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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Cedar Rapids, Iowa City, Spencer, Clinton, and Oklahoma City 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 an above 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

    397

    Origination Dollar Volume (All Markets)

    $52,195,000
    Show all (5) 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) 345 $45,045,000 $130,565 $1,682 3.60%
    Outside of Metro Areas 22 $2,880,000 $130,909 $1,739 3.38%
    IOWA CITY, IA (FHA|USDA|VA) 12 $1,600,000 $133,333 $1,776 4.00%
    Spencer, IA (FHA|USDA|VA) 11 $1,035,000 $94,091 $2,272 3.77%
    Clinton, IA (FHA|USDA|VA) 1 $465,000 $465,000 $1,862 2.88%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $395,000 $395,000 $3,490 2.88%
    Muscatine, IA (FHA|USDA|VA) 1 $235,000 $235,000 $2,376 2.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,064 2.88%
    Spirit Lake, IA (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.65%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $85,000 $85,000 $2,269 3.00%
    Oskaloosa, IA (FHA|USDA|VA) 1 $75,000 $75,000 $2,072 2.50%
    First's top markets include Cedar Rapids, Iowa City, Spencer, Clinton, and Oklahoma City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Wisconsin (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.

    BankIowa of Cedar Rapids
    Similarity Rank: 75
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    Hills Bank and Trust Company
    Similarity Rank: 308
    FIRST
    Similarity Rank: 308
    Fidelity Bank & Trust
    Similarity Rank: 390
    LINN AREA
    Similarity Rank: 390
    Collins Community Credit Union
    Similarity Rank: 399
    Community Savings Bank
    Similarity Rank: 399
    RUHL MORTGAGE, LLC
    Similarity Rank: 420
    DuTrac Community Credit Union
    Similarity Rank: 564

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 394 $51,780,000 $131,421 $1,694 3.58%
    HELOC 2 $80,000 $40,000 n/a 5.25%
    FHA 1 $335,000 $335,000 $8,155 2.88%

    For 2021, First's most frequently originated type of loan was Conventional, with 394 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 182 $23,100,000 $126,923 $1,769 3.76%
    Refi 142 $24,220,000 $170,563 $2,000 2.86%
    Other 37 $2,255,000 $60,946 $403 5.05%
    Cash Out Refi 20 $1,670,000 $83,500 $911 3.84%
    Home Improvement 16 $950,000 $59,375 $642 4.44%

    For 2021, First's most frequently cited loan purpose was Home Purchase, with 182 originations. The 2nd most popular reason was Refi, with 142 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $33,440,000 $179,785 $2,214 2.87%
    15 Year 135 $12,665,000 $93,815 $1,192 3.83%
    5 Year 21 $535,000 $25,476 $424 7.89%
    10 Year 19 $805,000 $42,368 $555 4.28%
    20 Year 17 $2,845,000 $167,353 $2,120 2.77%
    Other 16 $1,030,000 $64,375 $997 4.46%
    30+ year 3 $875,000 $291,667 $1,982 3.17%

    For 2021, First's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 15 Year, with 135 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 336 $47,430,000 $141,161
    $1k-2k 6 $1,080,000 $180,000
    $2k-3k 3 $875,000 $291,667
    $3k-4k 1 $225,000 $225,000

    First's average total fees were $2,214, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 336 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 107 $21,475,000 $200,701
    <2.5% 102 $16,230,000 $159,118
    3-4% 92 $10,850,000 $117,935
    5-6% 46 $1,640,000 $35,652
    4-5% 35 $1,585,000 $45,286
    Over 8% 13 $315,000 $24,231
    6-7% 2 $100,000 $50,000

    During 2021, First's average interest rate for loans was 2.87%, while their most frequently originated rate bucket for loans was 2.5-3%, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 179 $8,895,000 $49,693 $1,023 4.58%
    $100k-200k 134 $19,060,000 $142,239 $2,110 2.79%
    $200k-400k 75 $20,085,000 $267,800 $2,301 2.76%
    $400k-600k 9 $4,155,000 $461,667 $2,411 2.69%

    2021 saw First place emphasis on $100,000 or less loans with 179 originations, totaling $8,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 110 $9,640,000 $87,636 $1,651 3.84%
    $100k-150k 85 $12,765,000 $150,176 $1,533 3.50%
    $50k-75k 83 $9,575,000 $115,361 $1,714 3.68%
    $75k-100k 75 $11,155,000 $148,733 $1,980 3.34%
    $150k-250k 39 $7,885,000 $202,179 $1,786 3.44%
    $250k+ 5 $1,175,000 $235,000 $1,678 3.06%

    First lent most frequently to those with incomes in the $50k or less range, with 110 originations. The second most popular income band? $100k-150k, with 85 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $16,880,000 $148,070 $1,793 3.31%
    30-36% 70 $8,950,000 $127,857 $1,763 3.81%
    <20% 63 $6,985,000 $110,873 $1,433 3.49%
    38% 19 $2,285,000 $120,263 $1,686 3.74%
    44% 17 $2,485,000 $146,176 $1,949 3.44%
    40% 15 $2,185,000 $145,667 $1,795 3.21%
    39% 13 $1,925,000 $148,077 $1,726 2.94%
    43% 12 $1,060,000 $88,333 $1,412 3.55%
    37% 11 $1,475,000 $134,091 $1,946 3.98%
    36% 10 $1,860,000 $186,000 $1,802 3.50%
    42% 9 $1,465,000 $162,778 $2,025 2.88%
    50-60% 8 $990,000 $123,750 $1,924 3.34%
    46% 7 $635,000 $90,714 $1,479 4.73%
    49% 6 $850,000 $141,667 $1,827 3.35%
    41% 4 $920,000 $230,000 $2,179 2.69%
    47% 4 $250,000 $62,500 $974 6.34%
    >60% 4 $180,000 $45,000 $1,258 5.80%
    45% 3 $245,000 $81,667 $2,055 3.59%
    48% 3 $395,000 $131,667 $1,660 3.67%

    First lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 375 $49,645,000 $132,387 $1,723 3.52%
    Black 12 $1,600,000 $133,333 $1,759 4.54%
    Not provided 7 $655,000 $93,571 $1,014 5.57%
    Asian 3 $295,000 $98,333 $1,494 3.67%

    Approval Rates

    Total approvals of all applications
    96.39%

    First 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
    92.95%

    First has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 397 $52,195,000 $131,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    397 $52,195,000 $131,474

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $2,625,000 $61,047 $574 4.80%
    40-60% 32 $3,640,000 $113,750 $1,753 3.55%
    60-80% 123 $19,465,000 $158,252 $2,008 3.02%
    80-100% 131 $24,355,000 $185,916 $2,226 3.07%
    Over 100% 2 $240,000 $120,000 $2,153 3.06%
    Under 20% 63 $1,825,000 $28,968 $351 4.62%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
    FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
    FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.9%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 6 17.6%
    FIRST HORIZON BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 5.9%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 2.9%