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

Jump to:

  • 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, Bridgeport, Torrington, 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

    1,894

    Origination Dollar Volume (All Markets)

    $354,810,000

    Awards

    FIRST WORLD MORTGAGE CORPORATION FHA Loans silver FIRST WORLD MORTGAGE CORPORATION USDA Loans bronze
    Show all (2) 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) 1,172 $218,500,000 $186,433 $5,613 4.03%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 449 $81,355,000 $181,192 $5,599 4.01%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 63 $17,265,000 $274,048 $6,931 4.10%
    Torrington, CT (FHA|USDA|VA) 91 $13,365,000 $146,868 $5,488 4.06%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 47 $8,825,000 $187,766 $5,094 4.07%
    SPRINGFIELD, MA (FHA|USDA|VA) 35 $7,865,000 $224,714 $6,268 4.41%
    WORCESTER, MA-CT (FHA|USDA|VA) 19 $2,735,000 $143,947 $5,268 4.14%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,140,000 $285,000 $5,580 3.94%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $1,050,000 $525,000 $5,478 4.19%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $805,000 $161,000 $5,633 4.45%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $510,000 $255,000 $4,897 4.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $440,000 $220,000 $3,933 5.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $425,000 $425,000 $5,238 4.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $375,000 $375,000 $0 5.38%
    OCALA, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,875 4.38%
    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)

    • 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.

    Northern Bank & Trust Company
    Similarity Rank: 64
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Bristol County Savings Bank
    Similarity Rank: 96
    Florence Bank
    Similarity Rank: 96
    The Torrington Savings Bank
    Similarity Rank: 115
    Stafford Savings Bank
    Similarity Rank: 124
    HOLYOKE
    Similarity Rank: 132
    Middlesex Savings Bank
    Similarity Rank: 145
    POLISH NATIONAL
    Similarity Rank: 152
    CorePlus Federal Credit Union
    Similarity Rank: 154

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,060 $186,830,000 $176,255 $3,695 4.04%
    FHA 777 $153,395,000 $197,420 $8,014 4.04%
    VA 41 $10,995,000 $268,171 $7,845 4.18%
    USDA 16 $3,590,000 $224,375 $6,720 3.87%

    For 2019, First World Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,060 originations. Their 2nd most popular type was FHA, with 777 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,641 $298,905,000 $182,148 $5,760 4.02%
    Refi 162 $38,110,000 $235,247 $4,904 4.01%
    Cash Out Refi 91 $17,795,000 $195,549 $4,615 4.51%

    For 2019, First World Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,641 originations. The 2nd most popular reason was Refi, with 162 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,822 $339,700,000 $186,443 $5,698 4.05%
    15 Year 49 $9,475,000 $193,367 $4,134 3.82%
    20 Year 22 $5,220,000 $237,273 $4,079 3.78%
    30+ year 1 $415,000 $415,000 $0 3.88%

    For 2019, First World Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,822 originations. The 2nd most popular length was 15 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 774 $166,880,000 $215,607
    $2k-3k 547 $102,075,000 $186,609
    $<1k 270 $16,770,000 $62,111
    $3k-4k 178 $38,710,000 $217,472
    $4k-5k 62 $13,330,000 $215,000
    $5k+ 53 $15,395,000 $290,472

    First World Mortgage Corporation's average total fees were $5,698, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 774 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 959 $175,815,000 $183,332
    4-5% 670 $140,560,000 $209,791
    5-6% 146 $25,150,000 $172,260
    2.5-3% 108 $11,650,000 $107,870
    7-8% 6 $990,000 $165,000
    Over 8% 3 $345,000 $115,000
    6-7% 2 $300,000 $150,000

    During 2019, First World Mortgage Corporation's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 959 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 826 $129,530,000 $156,816 $5,936 4.12%
    $200k-400k 728 $191,210,000 $262,651 $6,853 4.07%
    $100,000 or less 284 $7,850,000 $27,641 $1,297 3.74%
    $400k-600k 52 $23,470,000 $451,346 $6,971 4.11%
    $600k-1MM 4 $2,750,000 $687,500 $7,258 4.06%

    2019 saw First World Mortgage Corporation place emphasis on $100k-200k loans with 826 originations, totaling $129,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 721 $111,565,000 $154,736 $5,566 3.88%
    $50k or less 431 $62,045,000 $143,956 $5,342 4.04%
    $75k-100k 322 $62,120,000 $192,919 $5,999 4.12%
    $100k-150k 262 $68,550,000 $261,641 $6,043 4.25%
    $150k-250k 128 $39,530,000 $308,828 $5,269 4.25%
    $250k+ 27 $10,195,000 $377,593 $6,293 4.47%

    First World Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 721 originations. The second most popular income band? $50k or less, with 431 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 333 $59,835,000 $179,685 $5,084 4.00%
    20-30% 272 $51,570,000 $189,596 $4,517 4.04%
    50-60% 158 $31,730,000 $200,823 $8,281 4.39%
    42% 114 $20,090,000 $176,228 $5,252 3.82%
    39% 110 $18,040,000 $164,000 $4,879 3.89%
    41% 102 $15,760,000 $154,510 $5,394 3.79%
    40% 98 $17,070,000 $174,184 $5,069 3.77%
    38% 87 $13,035,000 $149,828 $5,230 3.93%
    44% 83 $18,765,000 $226,084 $6,888 4.14%
    37% 77 $14,075,000 $182,792 $5,126 3.88%
    36% 63 $12,535,000 $198,968 $5,491 3.96%
    49% 56 $11,480,000 $205,000 $6,916 4.23%
    43% 53 $11,965,000 $225,755 $5,821 4.15%
    48% 50 $10,330,000 $206,600 $7,126 4.26%
    <20% 45 $8,365,000 $185,889 $4,378 4.29%
    47% 44 $9,170,000 $208,409 $7,584 4.22%
    45% 42 $8,670,000 $206,429 $6,989 4.32%
    46% 36 $6,670,000 $185,278 $6,183 4.22%
    >60% 1 $135,000 $135,000 $4,376 3.75%

    First World Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 333 originations. The next most common DTI ratio? 20-30%, with 272 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,470 $279,050,000 $189,830 $5,491 4.06%
    Black 296 $51,210,000 $173,007 $6,445 4.00%
    Not provided 63 $11,575,000 $183,730 $5,625 3.87%
    Asian 56 $11,030,000 $196,964 $5,315 4.06%
    American Indian 4 $850,000 $212,500 $5,015 4.22%
    Asian Indian 2 $480,000 $240,000 $3,510 4.81%
    Other Asian 1 $355,000 $355,000 $10,443 4.13%
    Native Hawaiian or Islander 2 $260,000 $130,000 $5,282 3.25%

    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
    86.59%

    First World Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,894 $354,810,000 $187,334

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,894 $354,810,000 $187,334

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $360,000 $90,000 $4,303 4.25%
    40-60% 44 $7,380,000 $167,727 $3,928 4.35%
    60-80% 301 $65,125,000 $216,362 $4,524 4.42%
    80-100% 1,324 $275,510,000 $208,089 $6,638 4.05%
    Over 100% 21 $5,425,000 $258,333 $10,577 4.27%
    Under 20% 200 $1,010,000 $5,050 $297 3.36%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION Other type of mortgage Struggling to pay mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 2 50.0%
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%