First Mortgage Rates, Fees & Info

Hiawatha, IA

LEI: 549300ZNV71J20M52A37

Tax ID: 42-0173225

5 stars - Updated: 5/20/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

First is a smaller mortgage company specializing in Other and Home Purchase loans. First has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Spencer, Iowa City, Waterloo, and Spirit Lake among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

First 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 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
30 Year Conventional Purchase 6.62% 5/20/24
30 Year Conventional Refi 6.85% 5/20/24
30 Year Cash-out Refi 5.72% 5/20/24
30 Year FHA Purchase 7.72% 5/20/24
15 Year Conventional Purchase 7.62% 5/20/24
15 Year Conventional Refi 5.76% 5/20/24
15 Year Cash-out Refi 5.76% 5/20/24
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 Mortgage Calculator






Your Estimates

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This is not an official calculator from First. 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

178

Origination Dollar Volume (All Markets)

$16,040,000

Awards

FIRST 30 Year Conventional Loans gold FIRST 30 Year Conventional Loans silver FIRST 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

First's average 30 year fixed mortgage rate was 6.18%.

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

This yields a difference of -0.3%.

Relative Fees (Closing Costs)

First's average total fees/closing costs for a 30 year fixed rate mortgage were $2,482.

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
CEDAR RAPIDS, IA (FHA|USDA|VA) 149 $14,115,000 $94,732 $5,159 7.56%
Outside of Metro Areas 9 $695,000 $77,222 $1,135 7.35%
Spencer, IA (FHA|USDA|VA) 11 $565,000 $51,364 $1,712 8.24%
IOWA CITY, IA (FHA|USDA|VA) 5 $365,000 $73,000 $421 9.30%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $125,000 $125,000 $1,805 5.63%
Spirit Lake, IA (FHA|USDA|VA) 2 $100,000 $50,000 $0 8.25%
Oskaloosa, IA (FHA|USDA|VA) 1 $75,000 $75,000 $921 10.25%
First's top markets include Cedar Rapids, Spencer, Iowa City, Waterloo, and Spirit Lake among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Similar Lenders

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

    FIRST
    Similarity Rank: 112
    LINN AREA
    Similarity Rank: 128
    Bankers Trust Company
    Similarity Rank: 162
    BankIowa of Cedar Rapids
    Similarity Rank: 170
    Fidelity Bank & Trust
    Similarity Rank: 182
    Hills Bank and Trust Company
    Similarity Rank: 200
    Collins Community Credit Union
    Similarity Rank: 210
    Ohnward Bank & Trust
    Similarity Rank: 420
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 518
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 870

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 178 $16,040,000 $90,112 $4,583 7.65%

    For 2023, First's most frequently originated type of loan was Conventional, with 178 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 68 $3,230,000 $47,500 $8,532 8.27%
    Home Purchase 54 $8,490,000 $157,222 $2,429 6.74%
    Cash Out Refi 21 $1,435,000 $68,333 $530 8.68%
    Home Improvement 18 $580,000 $32,222 $656 7.55%
    Refi 17 $2,305,000 $135,588 $1,894 6.97%

    For 2023, First's most frequently cited loan purpose was Other, with 68 originations. The 2nd most popular reason was Home Purchase, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 69 $3,535,000 $51,232 $9,417 8.53%
    30 Year 52 $8,880,000 $170,769 $2,482 6.18%
    Other 23 $1,275,000 $55,435 $578 7.30%
    5 Year 21 $545,000 $25,952 $428 9.34%
    10 Year 9 $555,000 $61,667 $1,035 7.32%
    30+ year 3 $1,015,000 $338,333 $2,473 5.79%
    20 Year 1 $235,000 $235,000 $4,689 5.88%

    For 2023, First's most frequently cited loan duration was 15 Year, with 69 originations. The 2nd most popular length was 30 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 90 $10,980,000 $122,000
    $1k-2k 8 $840,000 $105,000
    $2k-3k 2 $440,000 $220,000
    $3k-4k 2 $460,000 $230,000

    First's average total fees were $2,482, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 90 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 53 $2,675,000 $50,472
    7-8% 51 $3,205,000 $62,843
    5-6% 41 $6,405,000 $156,220
    6-7% 33 $3,755,000 $113,788

    During 2023, First's average interest rate for loans was 6.18%, while their most frequently originated rate bucket for loans was Over 8%, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 125 $5,235,000 $41,880 $3,455 8.16%
    $100k-200k 31 $4,285,000 $138,226 $9,963 6.57%
    $200k-400k 17 $4,215,000 $247,941 $2,520 6.43%
    $400k-600k 5 $2,305,000 $461,000 $2,412 5.98%

    2023 saw First place emphasis on $100,000 or less loans with 125 originations, totaling $5,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 40 $2,600,000 $65,000 $3,706 8.46%
    $100k-150k 39 $4,225,000 $108,333 $6,582 7.36%
    $50k-75k 38 $2,860,000 $75,263 $8,438 7.45%
    $75k-100k 34 $2,560,000 $75,294 $1,094 7.48%
    $150k-250k 24 $3,450,000 $143,750 $1,669 7.41%
    $250k+ 3 $345,000 $115,000 $2,543 7.25%

    First lent most frequently to those with incomes in the $50k or less range, with 40 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $2,685,000 $76,714 $1,101 7.42%
    30-36% 31 $2,845,000 $91,774 $13,325 7.86%
    <20% 27 $2,045,000 $75,741 $1,637 7.74%
    37% 14 $1,310,000 $93,571 $6,363 7.75%
    40% 9 $1,255,000 $139,444 $1,693 7.19%
    50-60% 7 $555,000 $79,286 $939 8.05%
    43% 7 $465,000 $66,429 $1,222 7.66%
    41% 7 $1,095,000 $156,429 $11,674 6.79%
    45% 6 $380,000 $63,333 $1,118 7.23%
    42% 4 $630,000 $157,500 $1,800 7.22%
    36% 4 $320,000 $80,000 $9,305 6.91%
    39% 4 $200,000 $50,000 $1,476 7.66%
    46% 4 $350,000 $87,500 $384 7.44%
    >60% 3 $485,000 $161,667 $381 7.83%
    38% 3 $525,000 $175,000 $619 9.58%
    44% 3 $365,000 $121,667 $7,686 6.96%
    49% 2 $60,000 $30,000 $411 11.24%
    47% 1 $35,000 $35,000 $381 7.50%
    48% 1 $115,000 $115,000 $0 7.75%

    First lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 169 $15,035,000 $88,964 $4,774 7.60%
    Not provided 4 $790,000 $197,500 $1,223 7.03%
    Black 5 $215,000 $43,000 $1,065 9.96%

    Approval Rates

    Total approvals of all applications
    91.48%

    First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.52%

    First has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $55,000 $55,000
    376.4 1 $65,000 $65,000
    391.4 1 $45,000 $45,000
    531.4 1 $25,000 $25,000
    NA 174 $15,850,000 $91,092

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    178 $16,040,000 $90,112

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $2,305,000 $56,220 $2,388 8.16%
    40-60% 14 $1,340,000 $95,714 $1,302 7.93%
    60-80% 26 $3,640,000 $140,000 $5,401 7.99%
    80-100% 36 $6,950,000 $193,056 $8,248 6.22%
    Under 20% 60 $1,780,000 $29,667 $3,455 7.85%