First Federal Bank Mortgage Rates, Fees & Info

Dickson, TN

LEI: 549300CNRVR02KBUDD48

Tax ID: 62-0181465

5 stars - Updated: 4/14/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

First Federal Bank is a smaller bank specializing in Home Purchase and Refi loans. First Federal Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Clarksville, Crestview, Sevierville, and Raleigh among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Bank 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 Bank 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.

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 6.69% 4/14/24
30 Year Conventional Refi 6.69% 4/14/24
30 Year Cash-out Refi 6.90% 4/14/24
30 Year FHA Purchase 7.08% 4/14/24
30 Year VA Purchase 5.98% 4/14/24
30 Year USDA Purchase 6.30% 4/14/24
15 Year Conventional Purchase 6.36% 4/14/24
15 Year Conventional Refi 6.34% 4/14/24
15 Year Cash-out Refi 6.34% 4/14/24
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 Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Federal Bank. 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

294

Origination Dollar Volume (All Markets)

$72,010,000

Awards

First Federal Bank FHA Loans gold First Federal Bank VA Loans bronze
Show all (2) awards

Relative Rate

First Federal Bank's average 30 year fixed mortgage rate was 6.41%.

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

This yields a difference of -0.07%.

Relative Fees (Closing Costs)

First Federal Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,881.

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 109 $27,865,000 $255,642 $3,818 6.69%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 94 $25,280,000 $268,936 $4,969 7.07%
Outside of Metro Areas 77 $12,305,000 $159,805 $2,218 6.57%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $2,755,000 $918,333 $15,966 6.43%
Sevierville, TN (FHA|USDA|VA) 1 $985,000 $985,000 $0 8.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $535,000 $535,000 $10,390 5.99%
KNOXVILLE, TN (FHA|USDA|VA) 1 $515,000 $515,000 $0 5.50%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,899 6.75%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $335,000 $335,000 $11,657 5.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.75%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $215,000 $215,000 $2,932 4.99%
MOBILE, AL (FHA|USDA|VA) 1 $195,000 $195,000 $8,730 5.50%
Cookeville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,992 5.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.25%
McMinnville, TN (FHA|USDA|VA) 1 $105,000 $105,000 $3,777 6.50%
First Federal Bank's top markets include Nashville, Clarksville, Crestview, Sevierville, and Raleigh among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 264 $62,590,000 $237,083 $2,942 6.84%
    VA 15 $5,455,000 $363,667 $7,797 6.21%
    FHA 13 $3,655,000 $281,154 $9,579 6.07%
    USDA 2 $310,000 $155,000 $5,288 5.94%

    For 2023, First Federal Bank's most frequently originated type of loan was Conventional, with 264 originations. Their 2nd most popular type was VA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 182 $53,260,000 $292,637 $5,154 6.77%
    Refi 64 $14,590,000 $227,969 $2,419 6.25%
    Other 27 $2,035,000 $75,370 $1,326 7.50%
    Home Improvement 17 $1,795,000 $105,588 $1,400 7.59%
    Cash Out Refi 4 $330,000 $82,500 $3,089 6.64%

    For 2023, First Federal Bank's most frequently cited loan purpose was Home Purchase, with 182 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 231 $52,975,000 $229,329 $2,529 6.86%
    30 Year 58 $18,580,000 $320,345 $6,881 6.41%
    15 Year 4 $370,000 $92,500 $3,260 6.44%
    20 Year 1 $85,000 $85,000 $3,937 6.50%

    For 2023, First Federal Bank's most frequently cited loan duration was Other, with 231 originations. The 2nd most popular length was 30 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 116 $18,130,000 $156,293
    $1k-2k 52 $14,260,000 $274,231
    $2k-3k 17 $5,625,000 $330,882
    $3k-4k 9 $4,515,000 $501,667
    $5k+ 6 $5,490,000 $915,000
    $4k-5k 4 $2,470,000 $617,500

    First Federal Bank's average total fees were $6,881, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 72 $13,720,000 $190,556
    5-6% 67 $19,825,000 $295,896
    6-7% 65 $15,855,000 $243,923
    4-5% 49 $13,715,000 $279,898
    7-8% 41 $8,895,000 $216,951

    During 2023, First Federal Bank's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was Over 8%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 94 $25,410,000 $270,319 $4,222 6.55%
    $100k-200k 86 $13,300,000 $154,651 $2,843 6.96%
    $100,000 or less 68 $3,980,000 $58,529 $1,329 7.15%
    $400k-600k 25 $12,285,000 $491,400 $7,952 6.20%
    $600k-1MM 17 $12,285,000 $722,647 $6,614 6.37%
    $1MM+ 4 $4,750,000 $1,187,500 $13,084 6.57%

    2023 saw First Federal Bank place emphasis on $200k-400k loans with 94 originations, totaling $25,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 54 $13,970,000 $258,704 $3,911 6.39%
    $50k-75k 51 $8,315,000 $163,039 $2,703 6.66%
    $75k-100k 42 $6,700,000 $159,524 $3,435 6.49%
    $150k-250k 38 $11,960,000 $314,737 $5,142 6.48%
    $50k or less 35 $3,625,000 $103,571 $2,185 6.77%
    $250k+ 33 $15,735,000 $476,818 $7,173 7.06%

    First Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $50k-75k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 61 $11,605,000 $190,246 $2,669 6.31%
    30-36% 45 $11,805,000 $262,333 $3,678 6.78%
    <20% 32 $7,340,000 $229,375 $3,124 6.40%
    37% 16 $3,040,000 $190,000 $3,517 6.26%
    38% 8 $1,270,000 $158,750 $3,105 6.63%
    39% 7 $1,895,000 $270,714 $3,998 6.07%
    44% 7 $1,895,000 $270,714 $9,600 5.85%
    36% 6 $1,130,000 $188,333 $2,344 7.01%
    41% 4 $1,010,000 $252,500 $5,864 6.41%
    42% 4 $840,000 $210,000 $2,749 6.64%
    43% 4 $1,450,000 $362,500 $6,805 6.59%
    40% 3 $765,000 $255,000 $5,848 5.62%
    46% 3 $905,000 $301,667 $4,054 6.54%
    45% 2 $700,000 $350,000 $5,179 7.18%
    47% 2 $690,000 $345,000 $5,827 6.50%
    49% 2 $600,000 $300,000 $4,142 6.74%
    50-60% 2 $1,050,000 $525,000 $12,038 5.81%

    First Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 251 $60,805,000 $242,251 $3,613 6.64%
    Not applicable 33 $7,955,000 $241,061 $2,271 7.73%
    Not provided 3 $1,585,000 $528,333 $8,503 6.08%
    Asian 3 $935,000 $311,667 $8,927 7.38%
    Black 2 $380,000 $190,000 $1,349 6.72%
    Guamanian 1 $315,000 $315,000 $3,411 4.99%
    Other Asian 1 $35,000 $35,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    91.87%

    First Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.03%

    First Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 294 $72,010,000 $244,932

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    294 $72,010,000 $244,932

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $4,415,000 $119,324 $2,018 7.03%
    40-60% 45 $11,565,000 $257,000 $2,775 6.74%
    60-80% 91 $26,435,000 $290,495 $3,657 6.69%
    80-100% 89 $25,585,000 $287,472 $5,400 6.66%
    Over 100% 8 $2,890,000 $361,250 $11,658 6.69%
    Under 20% 24 $1,120,000 $46,667 $1,255 7.12%