First Mortgage Company Rates, Fees & Info
BOISE, IDLEI: 5493008PQSMR41Y70C36
Tax ID: 82-0416590
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Mortgage Data
Review & Overview
First Mortgage Company is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. First Mortgage Company has a high proportion of conventional 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: Boise City, Twin Falls, and Hailey among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)First Mortgage Company 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 Mortgage Company 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 | 6.45% | 5/5/24 |
| 30 Year Conventional Refi | 6.38% | 5/5/24 |
| 30 Year Cash-out Refi | 6.84% | 5/5/24 |
| 30 Year FHA Purchase | 6.98% | 5/5/24 |
| 30 Year FHA Refi | 7.33% | 5/5/24 |
| 30 Year VA Purchase | 6.22% | 5/5/24 |
| 15 Year Conventional Purchase | 6.80% | 5/5/24 |
| 15 Year Conventional Refi | 6.07% | 5/5/24 |
| 15 Year Cash-out Refi | 6.07% | 5/5/24 |
| 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 Mortgage Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
25Origination Dollar Volume (All Markets)
$5,425,000Top 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 |
|---|---|---|---|---|---|
| BOISE CITY, ID (FHA|USDA|VA) | 20 | $4,720,000 | $236,000 | $5,423 | 4.74% |
| Outside of Metro Areas | 3 | $295,000 | $98,333 | $2,537 | 4.50% |
| TWIN FALLS, ID (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,957 | 4.75% |
| Hailey, ID (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,096 | 4.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST MORTGAGE COMPANY 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $5,190,000 | $216,250 | $4,700 | 4.71% |
| FHA | 1 | $235,000 | $235,000 | $10,869 | 4.13% |
For 2018, First Mortgage Company's most frequently originated type of loan was Conventional, with 24 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2018, First Mortgage Company's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 22 | $5,110,000 | $232,273 | $5,258 | 4.70% |
| 15 Year | 2 | $150,000 | $75,000 | $1,920 | 4.44% |
| Other | 1 | $165,000 | $165,000 | $0 | 4.88% |
For 2018, First Mortgage Company's most frequently cited loan duration was 30 Year, with 22 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
First Mortgage Company's average total fees were $5,258, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 22 | $4,840,000 | $220,000 |
| 5-6% | 2 | $450,000 | $225,000 |
| 3-4% | 1 | $135,000 | $135,000 |
During 2018, First Mortgage Company's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 22 originations.
Loan Sizing
2018 saw First Mortgage Company place emphasis on $200k-400k loans with 12 originations, totaling $3,480,000 in origination value.
Applicant Income
First Mortgage Company lent most frequently to those with incomes in the $75k-100k range, with 8 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
First Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 22 | $4,650,000 | $211,364 | $5,057 | 4.66% |
| Not provided | 3 | $775,000 | $258,333 | $4,379 | 4.83% |
Approval Rates
Total approvals of all applications95.59%
First Mortgage Company 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-60.00%
First Mortgage Company 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 | 25 | $5,425,000 | $217,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 25 | $5,425,000 | $217,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Colony Mortgage Corp. | FHA mortgage | Closing on a mortgage | 1 | 100.0% |