First General Mortgage Rates, Fees & Info

Norton Shores, MI

LEI: 549300RDD5A10N9UOD34

Tax ID: 38-1545237

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First General is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase 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.

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    Originations

    79

    Origination Dollar Volume (All Markets)

    $8,835,000

    Awards

    FIRST GENERAL 30 Year Conventional Loans silver FIRST GENERAL 30 Year Conventional Loans silver
    Show all (2) awards

    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
    MUSKEGON, MI (FHA|USDA|VA) 62 $6,810,000 $109,839 $2,347 3.54%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 11 $1,395,000 $126,818 $2,280 3.35%
    Outside of Metro Areas 6 $630,000 $105,000 $2,507 3.75%
    First General's top markets include Muskegon and Grand Rapids among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • 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.

    HARBORLIGHT
    Similarity Rank: 42
    AAC Credit Union
    Similarity Rank: 64
    FIRST GENERAL
    Similarity Rank: 117
    ChoiceOne Bank
    Similarity Rank: 560
    Mercantile Bank of Michigan
    Similarity Rank: 836
    CONSUMERS
    Similarity Rank: 896
    Independent Bank
    Similarity Rank: 2072
    MMS MORTGAGE SERVICES, LTD.
    Similarity Rank: 2592
    Neighborhood Loans, Inc.
    Similarity Rank: 2625
    NORTHERN MORTGAGE SERVICES, LLC
    Similarity Rank: 3367

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 76 $8,370,000 $110,132 $2,248 3.54%
    USDA 3 $465,000 $155,000 $4,934 3.33%

    For 2020, First General's most frequently originated type of loan was Conventional, with 76 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 26 $3,110,000 $119,615 $2,350 3.58%
    Refi 25 $2,415,000 $96,600 $2,061 3.30%
    Home Purchase 20 $2,780,000 $139,000 $2,932 3.63%
    Home Improvement 4 $220,000 $55,000 $1,783 3.69%
    Other 4 $310,000 $77,500 $1,806 4.06%

    For 2020, First General's most frequently cited loan purpose was Cash Out Refi, with 26 originations. The 2nd most popular reason was Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 38 $5,240,000 $137,895 $2,601 3.61%
    20 Year 20 $1,910,000 $95,500 $2,231 3.58%
    15 Year 19 $1,615,000 $85,000 $2,128 3.18%
    Other 2 $70,000 $35,000 $874 5.00%

    For 2020, First General's most frequently cited loan duration was 30 Year, with 38 originations. The 2nd most popular length was 20 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 53 $6,185,000 $116,698
    $<1k 26 $2,650,000 $101,923

    First General's average total fees were $2,601, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 52 $5,870,000 $112,885
    2.5-3% 16 $1,690,000 $105,625
    4-5% 7 $735,000 $105,000
    <2.5% 3 $275,000 $91,667
    5-6% 1 $265,000 $265,000

    During 2020, First General's average interest rate for loans was 3.61%, while their most frequently originated rate bucket for loans was 3-4%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 39 $2,785,000 $71,410 $2,082 3.52%
    $100k-200k 35 $4,935,000 $141,000 $2,603 3.48%
    $200k-400k 5 $1,115,000 $223,000 $2,671 4.05%

    2020 saw First General place emphasis on $100,000 or less loans with 39 originations, totaling $2,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 28 $2,200,000 $78,571 $2,050 3.50%
    $50k-75k 24 $2,940,000 $122,500 $2,406 3.49%
    $75k-100k 14 $2,000,000 $142,857 $2,821 3.61%
    $100k-150k 12 $1,590,000 $132,500 $2,396 3.63%
    $150k-250k 1 $105,000 $105,000 $2,229 3.38%

    First General lent most frequently to those with incomes in the $50k or less range, with 28 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $2,555,000 $102,200 $2,340 3.45%
    30-36% 22 $3,020,000 $137,273 $2,591 3.72%
    <20% 12 $1,060,000 $88,333 $2,162 3.54%
    36% 4 $380,000 $95,000 $1,873 3.66%
    41% 3 $335,000 $111,667 $2,308 3.38%
    44% 2 $360,000 $180,000 $2,560 3.75%
    38% 2 $160,000 $80,000 $2,388 3.25%
    40% 1 $115,000 $115,000 $2,451 2.88%
    37% 1 $95,000 $95,000 $2,565 3.50%
    42% 1 $85,000 $85,000 $2,009 2.38%
    43% 1 $125,000 $125,000 $2,067 2.50%
    46% 1 $115,000 $115,000 $1,945 3.75%
    47% 1 $35,000 $35,000 $1,705 3.75%
    48% 1 $155,000 $155,000 $2,001 3.75%
    49% 1 $175,000 $175,000 $3,054 2.88%
    39% 1 $65,000 $65,000 $2,067 4.63%

    First General lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $8,415,000 $112,200 $2,346 3.52%
    Black 3 $285,000 $95,000 $2,287 3.79%
    American Indian 1 $135,000 $135,000 $2,804 3.75%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 79 $8,835,000 $111,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $180,000 $90,000
    Single Family (1-4 Units):Site-Built 77 $8,655,000 $112,403

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $545,000 $60,556 $1,790 3.63%
    40-60% 15 $1,445,000 $96,333 $2,280 3.28%
    60-80% 42 $5,100,000 $121,429 $2,265 3.63%
    80-100% 13 $1,745,000 $134,231 $3,093 3.45%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST FINANCIAL BANCORP Conventional home mortgage Struggling to pay mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Conventional home mortgage Trouble during payment process 1 14.3%
    FIRST FINANCIAL BANCORP Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 28.6%
    FIRST FINANCIAL BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Other type of mortgage Closing on a mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%