First Federal Savings Bank Mortgage Rates, Fees & Info

Evansville, IN

LEI: 549300MTH7LUU0OHYB47

Tax ID: 35-0309740

5 stars - Updated: 7/20/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Evansville, Bowling Green, Jasper, Washington, and Owensboro among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Savings Bank 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 Federal Savings Bank 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 relatively high 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 6.62% 7/20/24
30 Year Conventional Refi 7.13% 7/20/24
30 Year Cash-out Refi 7.08% 7/20/24
15 Year Conventional Purchase 6.44% 7/20/24
15 Year Conventional Refi 6.38% 7/20/24
15 Year Cash-out Refi 6.38% 7/20/24
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 Federal Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Federal Savings Bank. 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

393

Origination Dollar Volume (All Markets)

$109,595,000
Show all (6) awards

Relative Rate

First Federal Savings Bank's average 30 year fixed mortgage rate was 6.49%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.01%.

Relative Fees (Closing Costs)

First Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,647.

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 $9,089.

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
EVANSVILLE, IN-KY (FHA|USDA|VA) 258 $74,070,000 $287,093 $2,407 6.95%
Outside of Metro Areas 20 $13,700,000 $685,000 $1,964 7.36%
BOWLING GREEN, KY (FHA|USDA|VA) 22 $6,600,000 $300,000 $3,403 5.72%
Jasper, IN (FHA|USDA|VA) 29 $3,785,000 $130,517 $1,603 7.25%
Washington, IN (FHA|USDA|VA) 33 $3,335,000 $101,061 $971 7.51%
OWENSBORO, KY (FHA|USDA|VA) 12 $2,860,000 $238,333 $3,892 6.07%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $1,835,000 $367,000 $2,211 6.85%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $835,000 $835,000 $0 6.75%
Vincennes, IN (FHA|USDA|VA) 5 $805,000 $161,000 $1,435 7.89%
LOUISVILLE, KY (FHA|USDA|VA) 2 $500,000 $250,000 $2,823 6.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,269 6.88%
Glasgow, KY (FHA|USDA|VA) 1 $295,000 $295,000 $0 7.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.00%
Madisonville, KY (FHA|USDA|VA) 2 $190,000 $95,000 $2,647 6.75%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.50%
First Federal Savings Bank's top markets include Evansville, Bowling Green, Jasper, Washington, and Owensboro among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

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

    SERVICE ONE
    Similarity Rank: 54
    Abound Federal Credit Union
    Similarity Rank: 105
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 132
    CRANE
    Similarity Rank: 147
    Heritage Federal Credit Union
    Similarity Rank: 154
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 182
    Edmonton State Bank
    Similarity Rank: 308
    First Federal Savings Bank
    Similarity Rank: 360
    Independence Bank of Kentucky
    Similarity Rank: 608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 393 $109,595,000 $278,868 $2,307 6.95%

    For 2023, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 393 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 300 $97,570,000 $325,233 $2,862 6.59%
    Refi 37 $9,115,000 $246,351 $1,147 7.70%
    Home Improvement 33 $1,635,000 $49,545 $175 8.21%
    Other 21 $865,000 $41,190 $142 8.63%
    Cash Out Refi 2 $410,000 $205,000 $2,458 8.06%

    For 2023, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 245 $64,525,000 $263,367 $2,647 6.49%
    15 Year 50 $4,120,000 $82,400 $386 8.24%
    30+ year 24 $12,600,000 $525,000 $5,288 6.30%
    10 Year 22 $2,030,000 $92,273 $76 8.08%
    Other 19 $16,325,000 $859,211 $3,469 7.28%
    20 Year 13 $6,725,000 $517,308 $2,448 7.16%
    5 Year 11 $305,000 $27,727 $40 8.19%
    1 Year 9 $2,965,000 $329,444 $0 8.72%

    For 2023, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 245 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 341 $80,615,000 $236,408
    $1k-2k 2 $620,000 $310,000
    $3k-4k 2 $400,000 $200,000
    $5k+ 2 $500,000 $250,000
    $2k-3k 1 $315,000 $315,000
    $4k-5k 1 $355,000 $355,000

    First Federal Savings Bank's average total fees were $2,647, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 341 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 134 $46,210,000 $344,851
    7-8% 98 $20,680,000 $211,020
    6-7% 89 $27,805,000 $312,416
    Over 8% 69 $12,375,000 $179,348
    4-5% 3 $2,525,000 $841,667

    During 2023, First Federal Savings Bank's average interest rate for loans was 6.49%, while their most frequently originated rate bucket for loans was 5-6%, with 134 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 145 $41,645,000 $287,207 $2,916 6.35%
    $100,000 or less 94 $4,700,000 $50,000 $579 8.17%
    $100k-200k 85 $13,015,000 $153,118 $2,408 7.06%
    $400k-600k 41 $19,585,000 $477,683 $3,239 6.19%
    $600k-1MM 15 $11,665,000 $777,667 $4,127 6.44%
    $1MM+ 13 $18,985,000 $1,460,385 $5,671 7.12%

    2023 saw First Federal Savings Bank place emphasis on $200k-400k loans with 145 originations, totaling $41,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 98 $24,330,000 $248,265 $2,470 6.62%
    $50k-75k 74 $10,580,000 $142,973 $1,908 7.24%
    $150k-250k 59 $19,695,000 $333,814 $2,657 6.63%
    $75k-100k 50 $8,440,000 $168,800 $2,274 7.36%
    $50k or less 43 $3,525,000 $81,977 $1,425 7.30%
    $250k+ 32 $16,450,000 $514,063 $3,254 6.26%

    First Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 98 originations. The second most popular income band? $50k-75k, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 97 $24,185,000 $249,330 $2,413 6.80%
    30-36% 81 $19,165,000 $236,605 $2,305 6.87%
    <20% 50 $10,790,000 $215,800 $2,085 6.80%
    36% 23 $5,145,000 $223,696 $2,188 7.02%
    38% 17 $4,655,000 $273,824 $2,232 6.45%
    37% 16 $3,500,000 $218,750 $2,237 6.47%
    40% 11 $2,445,000 $222,273 $2,236 7.86%
    39% 9 $2,065,000 $229,444 $2,337 6.76%
    41% 9 $1,785,000 $198,333 $2,026 7.15%
    42% 8 $980,000 $122,500 $1,566 7.75%
    43% 7 $1,575,000 $225,000 $3,064 6.14%
    50-60% 6 $1,970,000 $328,333 $3,125 7.33%
    49% 6 $1,970,000 $328,333 $2,853 6.65%
    45% 4 $810,000 $202,500 $1,811 7.31%
    46% 4 $1,510,000 $377,500 $3,344 6.53%
    47% 4 $650,000 $162,500 $2,273 7.75%
    48% 3 $435,000 $145,000 $2,040 7.46%
    >60% 1 $185,000 $185,000 $2,457 6.75%

    First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 97 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 325 $75,935,000 $233,646 $2,314 6.92%
    Not applicable 30 $24,340,000 $811,333 $0 7.54%
    Asian 15 $4,545,000 $303,000 $2,874 6.24%
    Black 17 $3,305,000 $194,412 $1,699 7.25%
    Not provided 4 $850,000 $212,500 $1,968 7.00%
    American Indian 1 $335,000 $335,000 $2,511 6.00%
    Other Asian 1 $285,000 $285,000 $3,264 5.50%

    Approval Rates

    Total approvals of all applications
    97.19%

    First Federal Savings Bank 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
    86.77%

    First Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 393 $109,595,000 $278,868

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    393 $109,595,000 $278,868

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $3,035,000 $91,970 $575 7.93%
    40-60% 40 $12,620,000 $315,500 $2,590 7.02%
    60-80% 90 $29,480,000 $327,556 $2,924 6.94%
    80-100% 188 $61,220,000 $325,638 $2,716 6.42%
    Over 100% 1 $1,145,000 $1,145,000 $0 6.75%
    Under 20% 41 $2,095,000 $51,098 $237 8.58%