1st Preference Mortgage Corp. Rates, Fees & Info
TOWSON, MDLEI: 549300OO44FL6BHIUV48
Tax ID: 52-1720545
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.97% | 3/24/24 |
| 30 Year Conventional Refi | 6.18% | 3/24/24 |
| 30 Year Cash-out Refi | 5.52% | 3/24/24 |
| 30 Year FHA Purchase | 5.34% | 3/24/24 |
| 30 Year FHA Refi | 6.27% | 3/24/24 |
| 30 Year VA Purchase | 6.42% | 3/24/24 |
| 30 Year USDA Purchase | 6.27% | 3/24/24 |
| 15 Year Conventional Purchase | 5.68% | 3/24/24 |
| 15 Year Conventional Refi | 5.68% | 3/24/24 |
| 15 Year Cash-out Refi | 5.68% | 3/24/24 |
| 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
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This is not an official calculator from 1st Preference Mortgage Corp.. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
235Origination Dollar Volume (All Markets)
$72,235,000Awards
1ST PREFERENCE MORTGAGE CORP. - 2022
1ST PREFERENCE MORTGAGE CORP. is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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
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
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
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
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
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
2022 saw 1st Preference Mortgage Corp. place emphasis on $200k-400k loans with 146 originations, totaling $42,290,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.77%
1st Preference Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination86.38%
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 |