First Mortgage Rates, Fees & Info

Hiawatha, IA

LEI: 549300ZNV71J20M52A37

Tax ID: 42-0173225

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

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  • 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

    First is a smaller mortgage company specializing in Home Purchase and Refi loans. First has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Clinton, Port St. Lucie, and Spirit Lake among others. We have data for 11 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 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 6.62% 6/26/24
    30 Year Conventional Refi 6.85% 6/26/24
    30 Year Cash-out Refi 5.72% 6/26/24
    30 Year FHA Purchase 7.72% 6/26/24
    15 Year Conventional Purchase 7.62% 6/26/24
    15 Year Conventional Refi 5.76% 6/26/24
    15 Year Cash-out Refi 5.76% 6/26/24
    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

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

    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

    315

    Origination Dollar Volume (All Markets)

    $37,905,000

    Awards

    FIRST 30 Year Conventional Loans gold
    Show all (1) 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
    CEDAR RAPIDS, IA (FHA|USDA|VA) 287 $32,185,000 $112,143 $1,657 4.32%
    IOWA CITY, IA (FHA|USDA|VA) 7 $1,795,000 $256,429 $1,529 3.72%
    Outside of Metro Areas 9 $1,635,000 $181,667 $2,187 3.10%
    Clinton, IA (FHA|USDA|VA) 1 $445,000 $445,000 $2,145 2.88%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $405,000 $405,000 $8,526 3.00%
    Spirit Lake, IA (FHA|USDA|VA) 2 $350,000 $175,000 $1,419 4.10%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2 $290,000 $145,000 $2,162 3.75%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $290,000 $145,000 $1,849 3.06%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,570 3.00%
    DUBUQUE, IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,062 3.50%
    Spencer, IA (FHA|USDA|VA) 2 $80,000 $40,000 $2,625 5.66%
    First's top markets include Cedar Rapids, Iowa City, Clinton, Port St. Lucie, and Spirit Lake among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (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.

    Bankers Trust Company
    Similarity Rank: 222
    Hills Bank and Trust Company
    Similarity Rank: 260
    LINN AREA
    Similarity Rank: 273
    Fidelity Bank & Trust
    Similarity Rank: 275
    RUHL MORTGAGE, LLC
    Similarity Rank: 364
    FIRST
    Similarity Rank: 451
    Collins Community Credit Union
    Similarity Rank: 462
    BankIowa of Cedar Rapids
    Similarity Rank: 513
    UNIVERSAL LENDING CORPORATION
    Similarity Rank: 532
    HOMESERVICES LENDING, LLC
    Similarity Rank: 544

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 315 $37,905,000 $120,333 $1,709 4.25%

    For 2020, First's most frequently originated type of loan was Conventional, with 315 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 156 $18,480,000 $118,462 $1,789 4.49%
    Refi 106 $16,400,000 $154,717 $1,950 3.43%
    Cash Out Refi 24 $1,390,000 $57,917 $633 5.02%
    Home Improvement 23 $1,365,000 $59,348 $859 5.12%
    Other 6 $270,000 $45,000 $390 6.32%

    For 2020, First's most frequently cited loan purpose was Home Purchase, with 156 originations. The 2nd most popular reason was Refi, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 151 $24,655,000 $163,278 $2,114 3.28%
    15 Year 85 $8,275,000 $97,353 $1,500 4.32%
    5 Year 27 $775,000 $28,704 $330 7.41%
    Other 24 $1,320,000 $55,000 $416 5.82%
    20 Year 13 $1,095,000 $84,231 $1,256 5.16%
    10 Year 11 $855,000 $77,727 $1,099 4.98%
    30+ year 3 $925,000 $308,333 $1,877 3.92%
    3 Year 1 $5,000 $5,000 $341 4.19%

    For 2020, First's most frequently cited loan duration was 30 Year, with 151 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 302 $35,610,000 $117,914
    $1k-2k 10 $1,620,000 $162,000
    $2k-3k 1 $145,000 $145,000
    $3k-4k 1 $125,000 $125,000
    $4k-5k 1 $405,000 $405,000

    First's average total fees were $2,114, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 302 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 133 $19,285,000 $145,000
    2.5-3% 81 $13,655,000 $168,580
    4-5% 24 $1,460,000 $60,833
    6-7% 22 $660,000 $30,000
    Over 8% 22 $550,000 $25,000
    5-6% 19 $485,000 $25,526
    <2.5% 9 $1,595,000 $177,222
    7-8% 5 $215,000 $43,000

    During 2020, First's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 133 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 143 $6,515,000 $45,559 $1,104 5.52%
    $100k-200k 118 $15,930,000 $135,000 $2,059 3.25%
    $200k-400k 48 $12,640,000 $263,333 $2,031 3.06%
    $400k-600k 6 $2,820,000 $470,000 $3,132 3.33%

    2020 saw First place emphasis on $100,000 or less loans with 143 originations, totaling $6,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 101 $7,555,000 $74,802 $1,599 4.66%
    $50k-75k 89 $9,905,000 $111,292 $1,822 4.23%
    $75k-100k 50 $6,070,000 $121,400 $1,639 4.29%
    $100k-150k 46 $7,270,000 $158,043 $1,847 3.91%
    $150k-250k 19 $4,155,000 $218,684 $1,584 3.39%
    $250k+ 10 $2,950,000 $295,000 $1,833 3.38%

    First lent most frequently to those with incomes in the $50k or less range, with 101 originations. The second most popular income band? $50k-75k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 77 $9,605,000 $124,740 $1,791 3.94%
    20-30% 72 $8,550,000 $118,750 $1,642 4.21%
    <20% 39 $5,405,000 $138,590 $1,657 3.76%
    44% 18 $2,410,000 $133,889 $1,759 3.93%
    40% 13 $1,375,000 $105,769 $1,648 5.42%
    39% 13 $1,495,000 $115,000 $1,984 4.97%
    43% 11 $975,000 $88,636 $1,445 4.37%
    38% 10 $1,420,000 $142,000 $2,064 3.69%
    42% 9 $1,145,000 $127,222 $1,629 4.09%
    37% 9 $1,275,000 $141,667 $2,462 3.80%
    50-60% 8 $680,000 $85,000 $1,253 5.01%
    36% 7 $715,000 $102,143 $1,899 5.58%
    41% 7 $605,000 $86,429 $1,389 4.63%
    >60% 7 $615,000 $87,857 $1,610 5.86%
    45% 4 $660,000 $165,000 $2,036 3.16%
    47% 3 $285,000 $95,000 $1,192 6.04%
    49% 3 $275,000 $91,667 $1,519 4.08%
    46% 3 $315,000 $105,000 $1,478 3.42%
    48% 2 $100,000 $50,000 $101 9.20%

    First lent most frequently to those with DTI ratios of 30-36%, with 77 originations. The next most common DTI ratio? 20-30%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 302 $36,350,000 $120,364 $1,692 4.18%
    Black 6 $530,000 $88,333 $2,268 5.35%
    Asian Indian 1 $465,000 $465,000 $2,194 3.63%
    Asian 3 $455,000 $151,667 $2,061 4.11%
    Not provided 2 $70,000 $35,000 $2,625 8.66%
    American Indian 1 $35,000 $35,000 $0 11.74%

    Approval Rates

    Total approvals of all applications
    92.71%

    First has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.08%

    First has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 315 $37,905,000 $120,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $350,000 $29,167
    Single Family (1-4 Units):Site-Built 303 $37,555,000 $123,944

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $1,655,000 $42,436 $793 5.59%
    40-60% 20 $2,400,000 $120,000 $1,751 4.67%
    60-80% 101 $17,235,000 $170,644 $2,024 3.56%
    80-100% 101 $15,055,000 $149,059 $2,084 3.45%
    Over 100% 1 $105,000 $105,000 $1,959 4.50%
    Under 20% 53 $1,455,000 $27,453 $353 5.95%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%