First Equity Mortgage Incorporated Rates, Fees & Info

CINCINNATI, OH

LEI: 549300X8AUU3UC1ULZ79

Tax ID: 31-1060110

5 stars - Updated: 10/29/24 - out of 5 stars, based on 34 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Equity Mortgage Incorporated is a smaller mortgage company specializing in Home Purchase loans. First Equity Mortgage Incorporated has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Dallas, Cincinnati, Nashville, Cleveland, and Austin among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Equity Mortgage Incorporated has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Equity Mortgage Incorporated is typically a high 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 relatively high 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.54% 10/29/24
    30 Year FHA Purchase 7.23% 10/29/24
    30 Year VA Purchase 6.27% 10/29/24
    30 Year USDA Purchase 6.98% 10/29/24
    15 Year Conventional Purchase 5.83% 10/29/24
    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 Equity Mortgage Incorporated Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Equity Mortgage Incorporated. 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

    1,170

    Origination Dollar Volume (All Markets)

    $573,400,000
    Show all (14) awards

    Relative Rate

    First Equity Mortgage Incorporated's average 30 year fixed mortgage rate was 6.27%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.21%.

    Relative Fees (Closing Costs)

    First Equity Mortgage Incorporated's average total fees/closing costs for a 30 year fixed rate mortgage were $8,482.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 270 $152,540,000 $564,963 $8,866 6.25%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 308 $110,480,000 $358,701 $6,600 6.24%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 92 $50,150,000 $545,109 $8,579 6.35%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 109 $45,925,000 $421,330 $7,981 6.37%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 71 $44,565,000 $627,676 $7,259 6.03%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 53 $36,995,000 $698,019 $11,523 5.97%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 76 $35,350,000 $465,132 $8,671 6.33%
    JACKSONVILLE, FL (FHA|USDA|VA) 69 $34,925,000 $506,159 $10,744 5.98%
    RALEIGH-CARY, NC (FHA|USDA|VA) 47 $25,775,000 $548,404 $7,676 6.30%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 46 $24,730,000 $537,609 $12,354 6.23%
    FAYETTEVILLE, NC (FHA|USDA|VA) 17 $6,845,000 $402,647 $7,156 6.57%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 10 $4,680,000 $468,000 $7,441 6.34%
    AKRON, OH (FHA|USDA|VA) 1 $255,000 $255,000 $6,309 5.99%
    Outside of Metro Areas 1 $185,000 $185,000 $2,625 5.75%
    First Equity Mortgage Incorporated's top markets include Dallas, Cincinnati, Nashville, Cleveland, and Austin among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST EQUITY MORTGAGE INCORPORATED based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRESTONE
    Similarity Rank: 9
    SCIENT Federal Credit Union
    Similarity Rank: 110
    First Farmers and Merchants Bank
    Similarity Rank: 130
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 136
    The North Side Bank & Trust Company
    Similarity Rank: 168
    AMOCO
    Similarity Rank: 258
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    Forcht Bank
    Similarity Rank: 380
    IDB Global Federal Credit Union
    Similarity Rank: 416
    Mutual Savings Bank
    Similarity Rank: 460

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,015 $477,275,000 $470,222 $7,483 6.29%
    VA 134 $85,240,000 $636,119 $13,565 5.79%
    FHA 21 $10,885,000 $518,333 $15,872 6.38%

    For 2023, First Equity Mortgage Incorporated's most frequently originated type of loan was Conventional, with 1,015 originations. Their 2nd most popular type was VA, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,167 $572,235,000 $490,347 $8,343 6.24%
    Refi 3 $1,165,000 $388,333 $3,515 5.87%

    For 2023, First Equity Mortgage Incorporated's most frequently cited loan purpose was Home Purchase, with 1,167 originations. The 2nd most popular reason was Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,065 $532,625,000 $500,117 $8,482 6.27%
    15 Year 75 $30,245,000 $403,267 $7,463 5.77%
    20 Year 26 $9,630,000 $370,385 $5,004 6.19%
    10 Year 4 $900,000 $225,000 $5,792 5.31%

    For 2023, First Equity Mortgage Incorporated's most frequently cited loan duration was 30 Year, with 1,065 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 819 $389,335,000 $475,379
    $1k-2k 349 $183,005,000 $524,370
    $5k+ 1 $395,000 $395,000

    First Equity Mortgage Incorporated's average total fees were $8,482, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 819 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 520 $252,610,000 $485,788
    6-7% 454 $225,790,000 $497,335
    7-8% 150 $72,820,000 $485,467
    4-5% 36 $16,810,000 $466,944
    Over 8% 8 $4,810,000 $601,250
    3-4% 1 $205,000 $205,000

    During 2023, First Equity Mortgage Incorporated's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 5-6%, with 520 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 427 $212,375,000 $497,365 $8,406 6.25%
    $600k-1MM 348 $246,700,000 $708,908 $10,802 6.25%
    $200k-400k 286 $88,960,000 $311,049 $6,321 6.21%
    $100k-200k 67 $10,335,000 $154,254 $4,195 6.15%
    $100,000 or less 31 $2,175,000 $70,161 $3,319 6.18%
    $1MM+ 11 $12,855,000 $1,168,636 $18,732 6.43%

    2023 saw First Equity Mortgage Incorporated place emphasis on $400k-600k loans with 427 originations, totaling $212,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 481 $250,425,000 $520,634 $8,768 6.22%
    $250k+ 321 $194,075,000 $604,595 $9,328 6.30%
    $100k-150k 263 $104,555,000 $397,548 $7,511 6.22%
    $75k-100k 52 $15,580,000 $299,615 $6,138 6.13%
    $50k-75k 46 $7,960,000 $173,043 $4,606 6.13%
    $50k or less 7 $805,000 $115,000 $4,047 5.86%

    First Equity Mortgage Incorporated lent most frequently to those with incomes in the $150k-250k range, with 481 originations. The second most popular income band? $250k+, with 321 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 221 $96,205,000 $435,317 $7,582 6.11%
    30-36% 207 $100,535,000 $485,676 $8,932 6.24%
    <20% 89 $28,725,000 $322,753 $6,277 6.11%
    49% 63 $36,705,000 $582,619 $10,798 6.23%
    48% 62 $33,420,000 $539,032 $9,704 6.38%
    44% 47 $25,705,000 $546,915 $7,514 6.17%
    43% 47 $25,585,000 $544,362 $7,569 6.33%
    42% 46 $24,210,000 $526,304 $8,413 6.13%
    39% 44 $23,810,000 $541,136 $8,440 6.28%
    45% 44 $24,280,000 $551,818 $7,762 6.43%
    47% 42 $19,600,000 $466,667 $9,924 6.28%
    38% 42 $22,340,000 $531,905 $9,060 6.36%
    41% 41 $20,495,000 $499,878 $9,392 6.30%
    46% 38 $18,250,000 $480,263 $6,642 6.47%
    36% 37 $18,835,000 $509,054 $7,706 6.34%
    40% 35 $16,855,000 $481,571 $6,837 6.12%
    50-60% 33 $20,135,000 $610,152 $10,324 6.32%
    37% 32 $17,710,000 $553,438 $8,519 6.21%

    First Equity Mortgage Incorporated lent most frequently to those with DTI ratios of 20-30%, with 221 originations. The next most common DTI ratio? 30-36%, with 207 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 695 $314,045,000 $451,863 $7,986 6.24%
    Asian 194 $106,770,000 $550,361 $7,724 6.29%
    Not provided 191 $98,775,000 $517,147 $9,145 6.20%
    Black 66 $38,780,000 $587,576 $10,752 6.10%
    Asian Indian 11 $6,675,000 $606,818 $8,438 6.16%
    American Indian 10 $6,460,000 $646,000 $10,358 6.39%
    Other Asian 2 $1,190,000 $595,000 $13,480 6.13%
    Native Hawaiian or Islander 1 $705,000 $705,000 $17,726 5.13%

    Approval Rates

    Total approvals of all applications
    88.19%

    First Equity Mortgage Incorporated has an average approval rate.

    Pick Rate

    Approvals leading to origination
    27.69%

    First Equity Mortgage Incorporated 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
    NA 1,170 $573,400,000 $490,085

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,170 $573,400,000 $490,085

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 131 $33,275,000 $254,008 $5,175 6.07%
    40-60% 173 $72,925,000 $421,532 $7,132 6.12%
    60-80% 361 $191,835,000 $531,399 $8,497 6.26%
    80-100% 451 $261,115,000 $578,969 $9,263 6.33%
    Over 100% 17 $10,895,000 $640,882 $27,176 5.69%
    Under 20% 37 $3,355,000 $90,676 $3,441 6.25%