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 Cash Out Refi and Home Purchase loans. Firestone has a high proportion of conventional loans. Their top markets by origination volume include: Akron, Canton, Cleveland, and Wooster among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Firestone has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar 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% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 5.37% | 12/16/24 |
| 15 Year Conventional Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 4.19% | 12/16/24 |
| 15 Year Cash-out Refi | 4.19% | 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. | ||
Firestone Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
18Origination Dollar Volume (All Markets)
$2,080,000Top 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) | 10 | $1,070,000 | $107,000 | $1,977 | 4.02% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 5 | $785,000 | $157,000 | $2,564 | 3.92% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $1,433 | 4.00% |
| Wooster, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,531 | 3.90% |
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 | 16 | $1,980,000 | $123,750 | $2,127 | 3.85% |
| HELOC | 2 | $100,000 | $50,000 | n/a | 5.00% |
For 2020, Firestone's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2020, Firestone's most frequently cited loan purpose was Cash Out Refi, with 13 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
For 2020, Firestone's most frequently cited loan duration was 30 Year, with 7 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 16 | $1,980,000 | $123,750 |
Firestone's average total fees were $2,435, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 10 | $1,190,000 | $119,000 |
| 4-5% | 7 | $855,000 | $122,143 |
| 2.5-3% | 1 | $35,000 | $35,000 |
During 2020, Firestone's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 3-4%, with 10 originations.
Loan Sizing
2020 saw Firestone place emphasis on $100,000 or less loans with 8 originations, totaling $470,000 in origination value.
Applicant Income
Firestone lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $50k or less, with 5 originations.
Applicant Debt to Income Ratio
Firestone lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 50-60%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17 | $2,055,000 | $120,882 | $2,127 | 3.92% |
| Black | 1 | $25,000 | $25,000 | $0 | 5.00% |
Approval Rates
Total approvals of all applications80.00%
Firestone has a below average approval rate.
Pick Rate
Approvals leading to origination72.22%
Firestone has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 18 | $2,080,000 | $115,556 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 18 | $2,080,000 | $115,556 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Direct Lending, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 100.0% |