First Credit Corporation Of New York Mortgage Rates, Fees & Info
NEW YORK, NYLEI: 549300S347HTLHLOC775
Tax ID: 14-1667104
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Mortgage Data
Review & Overview
First Credit Corporation Of New York is a smaller mortgage company specializing in Home Purchase loans. First Credit Corporation Of New York has a high proportion of conventional loans. Their top markets by origination volume include: New York, Hartford, Philadelphia, Myrtle Beach, and Poughkeepsie among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)First Credit Corporation Of New York has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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 |
|---|---|---|
| 15 Year Conventional Purchase | 7.41% | 12/29/24 |
| 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. | ||
First Credit Corporation Of New York Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
160Origination Dollar Volume (All Markets)
$9,650,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 27 | $1,705,000 | $63,148 | $0 | 6.78% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 15 | $945,000 | $63,000 | $0 | 5.64% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 11 | $725,000 | $65,909 | $0 | 6.44% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 10 | $720,000 | $72,000 | $0 | 5.95% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 13 | $695,000 | $53,462 | $0 | 6.75% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 13 | $685,000 | $52,692 | $0 | 6.58% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 6 | $480,000 | $80,000 | $0 | 5.78% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 5 | $405,000 | $81,000 | $0 | 6.04% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 5 | $345,000 | $69,000 | $0 | 6.99% |
| READING, PA (FHA|USDA|VA) | 4 | $310,000 | $77,500 | $0 | 6.43% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 7 | $295,000 | $42,143 | $0 | 6.81% |
| LANCASTER, PA (FHA|USDA|VA) | 5 | $215,000 | $43,000 | $0 | 6.24% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 5.49% |
| UTICA-ROME, NY (FHA|USDA|VA) | 5 | $165,000 | $33,000 | $0 | 6.74% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.74% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 3 | $125,000 | $41,667 | $0 | 6.57% |
| GETTYSBURG, PA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.99% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.87% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.62% |
| ROCHESTER, NY (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 7.12% |
| ELMIRA, NY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.99% |
| BINGHAMTON, NY (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 7.32% |
| Hudson, NY (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 7.50% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 6.24% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.24% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.74% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.99% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.74% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.74% |
| Corning, NY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.74% |
| DOVER, DE (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.99% |
| Torrington, CT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.74% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 6.24% |
| Gloversville, NY (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.24% |
| Sunbury, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.99% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.74% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 160 | $9,650,000 | $60,313 | $0 | 6.44% |
For 2018, First Credit Corporation Of New York's most frequently originated type of loan was Conventional, with 160 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 160 | $9,650,000 | $60,313 | $0 | 6.44% |
For 2018, First Credit Corporation Of New York's most frequently cited loan purpose was Home Purchase, with 160 originations.
Loan Duration/Length
For 2018, First Credit Corporation Of New York's most frequently cited loan duration was 15 Year, with 74 originations. The 2nd most popular length was 20 Year, with 48 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $55,000 | $55,000 |
First Credit Corporation Of New York's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 73 | $4,465,000 | $61,164 |
| 5-6% | 54 | $3,560,000 | $65,926 |
| 7-8% | 24 | $1,190,000 | $49,583 |
| Over 8% | 5 | $245,000 | $49,000 |
| 4-5% | 2 | $100,000 | $50,000 |
During 2018, First Credit Corporation Of New York's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 73 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 147 | $8,045,000 | $54,728 | $0 | 6.47% |
| $100k-200k | 13 | $1,605,000 | $123,462 | $0 | 6.09% |
2018 saw First Credit Corporation Of New York place emphasis on $100,000 or less loans with 147 originations, totaling $8,045,000 in origination value.
Applicant Income
First Credit Corporation Of New York lent most frequently to those with incomes in the $50k-75k range, with 61 originations. The second most popular income band? $50k or less, with 60 originations.
Applicant Debt to Income Ratio
First Credit Corporation Of New York lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications31.90%
First Credit Corporation Of New York has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination32.50%
First Credit Corporation Of New York has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $180,000 | $90,000 |
| 1031.5 | 1 | $105,000 | $105,000 |
| 1121.99 | 1 | $115,000 | $115,000 |
| 152.0 | 1 | $65,000 | $65,000 |
| 305.0 | 1 | $65,000 | $65,000 |
| 311.5 | 1 | $35,000 | $35,000 |
| 313.0 | 1 | $35,000 | $35,000 |
| 326.5 | 1 | $35,000 | $35,000 |
| 331.5 | 2 | $70,000 | $35,000 |
| 354.0 | 2 | $110,000 | $55,000 |
| 356.5 | 1 | $35,000 | $35,000 |
| 371.5 | 1 | $35,000 | $35,000 |
| 391.5 | 1 | $35,000 | $35,000 |
| 461.5 | 2 | $90,000 | $45,000 |
| 46.5 | 1 | $115,000 | $115,000 |
| 481.5 | 2 | $100,000 | $50,000 |
| 510.5 | 1 | $25,000 | $25,000 |
| 511.5 | 3 | $165,000 | $55,000 |
| 531.5 | 1 | $55,000 | $55,000 |
| 547.0 | 1 | $55,000 | $55,000 |
| 555.5 | 1 | $55,000 | $55,000 |
| 555.9 | 1 | $55,000 | $55,000 |
| 591.5 | 1 | $55,000 | $55,000 |
| 603.5 | 1 | $55,000 | $55,000 |
| 646.5 | 1 | $65,000 | $65,000 |
| 651.5 | 1 | $65,000 | $65,000 |
| 661.5 | 90 | $5,440,000 | $60,444 |
| 66.5 | 2 | $130,000 | $65,000 |
| 686.5 | 1 | $65,000 | $65,000 |
| 689.57 | 1 | $65,000 | $65,000 |
| 721.5 | 1 | $65,000 | $65,000 |
| 731.5 | 2 | $150,000 | $75,000 |
| 736.5 | 1 | $75,000 | $75,000 |
| 754.0 | 1 | $75,000 | $75,000 |
| 767.5 | 4 | $220,000 | $55,000 |
| 775.5 | 5 | $245,000 | $49,000 |
| 781.5 | 1 | $75,000 | $75,000 |
| 817.07 | 1 | $85,000 | $85,000 |
| 819.95 | 1 | $85,000 | $85,000 |
| 885.9 | 1 | $65,000 | $65,000 |
| 910.5 | 2 | $90,000 | $45,000 |
| 91.5 | 3 | $155,000 | $51,667 |
| 916.73 | 1 | $55,000 | $55,000 |
| 931.5 | 1 | $95,000 | $95,000 |
| 990.5 | 1 | $95,000 | $95,000 |
| NA | 7 | $445,000 | $63,571 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 160 | $9,650,000 | $60,313 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST MORTGAGE CORPORATION | FHA mortgage | Closing on a mortgage | 1 | 100.0% |