First Source Mortgage Rates, Fees & Info
New Hartford, NYLEI: 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, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/28/24 |
| 30 Year Conventional Purchase | 6.75% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.47% | 4/28/24 |
| 15 Year Conventional Refi | 5.56% | 4/28/24 |
| 15 Year Cash-out Refi | 5.56% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,379Origination Dollar Volume (All Markets)
$142,755,000Awards
FIRST SOURCE - 2022
FIRST SOURCE is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 160
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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
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
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
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
2022 saw First Source place emphasis on $100,000 or less loans with 805 originations, totaling $43,745,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.90%
First Source has an average approval rate.
Pick Rate
Approvals leading to origination86.37%
First Source has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,379 | $142,755,000 | $103,521 |
LTV Distribution
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% |