First Equity Mortgage Incorporated Rates, Fees & Info

CINCINNATI, OH

LEI: 549300X8AUU3UC1ULZ79

Tax ID: 31-1060110

4.4 stars - out of 5 stars, based on 39 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 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.

    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 6.43% 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.


    Originations

    1,494

    Origination Dollar Volume (All Markets)

    $648,910,000
    Show all (9) awards

    Relative Rate

    First Equity Mortgage Incorporated's average 30 year fixed mortgage rate was 2.94%.

    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.

    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) 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%
    First Equity Mortgage Incorporated's top markets include Cincinnati, Washington, Dallas, Nashville, and Cleveland among others.

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

    The North Side Bank & Trust Company
    Similarity Rank: 246
    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    CINFED Federal Credit Union
    Similarity Rank: 288
    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    AMOCO
    Similarity Rank: 405
    Sharefax Credit Union
    Similarity Rank: 505
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    Independent Federal Credit Union
    Similarity Rank: 560
    United Heritage Credit Union
    Similarity Rank: 636

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,277 $535,655,000 $419,464 $5,053 2.93%
    VA 179 $97,675,000 $545,670 $9,745 2.63%
    FHA 36 $14,900,000 $413,889 $11,166 2.72%
    USDA 2 $680,000 $340,000 $6,678 2.81%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,493 $648,365,000 $434,270 $5,766 2.89%
    Refi 1 $545,000 $545,000 $2,859 2.75%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,321 $597,375,000 $452,214 $5,963 2.94%
    15 Year 138 $41,290,000 $299,203 $4,386 2.42%
    20 Year 29 $9,395,000 $323,966 $3,853 2.76%
    10 Year 6 $850,000 $141,667 $3,015 2.50%

    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
    $<1k 1,185 $506,185,000 $427,160
    $1k-2k 308 $142,220,000 $461,753
    $3k-4k 1 $505,000 $505,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 856 $375,710,000 $438,914
    3-4% 420 $184,880,000 $440,190
    <2.5% 218 $88,320,000 $405,138

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 694 $340,700,000 $490,922 $6,093 2.91%
    $200k-400k 537 $170,165,000 $316,881 $4,799 2.90%
    $600k-1MM 159 $114,545,000 $720,409 $8,990 2.83%
    $100k-200k 78 $12,200,000 $156,410 $3,294 2.71%
    $100,000 or less 18 $1,380,000 $76,667 $2,636 2.72%
    $1MM+ 8 $9,920,000 $1,240,000 $9,096 2.92%

    2021 saw First Equity Mortgage Incorporated place emphasis on $400k-600k loans with 694 originations, totaling $340,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 531 $256,175,000 $482,439 $6,102 2.86%
    $100k-150k 488 $197,570,000 $404,857 $5,748 2.90%
    $250k+ 191 $107,695,000 $563,848 $6,216 2.89%
    $75k-100k 179 $61,135,000 $341,536 $5,128 2.90%
    $50k-75k 92 $24,270,000 $263,804 $4,627 2.91%
    $50k or less 13 $2,065,000 $158,846 $2,777 2.93%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 414 $175,740,000 $424,493 $5,282 2.85%
    30-36% 307 $135,885,000 $442,622 $5,781 2.90%
    <20% 137 $50,895,000 $371,496 $4,479 2.82%
    44% 67 $30,035,000 $448,284 $6,784 3.00%
    41% 65 $31,075,000 $478,077 $7,302 2.88%
    40% 61 $29,065,000 $476,475 $6,764 2.89%
    43% 50 $24,110,000 $482,200 $6,658 2.96%
    36% 49 $23,575,000 $481,122 $6,480 2.93%
    42% 47 $21,245,000 $452,021 $5,744 2.89%
    38% 45 $20,575,000 $457,222 $5,545 2.90%
    39% 45 $17,585,000 $390,778 $5,329 2.90%
    37% 41 $18,665,000 $455,244 $6,062 2.90%
    48% 36 $15,210,000 $422,500 $5,919 2.94%
    49% 36 $13,520,000 $375,556 $5,593 2.83%
    45% 35 $15,665,000 $447,571 $6,439 2.89%
    46% 26 $11,690,000 $449,615 $6,821 2.87%
    47% 22 $9,370,000 $425,909 $6,713 2.96%
    50-60% 11 $5,005,000 $455,000 $6,570 2.94%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 951 $397,395,000 $417,871 $5,508 2.91%
    Not provided 230 $102,180,000 $444,261 $5,952 2.84%
    Asian 148 $67,400,000 $455,405 $5,993 2.84%
    Black 120 $60,740,000 $506,167 $7,179 2.85%
    Asian Indian 39 $18,215,000 $467,051 $5,738 2.87%
    American Indian 5 $2,475,000 $495,000 $5,739 2.85%
    Other Asian 1 $505,000 $505,000 $3,565 2.88%

    Approval Rates

    Total approvals of all applications
    89.96%

    First Equity Mortgage Incorporated has an average approval rate.

    Pick Rate

    Approvals leading to origination
    31.99%

    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 1,494 $648,910,000 $434,344

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,494 $648,910,000 $434,344

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 84 $15,530,000 $184,881 $3,538 2.72%
    40-60% 153 $53,325,000 $348,529 $4,799 2.76%
    60-80% 528 $238,470,000 $451,648 $5,397 2.92%
    80-100% 687 $325,605,000 $473,952 $5,997 2.92%
    Over 100% 27 $14,665,000 $543,148 $21,060 2.70%
    Under 20% 15 $1,315,000 $87,667 $2,840 2.68%

    Complaints

    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%