First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

5 stars - Updated: 4/16/25 - out of 5 stars, based on 31 reviews

Latest/2024 | 2023 Data | 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, Albany, and Watertown among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Source 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. 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 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.

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) 9.56% 4/16/25
30 Year Conventional Purchase 6.77% 4/16/25
30 Year Conventional Refi 6.82% 4/16/25
30 Year Cash-out Refi 6.76% 4/16/25
15 Year Conventional Purchase 6.38% 4/16/25
15 Year Conventional Refi 7.43% 4/16/25
15 Year Cash-out Refi 7.43% 4/16/25
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

948

Origination Dollar Volume (All Markets)

$94,750,000

Awards

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

Relative Rate

First Source's average 30 year fixed mortgage rate was 6.42%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of -0.13%.

Relative Fees (Closing Costs)

First Source's average total fees/closing costs for a 30 year fixed rate mortgage were $3,750.

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 $8,356.

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) 878 $87,880,000 $100,091 $3,760 7.07%
SYRACUSE, NY (FHA|USDA|VA) 33 $2,295,000 $69,545 $0 7.32%
Oneonta, NY (FHA|USDA|VA) 17 $1,285,000 $75,588 $3,256 8.06%
Outside of Metro Areas 7 $1,045,000 $149,286 $3,368 6.62%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 4 $660,000 $165,000 $0 6.43%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $655,000 $655,000 $0 4.74%
Gloversville, NY (FHA|USDA|VA) 2 $340,000 $170,000 $4,337 6.62%
Amsterdam, NY (FHA|USDA|VA) 4 $260,000 $65,000 $0 9.87%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.24%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.99%
First Source's top markets include Utica, Syracuse, Oneonta, Albany, and Watertown 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: 54
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    Similarity Rank: 140
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 696 $67,230,000 $96,595 $3,750 7.84%
    HELOC 252 $27,520,000 $109,206 n/a 5.03%

    For 2024, First Source's most frequently originated type of loan was Conventional, with 696 originations. Their 2nd most popular type was HELOC, with 252 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 379 $25,505,000 $67,296 $0 7.04%
    Refi 191 $23,095,000 $120,916 $4,283 7.33%
    Other 189 $10,695,000 $56,587 $0 7.60%
    Home Purchase 183 $34,005,000 $185,820 $3,751 6.48%
    Cash Out Refi 6 $1,450,000 $241,667 $3,383 6.35%

    For 2024, First Source's most frequently cited loan purpose was Home Improvement, with 379 originations. The 2nd most popular reason was Refi, with 191 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 425 $48,055,000 $113,071 $0 6.21%
    Other 162 $8,120,000 $50,123 $0 7.93%
    10 Year 127 $8,065,000 $63,504 $0 8.01%
    20 Year 120 $12,340,000 $102,833 $0 8.59%
    30 Year 70 $16,240,000 $232,000 $3,750 6.42%
    5 Year 39 $1,475,000 $37,821 $0 6.81%
    1 Year 3 $425,000 $141,667 $0 9.58%
    3 Year 2 $30,000 $15,000 $0 5.74%

    For 2024, First Source's most frequently cited loan duration was 15 Year, with 425 originations. The 2nd most popular length was Other, with 162 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 53 $12,145,000 $229,151
    $1k-2k 14 $3,400,000 $242,857
    $3k-4k 2 $470,000 $235,000
    $2k-3k 1 $225,000 $225,000

    First Source's average total fees were $3,750, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 249 $31,695,000 $127,289
    Over 8% 235 $15,325,000 $65,213
    7-8% 173 $16,515,000 $95,462
    4-5% 140 $15,870,000 $113,357
    5-6% 127 $12,195,000 $96,024
    3-4% 21 $2,885,000 $137,381
    2.5-3% 3 $265,000 $88,333

    During 2024, First Source's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was 6-7%, with 249 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 632 $32,280,000 $51,076 $3,108 7.31%
    $100k-200k 207 $27,955,000 $135,048 $3,561 6.95%
    $200k-400k 91 $23,915,000 $262,802 $3,867 6.26%
    $400k-600k 12 $5,570,000 $464,167 $4,385 5.41%
    $600k-1MM 4 $2,580,000 $645,000 $4,642 5.86%
    $1MM+ 2 $2,450,000 $1,225,000 $0 6.55%

    2024 saw First Source place emphasis on $100,000 or less loans with 632 originations, totaling $32,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 236 $24,880,000 $105,424 $3,973 7.02%
    $50k-75k 214 $14,750,000 $68,925 $3,363 7.30%
    $75k-100k 199 $15,705,000 $78,920 $3,802 6.95%
    $150k-250k 128 $15,590,000 $121,797 $4,157 7.01%
    $50k or less 87 $6,165,000 $70,862 $3,591 7.34%
    $250k+ 25 $5,305,000 $212,200 $4,579 6.37%

    First Source lent most frequently to those with incomes in the $100k-150k range, with 236 originations. The second most popular income band? $50k-75k, with 214 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 178 $13,740,000 $77,191 $3,467 6.46%
    50-60% 134 $11,750,000 $87,687 $4,225 7.71%
    30-36% 133 $11,155,000 $83,872 $4,160 7.32%
    >60% 115 $14,735,000 $128,130 $3,530 6.93%
    <20% 49 $4,965,000 $101,327 $0 5.98%
    42% 24 $2,160,000 $90,000 $3,778 7.33%
    37% 23 $1,785,000 $77,609 $3,214 7.28%
    41% 23 $2,695,000 $117,174 $3,307 7.58%
    48% 22 $1,660,000 $75,455 $3,373 8.07%
    45% 21 $2,405,000 $114,524 $3,649 6.93%
    40% 21 $1,665,000 $79,286 $3,485 7.16%
    49% 20 $1,990,000 $99,500 $3,412 6.85%
    43% 20 $1,570,000 $78,500 $4,159 7.63%
    36% 19 $1,715,000 $90,263 $3,630 7.95%
    39% 19 $2,175,000 $114,474 $3,956 7.04%
    46% 19 $1,975,000 $103,947 $4,356 7.08%
    44% 18 $1,310,000 $72,778 $3,081 7.77%
    38% 16 $1,530,000 $95,625 $3,910 7.02%
    47% 15 $1,545,000 $103,000 $3,247 6.37%

    First Source lent most frequently to those with DTI ratios of 20-30%, with 178 originations. The next most common DTI ratio? 50-60%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 845 $77,255,000 $91,426 $3,774 7.07%
    Not applicable 57 $11,865,000 $208,158 $0 7.31%
    Not provided 12 $1,800,000 $150,000 $3,585 6.77%
    Black 17 $1,575,000 $92,647 $3,575 8.01%
    Asian 8 $1,480,000 $185,000 $4,579 6.16%
    Asian Indian 2 $310,000 $155,000 $0 8.37%
    American Indian 1 $145,000 $145,000 $3,247 6.13%
    Korean 1 $135,000 $135,000 $0 6.49%
    Other Asian 2 $100,000 $50,000 $0 8.37%
    Other Pacific Islander 2 $70,000 $35,000 $0 7.49%
    Vietnamese 1 $15,000 $15,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    86.29%

    First Source has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.23%

    First Source has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 948 $94,750,000 $99,947

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    948 $94,750,000 $99,947

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 316 $21,950,000 $69,462 $0 7.33%
    40-60% 109 $13,175,000 $120,872 $3,098 6.96%
    60-80% 136 $27,610,000 $203,015 $3,796 6.81%
    80-100% 98 $20,660,000 $210,816 $3,751 6.69%
    Under 20% 289 $11,355,000 $39,291 $0 7.15%