First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

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Mortgage Data

Review & Overview

First Source is a smaller mortgage company specializing in Refi loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Gloversville, and Rochester among others. We have data for 7 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 an above 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.75% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
15 Year Conventional Purchase 5.47% 3/28/24
15 Year Conventional Refi 5.56% 3/28/24
15 Year Cash-out Refi 5.56% 3/28/24
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.

First Source Mortgage Calculator






Your Estimates

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

480

Origination Dollar Volume (All Markets)

$36,510,000

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) 457 $34,895,000 $76,357 $437 4.18%
SYRACUSE, NY (FHA|USDA|VA) 9 $755,000 $83,889 $462 5.07%
Oneonta, NY (FHA|USDA|VA) 5 $395,000 $79,000 $497 3.04%
Gloversville, NY (FHA|USDA|VA) 4 $250,000 $62,500 $507 3.93%
ROCHESTER, NY (FHA|USDA|VA) 1 $105,000 $105,000 $362 4.24%
Amsterdam, NY (FHA|USDA|VA) 3 $85,000 $28,333 $474 7.41%
Outside of Metro Areas 1 $25,000 $25,000 $427 6.99%
First Source's top markets include Utica, Syracuse, Oneonta, Gloversville, and Rochester 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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 385 $28,615,000 $74,325 $439 4.76%
    HELOC 95 $7,895,000 $83,105 n/a 1.97%

    For 2020, First Source's most frequently originated type of loan was Conventional, with 385 originations. Their 2nd most popular type was HELOC, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 239 $22,825,000 $95,502 $461 4.23%
    Home Improvement 101 $4,495,000 $44,505 $418 4.10%
    Other 97 $5,385,000 $55,515 $401 4.30%
    Home Purchase 36 $3,110,000 $86,389 $408 4.00%
    NA 7 $695,000 $99,286 $491 4.45%

    For 2020, First Source's most frequently cited loan purpose was Refi, with 239 originations. The 2nd most popular reason was Home Improvement, with 101 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 169 $13,955,000 $82,574 $458 3.23%
    Other 151 $10,575,000 $70,033 $430 4.67%
    20 Year 74 $7,600,000 $102,703 $462 5.63%
    10 Year 68 $3,700,000 $54,412 $421 4.11%
    5 Year 16 $620,000 $38,750 $410 4.22%
    3 Year 2 $60,000 $30,000 $482 2.74%

    For 2020, First Source's most frequently cited loan duration was 15 Year, with 169 originations. The 2nd most popular length was Other, with 151 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 153 $12,515,000 $81,797
    <2.5% 104 $8,430,000 $81,058
    4-5% 101 $8,615,000 $85,297
    5-6% 46 $2,540,000 $55,217
    6-7% 25 $1,605,000 $64,200
    Over 8% 20 $1,080,000 $54,000
    7-8% 16 $870,000 $54,375
    2.5-3% 14 $610,000 $43,571

    During 2020, First Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 153 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 356 $16,990,000 $47,725 $427 4.31%
    $100k-200k 100 $13,690,000 $136,900 $470 4.08%
    $200k-400k 24 $5,830,000 $242,917 $484 3.19%

    2020 saw First Source place emphasis on $100,000 or less loans with 356 originations, totaling $16,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 109 $7,095,000 $65,092 $443 4.20%
    $100k-150k 105 $8,305,000 $79,095 $431 4.37%
    $75k-100k 93 $6,865,000 $73,817 $444 4.36%
    $50k or less 91 $5,335,000 $58,626 $448 3.99%
    $150k-250k 59 $6,675,000 $113,136 $425 3.80%
    $250k+ 7 $905,000 $129,286 $362 4.20%

    First Source lent most frequently to those with incomes in the $50k-75k range, with 109 originations. The second most popular income band? $100k-150k, with 105 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 99 $8,255,000 $83,384 $444 4.04%
    30-36% 80 $6,570,000 $82,125 $436 4.32%
    50-60% 52 $3,460,000 $66,538 $433 4.55%
    >60% 42 $4,150,000 $98,810 $446 3.90%
    <20% 41 $2,705,000 $65,976 $425 3.29%
    42% 17 $1,475,000 $86,765 $450 3.71%
    37% 15 $825,000 $55,000 $465 3.84%
    44% 14 $1,170,000 $83,571 $458 3.79%
    39% 14 $640,000 $45,714 $433 5.13%
    38% 13 $605,000 $46,538 $405 4.45%
    36% 12 $890,000 $74,167 $456 3.64%
    40% 12 $1,000,000 $83,333 $398 4.82%
    41% 12 $600,000 $50,000 $436 5.07%
    46% 9 $455,000 $50,556 $413 5.10%
    48% 8 $650,000 $81,250 $410 4.05%
    43% 8 $460,000 $57,500 $479 4.27%
    49% 7 $365,000 $52,143 $444 5.28%
    45% 5 $575,000 $115,000 $478 4.49%
    47% 4 $330,000 $82,500 $482 4.87%

    First Source lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 446 $34,100,000 $76,457 $437 4.17%
    Not applicable 31 $2,295,000 $74,032 $480 4.83%
    Asian 1 $65,000 $65,000 $471 4.74%
    American Indian 1 $25,000 $25,000 $427 2.99%
    Black 1 $25,000 $25,000 $427 2.49%

    Approval Rates

    Total approvals of all applications
    98.26%

    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
    93.96%

    First Source has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 480 $36,510,000 $76,063

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 10 $700,000 $70,000
    Single Family (1-4 Units):Site-Built 470 $35,810,000 $76,191

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 152 $8,320,000 $54,737 $411 4.28%
    40-60% 69 $5,995,000 $86,884 $445 3.96%
    60-80% 98 $10,760,000 $109,796 $475 4.16%
    80-100% 56 $8,400,000 $150,000 $490 4.49%
    Under 20% 105 $3,035,000 $28,905 $408 4.15%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%