First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

5 stars - Updated: 12/6/24 - out of 5 stars, based on 32 reviews

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

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Mortgage Data

Review & Overview

First Source is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Buffalo, and New York among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Source 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 Source 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
Home Equity Line of Credit (HELOC) 6.27% 12/6/24
30 Year Conventional Purchase 6.75% 12/6/24
30 Year Conventional Refi 6.27% 12/6/24
30 Year Cash-out Refi 6.27% 12/6/24
15 Year Conventional Purchase 5.47% 12/6/24
15 Year Conventional Refi 5.56% 12/6/24
15 Year Cash-out Refi 5.56% 12/6/24
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 Source Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Source. 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

997

Origination Dollar Volume (All Markets)

$93,355,000

Awards

FIRST SOURCE 30 Year Conventional Loans gold FIRST SOURCE 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

First Source's average 30 year fixed mortgage rate was 5.49%.

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

This yields a difference of -0.99%.

Relative Fees (Closing Costs)

First Source's average total fees/closing costs for a 30 year fixed rate mortgage were $3,929.

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
UTICA-ROME, NY (FHA|USDA|VA) 922 $85,240,000 $92,451 $3,926 6.47%
SYRACUSE, NY (FHA|USDA|VA) 37 $3,565,000 $96,351 $3,795 6.19%
Outside of Metro Areas 15 $2,075,000 $138,333 $3,642 5.78%
Oneonta, NY (FHA|USDA|VA) 11 $1,095,000 $99,545 $4,318 7.32%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $425,000 $425,000 $6,350 4.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.74%
Hudson, NY (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.99%
Gloversville, NY (FHA|USDA|VA) 3 $125,000 $41,667 $0 5.82%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.99%
Amsterdam, NY (FHA|USDA|VA) 2 $90,000 $45,000 $2,957 8.93%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.74%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.74%
Auburn, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.49%
First Source's top markets include Utica, Syracuse, Oneonta, Buffalo, and New York among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Similar Lenders

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

    GPO Federal Credit Union
    Similarity Rank: 72
    FIRST SOURCE
    Similarity Rank: 104
    Adirondack Bank
    Similarity Rank: 144
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    AMERICU Credit Union
    Similarity Rank: 336
    NBT Bank
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    PARAGON HOME LOANS INC.
    Similarity Rank: 1023
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 834 $78,410,000 $94,017 $3,927 6.81%
    HELOC 163 $14,945,000 $91,687 n/a 4.63%

    For 2023, First Source's most frequently originated type of loan was Conventional, with 834 originations. Their 2nd most popular type was HELOC, with 163 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 330 $20,350,000 $61,667 $0 6.45%
    Refi 237 $26,755,000 $112,890 $2,786 6.66%
    Home Purchase 217 $33,095,000 $152,512 $3,931 5.88%
    Other 206 $12,040,000 $58,447 $0 6.86%
    Cash Out Refi 5 $1,045,000 $209,000 $4,244 6.22%
    NA 2 $70,000 $35,000 $0 5.12%

    For 2023, First Source's most frequently cited loan purpose was Home Improvement, with 330 originations. The 2nd most popular reason was Refi, with 237 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 327 $31,385,000 $95,979 $3,587 5.93%
    Other 190 $10,980,000 $57,789 $0 6.82%
    20 Year 180 $19,280,000 $107,111 $0 7.82%
    10 Year 135 $7,445,000 $55,148 $0 6.60%
    30 Year 117 $21,305,000 $182,094 $3,929 5.49%
    5 Year 44 $2,790,000 $63,409 $0 5.60%
    3 Year 4 $170,000 $42,500 $0 4.80%

    For 2023, First Source's most frequently cited loan duration was 15 Year, with 327 originations. The 2nd most popular length was Other, with 190 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 68 $11,560,000 $170,000
    $1k-2k 22 $3,260,000 $148,182
    $2k-3k 13 $2,255,000 $173,462
    $3k-4k 7 $1,495,000 $213,571
    $4k-5k 5 $1,695,000 $339,000
    $5k+ 3 $1,205,000 $401,667

    First Source's average total fees were $3,929, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 68 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 232 $23,640,000 $101,897
    6-7% 218 $22,840,000 $104,771
    4-5% 215 $21,205,000 $98,628
    Over 8% 162 $10,790,000 $66,605
    7-8% 126 $11,190,000 $88,810
    3-4% 26 $1,730,000 $66,538
    <2.5% 7 $725,000 $103,571
    2.5-3% 2 $150,000 $75,000

    During 2023, First Source's average interest rate for loans was 5.49%, while their most frequently originated rate bucket for loans was 5-6%, with 232 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 669 $34,775,000 $51,981 $3,014 6.61%
    $100k-200k 238 $32,890,000 $138,193 $3,717 6.27%
    $200k-400k 82 $21,550,000 $262,805 $4,394 5.78%
    $400k-600k 6 $2,670,000 $445,000 $7,970 5.87%
    $600k-1MM 2 $1,470,000 $735,000 $0 6.75%

    2023 saw First Source place emphasis on $100,000 or less loans with 669 originations, totaling $34,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 235 $21,485,000 $91,426 $4,488 6.29%
    $50k-75k 226 $18,350,000 $81,195 $3,523 6.58%
    $75k-100k 203 $18,185,000 $89,581 $3,882 6.53%
    $50k or less 134 $10,030,000 $74,851 $3,802 6.36%
    $150k-250k 128 $13,910,000 $108,672 $5,032 6.43%
    $250k+ 17 $2,765,000 $162,647 $3,010 5.58%

    First Source lent most frequently to those with incomes in the $100k-150k range, with 235 originations. The second most popular income band? $50k-75k, with 226 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 177 $12,235,000 $69,124 $0 6.72%
    <20% 177 $25,295,000 $142,910 $3,927 5.53%
    50-60% 118 $10,020,000 $84,915 $0 6.63%
    30-36% 117 $7,875,000 $67,308 $0 6.52%
    >60% 104 $9,830,000 $94,519 $0 6.54%
    37% 26 $2,050,000 $78,846 $0 6.40%
    43% 24 $1,660,000 $69,167 $0 6.87%
    40% 24 $2,060,000 $85,833 $0 6.12%
    36% 20 $1,710,000 $85,500 $0 6.22%
    38% 17 $1,055,000 $62,059 $0 6.28%
    46% 17 $1,225,000 $72,059 $0 6.80%
    39% 16 $1,320,000 $82,500 $0 7.38%
    47% 16 $1,160,000 $72,500 $0 6.99%
    44% 16 $1,240,000 $77,500 $0 6.47%
    41% 15 $1,315,000 $87,667 $0 6.16%
    49% 15 $1,055,000 $70,333 $0 7.27%
    45% 14 $760,000 $54,286 $0 6.90%
    48% 12 $820,000 $68,333 $0 7.49%
    42% 11 $905,000 $82,273 $0 7.01%

    First Source lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? <20%, with 177 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 908 $79,670,000 $87,742 $3,872 6.42%
    Not applicable 49 $8,405,000 $171,531 $4,342 7.07%
    Not provided 16 $3,190,000 $199,375 $4,426 5.72%
    Asian 8 $830,000 $103,750 $3,444 5.78%
    Black 10 $790,000 $79,000 $0 8.18%
    Other Asian 2 $180,000 $90,000 $0 7.24%
    Native Hawaiian or Islander 2 $140,000 $70,000 $0 6.49%
    Other Pacific Islander 1 $85,000 $85,000 $0 4.74%
    Korean 1 $65,000 $65,000 $0 8.74%

    Approval Rates

    Total approvals of all applications
    91.71%

    First Source has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.65%

    First Source has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 997 $93,355,000 $93,636

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    997 $93,355,000 $93,636

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 320 $21,700,000 $67,813 $3,109 6.78%
    40-60% 121 $13,325,000 $110,124 $3,683 6.54%
    60-80% 145 $22,695,000 $156,517 $3,611 6.45%
    80-100% 145 $25,215,000 $173,897 $4,035 6.01%
    Over 100% 1 $235,000 $235,000 $0 9.74%
    Under 20% 258 $9,400,000 $36,434 $2,614 6.27%