1st Preference Mortgage Corp. Rates, Fees & Info

TOWSON, MD

LEI: 549300OO44FL6BHIUV48

Tax ID: 52-1720545

1.4 stars - Updated: 2/26/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

1st Preference Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. 1st Preference Mortgage Corp. has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Baltimore, Washington, San Antonio, York, and Atlanta among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

1st Preference Mortgage Corp. 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. 1st Preference Mortgage Corp. is typically a high 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
30 Year Conventional Purchase 5.97% 2/26/24
30 Year Conventional Refi 6.18% 2/26/24
30 Year Cash-out Refi 5.52% 2/26/24
30 Year FHA Purchase 5.34% 2/26/24
30 Year FHA Refi 6.27% 2/26/24
30 Year VA Purchase 6.42% 2/26/24
30 Year USDA Purchase 6.27% 2/26/24
15 Year Conventional Purchase 5.68% 2/26/24
15 Year Conventional Refi 5.68% 2/26/24
15 Year Cash-out Refi 5.68% 2/26/24
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.

1st Preference Mortgage Corp. Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from 1st Preference Mortgage Corp.. 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

235

Origination Dollar Volume (All Markets)

$72,235,000

Awards

1ST PREFERENCE MORTGAGE CORP. FHA Loans bronze
Show all (1) awards

Relative Rate

1st Preference Mortgage Corp.'s average 30 year fixed mortgage rate was 4.66%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

1st Preference Mortgage Corp.'s average total fees/closing costs for a 30 year fixed rate mortgage were $10,419.

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 $4,750.

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 78 $23,610,000 $302,692 $8,707 4.48%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 57 $22,405,000 $393,070 $13,385 4.13%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 19 $5,835,000 $307,105 $13,145 5.05%
YORK-HANOVER, PA (FHA|USDA|VA) 13 $3,185,000 $245,000 $10,139 5.30%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 9 $2,385,000 $265,000 $8,414 5.31%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 6 $1,440,000 $240,000 $9,303 4.40%
LANCASTER, PA (FHA|USDA|VA) 5 $1,345,000 $269,000 $10,617 5.80%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 6 $1,170,000 $195,000 $8,197 5.27%
COLUMBIA, SC (FHA|USDA|VA) 4 $1,020,000 $255,000 $10,062 4.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $835,000 $278,333 $5,636 5.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $795,000 $265,000 $9,810 5.50%
LaGrange, GA-AL (FHA|USDA|VA) 3 $775,000 $258,333 $8,063 6.17%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $675,000 $675,000 $14,941 3.50%
SALISBURY, MD-DE (FHA|USDA|VA) 2 $600,000 $300,000 $10,084 4.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $565,000 $565,000 $6,397 3.25%
Newberry, SC (FHA|USDA|VA) 2 $510,000 $255,000 $7,914 3.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $480,000 $240,000 $8,228 4.00%
Cambridge, MD (FHA|USDA|VA) 2 $450,000 $225,000 $6,666 5.63%
Outside of Metro Areas 1 $345,000 $345,000 $11,876 4.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,532 6.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $335,000 $335,000 $12,908 4.00%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $305,000 $305,000 $8,845 4.38%
GREENVILLE, NC (FHA|USDA|VA) 1 $275,000 $275,000 $2,679 3.25%
WILMINGTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $5,289 3.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $225,000 $225,000 $5,202 3.75%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $225,000 $225,000 $5,271 3.88%
DOVER, DE (FHA|USDA|VA) 1 $225,000 $225,000 $9,496 5.50%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $215,000 $215,000 $13,533 3.63%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $205,000 $205,000 $3,842 5.13%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $185,000 $185,000 $3,103 4.25%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $7,877 4.00%
LEBANON, PA (FHA|USDA|VA) 1 $155,000 $155,000 $9,745 5.00%
GETTYSBURG, PA (FHA|USDA|VA) 1 $155,000 $155,000 $9,633 7.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $145,000 $145,000 $7,530 4.75%
Thomaston, GA (FHA|USDA|VA) 1 $145,000 $145,000 $7,630 5.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $125,000 $125,000 $5,819 4.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $5,202 4.50%
1st Preference Mortgage Corp.'s top markets include Baltimore, Washington, San Antonio, York, and Atlanta among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against 1ST PREFERENCE MORTGAGE CORP. 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
    FHA 101 $30,045,000 $297,475 $11,513 4.65%
    Conventional 100 $29,240,000 $292,400 $7,738 4.67%
    VA 26 $10,710,000 $411,923 $14,341 4.28%
    USDA 8 $2,240,000 $280,000 $10,023 3.94%

    For 2022, 1st Preference Mortgage Corp.'s most frequently originated type of loan was FHA, with 101 originations. Their 2nd most popular type was Conventional, with 100 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $57,940,000 $311,505 $10,397 4.77%
    Cash Out Refi 30 $7,650,000 $255,000 $8,030 4.08%
    Refi 19 $6,645,000 $349,737 $11,509 3.67%

    For 2022, 1st Preference Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $69,315,000 $313,643 $10,419 4.66%
    15 Year 9 $1,775,000 $197,222 $5,624 3.23%
    20 Year 4 $980,000 $245,000 $7,157 3.81%
    Other 1 $165,000 $165,000 $0 0.00%

    For 2022, 1st Preference Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 79 $31,925,000 $404,114
    $4k-5k 44 $11,910,000 $270,682
    $3k-4k 39 $8,635,000 $221,410
    $1k-2k 24 $7,670,000 $319,583
    $2k-3k 12 $2,010,000 $167,500
    $<1k 5 $1,565,000 $313,000

    1st Preference Mortgage Corp.'s average total fees were $10,419, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 79 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 79 $26,365,000 $333,734
    4-5% 69 $21,965,000 $318,333
    5-6% 44 $12,280,000 $279,091
    6-7% 24 $6,690,000 $278,750
    2.5-3% 12 $3,560,000 $296,667
    7-8% 6 $1,210,000 $201,667

    During 2022, 1st Preference Mortgage Corp.'s average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 3-4%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 146 $42,290,000 $289,658 $9,454 4.54%
    $100k-200k 48 $7,500,000 $156,250 $6,597 4.98%
    $400k-600k 30 $14,450,000 $481,667 $13,551 4.40%
    $600k-1MM 10 $7,910,000 $791,000 $27,962 4.18%
    $100,000 or less 1 $85,000 $85,000 $5,434 3.75%

    2022 saw 1st Preference Mortgage Corp. place emphasis on $200k-400k loans with 146 originations, totaling $42,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 80 $19,370,000 $242,125 $8,924 4.72%
    $100k-150k 51 $18,385,000 $360,490 $11,525 4.33%
    $75k-100k 50 $15,150,000 $303,000 $9,860 4.59%
    $150k-250k 32 $12,810,000 $400,313 $12,359 4.48%
    $50k or less 16 $2,840,000 $177,500 $6,930 4.68%
    $250k+ 6 $3,680,000 $613,333 $14,642 5.60%

    1st Preference Mortgage Corp. lent most frequently to those with incomes in the $50k-75k range, with 80 originations. The second most popular income band? $100k-150k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 42 $11,800,000 $280,952 $9,561 4.48%
    20-30% 35 $10,735,000 $306,714 $8,796 4.60%
    50-60% 30 $10,410,000 $347,000 $12,330 4.51%
    43% 13 $4,735,000 $364,231 $13,373 4.57%
    48% 12 $4,250,000 $354,167 $11,292 4.72%
    41% 12 $3,540,000 $295,000 $11,385 4.56%
    45% 10 $2,870,000 $287,000 $11,175 4.53%
    47% 10 $2,490,000 $249,000 $7,339 5.25%
    42% 10 $2,940,000 $294,000 $8,943 4.23%
    36% 10 $2,770,000 $277,000 $7,239 4.84%
    <20% 9 $2,625,000 $291,667 $8,462 5.24%
    39% 9 $2,825,000 $313,889 $7,630 4.72%
    40% 9 $3,765,000 $418,333 $15,099 4.26%
    38% 8 $2,520,000 $315,000 $9,873 4.91%
    44% 4 $830,000 $207,500 $8,535 4.50%
    49% 4 $1,280,000 $320,000 $13,696 4.41%
    37% 4 $820,000 $205,000 $9,659 5.38%
    46% 3 $675,000 $225,000 $7,618 2.88%
    >60% 1 $355,000 $355,000 $8,378 3.38%

    1st Preference Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 42 originations. The next most common DTI ratio? 20-30%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 128 $35,480,000 $277,188 $9,385 4.73%
    Black 71 $24,195,000 $340,775 $11,232 4.43%
    Not provided 32 $10,090,000 $315,313 $9,280 4.48%
    Asian 3 $1,945,000 $648,333 $29,078 3.79%
    Asian Indian 1 $525,000 $525,000 $10,182 4.88%

    Approval Rates

    Total approvals of all applications
    93.77%

    1st Preference Mortgage Corp. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.38%

    1st Preference Mortgage Corp. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 235 $72,235,000 $307,383

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    235 $72,235,000 $307,383

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $665,000 $133,000 $5,487 4.78%
    40-60% 14 $3,390,000 $242,143 $6,449 4.52%
    60-80% 52 $15,540,000 $298,846 $8,901 4.36%
    80-100% 143 $44,225,000 $309,266 $10,165 4.67%
    Over 100% 20 $8,250,000 $412,500 $17,387 4.66%