First Equity Mortgage Incorporated Rates, Fees & InfoCINCINNATI, OH
Tax ID: 31-1060110
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFirst Equity Mortgage Incorporated is a smaller mortgage company specializing in 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cincinnati, Washington, Dallas, Nashville, and Cleveland among others. We have data for 13 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 an average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.43%||3/19/23|
|30 Year Conventional Refi||6.10%||3/19/23|
|30 Year FHA Purchase||7.11%||3/19/23|
|30 Year FHA Refi||6.27%||3/19/23|
|30 Year VA Purchase||6.26%||3/19/23|
|30 Year USDA Purchase||6.33%||3/19/23|
|15 Year Conventional Purchase||5.79%||3/19/23|
|15 Year VA Purchase||5.68%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$648,910,000
First Equity Mortgage Incorporated's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
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 $5,963.
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 $4,750.
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|
|CINCINNATI, OH-KY-IN (FHA|USDA|VA)||447||$158,355,000||$354,262||$4,978||2.92%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||171||$99,525,000||$582,018||$7,210||2.85%|
|Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA)||189||$87,615,000||$463,571||$6,444||2.85%|
|NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA)||104||$56,830,000||$546,442||$5,473||2.88%|
|CLEVELAND-ELYRIA, OH (FHA|USDA|VA)||137||$53,575,000||$391,058||$5,373||2.95%|
|JACKSONVILLE, FL (FHA|USDA|VA)||110||$47,210,000||$429,182||$6,666||2.79%|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||122||$46,480,000||$380,984||$4,323||2.96%|
|AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA)||74||$35,790,000||$483,649||$7,404||2.76%|
|HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA)||60||$24,570,000||$409,500||$6,601||2.84%|
|RALEIGH-CARY, NC (FHA|USDA|VA)||47||$23,945,000||$509,468||$5,497||2.90%|
|DURHAM-CHAPEL HILL, NC (FHA|USDA|VA)||16||$8,250,000||$515,625||$4,190||2.96%|
|AKRON, OH (FHA|USDA|VA)||16||$6,450,000||$403,125||$6,174||2.98%|
|LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA)||1||$315,000||$315,000||$1,918||2.99%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, First Equity Mortgage Incorporated's most frequently originated type of loan was Conventional, with 1,277 originations. Their 2nd most popular type was VA, with 179 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, First Equity Mortgage Incorporated's most frequently cited loan purpose was Home Purchase, with 1,493 originations. The 2nd most popular reason was Refi, with 1 originations.
For 2021, First Equity Mortgage Incorporated's most frequently cited loan duration was 30 Year, with 1,321 originations. The 2nd most popular length was 15 Year, with 138 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
First Equity Mortgage Incorporated's average total fees were $5,963, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,185 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, First Equity Mortgage Incorporated's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 856 originations.
2021 saw First Equity Mortgage Incorporated place emphasis on $400k-600k loans with 694 originations, totaling $340,700,000 in origination value.
First Equity Mortgage Incorporated lent most frequently to those with incomes in the $150k-250k range, with 531 originations. The second most popular income band? $100k-150k, with 488 originations.
Applicant Debt to Income Ratio
First Equity Mortgage Incorporated lent most frequently to those with DTI ratios of 20-30%, with 414 originations. The next most common DTI ratio? 30-36%, with 307 originations.
Approval RatesTotal approvals of all applications
First Equity Mortgage Incorporated has an average approval rate.
Pick RateApprovals leading to origination
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|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|First Equity Mortgage Bankers, Inc.||VA mortgage||Trouble during payment process||1||20.0%|
|First Equity Mortgage Bankers, Inc.||FHA mortgage||Closing on a mortgage||1||20.0%|
|First Equity Mortgage Bankers, Inc.||Conventional home mortgage||Struggling to pay mortgage||1||20.0%|
|First Equity Mortgage Bankers, Inc.||Conventional home mortgage||Closing on a mortgage||2||40.0%|