First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Source is a smaller mortgage company specializing in Refi, Other, and Home Improvement loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Amsterdam, and Albany among others. We have data for 9 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.

    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% 12/16/24
    30 Year Conventional Purchase 6.75% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.47% 12/16/24
    15 Year Conventional Refi 5.56% 12/16/24
    15 Year Cash-out Refi 5.56% 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.

    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

    698

    Origination Dollar Volume (All Markets)

    $49,680,000

    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) 625 $44,055,000 $70,488 $397 5.03%
    Outside of Metro Areas 36 $3,160,000 $87,778 $426 5.23%
    SYRACUSE, NY (FHA|USDA|VA) 19 $1,225,000 $64,474 $433 4.91%
    Oneonta, NY (FHA|USDA|VA) 9 $695,000 $77,222 $437 5.55%
    Amsterdam, NY (FHA|USDA|VA) 3 $215,000 $71,667 $468 4.74%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $160,000 $80,000 $362 4.74%
    Gloversville, NY (FHA|USDA|VA) 2 $70,000 $35,000 $521 5.24%
    Malone, NY (FHA|USDA|VA) 1 $65,000 $65,000 $1,096 4.24%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $35,000 $35,000 $387 7.74%
    First Source's top markets include Utica, Syracuse, Oneonta, Amsterdam, and Albany among others.

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

    Adirondack Bank
    Similarity Rank: 63
    Premium Mortgage Corporation
    Similarity Rank: 344
    CCFCU FUNDING, LLC
    Similarity Rank: 378
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 432
    SEFCU SERVICES, LLC
    Similarity Rank: 468
    COMMONFUND MORTGAGE CORP.
    Similarity Rank: 468
    Empower Federal Credit Union
    Similarity Rank: 640
    AMERICU Credit Union
    Similarity Rank: 1008
    PARAGON HOME LOANS INC.
    Similarity Rank: 1058
    Community Bank
    Similarity Rank: 1175

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 598 $43,070,000 $72,023 $402 5.47%
    HELOC 100 $6,610,000 $66,100 n/a 2.46%

    For 2019, First Source's most frequently originated type of loan was Conventional, with 598 originations. Their 2nd most popular type was HELOC, with 100 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 261 $22,685,000 $86,916 $430 4.87%
    Other 206 $12,090,000 $58,689 $380 5.35%
    Home Improvement 186 $10,190,000 $54,785 $379 5.17%
    Home Purchase 42 $4,590,000 $109,286 $412 4.19%
    Cash Out Refi 2 $100,000 $50,000 $404 4.62%
    NA 1 $25,000 $25,000 $362 0.00%

    For 2019, First Source's most frequently cited loan purpose was Refi, with 261 originations. The 2nd most popular reason was Other, with 206 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 223 $16,495,000 $73,969 $421 4.50%
    Other 203 $12,275,000 $60,468 $392 5.27%
    20 Year 125 $12,945,000 $103,560 $419 5.85%
    10 Year 120 $7,060,000 $58,833 $395 5.09%
    5 Year 27 $905,000 $33,519 $351 4.04%

    For 2019, First Source's most frequently cited loan duration was 15 Year, with 223 originations. The 2nd most popular length was Other, with 203 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 231 $19,375,000 $83,874
    3-4% 150 $10,030,000 $66,867
    <2.5% 89 $6,235,000 $70,056
    5-6% 76 $5,830,000 $76,711
    Over 8% 64 $3,390,000 $52,969
    6-7% 43 $2,675,000 $62,209
    7-8% 26 $1,220,000 $46,923
    2.5-3% 9 $455,000 $50,556

    During 2019, First Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 231 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 559 $27,035,000 $48,363 $394 5.15%
    $100k-200k 116 $15,780,000 $136,034 $439 4.80%
    $200k-400k 19 $4,815,000 $253,421 $419 3.77%
    $400k-600k 2 $820,000 $410,000 $0 3.72%
    $600k-1MM 2 $1,230,000 $615,000 $462 4.12%

    2019 saw First Source place emphasis on $100,000 or less loans with 559 originations, totaling $27,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 168 $10,420,000 $62,024 $402 4.85%
    $50k or less 157 $7,905,000 $50,350 $407 5.00%
    $100k-150k 142 $11,490,000 $80,915 $381 5.34%
    $75k-100k 130 $8,800,000 $67,692 $402 5.12%
    $150k-250k 63 $6,205,000 $98,492 $422 4.98%
    $250k+ 11 $1,995,000 $181,364 $409 4.08%

    First Source lent most frequently to those with incomes in the $50k-75k range, with 168 originations. The second most popular income band? $50k or less, with 157 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 147 $9,855,000 $67,041 $391 4.45%
    >60% 105 $8,155,000 $77,667 $425 5.57%
    30-36% 89 $5,715,000 $64,213 $388 4.68%
    <20% 82 $5,130,000 $62,561 $383 4.35%
    50-60% 60 $5,230,000 $87,167 $401 5.37%
    39% 17 $1,045,000 $61,471 $381 5.15%
    36% 17 $875,000 $51,471 $378 5.12%
    38% 16 $1,020,000 $63,750 $396 6.10%
    45% 15 $1,395,000 $93,000 $392 5.61%
    40% 15 $925,000 $61,667 $390 5.12%
    37% 14 $990,000 $70,714 $408 6.03%
    41% 14 $1,110,000 $79,286 $550 4.38%
    44% 13 $905,000 $69,615 $424 4.69%
    42% 12 $1,140,000 $95,000 $397 5.72%
    43% 12 $930,000 $77,500 $393 8.51%
    48% 10 $510,000 $51,000 $376 6.82%
    49% 9 $665,000 $73,889 $453 5.07%
    46% 9 $395,000 $43,889 $400 5.83%
    47% 5 $345,000 $69,000 $354 4.04%

    First Source lent most frequently to those with DTI ratios of 20-30%, with 147 originations. The next most common DTI ratio? >60%, with 105 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 666 $46,890,000 $70,405 $401 5.05%
    Not applicable 19 $2,195,000 $115,526 $622 4.70%
    Asian 6 $290,000 $48,333 $398 5.45%
    Chinese 3 $175,000 $58,333 $390 5.82%
    Black 2 $90,000 $45,000 $417 4.99%
    Not provided 2 $40,000 $20,000 $350 4.74%

    Approval Rates

    Total approvals of all applications
    95.78%

    First Source 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
    60.32%

    First Source has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 698 $49,680,000 $71,175

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $150,000 $75,000
    Single Family (1-4 Units):Manufactured 17 $835,000 $49,118
    Single Family (1-4 Units):Site-Built 679 $48,695,000 $71,716

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 216 $10,570,000 $48,935 $386 5.30%
    40-60% 119 $9,325,000 $78,361 $422 4.48%
    60-80% 152 $16,940,000 $111,447 $420 4.81%
    80-100% 73 $9,025,000 $123,630 $436 5.45%
    Under 20% 128 $3,400,000 $26,563 $368 5.21%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRSTBANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 100.0%