First Equity Mortgage Incorporated Rates, Fees & Info

CINCINNATI, OH

LEI: 549300X8AUU3UC1ULZ79

Tax ID: 31-1060110

5 stars - Updated: 2/26/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cincinnati, Dallas, Washington, Cleveland, and Jacksonville among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Equity Mortgage Incorporated 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 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.

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 6.54% 2/26/24
30 Year FHA Purchase 7.23% 2/26/24
30 Year VA Purchase 6.27% 2/26/24
30 Year USDA Purchase 6.98% 2/26/24
15 Year Conventional Purchase 5.83% 2/26/24
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

1,280

Origination Dollar Volume (All Markets)

$623,520,000
Show all (9) awards

Relative Rate

First Equity Mortgage Incorporated's average 30 year fixed mortgage rate was 4.46%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.3%.

Relative Fees (Closing Costs)

First Equity Mortgage Incorporated's average total fees/closing costs for a 30 year fixed rate mortgage were $7,357.

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.

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
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 311 $116,095,000 $373,296 $5,476 4.40%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 213 $112,375,000 $527,582 $7,769 4.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 119 $77,345,000 $649,958 $9,246 4.16%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 122 $54,280,000 $444,918 $6,597 4.57%
JACKSONVILLE, FL (FHA|USDA|VA) 127 $52,685,000 $414,843 $6,678 4.41%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 70 $47,110,000 $673,000 $8,092 4.40%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 71 $46,715,000 $657,958 $9,392 4.30%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 104 $45,250,000 $435,096 $5,939 4.46%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 76 $35,830,000 $471,447 $9,278 4.39%
RALEIGH-CARY, NC (FHA|USDA|VA) 53 $27,545,000 $519,717 $6,317 4.49%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 9 $5,195,000 $577,222 $6,673 4.47%
AKRON, OH (FHA|USDA|VA) 2 $1,360,000 $680,000 $9,983 3.81%
Lewisburg, TN (FHA|USDA|VA) 1 $945,000 $945,000 $10,819 5.63%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $505,000 $505,000 $4,944 4.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $285,000 $285,000 $4,374 4.25%
First Equity Mortgage Incorporated's top markets include Cincinnati, Dallas, Washington, Cleveland, and Jacksonville among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Florida (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,112 $525,080,000 $472,194 $6,511 4.41%
    VA 140 $86,320,000 $616,571 $10,948 4.12%
    FHA 26 $11,410,000 $438,846 $11,932 4.16%
    USDA 2 $710,000 $355,000 $9,958 3.31%

    For 2022, First Equity Mortgage Incorporated's most frequently originated type of loan was Conventional, with 1,112 originations. Their 2nd most popular type was VA, with 140 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,280 $623,520,000 $487,125 $7,112 4.37%

    For 2022, First Equity Mortgage Incorporated's most frequently cited loan purpose was Home Purchase, with 1,280 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,149 $578,535,000 $503,512 $7,357 4.46%
    15 Year 110 $37,370,000 $339,727 $5,044 3.52%
    20 Year 16 $6,850,000 $428,125 $4,636 4.39%
    10 Year 5 $765,000 $153,000 $4,330 3.98%

    For 2022, First Equity Mortgage Incorporated's most frequently cited loan duration was 30 Year, with 1,149 originations. The 2nd most popular length was 15 Year, with 110 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 993 $468,425,000 $471,727
    $1k-2k 281 $152,165,000 $541,512
    $2k-3k 1 $395,000 $395,000
    $5k+ 1 $785,000 $785,000

    First Equity Mortgage Incorporated's average total fees were $7,357, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 993 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 475 $233,315,000 $491,189
    4-5% 324 $160,610,000 $495,710
    5-6% 318 $156,100,000 $490,881
    2.5-3% 93 $42,305,000 $454,892
    6-7% 47 $21,755,000 $462,872
    <2.5% 16 $5,830,000 $364,375
    7-8% 7 $3,605,000 $515,000

    During 2022, First Equity Mortgage Incorporated's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 3-4%, with 475 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 510 $256,380,000 $502,706 $7,081 4.36%
    $200k-400k 358 $113,120,000 $315,978 $5,282 4.36%
    $600k-1MM 305 $216,935,000 $711,262 $9,828 4.46%
    $100k-200k 76 $11,990,000 $157,763 $3,402 4.22%
    $1MM+ 20 $24,270,000 $1,213,500 $15,835 4.20%
    $100,000 or less 11 $825,000 $75,000 $2,399 4.15%

    2022 saw First Equity Mortgage Incorporated place emphasis on $400k-600k loans with 510 originations, totaling $256,380,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 519 $273,655,000 $527,274 $7,248 4.36%
    $100k-150k 334 $142,100,000 $425,449 $6,498 4.35%
    $250k+ 248 $155,430,000 $626,734 $9,087 4.47%
    $75k-100k 108 $36,900,000 $341,667 $5,904 4.27%
    $50k-75k 56 $13,340,000 $238,214 $4,111 4.30%
    $50k or less 15 $2,095,000 $139,667 $3,132 4.87%

    First Equity Mortgage Incorporated lent most frequently to those with incomes in the $150k-250k range, with 519 originations. The second most popular income band? $100k-150k, with 334 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 266 $115,730,000 $435,075 $5,738 4.16%
    30-36% 243 $122,915,000 $505,823 $7,321 4.18%
    <20% 91 $36,405,000 $400,055 $6,036 4.44%
    41% 62 $33,150,000 $534,677 $8,251 4.52%
    42% 57 $27,065,000 $474,825 $6,951 4.28%
    43% 54 $27,490,000 $509,074 $7,261 4.95%
    44% 53 $29,485,000 $556,321 $7,534 4.41%
    40% 53 $27,185,000 $512,925 $7,110 4.64%
    49% 52 $26,010,000 $500,192 $7,388 4.56%
    39% 48 $26,240,000 $546,667 $7,295 4.39%
    45% 45 $20,625,000 $458,333 $7,473 4.53%
    48% 44 $22,680,000 $515,455 $8,311 4.91%
    38% 43 $25,885,000 $601,977 $9,516 4.66%
    36% 40 $20,440,000 $511,000 $8,220 4.29%
    37% 34 $16,410,000 $482,647 $6,523 4.04%
    50-60% 33 $15,245,000 $461,970 $9,192 4.59%
    47% 32 $16,240,000 $507,500 $8,165 4.54%
    46% 30 $14,320,000 $477,333 $7,110 4.24%

    First Equity Mortgage Incorporated lent most frequently to those with DTI ratios of 20-30%, with 266 originations. The next most common DTI ratio? 30-36%, with 243 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 742 $343,560,000 $463,019 $6,748 4.39%
    Not provided 219 $110,965,000 $506,689 $7,667 4.37%
    Black 132 $73,600,000 $557,576 $8,549 4.47%
    Asian 137 $68,715,000 $501,569 $6,940 4.25%
    Asian Indian 33 $18,285,000 $554,091 $6,257 4.24%
    American Indian 8 $4,420,000 $552,500 $10,281 4.83%
    Other Asian 5 $2,755,000 $551,000 $7,009 4.08%
    Native Hawaiian or Islander 2 $620,000 $310,000 $3,869 4.06%
    Filipino 1 $325,000 $325,000 $3,161 3.25%
    Chinese 1 $275,000 $275,000 $3,623 3.99%

    Approval Rates

    Total approvals of all applications
    91.44%

    First Equity Mortgage Incorporated has an average approval rate.

    Pick Rate

    Approvals leading to origination
    -0.39%

    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 1,280 $623,520,000 $487,125

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,280 $623,520,000 $487,125

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 97 $21,485,000 $221,495 $4,158 4.24%
    40-60% 177 $68,075,000 $384,605 $5,842 4.26%
    60-80% 432 $223,680,000 $517,778 $7,199 4.43%
    80-100% 545 $300,195,000 $550,817 $7,597 4.38%
    Over 100% 14 $8,670,000 $619,286 $26,308 4.47%
    Under 20% 15 $1,415,000 $94,333 $3,154 4.68%

    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%