First World Mortgage Corporation Rates, Fees & Info

HARTFORD, CT

LEI: 549300HYHFCULSUBAE54

Tax ID: 06-1341084

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Home Purchase 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. Their top markets by origination volume include: Hartford, New Haven, Torrington, Bridgeport, and Norwich among others. We have data for 15 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.32% 12/16/24
    30 Year Conventional Refi 6.80% 12/16/24
    30 Year Cash-out Refi 7.06% 12/16/24
    30 Year FHA Purchase 7.29% 12/16/24
    30 Year FHA Refi 6.99% 12/16/24
    30 Year VA Purchase 6.46% 12/16/24
    30 Year VA Refi 6.23% 12/16/24
    30 Year USDA Purchase 6.91% 12/16/24
    15 Year Conventional Purchase 6.56% 12/16/24
    15 Year Conventional Refi 6.66% 12/16/24
    15 Year Cash-out Refi 6.66% 12/16/24
    15 Year FHA Purchase 5.68% 12/16/24
    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 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

    1,583

    Origination Dollar Volume (All Markets)

    $268,965,000
    Show all (5) awards

    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) 970 $162,700,000 $167,732 $5,263 4.44%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 371 $61,215,000 $165,000 $5,377 4.38%
    Torrington, CT (FHA|USDA|VA) 108 $13,750,000 $127,315 $4,691 4.28%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 48 $13,630,000 $283,958 $7,240 4.62%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 37 $7,315,000 $197,703 $5,727 4.61%
    SPRINGFIELD, MA (FHA|USDA|VA) 21 $5,055,000 $240,714 $6,427 5.10%
    WORCESTER, MA-CT (FHA|USDA|VA) 18 $2,760,000 $153,333 $5,139 4.68%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $700,000 $350,000 $7,239 4.81%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $580,000 $290,000 $6,289 4.50%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $7,775 5.38%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $265,000 $265,000 $3,406 4.88%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $245,000 $245,000 $4,698 5.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,090 5.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $145,000 $145,000 $6,053 5.00%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,618 5.13%
    First World Mortgage Corporation's top markets include Hartford, New Haven, Torrington, Bridgeport, 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)

    • 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: 65
    Stafford Savings Bank
    Similarity Rank: 68
    POLISH NATIONAL
    Similarity Rank: 108
    UniBank for Savings
    Similarity Rank: 130
    Charter Oak Federal Credit Union
    Similarity Rank: 132
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 144
    Bristol County Savings Bank
    Similarity Rank: 144
    Union Savings Bank
    Similarity Rank: 152
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    Florence Bank
    Similarity Rank: 168

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 893 $135,875,000 $152,156 $3,415 4.44%
    FHA 635 $118,515,000 $186,638 $7,698 4.43%
    VA 46 $12,630,000 $274,565 $9,762 4.59%
    USDA 9 $1,945,000 $216,111 $6,258 4.58%

    For 2018, First World Mortgage Corporation's most frequently originated type of loan was Conventional, with 893 originations. Their 2nd most popular type was FHA, with 635 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,501 $253,025,000 $168,571 $5,341 4.41%
    Cash Out Refi 49 $10,055,000 $205,204 $5,232 4.97%
    Refi 28 $5,370,000 $191,786 $5,596 5.11%
    Home Improvement 2 $260,000 $130,000 $4,222 4.25%
    Other 2 $240,000 $120,000 $6,162 4.88%
    NA 1 $15,000 $15,000 $300 3.63%

    For 2018, First World Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,501 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 1,551 $263,215,000 $169,707 $5,355 4.44%
    15 Year 19 $3,075,000 $161,842 $4,769 4.34%
    20 Year 9 $2,125,000 $236,111 $4,164 4.64%
    10 Year 2 $160,000 $80,000 $3,273 4.25%
    Other 2 $390,000 $195,000 $0 4.63%

    For 2018, First World Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,551 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 592 $120,980,000 $204,358
    $2k-3k 417 $75,315,000 $180,612
    $<1k 343 $19,165,000 $55,875
    $3k-4k 149 $31,815,000 $213,523
    $5k+ 39 $12,165,000 $311,923
    $4k-5k 38 $8,640,000 $227,368

    First World Mortgage Corporation's average total fees were $5,355, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 592 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 752 $149,670,000 $199,029
    3-4% 552 $63,840,000 $115,652
    5-6% 274 $54,300,000 $198,175
    2.5-3% 2 $20,000 $10,000
    6-7% 2 $460,000 $230,000
    Over 8% 1 $675,000 $675,000

    During 2018, First World Mortgage Corporation's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 752 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 723 $112,205,000 $155,194 $5,836 4.47%
    $200k-400k 497 $127,755,000 $257,052 $7,063 4.65%
    $100,000 or less 319 $7,805,000 $24,467 $1,158 3.98%
    $400k-600k 38 $17,170,000 $451,842 $8,115 4.76%
    $600k-1MM 6 $4,030,000 $671,667 $7,571 5.50%

    2018 saw First World Mortgage Corporation place emphasis on $100k-200k loans with 723 originations, totaling $112,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 664 $96,640,000 $145,542 $5,203 4.27%
    $50k or less 345 $40,315,000 $116,855 $4,670 4.36%
    $75k-100k 306 $57,490,000 $187,876 $5,637 4.57%
    $100k-150k 171 $42,365,000 $247,749 $6,364 4.78%
    $150k-250k 75 $24,615,000 $328,200 $5,951 4.82%
    $250k+ 20 $7,100,000 $355,000 $5,619 5.21%

    First World Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 664 originations. The second most popular income band? $50k or less, with 345 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 286 $43,700,000 $152,797 $4,447 4.33%
    20-30% 185 $33,085,000 $178,838 $4,695 4.53%
    50-60% 137 $26,615,000 $194,270 $8,028 4.88%
    42% 110 $17,630,000 $160,273 $5,173 4.20%
    41% 96 $14,140,000 $147,292 $4,931 4.30%
    38% 93 $13,335,000 $143,387 $4,678 4.14%
    39% 77 $11,635,000 $151,104 $4,630 4.19%
    43% 67 $13,385,000 $199,776 $5,870 4.65%
    37% 66 $11,630,000 $176,212 $5,372 4.26%
    44% 64 $13,740,000 $214,688 $6,143 4.70%
    40% 61 $9,525,000 $156,148 $4,740 4.24%
    36% 59 $8,845,000 $149,915 $4,927 4.27%
    <20% 57 $5,925,000 $103,947 $2,958 4.04%
    49% 54 $11,290,000 $209,074 $7,261 4.77%
    48% 48 $9,510,000 $198,125 $6,588 4.66%
    47% 45 $9,765,000 $217,000 $6,698 4.83%
    45% 42 $8,180,000 $194,762 $6,090 4.87%
    46% 34 $6,590,000 $193,824 $6,265 4.68%

    First World Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 286 originations. The next most common DTI ratio? 20-30%, with 185 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,285 $219,105,000 $170,510 $5,194 4.44%
    Black 206 $33,880,000 $164,466 $6,362 4.49%
    Asian 50 $10,070,000 $201,400 $4,864 4.40%
    Not provided 29 $3,785,000 $130,517 $4,809 4.16%
    American Indian 5 $775,000 $155,000 $6,741 4.45%
    Not applicable 2 $420,000 $210,000 $8,726 5.56%
    Other Pacific Islander 2 $420,000 $210,000 $6,812 4.13%
    Asian Indian 2 $340,000 $170,000 $4,857 4.63%
    Native Hawaiian or Islander 2 $170,000 $85,000 $3,729 3.63%

    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
    86.42%

    First World Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,583 $268,965,000 $169,908

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,583 $268,965,000 $169,908

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,080,000 $108,000 $3,654 4.41%
    40-60% 27 $5,255,000 $194,630 $4,383 4.69%
    60-80% 209 $41,695,000 $199,498 $4,813 4.88%
    80-100% 1,078 $214,380,000 $198,868 $6,518 4.50%
    Over 100% 14 $4,710,000 $336,429 $14,211 4.68%
    Under 20% 245 $1,845,000 $7,531 $282 3.78%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST MORTGAGE CORPORATION FHA mortgage Closing on a mortgage 1 100.0%