Mutual First Mortgage Rates, Fees & Info
Omaha, NELEI: 549300BJ4VS64HEPMV23
Tax ID: 47-6024482
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Mortgage Data
Review & Overview
Mutual First is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Mutual First has a high proportion of conventional loans. Their top two markets are Omaha and Lincoln .Mutual First 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. Mutual First 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 12/16/24 |
| 30 Year Conventional Refi | 6.65% | 12/16/24 |
| 30 Year Cash-out Refi | 6.70% | 12/16/24 |
| 15 Year Conventional Purchase | 8.69% | 12/16/24 |
| 15 Year Conventional Refi | 6.28% | 12/16/24 |
| 15 Year Cash-out Refi | 6.28% | 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. | ||
Mutual First Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Mutual First. 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
40Origination Dollar Volume (All Markets)
$3,140,000Relative Rate
Mutual First's average 30 year fixed mortgage rate was
7.38%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.9%.
Relative Fees (Closing Costs)
Mutual First's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,069.
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 |
|---|---|---|---|---|---|
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 37 | $2,845,000 | $76,892 | $971 | 7.59% |
| LINCOLN, NE (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $4,547 | 7.25% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $1,179 | 8.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against MUTUAL FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 56
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Similarity Rank: 396
Similarity Rank: 510
Similarity Rank: 550
Similarity Rank: 702
Similarity Rank: 765
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $3,140,000 | $78,500 | $1,159 | 7.60% |
For 2023, Mutual First's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
For 2023, Mutual First's most frequently cited loan purpose was Cash Out Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2023, Mutual First's most frequently cited loan duration was 10 Year, with 13 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 34 | $2,200,000 | $64,706 |
| $1k-2k | 3 | $415,000 | $138,333 |
| $2k-3k | 2 | $360,000 | $180,000 |
| $5k+ | 1 | $165,000 | $165,000 |
Mutual First's average total fees were $5,069, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 12 | $930,000 | $77,500 |
| 6-7% | 10 | $810,000 | $81,000 |
| 5-6% | 9 | $415,000 | $46,111 |
| 7-8% | 9 | $985,000 | $109,444 |
During 2023, Mutual First's average interest rate for loans was 7.38%, while their most frequently originated rate bucket for loans was Over 8%, with 12 originations.
Loan Sizing
2023 saw Mutual First place emphasis on $100,000 or less loans with 31 originations, totaling $1,675,000 in origination value.
Applicant Income
Mutual First lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
Mutual First lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.30%
Mutual First has an average approval rate.
Pick Rate
Approvals leading to origination72.50%
Mutual First has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 40 | $3,140,000 | $78,500 |