First World Mortgage Corporation Rates, Fees & Info

HARTFORD, CT

LEI: 549300HYHFCULSUBAE54

Tax ID: 06-1341084

4.5 stars - out of 5 stars, based on 54 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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 World Mortgage Corporation is a smaller mortgage company specializing in loans. First World Mortgage Corporation has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Hartford, New Haven, Bridgeport, Torrington, and Norwich among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First World Mortgage Corporation 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 World Mortgage Corporation 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 about average 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 6.35% 3/19/23
    30 Year Conventional Refi 6.59% 3/19/23
    30 Year Cash-out Refi 6.90% 3/19/23
    30 Year FHA Purchase 7.43% 3/19/23
    30 Year FHA Refi 7.31% 3/19/23
    30 Year VA Purchase 6.59% 3/19/23
    30 Year VA Refi 6.37% 3/19/23
    30 Year USDA Purchase 6.75% 3/19/23
    30 Year USDA Refi 6.69% 3/19/23
    15 Year Conventional Purchase 6.19% 3/19/23
    15 Year Conventional Refi 6.24% 3/19/23
    15 Year Cash-out Refi 6.24% 3/19/23
    15 Year FHA Refi 7.74% 3/19/23
    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.


    Originations

    2,878

    Origination Dollar Volume (All Markets)

    $613,970,000

    Awards

    FIRST WORLD MORTGAGE CORPORATION USDA Loans gold FIRST WORLD MORTGAGE CORPORATION USDA Loans gold
    Show all (2) awards

    Relative Rate

    First World Mortgage Corporation's average 30 year fixed mortgage rate was 2.95%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.2%.

    Relative Fees (Closing Costs)

    First World Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,848.

    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 $4,750.

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1,764 $373,820,000 $211,916 $5,624 2.95%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 556 $109,060,000 $196,151 $5,707 2.83%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 146 $45,170,000 $309,384 $6,881 2.96%
    Torrington, CT (FHA|USDA|VA) 223 $41,135,000 $184,462 $5,475 3.07%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 84 $16,920,000 $201,429 $4,915 2.74%
    SPRINGFIELD, MA (FHA|USDA|VA) 47 $11,705,000 $249,043 $6,194 3.11%
    WORCESTER, MA-CT (FHA|USDA|VA) 22 $4,190,000 $190,455 $4,782 2.82%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $3,705,000 $529,286 $9,791 3.23%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $1,900,000 $316,667 $5,443 2.88%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $7,381 3.00%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $900,000 $225,000 $5,240 3.06%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $880,000 $440,000 $6,722 2.69%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $580,000 $290,000 $5,465 2.81%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $485,000 $485,000 $12,713 3.63%
    Outside of Metro Areas 2 $440,000 $220,000 $4,140 2.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $340,000 $170,000 $4,085 3.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $330,000 $165,000 $6,058 4.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,745 3.50%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,333 3.00%
    St. Marys, GA (FHA|USDA|VA) 1 $245,000 $245,000 $7,717 2.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $205,000 $205,000 $7,310 3.50%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,311 2.88%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,254 2.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,445 2.63%
    First World Mortgage Corporation's top markets include Hartford, New Haven, Bridgeport, Torrington, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Similar Lenders

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

    Middlesex Savings Bank
    Similarity Rank: 174
    Freedom Credit Union
    Similarity Rank: 266
    SCIENT Federal Credit Union
    Similarity Rank: 286
    Northern Bank & Trust Company
    Similarity Rank: 288
    Bridgewater Savings Bank
    Similarity Rank: 329
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    Florence Bank
    Similarity Rank: 400
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    Greenfield Savings Bank
    Similarity Rank: 522
    POLISH NATIONAL
    Similarity Rank: 568

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,930 $394,590,000 $204,451 $4,108 2.89%
    FHA 885 $202,015,000 $228,266 $8,905 3.03%
    VA 46 $13,240,000 $287,826 $8,991 3.07%
    USDA 16 $4,010,000 $250,625 $6,858 2.88%
    FHA 1 $115,000 $115,000 $0 2.88%

    For 2021, First World Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,930 originations. Their 2nd most popular type was FHA, with 885 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,089 $432,435,000 $207,006 $5,971 2.89%
    Refi 495 $114,325,000 $230,960 $4,615 2.94%
    Cash Out Refi 294 $67,210,000 $228,605 $5,434 3.28%

    For 2021, First World Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 2,089 originations. The 2nd most popular reason was Refi, with 495 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,597 $554,045,000 $213,340 $5,848 2.95%
    15 Year 176 $37,260,000 $211,705 $4,098 2.67%
    20 Year 58 $12,690,000 $218,793 $4,364 2.94%
    Other 37 $8,675,000 $234,459 $4,329 3.08%
    10 Year 10 $1,300,000 $130,000 $3,998 2.70%

    For 2021, First World Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,597 originations. The 2nd most popular length was 15 Year, with 176 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,316 $311,810,000 $236,938
    $2k-3k 501 $108,345,000 $216,257
    $<1k 472 $40,360,000 $85,508
    $3k-4k 286 $70,560,000 $246,713
    $5k+ 161 $48,795,000 $303,075
    $4k-5k 134 $32,480,000 $242,388

    First World Mortgage Corporation's average total fees were $5,848, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,316 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,221 $292,615,000 $239,652
    2.5-3% 1,094 $239,360,000 $218,793
    <2.5% 494 $65,950,000 $133,502
    4-5% 68 $15,920,000 $234,118
    6-7% 1 $125,000 $125,000

    During 2021, First World Mortgage Corporation's average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 3-4%, with 1,221 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,417 $380,265,000 $268,359 $6,928 3.10%
    $100k-200k 935 $151,325,000 $161,845 $5,346 3.08%
    $100,000 or less 380 $10,050,000 $26,447 $979 1.91%
    $400k-600k 131 $60,225,000 $459,733 $7,332 3.08%
    $600k-1MM 11 $7,865,000 $715,000 $13,162 3.32%
    $1MM+ 4 $4,240,000 $1,060,000 $6,692 2.94%

    2021 saw First World Mortgage Corporation place emphasis on $200k-400k loans with 1,417 originations, totaling $380,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 986 $174,160,000 $176,633 $5,654 2.80%
    $75k-100k 612 $133,190,000 $217,631 $5,877 2.89%
    $50k or less 494 $77,870,000 $157,632 $5,564 2.95%
    $100k-150k 468 $123,050,000 $262,927 $5,616 3.12%
    $150k-250k 251 $79,795,000 $317,908 $5,647 3.15%
    $250k+ 65 $25,365,000 $390,231 $5,929 3.06%

    First World Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 986 originations. The second most popular income band? $75k-100k, with 612 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 593 $126,455,000 $213,246 $5,148 2.85%
    20-30% 535 $111,855,000 $209,075 $4,590 2.90%
    50-60% 186 $41,530,000 $223,280 $8,711 3.12%
    44% 142 $30,990,000 $218,239 $6,027 2.96%
    43% 141 $28,655,000 $203,227 $6,058 2.97%
    41% 130 $26,290,000 $202,231 $5,766 2.81%
    39% 129 $25,125,000 $194,767 $4,814 2.92%
    42% 129 $27,175,000 $210,659 $5,946 2.89%
    <20% 128 $26,350,000 $205,859 $4,031 2.84%
    40% 119 $26,015,000 $218,613 $6,389 2.97%
    38% 117 $25,095,000 $214,487 $5,514 2.97%
    37% 100 $21,090,000 $210,900 $5,551 2.79%
    36% 91 $19,795,000 $217,527 $5,749 2.94%
    48% 74 $16,730,000 $226,081 $7,632 3.18%
    49% 72 $16,670,000 $231,528 $7,137 3.19%
    47% 59 $13,775,000 $233,475 $7,334 3.17%
    46% 51 $12,815,000 $251,275 $6,746 3.16%
    45% 48 $11,170,000 $232,708 $6,836 3.08%
    >60% 2 $130,000 $65,000 $350 1.94%

    First World Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 593 originations. The next most common DTI ratio? 20-30%, with 535 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,115 $452,535,000 $213,965 $5,423 2.95%
    Black 455 $89,295,000 $196,253 $6,612 2.86%
    Not provided 204 $44,360,000 $217,451 $6,010 2.97%
    Asian 89 $24,515,000 $275,449 $6,433 2.96%
    American Indian 11 $2,455,000 $223,182 $5,626 2.81%
    Asian Indian 3 $585,000 $195,000 $7,468 3.38%
    Other Asian 1 $225,000 $225,000 $5,172 3.38%

    Approval Rates

    Total approvals of all applications
    96.81%

    First World Mortgage Corporation 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
    85.96%

    First World Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,878 $613,970,000 $213,332

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,878 $613,970,000 $213,332

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,505,000 $100,333 $3,482 2.84%
    40-60% 153 $30,265,000 $197,810 $4,401 2.97%
    60-80% 724 $171,880,000 $237,403 $4,905 3.16%
    80-100% 1,662 $402,100,000 $241,937 $7,089 3.07%
    Over 100% 11 $3,585,000 $325,909 $12,191 2.97%
    Under 20% 313 $4,635,000 $14,808 $387 1.65%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 10.0%
    FIRST HOME MORTGAGE CORPORATION Other type of mortgage Closing on a mortgage 1 10.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 7 70.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%