1st Preference Mortgage Corp. Rates, Fees & Info

TOWSON, MD

LEI: 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. Their top markets by origination volume include: Baltimore, Washington, Atlanta, Dover, and Philadelphia among others. We have data for 29 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 an average 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% 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






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

339

Origination Dollar Volume (All Markets)

$88,255,000

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 129 $34,085,000 $264,225 $7,413 4.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 89 $28,185,000 $316,685 $8,987 4.93%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 20 $5,770,000 $288,500 $6,829 4.71%
DOVER, DE (FHA|USDA|VA) 17 $3,315,000 $195,000 $6,004 4.94%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 14 $2,900,000 $207,143 $5,646 5.05%
YORK-HANOVER, PA (FHA|USDA|VA) 13 $2,295,000 $176,538 $6,287 4.89%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 11 $2,075,000 $188,636 $8,569 5.07%
SALISBURY, MD-DE (FHA|USDA|VA) 8 $1,480,000 $185,000 $4,127 4.94%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 9 $1,315,000 $146,111 $6,386 5.06%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $955,000 $955,000 $19,022 5.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $740,000 $185,000 $6,084 5.28%
Outside of Metro Areas 3 $645,000 $215,000 $2,194 4.88%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $585,000 $195,000 $5,920 4.75%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $485,000 $485,000 $11,324 4.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $430,000 $215,000 $6,245 4.69%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 2 $400,000 $200,000 $7,517 5.38%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $295,000 $295,000 $2,316 5.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,017 5.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $275,000 $275,000 $8,544 4.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $5,635 4.75%
STAUNTON, VA (FHA|USDA|VA) 1 $205,000 $205,000 $499 4.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,943 4.88%
LYNCHBURG, VA (FHA|USDA|VA) 1 $185,000 $185,000 $6,578 3.88%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $175,000 $175,000 $11,603 5.13%
NEW BERN, NC (FHA|USDA|VA) 1 $175,000 $175,000 $2,363 4.50%
GETTYSBURG, PA (FHA|USDA|VA) 1 $165,000 $165,000 $8,954 4.88%
WACO, TX (FHA|USDA|VA) 1 $155,000 $155,000 $4,169 4.75%
LANCASTER, PA (FHA|USDA|VA) 1 $145,000 $145,000 $5,028 4.88%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $145,000 $145,000 $5,486 4.88%
1st Preference Mortgage Corp.'s top markets include Baltimore, Washington, Atlanta, Dover, and Philadelphia among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Texas (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.

    APL
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 142 $35,200,000 $247,887 $8,535 4.90%
    Conventional 127 $34,355,000 $270,512 $6,330 5.01%
    VA 47 $13,215,000 $281,170 $7,852 4.81%
    USDA 23 $5,485,000 $238,478 $5,600 4.64%

    For 2018, 1st Preference Mortgage Corp.'s most frequently originated type of loan was FHA, with 142 originations. Their 2nd most popular type was Conventional, with 127 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 279 $72,685,000 $260,520 $7,118 4.92%
    Cash Out Refi 41 $10,475,000 $255,488 $8,146 4.93%
    Refi 19 $5,095,000 $268,158 $10,376 4.75%

    For 2018, 1st Preference Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 279 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 332 $86,270,000 $259,849 $7,411 4.92%
    15 Year 5 $1,475,000 $295,000 $8,847 4.28%
    20 Year 1 $145,000 $145,000 $5,747 4.88%
    Other 1 $365,000 $365,000 $3,986 4.88%

    For 2018, 1st Preference Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 332 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 94 $22,390,000 $238,191
    $1k-2k 57 $15,585,000 $273,421
    $5k+ 51 $18,645,000 $365,588
    $3k-4k 45 $9,715,000 $215,889
    $2k-3k 44 $9,960,000 $226,364
    $4k-5k 25 $6,205,000 $248,200

    1st Preference Mortgage Corp.'s average total fees were $7,411, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 94 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 227 $60,845,000 $268,040
    5-6% 100 $24,630,000 $246,300
    3-4% 9 $2,235,000 $248,333
    6-7% 3 $545,000 $181,667

    During 2018, 1st Preference Mortgage Corp.'s average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 4-5%, with 227 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 193 $53,155,000 $275,415 $7,799 4.83%
    $100k-200k 102 $16,590,000 $162,647 $5,636 5.03%
    $400k-600k 32 $14,950,000 $467,188 $10,361 4.89%
    $100,000 or less 8 $670,000 $83,750 $4,027 5.30%
    $600k-1MM 4 $2,890,000 $722,500 $17,298 5.13%

    2018 saw 1st Preference Mortgage Corp. place emphasis on $200k-400k loans with 193 originations, totaling $53,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 102 $22,030,000 $215,980 $6,648 4.92%
    $75k-100k 89 $22,765,000 $255,787 $7,287 4.86%
    $100k-150k 69 $22,835,000 $330,942 $9,504 4.87%
    $50k or less 42 $6,880,000 $163,810 $5,234 4.92%
    $150k-250k 27 $9,665,000 $357,963 $8,083 4.98%
    $250k+ 10 $4,080,000 $408,000 $9,161 5.35%

    1st Preference Mortgage Corp. lent most frequently to those with incomes in the $50k-75k range, with 102 originations. The second most popular income band? $75k-100k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 44 $11,210,000 $254,773 $7,168 4.90%
    20-30% 33 $7,615,000 $230,758 $6,079 4.87%
    44% 25 $6,815,000 $272,600 $7,552 5.03%
    50-60% 25 $7,675,000 $307,000 $11,051 4.79%
    41% 19 $4,355,000 $229,211 $6,739 4.81%
    45% 19 $4,735,000 $249,211 $7,109 4.84%
    46% 17 $4,075,000 $239,706 $7,879 4.92%
    43% 16 $4,580,000 $286,250 $7,589 4.97%
    42% 16 $4,540,000 $283,750 $8,172 4.86%
    40% 15 $3,475,000 $231,667 $5,865 4.83%
    37% 15 $4,145,000 $276,333 $6,123 4.78%
    39% 15 $3,685,000 $245,667 $7,519 4.97%
    48% 15 $3,575,000 $238,333 $5,893 4.90%
    49% 14 $3,930,000 $280,714 $9,094 5.11%
    38% 13 $3,315,000 $255,000 $9,347 5.07%
    <20% 12 $2,990,000 $249,167 $5,807 5.05%
    47% 12 $3,860,000 $321,667 $7,819 4.78%
    36% 10 $2,860,000 $286,000 $5,802 5.03%
    >60% 2 $450,000 $225,000 $8,958 5.19%

    1st Preference Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 44 originations. The next most common DTI ratio? 20-30%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 203 $50,385,000 $248,202 $6,598 4.89%
    Black 110 $30,240,000 $274,909 $8,567 4.99%
    Asian 13 $4,025,000 $309,615 $8,471 4.48%
    Not provided 12 $3,220,000 $268,333 $9,326 4.97%
    Other Pacific Islander 1 $385,000 $385,000 $10,981 4.63%

    Approval Rates

    Total approvals of all applications
    96.45%

    1st Preference Mortgage Corp. 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
    82.30%

    1st Preference Mortgage Corp. has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 339 $88,255,000 $260,339

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $300,000 $150,000
    Single Family (1-4 Units):Site-Built 337 $87,955,000 $260,994

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 13 $3,095,000 $238,077 $6,664 4.94%
    60-80% 54 $13,700,000 $253,704 $6,774 5.00%
    80-100% 242 $63,820,000 $263,719 $7,322 4.88%
    Over 100% 29 $7,475,000 $257,759 $9,725 4.94%