1st Priority Mortgage Rates, Fees & Info

WILLIAMSVILLE, NY

LEI: 549300ZGZ9WQMJLEPH17

Tax ID: 16-1264933

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    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, Albany, and Binghamton among others. We have data for 25 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 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 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 6.60% 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

    2,801

    Origination Dollar Volume (All Markets)

    $522,095,000
    Show all (7) awards

    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) 1,106 $203,520,000 $184,014 $4,003 3.22%
    ROCHESTER, NY (FHA|USDA|VA) 819 $154,815,000 $189,029 $3,902 3.17%
    SYRACUSE, NY (FHA|USDA|VA) 215 $43,595,000 $202,767 $3,755 3.18%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 112 $26,780,000 $239,107 $4,817 3.20%
    BINGHAMTON, NY (FHA|USDA|VA) 106 $15,670,000 $147,830 $4,213 3.21%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 100 $15,390,000 $153,900 $4,721 3.29%
    ITHACA, NY (FHA|USDA|VA) 51 $13,185,000 $258,529 $4,488 3.12%
    UTICA-ROME, NY (FHA|USDA|VA) 66 $11,910,000 $180,455 $4,295 3.17%
    Outside of Metro Areas 47 $6,205,000 $132,021 $4,181 3.26%
    Batavia, NY (FHA|USDA|VA) 37 $5,915,000 $159,865 $4,473 3.32%
    Olean, NY (FHA|USDA|VA) 27 $4,825,000 $178,704 $4,292 3.32%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 26 $3,910,000 $150,385 $3,583 3.26%
    Corning, NY (FHA|USDA|VA) 19 $2,545,000 $133,947 $3,819 3.23%
    Gloversville, NY (FHA|USDA|VA) 15 $2,445,000 $163,000 $4,362 3.25%
    GLENS FALLS, NY (FHA|USDA|VA) 9 $2,205,000 $245,000 $4,607 3.07%
    Cortland, NY (FHA|USDA|VA) 12 $1,720,000 $143,333 $5,182 3.46%
    Auburn, NY (FHA|USDA|VA) 8 $1,460,000 $182,500 $3,677 3.33%
    Hudson, NY (FHA|USDA|VA) 3 $1,295,000 $431,667 $9,022 3.32%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $1,130,000 $565,000 $8,576 3.44%
    Seneca Falls, NY (FHA|USDA|VA) 7 $1,075,000 $153,571 $4,619 3.59%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $790,000 $395,000 $4,169 3.38%
    Oneonta, NY (FHA|USDA|VA) 4 $690,000 $172,500 $4,568 3.03%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 4 $550,000 $137,500 $4,418 3.44%
    ELMIRA, NY (FHA|USDA|VA) 3 $355,000 $118,333 $2,235 3.33%
    Malone, NY (FHA|USDA|VA) 1 $115,000 $115,000 $3,065 3.25%
    1st Priority Mortgage's top markets include Buffalo, Rochester, Syracuse, Albany, and Binghamton 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.

    Watertown Savings Bank
    Similarity Rank: 6
    Alternatives Federal Credit Union
    Similarity Rank: 55
    FIRST NEW YORK
    Similarity Rank: 56
    Pittsford Federal Credit Union
    Similarity Rank: 70
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 108
    ONTARIO SHORES
    Similarity Rank: 111
    GHS Federal Credit Union
    Similarity Rank: 112
    Bank of Akron
    Similarity Rank: 114
    RIVERSIDE
    Similarity Rank: 128
    SECNY Federal Credit Union
    Similarity Rank: 165

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,204 $425,560,000 $193,085 $3,648 3.17%
    FHA 405 $59,715,000 $147,444 $5,935 3.37%
    VA 149 $31,125,000 $208,893 $4,851 3.31%
    USDA 43 $5,695,000 $132,442 $4,822 3.31%

    For 2020, 1st Priority Mortgage's most frequently originated type of loan was Conventional, with 2,204 originations. Their 2nd most popular type was FHA, with 405 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,317 $426,075,000 $183,891 $4,187 3.23%
    Refi 379 $76,885,000 $202,863 $3,242 3.02%
    Cash Out Refi 105 $19,135,000 $182,238 $4,224 3.28%

    For 2020, 1st Priority Mortgage's most frequently cited loan purpose was Home Purchase, with 2,317 originations. The 2nd most popular reason was Refi, with 379 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,501 $466,185,000 $186,399 $4,139 3.25%
    15 Year 208 $38,590,000 $185,529 $3,503 2.79%
    20 Year 58 $10,690,000 $184,310 $3,169 3.10%
    Other 29 $5,755,000 $198,448 $3,263 3.10%
    10 Year 5 $875,000 $175,000 $3,362 2.83%

    For 2020, 1st Priority Mortgage's most frequently cited loan duration was 30 Year, with 2,501 originations. The 2nd most popular length was 15 Year, with 208 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,266 $416,570,000 $183,835
    $2k-3k 248 $47,670,000 $192,218
    $<1k 171 $28,705,000 $167,865
    $3k-4k 63 $13,045,000 $207,063
    $4k-5k 27 $6,595,000 $244,259
    $5k+ 26 $9,510,000 $365,769

    1st Priority Mortgage's average total fees were $4,139, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,266 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,598 $281,230,000 $175,989
    2.5-3% 1,114 $226,330,000 $203,169
    <2.5% 46 $9,560,000 $207,826
    4-5% 43 $4,975,000 $115,698

    During 2020, 1st Priority Mortgage's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 1,598 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,574 $233,470,000 $148,329 $3,922 3.23%
    $200k-400k 831 $221,185,000 $266,167 $4,363 3.13%
    $100,000 or less 317 $25,195,000 $79,479 $3,529 3.36%
    $400k-600k 62 $29,010,000 $467,903 $5,526 3.01%
    $600k-1MM 15 $10,905,000 $727,000 $6,815 2.91%
    $1MM+ 2 $2,330,000 $1,165,000 $5,619 2.84%

    2020 saw 1st Priority Mortgage place emphasis on $100k-200k loans with 1,574 originations, totaling $233,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 810 $126,350,000 $155,988 $4,038 3.25%
    $50k or less 593 $71,955,000 $121,341 $3,915 3.25%
    $100k-150k 543 $122,155,000 $224,963 $4,057 3.16%
    $75k-100k 491 $92,495,000 $188,381 $4,061 3.21%
    $150k-250k 281 $75,995,000 $270,445 $4,219 3.14%
    $250k+ 75 $31,535,000 $420,467 $4,905 2.97%

    1st Priority Mortgage lent most frequently to those with incomes in the $50k-75k range, with 810 originations. The second most popular income band? $50k or less, with 593 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 655 $126,865,000 $193,687 $3,823 3.16%
    30-36% 532 $99,050,000 $186,184 $3,960 3.17%
    <20% 179 $35,285,000 $197,123 $3,652 3.05%
    42% 130 $24,050,000 $185,000 $3,942 3.24%
    50-60% 123 $21,375,000 $173,780 $5,470 3.31%
    38% 114 $21,370,000 $187,456 $4,005 3.24%
    44% 113 $21,265,000 $188,186 $4,157 3.29%
    37% 107 $18,445,000 $172,383 $4,217 3.23%
    43% 106 $18,700,000 $176,415 $4,296 3.29%
    39% 104 $18,260,000 $175,577 $3,967 3.28%
    41% 100 $18,410,000 $184,100 $3,746 3.17%
    45% 96 $17,100,000 $178,125 $4,437 3.29%
    36% 91 $17,565,000 $193,022 $3,955 3.24%
    40% 90 $16,820,000 $186,889 $3,912 3.24%
    47% 69 $12,845,000 $186,159 $4,275 3.28%
    49% 69 $12,465,000 $180,652 $4,515 3.25%
    46% 66 $11,940,000 $180,909 $4,405 3.30%
    48% 57 $10,285,000 $180,439 $4,723 3.23%

    1st Priority Mortgage lent most frequently to those with DTI ratios of 20-30%, with 655 originations. The next most common DTI ratio? 30-36%, with 532 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,456 $455,880,000 $185,619 $4,050 3.20%
    Not provided 178 $35,170,000 $197,584 $4,133 3.24%
    Black 91 $15,625,000 $171,703 $4,415 3.33%
    Asian 55 $11,335,000 $206,091 $3,819 3.18%
    Other Asian 12 $2,330,000 $194,167 $3,677 3.23%
    Asian Indian 5 $1,185,000 $237,000 $4,320 2.98%
    American Indian 2 $350,000 $175,000 $4,300 3.31%
    Other Pacific Islander 1 $125,000 $125,000 $2,854 2.88%
    Korean 1 $95,000 $95,000 $2,923 2.63%

    Approval Rates

    Total approvals of all applications
    94.49%

    1st Priority Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.83%

    1st Priority Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,801 $522,095,000 $186,396

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 29 $3,255,000 $112,241
    Single Family (1-4 Units):Site-Built 2,772 $518,840,000 $187,172

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $3,205,000 $103,387 $3,223 2.97%
    40-60% 135 $21,195,000 $157,000 $3,314 3.01%
    60-80% 720 $143,610,000 $199,458 $3,669 3.17%
    80-100% 1,881 $346,095,000 $183,995 $4,209 3.24%
    Over 100% 34 $7,990,000 $235,000 $7,894 3.29%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    1st Franklin Financial Corporation Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%