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 (well, only) market is Muskegon.

    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

    16

    Origination Dollar Volume (All Markets)

    $1,860,000

    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
    MUSKEGON, MI (FHA|USDA|VA) 16 $1,860,000 $116,250 $2,367 3.32%
    First General's top markets include and Muskegon 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.

    AAC Credit Union
    Similarity Rank: 400
    ChoiceOne Bank
    Similarity Rank: 806
    CONSUMERS
    Similarity Rank: 1148
    MORTGAGE CENTER L.C
    Similarity Rank: 1674
    Mercantile Bank of Michigan
    Similarity Rank: 2484
    VILLAGE CAPITAL MORTGAGE
    Similarity Rank: 2508
    Independent Bank
    Similarity Rank: 2550
    MMS MORTGAGE SERVICES, LTD.
    Similarity Rank: 2730
    NORTHERN MORTGAGE SERVICES, LLC
    Similarity Rank: 2912
    GVC MORTGAGE, INC.
    Similarity Rank: 3168

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 15 $1,835,000 $122,333 $2,367 3.21%
    HELOC 1 $25,000 $25,000 n/a 5.00%

    For 2021, First General's most frequently originated type of loan was Conventional, with 15 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 7 $835,000 $119,286 $2,356 3.07%
    Refi 5 $535,000 $107,000 $2,276 3.20%
    Home Purchase 3 $465,000 $155,000 $2,545 3.54%
    Home Improvement 1 $25,000 $25,000 $0 5.00%

    For 2021, First General's most frequently cited loan purpose was Cash Out Refi, with 7 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 8 $1,140,000 $142,500 $2,461 3.41%
    15 Year 5 $575,000 $115,000 $2,325 2.83%
    20 Year 2 $120,000 $60,000 $2,094 3.38%
    Other 1 $25,000 $25,000 $0 5.00%

    For 2021, First General's most frequently cited loan duration was 30 Year, with 8 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-2k 10 $1,210,000 $121,000
    $<1k 5 $625,000 $125,000

    First General's average total fees were $2,461, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 8 $1,000,000 $125,000
    2.5-3% 5 $535,000 $107,000
    <2.5% 2 $300,000 $150,000
    4-5% 1 $25,000 $25,000

    During 2021, First General's average interest rate for loans was 3.41%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 8 $550,000 $68,750 $2,293 3.44%
    $100k-200k 7 $1,105,000 $157,857 $2,400 3.13%
    $200k-400k 1 $205,000 $205,000 $2,657 3.75%

    2021 saw First General place emphasis on $100,000 or less loans with 8 originations, totaling $550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 7 $785,000 $112,143 $2,337 3.30%
    $50k-75k 4 $330,000 $82,500 $2,278 3.66%
    $150k-250k 2 $400,000 $200,000 $2,687 3.13%
    $75k-100k 2 $170,000 $85,000 $2,177 2.81%
    $100k-150k 1 $175,000 $175,000 $2,579 3.50%

    First General lent most frequently to those with incomes in the $50k or less range, with 7 originations. The second most popular income band? $50k-75k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $935,000 $103,889 $2,271 3.19%
    <20% 2 $270,000 $135,000 $2,461 3.50%
    42% 2 $360,000 $180,000 $2,595 3.75%
    30-36% 1 $65,000 $65,000 $2,319 3.50%
    37% 1 $75,000 $75,000 $2,368 2.88%
    39% 1 $155,000 $155,000 $2,534 3.50%

    First General lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? <20%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 14 $1,730,000 $123,571 $2,378 3.31%
    Black 2 $130,000 $65,000 $2,292 3.38%

    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 16 $1,860,000 $116,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    16 $1,860,000 $116,250

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $175,000 $58,333 $2,119 4.00%
    40-60% 7 $765,000 $109,286 $2,389 3.18%
    60-80% 3 $485,000 $161,667 $2,424 3.50%
    80-100% 3 $435,000 $145,000 $2,424 2.79%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Midwest Financial Conventional home mortgage Trouble during payment process 1 100.0%