Firestone Mortgage Rates, Fees & Info
Akron, OHLEI: 549300N4Y8SZTX37AW62
Tax ID: 34-0894610
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Mortgage Data
Review & Overview
Firestone is a smaller mortgage company specializing in Refi and Home Purchase loans. Firestone has a high proportion of conventional loans. Their top markets by origination volume include: Akron, Cleveland, Nashville, Canton, and Columbus among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Firestone has an above average approval rate when compared to the average across all lenders. Firestone 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 4.98% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 5.37% | 4/28/24 |
| 15 Year Conventional Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 4.19% | 4/28/24 |
| 15 Year Cash-out Refi | 4.19% | 4/28/24 |
| 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. | ||
Firestone Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
62Origination Dollar Volume (All Markets)
$8,890,000Awards
FIRESTONE - 2018
FIRESTONE is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| AKRON, OH (FHA|USDA|VA) | 33 | $4,045,000 | $122,576 | $1,861 | 3.78% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 11 | $1,515,000 | $137,727 | $1,459 | 3.64% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $2,277 | 3.70% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 8 | $1,040,000 | $130,000 | $1,390 | 3.70% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $2,965 | 3.95% |
| Wooster, OH (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,426 | 3.85% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,882 | 3.50% |
| Chillicothe, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,348 | 3.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRESTONE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 60 | $8,850,000 | $147,500 | $1,816 | 3.70% |
| HELOC | 2 | $40,000 | $20,000 | n/a | 5.25% |
For 2018, Firestone's most frequently originated type of loan was Conventional, with 60 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2018, Firestone's most frequently cited loan purpose was Refi, with 38 originations. The 2nd most popular reason was Home Purchase, with 22 originations.
Loan Duration/Length
For 2018, Firestone's most frequently cited loan duration was 30 Year, with 28 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 60 | $8,850,000 | $147,500 |
Firestone's average total fees were $2,134, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 60 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 50 | $7,310,000 | $146,200 |
| 4-5% | 7 | $1,165,000 | $166,429 |
| 2.5-3% | 3 | $375,000 | $125,000 |
| 5-6% | 2 | $40,000 | $20,000 |
During 2018, Firestone's average interest rate for loans was 4.07%, while their most frequently originated rate bucket for loans was 3-4%, with 50 originations.
Loan Sizing
2018 saw Firestone place emphasis on $100k-200k loans with 32 originations, totaling $4,440,000 in origination value.
Applicant Income
Firestone lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $100k-150k, with 18 originations.
Applicant Debt to Income Ratio
Firestone lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? <20%, with 13 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 58 | $7,860,000 | $135,517 | $1,712 | 3.74% |
| Asian | 4 | $1,030,000 | $257,500 | $3,286 | 3.77% |
Approval Rates
Total approvals of all applications93.94%
Firestone has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 2 | $40,000 | $20,000 |
| NA | 60 | $8,850,000 | $147,500 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 62 | $8,890,000 | $143,387 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTBANK | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |
| FIRSTBANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
| FIRSTBANK | Other type of mortgage | Trouble during payment process | 1 | 33.3% |