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 and Refi loans. First World Mortgage Corporation has a high proportion of conventional loans. They have an average 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 19 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% 4/14/24
    30 Year Conventional Refi 6.80% 4/14/24
    30 Year Cash-out Refi 7.06% 4/14/24
    30 Year FHA Purchase 7.29% 4/14/24
    30 Year FHA Refi 6.99% 4/14/24
    30 Year VA Purchase 6.46% 4/14/24
    30 Year VA Refi 6.23% 4/14/24
    30 Year USDA Purchase 6.91% 4/14/24
    15 Year Conventional Purchase 6.56% 4/14/24
    15 Year Conventional Refi 6.66% 4/14/24
    15 Year Cash-out Refi 6.66% 4/14/24
    15 Year FHA Purchase 5.68% 4/14/24
    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

    2,793

    Origination Dollar Volume (All Markets)

    $603,975,000

    Awards

    FIRST WORLD MORTGAGE CORPORATION FHA Loans silver FIRST WORLD MORTGAGE CORPORATION FHA Loans gold
    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) 1,748 $370,650,000 $212,042 $5,400 3.09%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 580 $116,500,000 $200,862 $5,574 3.06%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 144 $46,230,000 $321,042 $6,694 3.07%
    Torrington, CT (FHA|USDA|VA) 152 $31,810,000 $209,276 $5,599 3.06%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 91 $19,875,000 $218,407 $4,908 3.08%
    SPRINGFIELD, MA (FHA|USDA|VA) 28 $6,350,000 $226,786 $5,882 3.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 23 $3,555,000 $154,565 $5,068 3.16%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $3,520,000 $440,000 $5,779 3.14%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $2,595,000 $370,714 $3,998 2.96%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $550,000 $275,000 $4,691 3.25%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $450,000 $225,000 $3,991 2.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $415,000 $415,000 $5,308 3.13%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $295,000 $295,000 $4,748 3.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,508 2.88%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,871 2.88%
    OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,937 2.88%
    St. Marys, GA (FHA|USDA|VA) 1 $165,000 $165,000 $3,452 2.38%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.38%
    Baraboo, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,300 2.88%
    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)
  • Rhode Island (FHA|USDA|VA)
  • Florida (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.

    Bridgewater Savings Bank
    Similarity Rank: 102
    Florence Bank
    Similarity Rank: 174
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    Stafford Savings Bank
    Similarity Rank: 266
    WESTERLY COMMUNITY
    Similarity Rank: 345
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378
    Adams Community Bank
    Similarity Rank: 490
    Collinsville Bank
    Similarity Rank: 490
    Middlesex Savings Bank
    Similarity Rank: 546

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,867 $401,335,000 $214,963 $3,980 3.08%
    FHA 842 $180,170,000 $213,979 $8,334 3.08%
    VA 60 $16,980,000 $283,000 $9,757 3.00%
    USDA 23 $5,045,000 $219,348 $6,494 3.13%
    HELOC 1 $445,000 $445,000 n/a 2.97%

    For 2020, First World Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,867 originations. Their 2nd most popular type was FHA, with 842 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,855 $377,545,000 $203,528 $6,114 3.09%
    Refi 757 $185,665,000 $245,264 $4,207 3.02%
    Cash Out Refi 181 $40,765,000 $225,221 $4,643 3.19%

    For 2020, First World Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,855 originations. The 2nd most popular reason was Refi, with 757 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,503 $537,305,000 $214,664 $5,699 3.11%
    15 Year 187 $41,725,000 $223,128 $3,765 2.68%
    20 Year 53 $12,925,000 $243,868 $3,838 3.08%
    Other 35 $9,935,000 $283,857 $4,011 2.90%
    10 Year 15 $2,085,000 $139,000 $3,398 2.89%

    For 2020, First World Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,503 originations. The 2nd most popular length was 15 Year, with 187 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,495 $356,275,000 $238,311
    $2k-3k 547 $111,935,000 $204,634
    $<1k 304 $25,040,000 $82,368
    $3k-4k 208 $50,440,000 $242,500
    $4k-5k 94 $22,710,000 $241,596
    $5k+ 93 $27,755,000 $298,441

    First World Mortgage Corporation's average total fees were $5,699, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,495 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,479 $301,905,000 $204,128
    3-4% 1,036 $238,880,000 $230,579
    <2.5% 175 $42,375,000 $242,143
    4-5% 100 $20,330,000 $203,300
    5-6% 2 $340,000 $170,000
    6-7% 1 $145,000 $145,000

    During 2020, First World Mortgage Corporation's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,479 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,328 $356,790,000 $268,667 $6,174 3.06%
    $100k-200k 1,010 $161,840,000 $160,238 $5,286 3.13%
    $100,000 or less 291 $8,325,000 $28,608 $1,484 3.00%
    $400k-600k 155 $70,585,000 $455,387 $6,451 3.06%
    $600k-1MM 9 $6,435,000 $715,000 $12,307 3.18%

    2020 saw First World Mortgage Corporation place emphasis on $200k-400k loans with 1,328 originations, totaling $356,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 894 $154,810,000 $173,166 $5,737 3.05%
    $100k-150k 507 $134,745,000 $265,769 $5,333 3.11%
    $75k-100k 500 $106,390,000 $212,780 $5,684 3.09%
    $50k or less 481 $75,715,000 $157,412 $5,434 3.06%
    $150k-250k 307 $96,925,000 $315,717 $5,001 3.11%
    $250k+ 77 $29,605,000 $384,481 $4,969 2.98%

    First World Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 894 originations. The second most popular income band? $100k-150k, with 507 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 543 $113,565,000 $209,144 $5,294 3.09%
    20-30% 490 $116,420,000 $237,592 $4,344 3.00%
    42% 187 $34,865,000 $186,444 $5,778 3.05%
    41% 162 $31,300,000 $193,210 $4,935 3.07%
    40% 147 $26,405,000 $179,626 $5,369 3.00%
    50-60% 125 $27,885,000 $223,080 $8,778 3.33%
    <20% 124 $29,430,000 $237,339 $3,845 2.95%
    38% 112 $24,110,000 $215,268 $5,310 3.13%
    39% 111 $23,195,000 $208,964 $5,160 3.07%
    44% 108 $25,310,000 $234,352 $5,979 3.12%
    36% 103 $20,565,000 $199,660 $5,266 3.02%
    43% 103 $24,605,000 $238,883 $5,788 3.19%
    37% 100 $19,970,000 $199,700 $5,305 3.04%
    45% 64 $14,570,000 $227,656 $6,997 3.08%
    49% 62 $13,670,000 $220,484 $6,473 3.27%
    46% 52 $12,280,000 $236,154 $7,096 3.19%
    47% 50 $11,960,000 $239,200 $8,516 3.13%
    48% 38 $8,490,000 $223,421 $7,537 3.23%
    >60% 3 $455,000 $151,667 $6,319 4.17%

    First World Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 543 originations. The next most common DTI ratio? 20-30%, with 490 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,190 $475,270,000 $217,018 $5,321 3.08%
    Black 327 $65,025,000 $198,853 $6,997 3.12%
    Not provided 153 $31,805,000 $207,876 $5,037 3.06%
    Asian 105 $27,285,000 $259,857 $4,863 3.10%
    American Indian 7 $1,755,000 $250,714 $6,954 2.98%
    Asian Indian 5 $1,535,000 $307,000 $5,050 2.80%
    Native Hawaiian or Islander 3 $575,000 $191,667 $6,288 3.00%
    Other Asian 2 $500,000 $250,000 $3,503 2.75%
    Other Pacific Islander 1 $225,000 $225,000 $9,373 2.63%

    Approval Rates

    Total approvals of all applications
    96.43%

    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
    85.86%

    First World Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,793 $603,975,000 $216,246

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,793 $603,975,000 $216,246

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $3,745,000 $178,333 $3,319 2.86%
    40-60% 107 $19,945,000 $186,402 $3,551 2.90%
    60-80% 736 $178,910,000 $243,084 $4,121 3.12%
    80-100% 1,701 $392,445,000 $230,714 $6,541 3.10%
    Over 100% 25 $7,675,000 $307,000 $13,677 3.30%
    Under 20% 203 $1,255,000 $6,182 $304 2.85%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Struggling to pay mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 25.0%