info

Lorain, OH

LEI: 5493006GPVUJZWTAR765

Tax ID: 34-0347710

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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 Federal Savings And Loan Association Of Lorain is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. First Federal Savings And Loan Association Of Lorain has a high proportion of conventional loans. Their top markets by origination volume include: Cleveland, Toledo, Sandusky, Norwalk, and Akron among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Federal Savings And Loan Association Of Lorain has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Federal Savings And Loan Association Of Lorain 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
    30 Year Conventional Purchase 6.28% 12/16/24
    30 Year Conventional Refi 6.01% 12/16/24
    30 Year Cash-out Refi 6.12% 12/16/24
    15 Year Conventional Purchase 6.04% 12/16/24
    15 Year Conventional Refi 5.70% 12/16/24
    15 Year Cash-out Refi 5.70% 12/16/24
    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 Federal Savings And Loan Association Of Lorain Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Federal Savings And Loan Association Of Lorain. 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

    216

    Origination Dollar Volume (All Markets)

    $49,020,000

    Awards

    First Federal Savings and Loan Association of Lorain 30 Year Conventional Loans gold First Federal Savings and Loan Association of Lorain 30 Year Conventional Loans silver First Federal Savings and Loan Association of Lorain 30 Year Conventional Loans gold First Federal Savings and Loan Association of Lorain 30 Year Conventional Loans silver
    Show all (4) awards

    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
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 118 $23,300,000 $197,458 $4,240 4.09%
    TOLEDO, OH (FHA|USDA|VA) 34 $12,020,000 $353,529 $4,867 4.27%
    Sandusky, OH (FHA|USDA|VA) 46 $9,410,000 $204,565 $3,947 4.11%
    Norwalk, OH (FHA|USDA|VA) 8 $1,820,000 $227,500 $4,123 3.68%
    AKRON, OH (FHA|USDA|VA) 2 $1,390,000 $695,000 $11,321 3.00%
    Fremont, OH (FHA|USDA|VA) 5 $615,000 $123,000 $3,750 4.54%
    COLUMBUS, OH (FHA|USDA|VA) 1 $275,000 $275,000 $3,754 2.75%
    Tiffin, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,956 2.50%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $95,000 $95,000 $3,914 4.80%
    First Federal Savings And Loan Association Of Lorain's top markets include Cleveland, Toledo, Sandusky, Norwalk, and Akron among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Federal Savings and Loan Association of Lorain based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Federal Savings and Loan Association of Delta
    Similarity Rank: 112
    Community Star Credit Union
    Similarity Rank: 249
    GLASS CITY Federal Credit Union
    Similarity Rank: 270
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 351
    SUN Federal Credit Union
    Similarity Rank: 648
    The Genoa Banking Company
    Similarity Rank: 667
    FIRST CHOICE MH LLC
    Similarity Rank: 704
    The Middlefield Banking Company
    Similarity Rank: 754
    First Federal Savings and Loan Association of Lorain
    Similarity Rank: 837
    The Croghan Colonial Bank
    Similarity Rank: 945

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 216 $49,020,000 $226,944 $4,317 4.10%

    For 2022, First Federal Savings And Loan Association Of Lorain's most frequently originated type of loan was Conventional, with 216 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 136 $33,350,000 $245,221 $4,861 4.60%
    Cash Out Refi 48 $9,960,000 $207,500 $3,458 3.60%
    Refi 30 $5,050,000 $168,333 $3,331 2.70%
    Home Improvement 1 $415,000 $415,000 $4,120 2.75%
    Other 1 $245,000 $245,000 $2,999 2.75%

    For 2022, First Federal Savings And Loan Association Of Lorain's most frequently cited loan purpose was Home Purchase, with 136 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 150 $34,550,000 $230,333 $4,272 4.27%
    15 Year 34 $4,770,000 $140,294 $3,602 3.08%
    30+ year 16 $7,720,000 $482,500 $6,954 4.17%
    10 Year 13 $1,585,000 $121,923 $3,389 4.61%
    20 Year 3 $395,000 $131,667 $3,800 4.29%

    For 2022, First Federal Savings And Loan Association Of Lorain's most frequently cited loan duration was 30 Year, with 150 originations. The 2nd most popular length was 15 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 194 $42,750,000 $220,361
    $<1k 7 $1,465,000 $209,286
    $2k-3k 6 $2,430,000 $405,000
    $3k-4k 5 $1,805,000 $361,000
    $5k+ 1 $485,000 $485,000

    First Federal Savings And Loan Association Of Lorain's average total fees were $4,272, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 194 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 74 $18,270,000 $246,892
    2.5-3% 45 $10,325,000 $229,444
    5-6% 41 $8,735,000 $213,049
    3-4% 30 $6,890,000 $229,667
    <2.5% 19 $3,395,000 $178,684
    7-8% 4 $260,000 $65,000
    6-7% 3 $1,145,000 $381,667

    During 2022, First Federal Savings And Loan Association Of Lorain's average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 4-5%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 88 $13,470,000 $153,068 $3,940 4.13%
    $200k-400k 65 $18,385,000 $282,846 $4,604 4.07%
    $100,000 or less 38 $2,700,000 $71,053 $3,424 4.13%
    $400k-600k 19 $9,225,000 $485,526 $5,522 3.94%
    $600k-1MM 5 $3,645,000 $729,000 $7,779 4.24%
    $1MM+ 1 $1,595,000 $1,595,000 $9,971 4.38%

    2022 saw First Federal Savings And Loan Association Of Lorain place emphasis on $100k-200k loans with 88 originations, totaling $13,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 56 $7,780,000 $138,929 $3,735 4.21%
    $150k-250k 41 $12,685,000 $309,390 $4,712 4.14%
    $75k-100k 40 $7,260,000 $181,500 $4,138 3.86%
    $100k-150k 37 $9,345,000 $252,568 $4,564 4.05%
    $50k or less 22 $2,240,000 $101,818 $4,124 4.52%
    $250k+ 17 $8,985,000 $528,529 $5,724 3.86%

    First Federal Savings And Loan Association Of Lorain lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $150k-250k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $12,410,000 $206,833 $4,005 3.84%
    30-36% 57 $12,345,000 $216,579 $4,323 4.37%
    <20% 29 $5,735,000 $197,759 $3,889 3.63%
    37% 15 $3,085,000 $205,667 $4,380 4.57%
    41% 12 $3,430,000 $285,833 $4,904 4.46%
    36% 10 $2,220,000 $222,000 $5,071 3.94%
    38% 10 $4,470,000 $447,000 $5,533 4.19%
    39% 9 $1,705,000 $189,444 $4,268 4.72%
    40% 6 $1,700,000 $283,333 $5,134 3.25%
    42% 4 $910,000 $227,500 $3,821 4.16%
    48% 2 $400,000 $200,000 $4,412 5.75%
    43% 1 $495,000 $495,000 $4,721 3.00%
    47% 1 $115,000 $115,000 $4,449 3.50%

    First Federal Savings And Loan Association Of Lorain lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 199 $45,895,000 $230,628 $4,311 4.07%
    Not provided 14 $2,540,000 $181,429 $4,285 4.41%
    Black 2 $340,000 $170,000 $5,141 4.50%
    Asian 1 $245,000 $245,000 $4,367 3.88%

    Approval Rates

    Total approvals of all applications
    98.20%

    First Federal Savings And Loan Association Of Lorain has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    70.83%

    First Federal Savings And Loan Association Of Lorain has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 216 $49,020,000 $226,944

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    216 $49,020,000 $226,944

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $2,020,000 $144,286 $3,214 3.46%
    40-60% 36 $5,570,000 $154,722 $3,906 3.75%
    60-80% 83 $21,415,000 $258,012 $4,499 4.03%
    80-100% 80 $19,620,000 $245,250 $4,510 4.40%
    Over 100% 2 $360,000 $180,000 $5,078 5.13%
    Under 20% 1 $35,000 $35,000 $3,122 5.13%

    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%