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 loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Albany, and New York 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 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 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) 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

    1,379

    Origination Dollar Volume (All Markets)

    $142,755,000

    Awards

    FIRST SOURCE 30 Year Conventional Loans gold
    Show all (1) awards

    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) 1,277 $132,145,000 $103,481 $3,042 4.02%
    Outside of Metro Areas 40 $3,970,000 $99,250 $0 4.50%
    SYRACUSE, NY (FHA|USDA|VA) 35 $3,735,000 $106,714 $3,038 3.88%
    Oneonta, NY (FHA|USDA|VA) 15 $1,365,000 $91,000 $0 4.04%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $935,000 $311,667 $8,754 4.79%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $165,000 $165,000 $0 1.49%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $145,000 $145,000 $3,212 4.38%
    Gloversville, NY (FHA|USDA|VA) 4 $140,000 $35,000 $0 2.37%
    Amsterdam, NY (FHA|USDA|VA) 2 $100,000 $50,000 $0 5.49%
    ROCHESTER, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.49%
    First Source's top markets include Utica, Syracuse, Oneonta, Albany, and New York 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.

    FIRST SOURCE
    Similarity Rank: 160
    SEFCU SERVICES, LLC
    Similarity Rank: 234
    Adirondack Bank
    Similarity Rank: 288
    CCFCU FUNDING, LLC
    Similarity Rank: 378
    AMERICU Credit Union
    Similarity Rank: 437
    NBT Bank
    Similarity Rank: 440
    Empower Federal Credit Union
    Similarity Rank: 504
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 552
    Community Bank
    Similarity Rank: 816
    PARAGON HOME LOANS INC.
    Similarity Rank: 989

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,225 $129,515,000 $105,727 $3,145 4.30%
    HELOC 154 $13,240,000 $85,974 n/a 1.81%

    For 2022, First Source's most frequently originated type of loan was Conventional, with 1,225 originations. Their 2nd most popular type was HELOC, with 154 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 705 $84,695,000 $120,135 $2,186 3.91%
    Other 305 $21,705,000 $71,164 $0 4.28%
    Home Improvement 221 $13,295,000 $60,158 $142 3.61%
    Home Purchase 135 $21,715,000 $160,852 $3,378 4.65%
    Cash Out Refi 8 $800,000 $100,000 $0 4.70%
    NA 5 $545,000 $109,000 $0 4.14%

    For 2022, First Source's most frequently cited loan purpose was Refi, with 705 originations. The 2nd most popular reason was Other, with 305 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 442 $42,560,000 $96,290 $2,355 3.59%
    20 Year 409 $54,075,000 $132,213 $0 4.50%
    Other 262 $19,140,000 $73,053 $0 3.98%
    10 Year 168 $12,280,000 $73,095 $214 3.98%
    30 Year 59 $12,825,000 $217,373 $3,388 4.71%
    5 Year 35 $1,555,000 $44,429 $0 3.38%
    3 Year 3 $225,000 $75,000 $0 2.74%
    1 Year 1 $95,000 $95,000 $0 4.50%

    For 2022, First Source's most frequently cited loan duration was 15 Year, with 442 originations. The 2nd most popular length was 20 Year, with 409 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 52 $11,280,000 $216,923
    $1k-2k 4 $750,000 $187,500
    $3k-4k 1 $235,000 $235,000

    First Source's average total fees were $3,388, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 353 $41,175,000 $116,643
    2.5-3% 260 $29,300,000 $112,692
    4-5% 246 $27,110,000 $110,203
    <2.5% 226 $18,260,000 $80,796
    5-6% 115 $12,565,000 $109,261
    6-7% 82 $7,640,000 $93,171
    Over 8% 50 $3,170,000 $63,400
    7-8% 31 $2,205,000 $71,129

    During 2022, First Source's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 3-4%, with 353 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 805 $43,745,000 $54,342 $2,204 4.15%
    $100k-200k 429 $58,255,000 $135,793 $2,927 3.86%
    $200k-400k 133 $33,515,000 $251,992 $3,688 3.73%
    $400k-600k 10 $4,980,000 $498,000 $5,051 4.56%
    $1MM+ 2 $2,260,000 $1,130,000 $3,591 4.44%

    2022 saw First Source place emphasis on $100,000 or less loans with 805 originations, totaling $43,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 347 $28,475,000 $82,061 $2,822 4.04%
    $100k-150k 332 $35,660,000 $107,410 $3,697 3.99%
    $75k-100k 243 $23,235,000 $95,617 $3,262 4.10%
    $50k or less 201 $15,465,000 $76,940 $2,613 3.90%
    $150k-250k 162 $24,760,000 $152,840 $4,109 3.60%
    $250k+ 34 $6,890,000 $202,647 $4,337 3.50%

    First Source lent most frequently to those with incomes in the $50k-75k range, with 347 originations. The second most popular income band? $100k-150k, with 332 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 280 $25,310,000 $90,393 $0 3.70%
    30-36% 197 $18,585,000 $94,340 $214 3.80%
    <20% 177 $25,005,000 $141,271 $3,364 3.83%
    50-60% 152 $16,360,000 $107,632 $268 4.19%
    >60% 147 $16,135,000 $109,762 $0 3.83%
    37% 30 $2,640,000 $88,000 $0 4.34%
    39% 29 $2,745,000 $94,655 $0 3.83%
    40% 29 $2,855,000 $98,448 $0 4.23%
    41% 28 $2,300,000 $82,143 $0 3.94%
    36% 28 $2,310,000 $82,500 $0 4.16%
    38% 27 $2,285,000 $84,630 $0 3.40%
    43% 27 $2,735,000 $101,296 $0 3.95%
    42% 26 $2,120,000 $81,538 $0 4.80%
    45% 25 $2,585,000 $103,400 $0 4.78%
    48% 24 $2,330,000 $97,083 $0 4.31%
    47% 23 $2,435,000 $105,870 $0 4.40%
    44% 20 $1,570,000 $78,500 $0 4.99%
    46% 20 $1,960,000 $98,000 $0 4.29%
    49% 17 $1,345,000 $79,118 $0 4.44%

    First Source lent most frequently to those with DTI ratios of 20-30%, with 280 originations. The next most common DTI ratio? 30-36%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,281 $128,615,000 $100,402 $3,110 3.93%
    Not applicable 52 $7,320,000 $140,769 $0 5.77%
    Not provided 18 $3,650,000 $202,778 $3,537 5.21%
    Black 18 $1,970,000 $109,444 $3,070 4.06%
    Asian 8 $950,000 $118,750 $3,024 4.19%
    Asian Indian 1 $195,000 $195,000 $0 2.99%
    American Indian 1 $55,000 $55,000 $0 9.99%

    Approval Rates

    Total approvals of all applications
    93.90%

    First Source has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.37%

    First Source has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,379 $142,755,000 $103,521

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,379 $142,755,000 $103,521

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 364 $24,860,000 $68,297 $0 4.31%
    40-60% 260 $29,770,000 $114,500 $2,184 3.52%
    60-80% 328 $49,000,000 $149,390 $3,174 3.99%
    80-100% 168 $29,800,000 $177,381 $3,441 4.57%
    Over 100% 1 $205,000 $205,000 $0 6.74%
    Under 20% 243 $7,705,000 $31,708 $142 3.81%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%