First Bancorp Mortgage Rates, Fees & Info

LEBANON, VA

LEI: 549300V6LKROCIL7OI49

Tax ID: 54-1116387

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Mortgage Data

Bank Data

Review & Overview

First Bancorp is a smaller mortgage company specializing in Home Purchase loans. First Bancorp has a high proportion of conventional loans. Their top markets by origination volume include: Kingsport, Lynchburg, Roanoke, Blacksburg, and Staunton among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bancorp has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Bancorp 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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.85% 4/18/24
30 Year Conventional Refi 6.63% 4/18/24
30 Year Cash-out Refi 6.85% 4/18/24
15 Year Conventional Purchase 6.39% 4/18/24
15 Year Conventional Refi 6.45% 4/18/24
15 Year Cash-out Refi 6.45% 4/18/24
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 Bancorp Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Bancorp. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

779

Origination Dollar Volume (All Markets)

$138,465,000

Employee count

382 Show all (6) 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
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 258 $41,550,000 $161,047 $3,936 4.77%
LYNCHBURG, VA (FHA|USDA|VA) 124 $28,390,000 $228,952 $2,559 4.72%
Outside of Metro Areas 102 $12,120,000 $118,824 $2,412 5.15%
ROANOKE, VA (FHA|USDA|VA) 39 $8,815,000 $226,026 $2,862 4.88%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 47 $8,645,000 $183,936 $2,569 4.90%
STAUNTON, VA (FHA|USDA|VA) 50 $8,300,000 $166,000 $2,247 5.09%
JOHNSON CITY, TN (FHA|USDA|VA) 45 $7,995,000 $177,667 $2,977 4.84%
RICHMOND, VA (FHA|USDA|VA) 20 $5,110,000 $255,500 $3,694 4.91%
HARRISONBURG, VA (FHA|USDA|VA) 21 $3,465,000 $165,000 $2,488 4.89%
Big Stone Gap, VA (FHA|USDA|VA) 31 $3,015,000 $97,258 $2,401 4.90%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 7 $2,845,000 $406,429 $3,817 5.06%
Morehead City, NC (FHA|USDA|VA) 1 $965,000 $965,000 $0 4.99%
Sevierville, TN (FHA|USDA|VA) 4 $800,000 $200,000 $3,795 5.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 3 $645,000 $215,000 $3,641 5.53%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $615,000 $615,000 $0 5.25%
ASHEVILLE, NC (FHA|USDA|VA) 2 $570,000 $285,000 $2,268 5.06%
WINSTON-SALEM, NC (FHA|USDA|VA) 3 $545,000 $181,667 $3,158 5.50%
Bluefield, WV-VA (FHA|USDA|VA) 4 $500,000 $125,000 $3,604 4.69%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $495,000 $495,000 $0 5.99%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $455,000 $455,000 $2,709 3.78%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $365,000 $365,000 $6,447 4.38%
Mount Airy, NC (FHA|USDA|VA) 2 $330,000 $165,000 $2,810 5.81%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,303 3.93%
Martinsville, VA (FHA|USDA|VA) 2 $310,000 $155,000 $2,481 4.68%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $270,000 $135,000 $2,407 6.25%
Newport, TN (FHA|USDA|VA) 1 $255,000 $255,000 $3,218 3.63%
Greeneville, TN (FHA|USDA|VA) 1 $165,000 $165,000 $1,845 4.50%
Boone, NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,791 3.88%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $135,000 $135,000 $1,932 5.75%
MORRISTOWN, TN (FHA|USDA|VA) 1 $125,000 $125,000 $1,423 5.75%
Danville, VA (FHA|USDA|VA) 1 $115,000 $115,000 $1,533 4.25%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $105,000 $105,000 $2,396 5.38%
First Bancorp's top markets include Kingsport, Lynchburg, Roanoke, Blacksburg, and Staunton among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 779 $138,465,000 $177,747 $3,107 4.88%

    For 2019, First Bancorp's most frequently originated type of loan was Conventional, with 779 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 519 $93,245,000 $179,663 $3,621 4.91%
    Refi 114 $25,470,000 $223,421 $2,440 4.41%
    Cash Out Refi 102 $15,530,000 $152,255 $2,413 4.97%
    Other 31 $3,405,000 $109,839 $1,948 5.39%
    Home Improvement 13 $815,000 $62,692 $1,533 5.54%

    For 2019, First Bancorp's most frequently cited loan purpose was Home Purchase, with 519 originations. The 2nd most popular reason was Refi, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 409 $82,425,000 $201,528 $3,633 4.63%
    20 Year 116 $19,270,000 $166,121 $2,391 5.31%
    15 Year 105 $13,725,000 $130,714 $2,199 4.62%
    5 Year 82 $12,890,000 $157,195 $792 5.54%
    Other 30 $5,710,000 $190,333 $1,877 5.43%
    10 Year 23 $2,135,000 $92,826 $1,818 4.94%
    1 Year 11 $1,835,000 $166,818 $0 5.29%
    3 Year 3 $475,000 $158,333 $345 5.48%

    For 2019, First Bancorp's most frequently cited loan duration was 30 Year, with 409 originations. The 2nd most popular length was 20 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 440 $73,460,000 $166,955
    $1k-2k 93 $16,275,000 $175,000
    $2k-3k 42 $8,450,000 $201,190
    $3k-4k 23 $6,885,000 $299,348
    $4k-5k 7 $2,885,000 $412,143
    $5k+ 2 $500,000 $250,000

    First Bancorp's average total fees were $3,633, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 440 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 316 $47,370,000 $149,905
    4-5% 224 $46,020,000 $205,446
    3-4% 199 $41,155,000 $206,809
    6-7% 40 $3,920,000 $98,000

    During 2019, First Bancorp's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 5-6%, with 316 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 290 $41,780,000 $144,069 $2,620 4.81%
    $100,000 or less 240 $15,240,000 $63,500 $1,941 5.28%
    $200k-400k 202 $56,130,000 $277,871 $4,821 4.52%
    $400k-600k 38 $17,630,000 $463,947 $3,361 4.63%
    $600k-1MM 7 $5,195,000 $742,143 $5,949 5.38%
    $1MM+ 2 $2,490,000 $1,245,000 $0 5.25%

    2019 saw First Bancorp place emphasis on $100k-200k loans with 290 originations, totaling $41,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 154 $14,450,000 $93,831 $2,271 4.93%
    $100k-150k 144 $32,340,000 $224,583 $2,871 4.65%
    $50k-75k 144 $18,450,000 $128,125 $4,689 4.92%
    $75k-100k 119 $19,775,000 $166,176 $2,804 4.88%
    $150k-250k 71 $18,645,000 $262,606 $3,227 4.65%
    $250k+ 44 $14,650,000 $332,955 $3,121 4.83%

    First Bancorp lent most frequently to those with incomes in the $50k or less range, with 154 originations. The second most popular income band? $100k-150k, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 209 $38,415,000 $183,804 $2,818 4.57%
    30-36% 120 $19,390,000 $161,583 $2,543 4.92%
    <20% 76 $13,120,000 $172,632 $2,534 4.47%
    41% 32 $5,660,000 $176,875 $11,218 5.07%
    42% 24 $4,520,000 $188,333 $2,619 5.28%
    40% 24 $4,190,000 $174,583 $2,680 4.85%
    37% 23 $4,035,000 $175,435 $2,977 4.75%
    39% 23 $4,335,000 $188,478 $2,473 4.90%
    38% 19 $2,495,000 $131,316 $2,173 4.96%
    36% 14 $3,820,000 $272,857 $3,453 4.56%
    43% 14 $2,210,000 $157,857 $2,425 4.87%
    45% 11 $2,235,000 $203,182 $2,537 4.79%
    47% 9 $1,555,000 $172,778 $2,616 4.42%
    44% 9 $2,105,000 $233,889 $3,110 4.76%
    48% 9 $1,535,000 $170,556 $2,735 4.54%
    46% 8 $1,520,000 $190,000 $2,272 4.76%
    >60% 4 $750,000 $187,500 $1,578 5.03%
    50-60% 4 $700,000 $175,000 $2,524 4.34%
    49% 2 $220,000 $110,000 $2,630 4.94%

    First Bancorp lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 668 $115,860,000 $173,443 $2,677 4.80%
    Not applicable 78 $15,780,000 $202,308 $0 5.47%
    Not provided 21 $3,365,000 $160,238 $2,286 4.88%
    Black 7 $2,715,000 $387,857 $2,579 4.99%
    Asian 5 $745,000 $149,000 $136,430 5.35%

    Approval Rates

    Total approvals of all applications
    95.77%

    First Bancorp 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
    82.41%

    First Bancorp has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 779 $138,465,000 $177,747

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 7 $1,405,000 $200,714
    Multifamily:Site-Built 21 $9,835,000 $468,333
    Single Family (1-4 Units):Manufactured 49 $4,205,000 $85,816
    Single Family (1-4 Units):Site-Built 702 $123,020,000 $175,242

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 63 $7,195,000 $114,206 $2,034 4.81%
    40-60% 113 $18,955,000 $167,743 $2,304 4.81%
    60-80% 354 $66,910,000 $189,011 $2,884 4.86%
    80-100% 215 $43,215,000 $201,000 $4,453 4.84%
    Under 20% 34 $2,190,000 $64,412 $822 5.57%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST FINANCIAL BANCORP Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The First Bank and Trust Company 1026 Park Avenue Norton, VA 24273 Full Service B&M $31,047
    The First Bank and Trust Company 1030 Richmond Road Staunton, VA 24401 Full Service B&M $112,835
    The First Bank and Trust Company 1063 Old Abingdon Highway Bristol, VA 24201 Limited, Administrative $0
    The First Bank and Trust Company 359 West Main Street Lebanon, VA 24266 Full Service B&M $166,254
    The First Bank and Trust Company 1108 East Stone Drive Kingsport, TN 37660 Full Service B&M $23,167
    The First Bank and Trust Company 1185 North State Of Franklin Road Johnson City, TN 37604 Full Service B&M $80,689
    The First Bank and Trust Company 120 University Boulevard Harrisonburg, VA 22801 Full Service B&M $42,576
    The First Bank and Trust Company 1290 N. 4th Street Wytheville, VA 24382 Full Service B&M $77,187
    The First Bank and Trust Company 1314 Volunteer Parkway Bristol, TN 37620 Full Service B&M $56,936
    The First Bank and Trust Company 1419 West State Street Bristol, VA 24201 Full Service B&M $40,519
    The First Bank and Trust Company 150 Peppers Ferry Road, Ne Christiansburg, VA 24073 Full Service B&M $96,272
    The First Bank and Trust Company 1563 Commerce Road Verona, VA 24482 Full Service B&M $88,516
    The First Bank and Trust Company 17011 Forest Rd. Forest, VA 24551 Full Service B&M $59,080
    The First Bank and Trust Company 2030 East Main Street, P.O. Box 700 Lebanon, VA 24266 Full Service B&M $48,032
    The First Bank and Trust Company 2100 Forest Drive Gray, TN 37615 Full Service B&M $26,723
    The First Bank and Trust Company 2695 Prices Fork Rd Blacksburg, VA 24060 Full Service B&M $9,070
    The First Bank and Trust Company 303 West Main Street Wise, VA 24293 Full Service B&M $106,574
    The First Bank and Trust Company 38 East Valley Drive Bristol, VA 24201 Full Service B&M $101,227
    The First Bank and Trust Company 610 North Main Street Bridgewater, VA 22812 Full Service B&M $25,692
    The First Bank and Trust Company 667 West Main Street Abingdon, VA 24210 Full Service B&M $201,485
    The First Bank and Trust Company 7305 Peppers Ferry Boulevard Fairlawn, VA 24141 Full Service B&M $18,330
    The First Bank and Trust Company 851 Lew Dewitt Boulevard Waynesboro, VA 22980 Full Service B&M $80,015
    The First Bank and Trust Company 933 East Main Street Abingdon, VA 24210 Full Service B&M $86,007

    For 2019, First Bancorp had 23 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $86,366
    Net interest income $69,503
    Total noninterest income $14,157
    Gross Fiduciary activities income $1,064
    Service charges on deposit accounts $3,440
    Trading account gains and fees $0
    Additional Noninterest Income $9,653
    Pre-tax net operating income $35,992
    Securities gains (or losses, -) $0
    Income before extraordinary items $28,768
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $28,768
    Minority interest net income $0
    Net income $28,768
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $28,768

    First Bancorp's gross interest income from loans was $86,366,000.
    First Bancorp's net interest income from loans was $69,503,000.
    First Bancorp's fee based income from loans was $3,440,000.
    First Bancorp's net income from loans was $28,768,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $16,863
    Provision for credit losses $1,138
    Total noninterest expense $46,530
    Salaries and employee benefits $29,643
    Premises and equipment expense $3,808
    Additional noninterest expense $13,079
    Applicable income taxes $7,224
    Net charge-offs $170
    Cash dividends $12,126

    First Bancorp's interest expense for loans was $16,863,000.
    First Bancorp's payroll and benefits expense were $29,643,000.
    First Bancorp's property, plant and equipment expenses $3,808,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,619,422
    Deposits held in domestic offices $1,619,422
    Deposits by Individuals, partnerships, and corporations $1,430,083
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $189,267
    Deposits by Commercial banks and other depository institutions in U.S. $71
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $121,505
    Demand deposits $86,050
    Nontransaction accounts $1,497,917
    Money market deposit accounts (MMDAs) $510,621
    Other savings deposits (excluding MMDAs) $691,885
    Total time deposits $295,411
    Total time and savings deposits $1,533,372
    Noninterest-bearing deposits $376,944
    Interest-bearing deposits $1,242,478
    Retail deposits $1,537,536
    IRAs and Keogh plan accounts $39,542
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,946,484
    Cash & Balances due from depository institutions $230,983
    Interest-bearing balances $217,979
    Total securities $31,582
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,576,269
    Loan and leases loss allowance $17,852
    Trading account assets $0
    Bank premises and fixed assets $34,682
    Other real estate owned $6,539
    Goodwill and other intangibles $5,650
    All other assets $60,779

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,946,484
    Total Liabilities $1,720,692
    Total deposits $1,619,422
    Interest-bearing deposits $1,242,478
    Deposits held in domestic offices $1,619,422
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $92,951
    Subordinated debt $0
    All other liabilities $8,319

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,576,269
    Loan and leases loss allowance $17,852
    Total loans and leases (domestic) $1,594,121
    All real estate loans $1,237,213
    Real estate loans in domestic offices $1,237,213
    Construction and development loans $122,679
    Residential 1-4 family construction $39,231
    Other construction, all land development and other land $83,448
    Loans secured by nonfarm nonresidential properties $390,961
    Nonfarm nonresidential secured by owner-occupied properties $104,020
    Commercial real estate & other non-farm, non-residential $286,941
    Multifamily residential real estate $52,923
    1-4 family residential loans $341,156
    Farmland loans $329,494
    Loans held in foreign offices $0
    Farm loans $109,754
    Commercial and industrial loans $147,236
    To non-U.S. addressees $0
    Loans to individuals $57,742
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $10,834
    Other loans to individuals $46,908
    All other loans & leases $42,176
    Loans to foreign governments and official institutions $0
    Other loans $10,985
    Loans to depository institutions and acceptances of other banks $634
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,592
    Non 1-4 family restructured loans & leases $1,209
    Total loans and leases (foreign) $0

    FIRST BANCORP had $1,576,269,000 of loans outstanding in 2019. $1,237,213,000 of loans were in real estate loans. $122,679,000 of loans were in development loans. $52,923,000 of loans were in multifamily mortgage loans. $341,156,000 of loans were in 1-4 family mortgage loans. $109,754,000 of loans were in farm loans. $0 of loans were in credit card loans. $10,834,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 602 $140,435 $233,281
    Nonfarm, nonresidential loans - <$100k 130 $5,842 $44,938
    Nonfarm, nonresidential loans - $100-250k 194 $24,556 $126,577
    Nonfarm, nonresidential loans - $250k-1MM 278 $110,037 $395,817
    Commercial & Industrial, US addressed loans - <$1MM 948 $60,650 $63,977
    Commercial & Industrial, US addressed loans - <$100k 660 $14,732 $22,321
    Commercial & Industrial, US addressed loans - $100-250k 162 $14,441 $89,142
    Commercial & Industrial, US addressed loans - $250k-1MM 126 $31,477 $249,817
    Farmland loans - <$1MM 761 $110,184 $144,788
    Farmland loans - <$100k 232 $10,642 $45,871
    Farmland loans - $100-250k 323 $41,316 $127,913
    Farmland loans - $250k-1MM 206 $58,226 $282,650
    Agriculture operations loans - <$1MM 891 $49,013 $55,009
    Agriculture operations loans - <$100k 654 $15,950 $24,388
    Agriculture operations loans - $100-250k 179 $19,205 $107,291
    Agriculture operations loans - $250k-1MM 58 $13,858 $238,931