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: Philadelphia, New York, Myrtle Beach, Reading, and Albany among others. We have data for 50 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 7.41% | 4/28/24 |
| 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
258Origination Dollar Volume (All Markets)
$24,620,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 33 | $3,315,000 | $100,455 | $0 | 6.36% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 21 | $2,085,000 | $99,286 | $1,298 | 6.35% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 20 | $2,050,000 | $102,500 | $0 | 5.99% |
| READING, PA (FHA|USDA|VA) | 8 | $1,540,000 | $192,500 | $0 | 5.58% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 15 | $1,195,000 | $79,667 | $1,420 | 6.15% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 14 | $1,180,000 | $84,286 | $0 | 6.28% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 11 | $1,085,000 | $98,636 | $1,067 | 6.51% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 14 | $1,070,000 | $76,429 | $0 | 6.42% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $0 | 5.49% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 8 | $830,000 | $103,750 | $0 | 6.58% |
| UTICA-ROME, NY (FHA|USDA|VA) | 8 | $760,000 | $95,000 | $0 | 6.30% |
| DOVER, DE (FHA|USDA|VA) | 6 | $730,000 | $121,667 | $0 | 7.03% |
| ROCHESTER, NY (FHA|USDA|VA) | 9 | $565,000 | $62,778 | $0 | 6.68% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $0 | 6.31% |
| LANCASTER, PA (FHA|USDA|VA) | 6 | $460,000 | $76,667 | $0 | 5.53% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 8 | $430,000 | $53,750 | $0 | 6.64% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 6 | $390,000 | $65,000 | $0 | 5.49% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $360,000 | $90,000 | $0 | 6.43% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $340,000 | $85,000 | $0 | 6.68% |
| PITTSBURGH, PA (FHA|USDA|VA) | 6 | $340,000 | $56,667 | $0 | 6.08% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $0 | 6.61% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $0 | 5.82% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 4.99% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 6.74% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 4 | $280,000 | $70,000 | $0 | 6.43% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 6.12% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 5.12% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.49% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 5.50% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 7.49% |
| Hudson, NY (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 6.12% |
| Gloversville, NY (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 6.12% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 6.24% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 5.99% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.74% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 3 | $125,000 | $41,667 | $0 | 6.74% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 7.62% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 5.49% |
| Outside of Metro Areas | 2 | $90,000 | $45,000 | $0 | 8.12% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.24% |
| OCALA, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.49% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.49% |
| Olean, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.74% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.99% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.49% |
| Somerset, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 9.40% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.24% |
| Batavia, NY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.99% |
| Oneonta, NY (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.49% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.49% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 258 | $24,620,000 | $95,426 | $1,262 | 6.30% |
For 2022, First Credit Corporation Of New York's most frequently originated type of loan was Conventional, with 258 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 257 | $24,455,000 | $95,156 | $1,262 | 6.31% |
| Refi | 1 | $165,000 | $165,000 | $0 | 4.74% |
For 2022, First Credit Corporation Of New York's most frequently cited loan purpose was Home Purchase, with 257 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
For 2022, First Credit Corporation Of New York's most frequently cited loan duration was 20 Year, with 120 originations. The 2nd most popular length was 15 Year, with 86 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $195,000 | $65,000 |
| $1k-2k | 1 | $155,000 | $155,000 |
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 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 94 | $8,770,000 | $93,298 |
| 6-7% | 82 | $8,540,000 | $104,146 |
| 7-8% | 31 | $2,945,000 | $95,000 |
| 4-5% | 29 | $2,655,000 | $91,552 |
| Over 8% | 20 | $1,500,000 | $75,000 |
During 2022, 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 5-6%, with 94 originations.
Loan Sizing
2022 saw First Credit Corporation Of New York place emphasis on $100,000 or less loans with 163 originations, totaling $10,035,000 in origination value.
Applicant Income
First Credit Corporation Of New York lent most frequently to those with incomes in the $50k-75k range, with 83 originations. The second most popular income band? $50k or less, with 67 originations.
Applicant Debt to Income Ratio
First Credit Corporation Of New York lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications34.85%
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 origination-1.94%
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 | 28 | $2,490,000 | $88,929 |
| 1057.0 | 1 | $85,000 | $85,000 |
| 1071.0 | 1 | $105,000 | $105,000 |
| 1097.21 | 1 | $65,000 | $65,000 |
| 1112.0 | 1 | $95,000 | $95,000 |
| 1118.0 | 1 | $45,000 | $45,000 |
| 1130.54 | 1 | $155,000 | $155,000 |
| 1137.0 | 1 | $75,000 | $75,000 |
| 1182.0 | 1 | $95,000 | $95,000 |
| 12.0 | 4 | $320,000 | $80,000 |
| 122.0 | 1 | $125,000 | $125,000 |
| 1262.0 | 1 | $125,000 | $125,000 |
| 1312.0 | 1 | $135,000 | $135,000 |
| 1351.5 | 1 | $65,000 | $65,000 |
| 1362.0 | 1 | $135,000 | $135,000 |
| 2968.44 | 1 | $75,000 | $75,000 |
| 351.0 | 1 | $155,000 | $155,000 |
| 3518.37 | 1 | $5,000 | $5,000 |
| 355.0 | 1 | $85,000 | $85,000 |
| 400.0 | 1 | $65,000 | $65,000 |
| 4180.86 | 1 | $115,000 | $115,000 |
| 4590.84 | 1 | $115,000 | $115,000 |
| 4691.8 | 1 | $125,000 | $125,000 |
| 537.0 | 1 | $35,000 | $35,000 |
| 5431.98 | 1 | $135,000 | $135,000 |
| 552.0 | 1 | $35,000 | $35,000 |
| 6231.79 | 1 | $165,000 | $165,000 |
| 642.0 | 1 | $45,000 | $45,000 |
| 749.5 | 1 | $55,000 | $55,000 |
| 762.0 | 1 | $55,000 | $55,000 |
| 767.5 | 1 | $195,000 | $195,000 |
| 801.93 | 1 | $65,000 | $65,000 |
| 840.9 | 1 | $65,000 | $65,000 |
| 852.0 | 1 | $65,000 | $65,000 |
| 855.75 | 1 | $65,000 | $65,000 |
| 862.0 | 94 | $9,460,000 | $100,638 |
| 92.0 | 2 | $170,000 | $85,000 |
| 928.0 | 1 | $75,000 | $75,000 |
| 941.0 | 1 | $105,000 | $105,000 |
| 949.5 | 1 | $75,000 | $75,000 |
| 96.0 | 2 | $250,000 | $125,000 |
| 968.0 | 1 | $45,000 | $45,000 |
| 972.0 | 15 | $1,655,000 | $110,333 |
| 974.0 | 4 | $320,000 | $80,000 |
| 975.5 | 1 | $145,000 | $145,000 |
| 976.0 | 4 | $280,000 | $70,000 |
| 982.0 | 6 | $800,000 | $133,333 |
| NA | 61 | $5,405,000 | $88,607 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST GUARANTY MORTGAGE CORP | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |