First Western Mortgage Rates, Fees & Info

BOONEVILLE, AR

LEI: 5493008YOT5ACN2UNP66

Tax ID: 71-0717727

5 stars - Updated: 7/20/24 - out of 5 stars, based on 12 reviews

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

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Mortgage Data

Review & Overview

First Western Mortgage is a smaller mortgage company specializing in Home Purchase loans. First Western Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Fayetteville, Fort Smith, Omaha, Savannah, and Springfield among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Western Mortgage 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 Western Mortgage 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 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 6.50% 7/20/24
30 Year Conventional Refi 6.62% 7/20/24
30 Year Cash-out Refi 6.74% 7/20/24
30 Year FHA Purchase 7.21% 7/20/24
30 Year VA Purchase 6.34% 7/20/24
30 Year USDA Purchase 6.89% 7/20/24
15 Year Conventional Purchase 6.02% 7/20/24
15 Year Conventional Refi 7.03% 7/20/24
15 Year Cash-out Refi 7.03% 7/20/24
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 Western Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Western Mortgage. 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

133

Origination Dollar Volume (All Markets)

$38,045,000

Awards

FIRST WESTERN MORTGAGE FHA Loans bronze FIRST WESTERN MORTGAGE FHA Loans gold
Show all (2) awards

Relative Rate

First Western Mortgage's average 30 year fixed mortgage rate was 6.56%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.08%.

Relative Fees (Closing Costs)

First Western Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $4,557.

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 $9,089.

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
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 74 $24,990,000 $337,703 $4,640 6.44%
FORT SMITH, AR-OK (FHA|USDA|VA) 42 $9,060,000 $215,714 $4,193 6.62%
Outside of Metro Areas 10 $1,800,000 $180,000 $4,302 6.57%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $515,000 $515,000 $8,152 6.75%
SAVANNAH, GA (FHA|USDA|VA) 1 $435,000 $435,000 $8,792 7.63%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $355,000 $355,000 $2,920 6.88%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $355,000 $355,000 $7,160 6.63%
LEWISTON, ID-WA (FHA|USDA|VA) 1 $195,000 $195,000 $4,228 5.88%
Russellville, AR (FHA|USDA|VA) 1 $185,000 $185,000 $2,603 7.50%
JOPLIN, MO (FHA|USDA|VA) 1 $155,000 $155,000 $3,628 6.63%
First Western Mortgage's top markets include Fayetteville, Fort Smith, Omaha, Savannah, and Springfield among others.

Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

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

    United Bank
    Similarity Rank: 230
    First Security Bank
    Similarity Rank: 255
    The Bank of Missouri
    Similarity Rank: 288
    Priority Bank
    Similarity Rank: 555
    Signature Bank of Arkansas
    Similarity Rank: 830
    FIRST WESTERN MORTGAGE, INC.
    Similarity Rank: 850
    Generations Bank
    Similarity Rank: 868
    Chambers Bank
    Similarity Rank: 1548
    ARKANSAS Federal Credit Union
    Similarity Rank: 1664

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 104 $31,440,000 $302,308 $4,285 6.54%
    FHA 22 $4,630,000 $210,455 $5,852 6.44%
    VA 7 $1,975,000 $282,143 $3,494 6.55%

    For 2023, First Western Mortgage's most frequently originated type of loan was Conventional, with 104 originations. Their 2nd most popular type was FHA, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 118 $33,200,000 $281,356 $4,546 6.51%
    Other 6 $2,260,000 $376,667 $4,601 6.54%
    Cash Out Refi 5 $1,825,000 $365,000 $4,384 6.65%
    Refi 4 $760,000 $190,000 $3,439 6.75%

    For 2023, First Western Mortgage's most frequently cited loan purpose was Home Purchase, with 118 originations. The 2nd most popular reason was Other, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 128 $36,760,000 $287,188 $4,557 6.56%
    15 Year 3 $1,255,000 $418,333 $5,346 5.04%
    10 Year 2 $30,000 $15,000 $180 6.81%

    For 2023, First Western Mortgage's most frequently cited loan duration was 30 Year, with 128 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 68 $18,660,000 $274,412
    $1k-2k 23 $5,735,000 $249,348
    $5k+ 13 $5,025,000 $386,538
    $4k-5k 11 $3,575,000 $325,000
    $3k-4k 8 $2,660,000 $332,500
    $2k-3k 7 $1,575,000 $225,000

    First Western Mortgage's average total fees were $4,557, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 68 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 86 $23,620,000 $274,651
    5-6% 24 $6,330,000 $263,750
    7-8% 21 $7,245,000 $345,000
    4-5% 2 $850,000 $425,000

    During 2023, First Western Mortgage's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 64 $18,300,000 $285,938 $4,680 6.50%
    $100k-200k 35 $5,855,000 $167,286 $3,688 6.56%
    $400k-600k 23 $10,745,000 $467,174 $5,848 6.47%
    $100,000 or less 7 $375,000 $53,571 $2,799 6.50%
    $600k-1MM 4 $2,770,000 $692,500 $4,346 7.00%

    2023 saw First Western Mortgage place emphasis on $200k-400k loans with 64 originations, totaling $18,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 39 $12,875,000 $330,128 $5,026 6.55%
    $150k-250k 28 $10,430,000 $372,500 $4,570 6.55%
    $50k-75k 26 $4,690,000 $180,385 $3,904 6.44%
    $75k-100k 19 $4,385,000 $230,789 $4,884 6.53%
    $50k or less 12 $1,650,000 $137,500 $3,602 6.54%
    $250k+ 7 $3,305,000 $472,143 $4,901 6.54%

    First Western Mortgage lent most frequently to those with incomes in the $100k-150k range, with 39 originations. The second most popular income band? $150k-250k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $9,645,000 $275,571 $4,233 6.35%
    30-36% 24 $6,890,000 $287,083 $3,713 6.49%
    43% 8 $2,300,000 $287,500 $4,263 6.59%
    40% 7 $1,235,000 $176,429 $3,442 6.68%
    44% 7 $2,725,000 $389,286 $5,630 6.66%
    50-60% 6 $1,600,000 $266,667 $6,321 6.31%
    41% 6 $1,870,000 $311,667 $3,784 6.67%
    <20% 6 $1,210,000 $201,667 $4,285 6.65%
    38% 5 $1,555,000 $311,000 $5,985 6.60%
    45% 5 $1,475,000 $295,000 $5,330 6.95%
    46% 5 $1,525,000 $305,000 $4,630 6.35%
    39% 4 $860,000 $215,000 $3,857 6.62%
    49% 4 $1,570,000 $392,500 $6,925 6.59%
    47% 4 $950,000 $237,500 $6,351 6.34%
    37% 3 $1,015,000 $338,333 $5,175 7.04%
    36% 2 $660,000 $330,000 $3,581 5.94%
    42% 2 $960,000 $480,000 $3,035 7.63%

    First Western Mortgage lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 112 $30,320,000 $270,714 $4,303 6.54%
    Not provided 10 $3,950,000 $395,000 $4,332 6.63%
    Asian 6 $2,480,000 $413,333 $7,108 6.29%
    American Indian 4 $1,030,000 $257,500 $5,485 6.31%
    Black 1 $265,000 $265,000 $11,883 6.25%

    Approval Rates

    Total approvals of all applications
    95.53%

    First Western Mortgage 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
    71.43%

    First Western Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 133 $38,045,000 $286,053

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    133 $38,045,000 $286,053

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $2,890,000 $289,000 $4,276 6.14%
    40-60% 16 $4,910,000 $306,875 $5,186 6.39%
    60-80% 45 $13,665,000 $303,667 $4,203 6.63%
    80-100% 58 $16,200,000 $279,310 $4,656 6.57%
    Over 100% 1 $315,000 $315,000 $10,804 5.50%
    Under 20% 3 $65,000 $21,667 $987 6.54%