First General Mortgage Rates, Fees & Info
Norton Shores, MILEI: 549300RDD5A10N9UOD34
Tax ID: 38-1545237
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
First General is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. First General has a high proportion of conventional loans. Their top two markets are Muskegon and Grand Rapids .First General has an above average approval rate when compared to the average across all lenders. First General 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.
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.
Originations
11Origination Dollar Volume (All Markets)
$765,000Top 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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 10 | $720,000 | $72,000 | $1,831 | 5.62% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $515 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST GENERAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 28
Similarity Rank: 261
Similarity Rank: 630
Similarity Rank: 1014
Similarity Rank: 1664
Similarity Rank: 2074
Similarity Rank: 2444
Similarity Rank: 2550
Similarity Rank: 2970
Similarity Rank: 3325
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 11 | $765,000 | $69,545 | $1,712 | 5.77% |
For 2019, First General's most frequently originated type of loan was Conventional, with 11 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $450,000 | $112,500 | $2,207 | 5.19% |
| Other | 4 | $150,000 | $37,500 | $1,012 | 6.09% |
| Cash Out Refi | 3 | $165,000 | $55,000 | $1,983 | 6.12% |
For 2019, First General's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Other, with 4 originations.
Loan Duration/Length
For 2019, First General's most frequently cited loan duration was 15 Year, with 4 originations. The 2nd most popular length was 30 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 7 | $515,000 | $73,571 |
| $<1k | 4 | $250,000 | $62,500 |
First General's average total fees were $2,404, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 5 | $445,000 | $89,000 |
| 4-5% | 3 | $165,000 | $55,000 |
| 7-8% | 2 | $80,000 | $40,000 |
| 6-7% | 1 | $75,000 | $75,000 |
During 2019, First General's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 5-6%, with 5 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 9 | $455,000 | $50,556 | $1,552 | 5.87% |
| $100k-200k | 2 | $310,000 | $155,000 | $2,428 | 5.31% |
2019 saw First General place emphasis on $100,000 or less loans with 9 originations, totaling $455,000 in origination value.
Applicant Income
First General lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $50k-75k, with 4 originations.
Applicant Debt to Income Ratio
First General lent most frequently to those with DTI ratios of 36%, with 2 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 10 | $720,000 | $72,000 | $1,831 | 5.62% |
| Not provided | 1 | $45,000 | $45,000 | $515 | 7.25% |
Approval Rates
Total approvals of all applications100.00%
First General has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11 | $765,000 | $69,545 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 11 | $765,000 | $69,545 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTBANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 100.0% |