First Trust Mortgage Rates, Fees & Info

Michigan City, IN

LEI: 549300CKKPTDS03YHG30

Tax ID: 35-1089892

5 stars - Updated: 4/18/24 - out of 5 stars, based on 3 reviews

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

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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Trust is a smaller mortgage company specializing in Cash Out Refi and Other loans. First Trust has a high proportion of conventional loans. Their top (well, only) market is Michigan City.

    First Trust has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Trust 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.

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    Originations

    11

    Origination Dollar Volume (All Markets)

    $995,000

    Relative Rate

    First Trust's average 30 year fixed mortgage rate was 8.19%.

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

    This yields a difference of 1.71%.

    Relative Fees (Closing Costs)

    First Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $2,460.

    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
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 10 $940,000 $94,000 $1,600 7.30%
    Outside of Metro Areas 1 $55,000 $55,000 $1,231 7.54%
    First Trust's top markets include and Michigan City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 11 $995,000 $90,455 $1,567 7.32%

    For 2023, First Trust's most frequently originated type of loan was Conventional, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 4 $180,000 $45,000 $1,226 6.92%
    Cash Out Refi 4 $560,000 $140,000 $2,168 7.70%
    Other 2 $200,000 $100,000 $1,214 7.27%
    Refi 1 $55,000 $55,000 $1,231 7.54%

    For 2023, First Trust's most frequently cited loan purpose was Home Improvement, with 4 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 4 $190,000 $47,500 $1,214 7.04%
    30 Year 4 $670,000 $167,500 $2,460 8.19%
    10 Year 2 $90,000 $45,000 $628 6.29%
    Other 1 $45,000 $45,000 $1,281 7.04%

    For 2023, First Trust's most frequently cited loan duration was 15 Year, with 4 originations. The 2nd most popular length was 30 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 11 $995,000 $90,455

    First Trust's average total fees were $2,460, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 4 $320,000 $80,000
    Over 8% 4 $520,000 $130,000
    7-8% 2 $100,000 $50,000
    5-6% 1 $55,000 $55,000

    During 2023, First Trust's average interest rate for loans was 8.19%, while their most frequently originated rate bucket for loans was 6-7%, with 4 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 7 $325,000 $46,429 $1,056 6.83%
    $100k-200k 3 $465,000 $155,000 $2,425 8.71%
    $200k-400k 1 $205,000 $205,000 $2,567 6.63%

    2023 saw First Trust place emphasis on $100,000 or less loans with 7 originations, totaling $325,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 5 $425,000 $85,000 $1,450 7.85%
    $100k-150k 2 $240,000 $120,000 $1,867 7.77%
    $50k or less 2 $80,000 $40,000 $1,201 6.04%
    $75k-100k 2 $250,000 $125,000 $1,924 6.83%

    First Trust lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $100k-150k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $670,000 $111,667 $1,835 7.48%
    <20% 3 $105,000 $35,000 $854 6.62%
    30-36% 1 $55,000 $55,000 $1,231 7.54%
    36% 1 $165,000 $165,000 $2,427 8.25%

    First Trust lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 7 $805,000 $115,000 $1,749 7.37%
    Not provided 3 $135,000 $45,000 $1,256 6.79%
    Black 1 $55,000 $55,000 $1,221 8.54%

    Approval Rates

    Total approvals of all applications
    60.87%

    First Trust has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    72.73%

    First Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 11 $995,000 $90,455

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    11 $995,000 $90,455

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $165,000 $55,000 $1,236 7.46%
    40-60% 2 $250,000 $125,000 $1,924 6.83%
    60-80% 3 $465,000 $155,000 $2,425 8.71%
    Under 20% 3 $115,000 $38,333 $801 6.12%