First Central Savings Bank Mortgage Rates, Fees & Info

Glen Cove, NY

LEI: 549300F1COXL6UBFCP55

Tax ID: 52-2140279

1 stars - Updated: 6/16/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

First Central Savings Bank is a smaller bank specializing in Home Purchase loans. First Central Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, Orlando, Poughkeepsie, and Granbury among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Central Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First Central Savings Bank is typically a high 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

315

Origination Dollar Volume (All Markets)

$215,145,000

Relative Rate

First Central Savings Bank's average 30 year fixed mortgage rate was 7.64%.

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

This yields a difference of 1.16%.

Relative Fees (Closing Costs)

First Central Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $14,710.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 261 $187,745,000 $719,330 $15,099 7.54%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 15 $10,305,000 $687,000 $15,211 7.43%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $3,890,000 $648,333 $0 7.27%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 6 $3,210,000 $535,000 $9,081 9.04%
Granbury, TX (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $0 8.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $1,205,000 $401,667 $11,230 7.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $990,000 $495,000 $10,518 9.19%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $945,000 $315,000 $0 8.83%
EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $560,000 $280,000 $0 8.69%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $460,000 $230,000 $10,037 7.44%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $455,000 $455,000 $0 8.00%
Outside of Metro Areas 1 $415,000 $415,000 $0 9.13%
PITTSBURGH, PA (FHA|USDA|VA) 1 $375,000 $375,000 $0 8.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $365,000 $365,000 $13,033 7.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $355,000 $355,000 $0 6.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $305,000 $305,000 $12,793 8.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $295,000 $295,000 $0 6.38%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $295,000 $295,000 $9,899 7.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $285,000 $285,000 $7,242 8.63%
COLUMBUS, OH (FHA|USDA|VA) 1 $275,000 $275,000 $6,523 8.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.50%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 6.38%
LEBANON, PA (FHA|USDA|VA) 1 $225,000 $225,000 $9,151 8.13%
First Central Savings Bank's top markets include New York, Miami, Orlando, Poughkeepsie, and Granbury among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    N C P D Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 315 $215,145,000 $683,000 $14,710 7.61%

    For 2023, First Central Savings Bank's most frequently originated type of loan was Conventional, with 315 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 268 $168,690,000 $629,440 $14,616 7.60%
    Cash Out Refi 29 $26,455,000 $912,241 $14,620 7.55%
    Refi 10 $10,100,000 $1,010,000 $14,604 8.07%
    Other 5 $6,315,000 $1,263,000 $18,602 7.83%
    Home Improvement 3 $3,585,000 $1,195,000 $9,396 7.29%

    For 2023, First Central Savings Bank's most frequently cited loan purpose was Home Purchase, with 268 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 307 $203,485,000 $662,818 $14,710 7.64%
    10 Year 7 $8,255,000 $1,179,286 $0 6.65%
    Other 1 $3,405,000 $3,405,000 $0 5.25%

    For 2023, First Central Savings Bank's most frequently cited loan duration was 30 Year, with 307 originations. The 2nd most popular length was 10 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 121 $81,125,000 $670,455
    $4k-5k 14 $8,000,000 $571,429
    $2k-3k 12 $5,400,000 $450,000
    $3k-4k 9 $5,545,000 $616,111

    First Central Savings Bank's average total fees were $14,710, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 121 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 119 $75,405,000 $633,655
    7-8% 101 $71,885,000 $711,733
    Over 8% 94 $64,450,000 $685,638
    5-6% 1 $3,405,000 $3,405,000

    During 2023, First Central Savings Bank's average interest rate for loans was 7.64%, while their most frequently originated rate bucket for loans was 6-7%, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 111 $54,385,000 $489,955 $12,764 7.53%
    $600k-1MM 91 $69,095,000 $759,286 $16,023 7.70%
    $200k-400k 63 $20,305,000 $322,302 $10,323 7.73%
    $1MM+ 49 $71,205,000 $1,453,163 $25,618 7.42%
    $100k-200k 1 $155,000 $155,000 $0 8.88%

    2023 saw First Central Savings Bank place emphasis on $400k-600k loans with 111 originations, totaling $54,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $37,010,000 $462,625 $11,876 7.55%
    $150k-250k 71 $43,155,000 $607,817 $15,059 7.81%
    $250k+ 48 $51,740,000 $1,077,917 $20,631 7.84%
    $75k-100k 29 $12,535,000 $432,241 $10,792 7.23%
    $50k-75k 5 $2,095,000 $419,000 $10,007 7.75%

    First Central Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $150k-250k, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 53 $32,725,000 $617,453 $13,272 6.96%
    20-30% 32 $15,570,000 $486,563 $12,267 7.47%
    49% 17 $12,585,000 $740,294 $20,817 8.54%
    30-36% 17 $15,305,000 $900,294 $14,386 7.47%
    <20% 15 $9,465,000 $631,000 $23,359 7.11%
    46% 13 $7,085,000 $545,000 $15,045 7.98%
    48% 11 $6,545,000 $595,000 $15,236 8.22%
    45% 10 $6,680,000 $668,000 $14,118 8.20%
    47% 9 $4,275,000 $475,000 $8,986 8.19%
    37% 9 $4,685,000 $520,556 $13,553 7.69%
    39% 8 $6,430,000 $803,750 $17,319 7.97%
    44% 7 $4,045,000 $577,857 $12,285 8.13%
    42% 7 $4,045,000 $577,857 $15,094 7.57%
    40% 6 $4,340,000 $723,333 $13,332 7.67%
    38% 5 $3,155,000 $631,000 $14,163 8.58%
    43% 5 $2,635,000 $527,000 $16,725 7.93%
    41% 4 $2,610,000 $652,500 $15,497 8.03%
    36% 3 $2,585,000 $861,667 $16,307 8.33%

    First Central Savings Bank lent most frequently to those with DTI ratios of 50-60%, with 53 originations. The next most common DTI ratio? 20-30%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 165 $96,245,000 $583,303 $14,153 7.47%
    Not applicable 79 $67,405,000 $853,228 $0 7.45%
    Not provided 42 $28,920,000 $688,571 $17,149 7.91%
    White 26 $20,640,000 $793,846 $14,416 8.44%
    Black 2 $1,440,000 $720,000 $14,934 7.81%
    Native Hawaiian or Islander 1 $495,000 $495,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    97.94%

    First Central Savings Bank 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
    99.37%

    First Central Savings Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 315 $215,145,000 $683,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    315 $215,145,000 $683,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $830,000 $415,000 $12,793 8.50%
    40-60% 44 $29,740,000 $675,909 $12,045 7.34%
    60-80% 237 $162,465,000 $685,506 $14,526 7.49%
    80-100% 32 $22,110,000 $690,938 $18,976 8.83%