1st Priority Mortgage Rates, Fees & Info

WILLIAMSVILLE, NY

LEI: 549300ZGZ9WQMJLEPH17

Tax ID: 16-1264933

5 stars - Updated: 12/16/24 - out of 5 stars, based on 35 reviews

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

Jump to:

  • 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

    1st Priority Mortgage is a smaller mortgage company specializing in Home Purchase loans. 1st Priority Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Buffalo, Rochester, Syracuse, Binghamton, and Albany among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    1st Priority Mortgage 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. 1st Priority Mortgage 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 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
    30 Year Conventional Purchase 6.60% 12/16/24
    30 Year Conventional Refi 6.36% 12/16/24
    30 Year Cash-out Refi 6.70% 12/16/24
    30 Year FHA Purchase 7.52% 12/16/24
    30 Year VA Purchase 6.39% 12/16/24
    30 Year USDA Purchase 6.83% 12/16/24
    15 Year Conventional Purchase 6.08% 12/16/24
    15 Year Conventional Refi 5.91% 12/16/24
    15 Year Cash-out Refi 5.91% 12/16/24
    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.

    1st Priority Mortgage Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from 1st Priority Mortgage. 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

    1,229

    Origination Dollar Volume (All Markets)

    $260,975,000
    Show all (6) awards

    Relative Rate

    1st Priority Mortgage's average 30 year fixed mortgage rate was 6.65%.

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

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    1st Priority Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $5,264.

    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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 481 $109,325,000 $227,287 $5,300 6.70%
    ROCHESTER, NY (FHA|USDA|VA) 265 $55,425,000 $209,151 $4,827 6.60%
    SYRACUSE, NY (FHA|USDA|VA) 116 $23,400,000 $201,724 $5,152 6.68%
    BINGHAMTON, NY (FHA|USDA|VA) 114 $20,660,000 $181,228 $5,288 6.61%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 59 $14,805,000 $250,932 $6,727 6.63%
    ITHACA, NY (FHA|USDA|VA) 33 $9,675,000 $293,182 $5,153 6.49%
    Outside of Metro Areas 38 $5,890,000 $155,000 $5,247 6.57%
    Corning, NY (FHA|USDA|VA) 25 $3,715,000 $148,600 $5,032 6.47%
    Batavia, NY (FHA|USDA|VA) 14 $2,740,000 $195,714 $5,037 6.59%
    Olean, NY (FHA|USDA|VA) 16 $2,240,000 $140,000 $5,477 6.47%
    UTICA-ROME, NY (FHA|USDA|VA) 12 $1,920,000 $160,000 $5,207 6.52%
    ELMIRA, NY (FHA|USDA|VA) 12 $1,910,000 $159,167 $5,459 6.54%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 7 $1,385,000 $197,857 $5,729 6.38%
    Cortland, NY (FHA|USDA|VA) 6 $1,270,000 $211,667 $7,602 6.69%
    GLENS FALLS, NY (FHA|USDA|VA) 5 $1,255,000 $251,000 $6,482 6.35%
    Gloversville, NY (FHA|USDA|VA) 6 $1,240,000 $206,667 $6,798 6.54%
    Auburn, NY (FHA|USDA|VA) 5 $1,005,000 $201,000 $4,362 6.35%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $930,000 $465,000 $6,721 7.25%
    Oneonta, NY (FHA|USDA|VA) 5 $915,000 $183,000 $6,320 7.05%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 3 $455,000 $151,667 $6,802 6.75%
    Malone, NY (FHA|USDA|VA) 1 $315,000 $315,000 $4,570 6.38%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 2 $310,000 $155,000 $7,869 6.31%
    Seneca Falls, NY (FHA|USDA|VA) 2 $190,000 $95,000 $5,543 6.69%
    1st Priority Mortgage's top markets include Buffalo, Rochester, Syracuse, Binghamton, and Albany among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against 1ST PRIORITY MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Gouverneur Savings and Loan Association
    Similarity Rank: 9
    Watertown Savings Bank
    Similarity Rank: 12
    NIAGARA'S CHOICE
    Similarity Rank: 22
    CFCU Community Credit Union
    Similarity Rank: 30
    Bank of Richmondville
    Similarity Rank: 32
    Pittsford Federal Credit Union
    Similarity Rank: 34
    SECNY Federal Credit Union
    Similarity Rank: 36
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 45
    Alternatives Federal Credit Union
    Similarity Rank: 49
    Saratoga National Bank and Trust Company
    Similarity Rank: 54

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,045 $224,185,000 $214,531 $4,812 6.65%
    FHA 146 $27,880,000 $190,959 $8,027 6.60%
    VA 33 $8,215,000 $248,939 $7,762 6.52%
    USDA 5 $695,000 $139,000 $5,724 6.25%

    For 2023, 1st Priority Mortgage's most frequently originated type of loan was Conventional, with 1,045 originations. Their 2nd most popular type was FHA, with 146 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,209 $257,595,000 $213,065 $5,269 6.64%
    Cash Out Refi 10 $1,990,000 $199,000 $5,831 6.98%
    Other 5 $545,000 $109,000 $5,595 6.50%
    Refi 5 $845,000 $169,000 $5,706 6.65%

    For 2023, 1st Priority Mortgage's most frequently cited loan purpose was Home Purchase, with 1,209 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,205 $254,965,000 $211,589 $5,264 6.65%
    15 Year 23 $5,685,000 $247,174 $6,007 6.10%
    20 Year 1 $325,000 $325,000 $3,916 6.13%

    For 2023, 1st Priority Mortgage's most frequently cited loan duration was 30 Year, with 1,205 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 561 $117,705,000 $209,813
    $2k-3k 336 $68,890,000 $205,030
    $3k-4k 129 $28,685,000 $222,364
    $<1k 77 $12,055,000 $156,558
    $4k-5k 65 $15,015,000 $231,000
    $5k+ 61 $18,625,000 $305,328

    1st Priority Mortgage's average total fees were $5,264, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 561 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 833 $179,795,000 $215,840
    7-8% 239 $52,085,000 $217,929
    5-6% 153 $27,905,000 $182,386
    Over 8% 3 $785,000 $261,667
    4-5% 1 $405,000 $405,000

    During 2023, 1st Priority Mortgage's average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was 6-7%, with 833 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 583 $90,145,000 $154,623 $4,793 6.60%
    $200k-400k 500 $133,320,000 $266,640 $5,787 6.68%
    $100,000 or less 83 $6,615,000 $79,699 $4,260 6.62%
    $400k-600k 55 $25,545,000 $464,455 $7,060 6.70%
    $600k-1MM 8 $5,350,000 $668,750 $6,864 6.78%

    2023 saw 1st Priority Mortgage place emphasis on $100k-200k loans with 583 originations, totaling $90,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 356 $57,410,000 $161,264 $4,855 6.59%
    $100k-150k 312 $76,240,000 $244,359 $5,558 6.70%
    $75k-100k 240 $49,170,000 $204,875 $5,544 6.67%
    $150k-250k 159 $49,365,000 $310,472 $5,768 6.74%
    $50k or less 126 $15,430,000 $122,460 $4,498 6.44%
    $250k+ 36 $13,360,000 $371,111 $5,778 6.60%

    1st Priority Mortgage lent most frequently to those with incomes in the $50k-75k range, with 356 originations. The second most popular income band? $100k-150k, with 312 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 241 $49,655,000 $206,037 $5,148 6.63%
    20-30% 219 $46,545,000 $212,534 $4,874 6.63%
    39% 61 $12,455,000 $204,180 $5,183 6.72%
    44% 60 $13,190,000 $219,833 $5,125 6.69%
    37% 58 $12,170,000 $209,828 $4,999 6.61%
    46% 55 $13,465,000 $244,818 $5,648 6.61%
    41% 53 $10,565,000 $199,340 $5,338 6.64%
    50-60% 52 $11,430,000 $219,808 $7,920 6.65%
    43% 51 $10,505,000 $205,980 $5,511 6.59%
    40% 49 $10,325,000 $210,714 $4,846 6.61%
    49% 46 $11,210,000 $243,696 $6,349 6.63%
    48% 46 $10,110,000 $219,783 $5,289 6.69%
    42% 44 $9,070,000 $206,136 $5,278 6.71%
    <20% 44 $9,840,000 $223,636 $4,811 6.49%
    38% 43 $8,685,000 $201,977 $5,017 6.61%
    45% 39 $8,135,000 $208,590 $5,048 6.78%
    47% 35 $6,845,000 $195,571 $5,224 6.68%
    36% 33 $6,775,000 $205,303 $4,987 6.66%

    1st Priority Mortgage lent most frequently to those with DTI ratios of 30-36%, with 241 originations. The next most common DTI ratio? 20-30%, with 219 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 980 $204,780,000 $208,959 $5,295 6.64%
    Not provided 152 $35,650,000 $234,539 $5,287 6.66%
    Asian 49 $11,275,000 $230,102 $4,686 6.55%
    Black 41 $7,665,000 $186,951 $5,330 6.69%
    American Indian 7 $1,605,000 $229,286 $6,233 6.80%

    Approval Rates

    Total approvals of all applications
    95.15%

    1st Priority Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.36%

    1st Priority Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,229 $260,975,000 $212,347

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,229 $260,975,000 $212,347

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $4,745,000 $135,571 $4,406 6.55%
    40-60% 71 $12,465,000 $175,563 $4,591 6.48%
    60-80% 324 $70,380,000 $217,222 $5,192 6.67%
    80-100% 789 $171,065,000 $216,812 $5,346 6.65%
    Over 100% 9 $2,165,000 $240,556 $11,218 6.35%
    Under 20% 1 $155,000 $155,000 $3,247 6.25%