First World Mortgage Corporation Rates, Fees & Info

HARTFORD, CT

LEI: 549300HYHFCULSUBAE54

Tax ID: 06-1341084

5 stars - Updated: 4/5/25 - out of 5 stars, based on 45 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Home Purchase loans. First World Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Springfield, Brunswick, Vineland, Palm Bay, and Providence among others. We have data for 9 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 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 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 6.34% 4/5/25
    30 Year Conventional Refi 7.12% 4/5/25
    30 Year Cash-out Refi 8.14% 4/5/25
    30 Year FHA Purchase 7.05% 4/5/25
    30 Year FHA Refi 7.10% 4/5/25
    30 Year VA Purchase 6.38% 4/5/25
    15 Year Conventional Purchase 6.63% 4/5/25
    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 World Mortgage Corporation Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First World Mortgage Corporation. 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

    2,032

    Origination Dollar Volume (All Markets)

    $381,990,000

    Awards

    FIRST WORLD MORTGAGE CORPORATION FHA Loans silver
    Show all (1) awards

    Relative Rate

    First World Mortgage Corporation's average 30 year fixed mortgage rate was 6.02%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.53%.

    Relative Fees (Closing Costs)

    First World Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $6,229.

    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 $8,356.

    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
    Outside of Metro Areas 2,003 $372,665,000 $186,053 $4,878 4.53%
    SPRINGFIELD, MA (FHA|USDA|VA) 22 $7,280,000 $330,909 $11,301 6.63%
    BRUNSWICK, GA (FHA|USDA|VA) 1 $395,000 $395,000 $0 6.88%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $325,000 $325,000 $16,467 6.13%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,286 7.50%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $285,000 $285,000 $5,539 7.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $11,452 6.63%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $275,000 $275,000 $6,339 6.13%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,318 6.63%
    First World Mortgage Corporation's top markets include Springfield, Brunswick, Vineland, Palm Bay, and Providence among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • New Jersey (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.

    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 35
    Florence Bank
    Similarity Rank: 48
    UniBank for Savings
    Similarity Rank: 60
    ROCKLAND
    Similarity Rank: 65
    POLISH NATIONAL
    Similarity Rank: 77
    Greenfield Savings Bank
    Similarity Rank: 80
    LUSO
    Similarity Rank: 96
    Liberty Bank
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 121
    St. Mary's Credit Union
    Similarity Rank: 135

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,701 $283,615,000 $166,734 $3,715 4.24%
    FHA 315 $92,345,000 $293,159 $11,151 6.23%
    VA 16 $6,030,000 $376,875 $13,306 6.22%

    For 2024, First World Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,701 originations. Their 2nd most popular type was FHA, with 315 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,956 $360,460,000 $184,284 $4,788 4.48%
    Cash Out Refi 49 $12,915,000 $263,571 $9,717 6.84%
    Refi 27 $8,615,000 $319,074 $9,031 6.42%

    For 2024, First World Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,956 originations. The 2nd most popular reason was Cash Out Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,527 $364,845,000 $238,929 $6,229 6.02%
    10 Year 494 $14,340,000 $29,028 $974 0.01%
    15 Year 10 $2,580,000 $258,000 $6,696 6.33%
    20 Year 1 $225,000 $225,000 $4,660 6.50%

    For 2024, First World Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,527 originations. The 2nd most popular length was 10 Year, with 494 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 828 $226,410,000 $273,442
    $<1k 806 $22,030,000 $27,333
    $5k+ 173 $66,505,000 $384,422
    $2k-3k 79 $24,345,000 $308,165
    $3k-4k 74 $21,830,000 $295,000
    $4k-5k 63 $18,855,000 $299,286

    First World Mortgage Corporation's average total fees were $6,229, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 828 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 866 $249,130,000 $287,679
    <2.5% 566 $15,530,000 $27,438
    4-5% 252 $10,470,000 $41,548
    5-6% 189 $55,695,000 $294,683
    7-8% 146 $47,310,000 $324,041
    Over 8% 13 $3,855,000 $296,538

    During 2024, First World Mortgage Corporation's average interest rate for loans was 6.02%, while their most frequently originated rate bucket for loans was 6-7%, with 866 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 919 $263,605,000 $286,839 $7,392 6.48%
    $100,000 or less 802 $18,960,000 $23,641 $917 1.58%
    $100k-200k 171 $28,115,000 $164,415 $5,513 6.54%
    $400k-600k 116 $53,810,000 $463,879 $11,183 6.64%
    $600k-1MM 21 $13,895,000 $661,667 $10,913 6.74%
    $1MM+ 3 $3,605,000 $1,201,667 $18,149 6.38%

    2024 saw First World Mortgage Corporation place emphasis on $200k-400k loans with 919 originations, totaling $263,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 706 $119,480,000 $169,235 $4,519 4.24%
    $50k-75k 664 $88,070,000 $132,636 $3,579 3.89%
    $100k-150k 380 $92,170,000 $242,553 $6,528 5.50%
    $50k or less 125 $15,795,000 $126,360 $3,803 4.32%
    $150k-250k 119 $46,965,000 $394,664 $9,738 6.81%
    $250k+ 38 $19,510,000 $513,421 $10,794 6.76%

    First World Mortgage Corporation lent most frequently to those with incomes in the $75k-100k range, with 706 originations. The second most popular income band? $50k-75k, with 664 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 295 $55,685,000 $188,763 $5,021 4.73%
    49% 176 $38,220,000 $217,159 $4,993 5.23%
    44% 166 $34,460,000 $207,590 $6,179 4.82%
    48% 125 $23,865,000 $190,920 $4,497 4.36%
    43% 124 $22,420,000 $180,806 $5,064 4.24%
    42% 123 $23,395,000 $190,203 $5,002 4.49%
    20-30% 123 $27,105,000 $220,366 $5,840 5.57%
    40% 109 $19,845,000 $182,064 $4,481 4.51%
    41% 103 $16,915,000 $164,223 $4,323 4.03%
    46% 102 $16,820,000 $164,902 $3,880 4.24%
    47% 91 $16,885,000 $185,549 $4,404 4.38%
    45% 82 $11,970,000 $145,976 $3,879 3.60%
    38% 80 $14,250,000 $178,125 $4,419 4.63%
    39% 76 $14,300,000 $188,158 $5,065 4.49%
    50-60% 73 $11,005,000 $150,753 $6,191 3.19%
    36% 71 $11,875,000 $167,254 $4,145 4.54%
    37% 55 $10,155,000 $184,636 $4,968 4.63%
    <20% 36 $7,600,000 $211,111 $6,174 5.05%
    >60% 11 $1,605,000 $145,909 $3,122 4.50%

    First World Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 295 originations. The next most common DTI ratio? 49%, with 176 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,108 $218,860,000 $197,527 $5,038 4.67%
    Not provided 429 $76,085,000 $177,354 $4,622 4.51%
    Black 438 $74,720,000 $170,594 $5,058 4.31%
    Asian 38 $8,620,000 $226,842 $5,212 5.21%
    American Indian 15 $2,495,000 $166,333 $3,870 3.73%
    Asian Indian 2 $880,000 $440,000 $7,644 7.38%
    Filipino 1 $215,000 $215,000 $8,040 5.88%
    Vietnamese 1 $115,000 $115,000 $3,961 5.75%

    Approval Rates

    Total approvals of all applications
    95.69%

    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
    88.48%

    First World Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,032 $381,990,000 $187,987

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,032 $381,990,000 $187,987

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $5,415,000 $106,176 $3,183 2.74%
    40-60% 51 $10,945,000 $214,608 $5,860 6.56%
    60-80% 235 $66,025,000 $280,957 $6,901 6.74%
    80-100% 925 $280,425,000 $303,162 $7,767 6.44%
    Over 100% 6 $2,320,000 $386,667 $17,711 6.77%
    Under 20% 764 $16,860,000 $22,068 $898 1.59%