First Federal Savings Bank Mortgage Rates, Fees & Info

Rochester, IN

LEI: 549300XUKQ6W1CY6QK47

Tax ID: 35-1116773

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

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

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Mortgage Data

Review & Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: South Bend, Warsaw, Plymouth, Elkhart, and Niles among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Savings Bank 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 Federal Savings Bank 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 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.

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
Home Equity Line of Credit (HELOC) 7.33% 10/29/24
30 Year Conventional Purchase 6.73% 10/29/24
30 Year Conventional Refi 6.67% 10/29/24
30 Year Cash-out Refi 6.78% 10/29/24
30 Year FHA Purchase 8.21% 10/29/24
30 Year USDA Purchase 8.07% 10/29/24
15 Year Conventional Purchase 6.43% 10/29/24
15 Year Conventional Refi 6.21% 10/29/24
15 Year Cash-out Refi 6.21% 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 Federal Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Federal Savings Bank. 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

833

Origination Dollar Volume (All Markets)

$146,645,000

Awards

First Federal Savings Bank 30 Year Conventional Loans silver First Federal Savings Bank 30 Year Conventional Loans bronze First Federal Savings Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

First Federal Savings Bank's average 30 year fixed mortgage rate was 7.36%.

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

This yields a difference of 0.88%.

Relative Fees (Closing Costs)

First Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,183.

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
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 213 $45,545,000 $213,826 $3,977 7.87%
Warsaw, IN (FHA|USDA|VA) 132 $25,270,000 $191,439 $3,597 7.80%
Outside of Metro Areas 133 $18,735,000 $140,865 $3,147 7.85%
Plymouth, IN (FHA|USDA|VA) 150 $18,520,000 $123,467 $2,860 7.99%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 112 $16,470,000 $147,054 $3,200 8.08%
NILES, MI (FHA|USDA|VA) 14 $5,400,000 $385,714 $5,458 7.66%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $2,425,000 $220,455 $3,594 8.15%
Peru, IN (FHA|USDA|VA) 12 $2,120,000 $176,667 $3,649 7.85%
FORT WAYNE, IN (FHA|USDA|VA) 12 $1,810,000 $150,833 $3,146 7.56%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 6 $1,570,000 $261,667 $5,168 7.42%
Wabash, IN (FHA|USDA|VA) 7 $725,000 $103,571 $2,941 7.52%
Sturgis, MI (FHA|USDA|VA) 1 $725,000 $725,000 $9,120 7.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $705,000 $705,000 $7,435 5.75%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $655,000 $655,000 $4,555 6.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $615,000 $615,000 $7,307 8.38%
Angola, IN (FHA|USDA|VA) 2 $540,000 $270,000 $3,093 7.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $530,000 $265,000 $4,573 6.81%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $510,000 $255,000 $4,067 6.81%
Pontiac, IL (FHA|USDA|VA) 1 $395,000 $395,000 $3,118 7.13%
Logansport, IN (FHA|USDA|VA) 3 $385,000 $128,333 $2,987 7.42%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $385,000 $385,000 $2,816 7.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,120 6.50%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $350,000 $175,000 $3,179 7.75%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,198 8.50%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $320,000 $160,000 $2,763 8.38%
Auburn, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,785 6.88%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $225,000 $225,000 $6,015 7.25%
ASHEVILLE, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,630 7.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,960 7.88%
Kendallville, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 9.25%
AKRON, OH (FHA|USDA|VA) 1 $125,000 $125,000 $3,825 7.00%
Marion, IN (FHA|USDA|VA) 2 $110,000 $55,000 $800 8.56%
Richmond, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,301 6.63%
KOKOMO, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%
First Federal Savings Bank's top markets include South Bend, Warsaw, Plymouth, Elkhart, and Niles among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    First Savings Bank of Hegewisch
    Similarity Rank: 46
    First State Bank of Middlebury
    Similarity Rank: 99
    Crossroads Bank
    Similarity Rank: 153
    ProFed Federal Credit Union
    Similarity Rank: 190
    Liberty Bank for Savings
    Similarity Rank: 279
    Circle Federal Credit Union
    Similarity Rank: 328
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 400
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 616 $132,560,000 $215,195 $3,484 7.42%
    HELOC 217 $14,085,000 $64,908 n/a 9.18%

    For 2023, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 616 originations. Their 2nd most popular type was HELOC, with 217 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 459 $114,505,000 $249,466 $3,824 7.34%
    Other 114 $7,640,000 $67,018 $2,110 8.58%
    Home Improvement 110 $7,630,000 $69,364 $1,403 9.06%
    Cash Out Refi 83 $11,865,000 $142,952 $3,136 7.54%
    Refi 67 $5,005,000 $74,701 $2,246 8.85%

    For 2023, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 459 originations. The 2nd most popular reason was Other, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 406 $80,170,000 $197,463 $3,183 7.36%
    20 Year 243 $17,325,000 $71,296 $3,225 9.03%
    30+ year 74 $37,070,000 $500,946 $6,986 7.11%
    15 Year 65 $6,615,000 $101,769 $2,533 7.39%
    10 Year 31 $1,365,000 $44,032 $1,070 8.42%
    Other 13 $4,035,000 $310,385 $4,985 8.30%
    1 Year 1 $65,000 $65,000 $0 8.75%

    For 2023, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 406 originations. The 2nd most popular length was 20 Year, with 243 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 315 $57,055,000 $181,127
    $2k-3k 104 $17,520,000 $168,462
    $3k-4k 69 $20,415,000 $295,870
    $<1k 51 $2,765,000 $54,216
    $4k-5k 35 $16,235,000 $463,857
    $5k+ 16 $13,100,000 $818,750

    First Federal Savings Bank's average total fees were $3,183, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 315 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 323 $70,915,000 $219,551
    Over 8% 308 $27,300,000 $88,636
    6-7% 194 $46,620,000 $240,309
    5-6% 8 $1,810,000 $226,250

    During 2023, First Federal Savings Bank's average interest rate for loans was 7.36%, while their most frequently originated rate bucket for loans was 7-8%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 337 $17,825,000 $52,893 $2,244 8.49%
    $100k-200k 241 $34,295,000 $142,303 $2,940 7.59%
    $200k-400k 191 $51,755,000 $270,969 $3,975 7.38%
    $400k-600k 34 $16,340,000 $480,588 $5,994 7.28%
    $600k-1MM 24 $16,480,000 $686,667 $6,851 7.19%
    $1MM+ 6 $9,950,000 $1,658,333 $13,666 7.50%

    2023 saw First Federal Savings Bank place emphasis on $100,000 or less loans with 337 originations, totaling $17,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 198 $34,040,000 $171,919 $3,605 8.01%
    $50k-75k 196 $22,230,000 $113,418 $2,948 7.76%
    $50k or less 137 $11,885,000 $86,752 $2,610 7.73%
    $75k-100k 123 $16,935,000 $137,683 $3,362 7.98%
    $150k-250k 101 $28,435,000 $281,535 $4,380 7.81%
    $250k+ 51 $27,515,000 $539,510 $6,047 7.82%

    First Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 198 originations. The second most popular income band? $50k-75k, with 196 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $30,500,000 $143,868 $3,212 7.89%
    30-36% 159 $27,715,000 $174,308 $3,363 7.83%
    <20% 72 $10,840,000 $150,556 $3,263 7.88%
    39% 51 $6,975,000 $136,765 $3,866 8.32%
    41% 51 $10,065,000 $197,353 $3,888 7.80%
    40% 42 $7,010,000 $166,905 $3,272 7.88%
    38% 37 $8,515,000 $230,135 $4,287 7.87%
    37% 34 $5,940,000 $174,706 $2,837 7.97%
    42% 30 $7,730,000 $257,667 $4,229 7.46%
    36% 28 $3,190,000 $113,929 $2,644 8.42%
    43% 18 $4,440,000 $246,667 $3,524 7.43%
    44% 16 $3,440,000 $215,000 $3,585 7.50%
    49% 12 $4,500,000 $375,000 $4,962 7.61%
    46% 11 $2,745,000 $249,545 $3,765 7.40%
    48% 11 $2,475,000 $225,000 $4,528 7.25%
    45% 10 $1,720,000 $172,000 $3,169 7.75%
    47% 10 $3,100,000 $310,000 $3,998 7.35%
    >60% 1 $35,000 $35,000 $1,150 9.38%

    First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 159 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 773 $131,555,000 $170,188 $3,448 7.87%
    Asian 13 $6,145,000 $472,692 $5,016 7.48%
    Not applicable 27 $5,605,000 $207,593 $0 8.48%
    Black 9 $1,815,000 $201,667 $3,929 7.56%
    Not provided 9 $1,365,000 $151,667 $3,371 7.96%
    American Indian 2 $160,000 $80,000 $3,205 8.38%

    Approval Rates

    Total approvals of all applications
    91.04%

    First Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.68%

    First Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 833 $146,645,000 $176,044

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    833 $146,645,000 $176,044

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 121 $9,725,000 $80,372 $2,464 8.43%
    40-60% 89 $16,455,000 $184,888 $3,802 7.64%
    60-80% 211 $57,655,000 $273,246 $4,187 7.40%
    80-100% 237 $54,985,000 $232,004 $3,452 7.34%
    Under 20% 175 $7,825,000 $44,714 $1,371 8.94%