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 and Refi loans. 1st Preference Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Baltimore, Atlanta, San Antonio, and York among others. We have data for 38 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 an above 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.
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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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
816Origination Dollar Volume (All Markets)
$245,140,000Awards
1ST PREFERENCE MORTGAGE CORP. - 2020
1ST PREFERENCE MORTGAGE CORP. is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 286 | $99,740,000 | $348,741 | $8,047 | 3.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 322 | $93,930,000 | $291,708 | $5,801 | 3.10% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 48 | $12,320,000 | $256,667 | $6,212 | 3.38% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 32 | $7,060,000 | $220,625 | $5,611 | 3.28% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 28 | $6,930,000 | $247,500 | $6,889 | 3.29% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 16 | $3,330,000 | $208,125 | $7,253 | 3.34% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 10 | $3,170,000 | $317,000 | $7,439 | 3.25% |
| LANCASTER, PA (FHA|USDA|VA) | 12 | $2,740,000 | $228,333 | $6,394 | 3.60% |
| Outside of Metro Areas | 8 | $2,390,000 | $298,750 | $6,014 | 3.06% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 8 | $1,990,000 | $248,750 | $5,469 | 2.98% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $1,085,000 | $361,667 | $4,607 | 3.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $7,598 | 2.92% |
| Easton, MD (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $4,997 | 3.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $7,564 | 3.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $6,151 | 3.21% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $2,628 | 2.75% |
| COLUMBIA, SC (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $3,372 | 3.13% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $4,012 | 4.50% |
| GETTYSBURG, PA (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $5,664 | 2.94% |
| READING, PA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,512 | 3.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $8,693 | 4.13% |
| Newberry, SC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $7,988 | 3.13% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,590 | 3.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $7,378 | 2.25% |
| Key West, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,905 | 2.50% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $9,050 | 3.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,201 | 3.13% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,314 | 3.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,212 | 3.13% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $8,839 | 3.88% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,670 | 3.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $9,100 | 2.75% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,552 | 3.88% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,426 | 3.38% |
| Cornelia, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,101 | 3.25% |
| WACO, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,658 | 3.00% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,229 | 3.50% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,492 | 3.00% |
Similar Lenders
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Product Mix
For 2020, 1st Preference Mortgage Corp.'s most frequently originated type of loan was Conventional, with 455 originations. Their 2nd most popular type was FHA, with 231 originations.
Loan Reason
For 2020, 1st Preference Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 359 originations. The 2nd most popular reason was Refi, with 318 originations.
Loan Duration/Length
For 2020, 1st Preference Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 737 originations. The 2nd most popular length was 15 Year, with 52 originations.
Origination Fees/Closing Costs
1st Preference Mortgage Corp.'s average total fees were $6,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 249 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 356 | $109,550,000 | $307,725 |
| 3-4% | 349 | $103,195,000 | $295,688 |
| <2.5% | 61 | $19,335,000 | $316,967 |
| 4-5% | 45 | $12,255,000 | $272,333 |
| 5-6% | 5 | $805,000 | $161,000 |
During 2020, 1st Preference Mortgage Corp.'s average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 2.5-3%, with 356 originations.
Loan Sizing
2020 saw 1st Preference Mortgage Corp. place emphasis on $200k-400k loans with 505 originations, totaling $146,865,000 in origination value.
Applicant Income
1st Preference Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 195 originations. The second most popular income band? $50k or less, with 168 originations.
Applicant Debt to Income Ratio
1st Preference Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 140 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.61%
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 origination92.89%
1st Preference Mortgage Corp. has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4106.03 | 1 | $275,000 | $275,000 |
| NA | 815 | $244,865,000 | $300,448 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 816 | $245,140,000 | $300,417 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| 1st Franklin Financial Corporation | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |