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, Spencer, Iowa City, Spirit Lake, and Chicago among others. We have data for 12 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% 4/28/24
    30 Year Conventional Refi 6.85% 4/28/24
    30 Year Cash-out Refi 5.72% 4/28/24
    30 Year FHA Purchase 7.72% 4/28/24
    15 Year Conventional Purchase 7.62% 4/28/24
    15 Year Conventional Refi 5.76% 4/28/24
    15 Year Cash-out Refi 5.76% 4/28/24
    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

    319

    Origination Dollar Volume (All Markets)

    $36,695,000

    Awards

    FIRST 30 Year Conventional Loans gold FIRST 30 Year Conventional Loans gold FIRST 30 Year Conventional Loans silver
    Show all (3) 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) 271 $30,195,000 $111,421 $1,414 5.12%
    Outside of Metro Areas 19 $3,025,000 $159,211 $2,227 5.54%
    Spencer, IA (FHA|USDA|VA) 10 $1,020,000 $102,000 $2,526 4.85%
    IOWA CITY, IA (FHA|USDA|VA) 8 $990,000 $123,750 $931 7.10%
    Spirit Lake, IA (FHA|USDA|VA) 1 $355,000 $355,000 $0 3.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $270,000 $135,000 $2,638 6.35%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,229 5.50%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $200,000 $100,000 $1,644 4.23%
    Muscatine, IA (FHA|USDA|VA) 2 $170,000 $85,000 $965 4.37%
    Burlington, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,137 2.63%
    Oskaloosa, IA (FHA|USDA|VA) 1 $85,000 $85,000 $2,209 3.13%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $75,000 $75,000 $2,286 4.88%
    First's top markets include Cedar Rapids, Spencer, Iowa City, Spirit Lake, and Chicago among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (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: 135
    LINN AREA
    Similarity Rank: 136
    FIRST
    Similarity Rank: 144
    Hills Bank and Trust Company
    Similarity Rank: 190
    Community Savings Bank
    Similarity Rank: 200
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    Fidelity Bank & Trust
    Similarity Rank: 345
    Collins Community Credit Union
    Similarity Rank: 396
    HOMESERVICES LENDING, LLC
    Similarity Rank: 490
    Ohnward Bank & Trust
    Similarity Rank: 544

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 317 $36,435,000 $114,937 $1,474 5.17%
    FHA 2 $260,000 $130,000 $4,944 5.63%

    For 2022, First's most frequently originated type of loan was Conventional, with 317 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 153 $19,845,000 $129,706 $1,784 5.10%
    Other 71 $2,815,000 $39,648 $482 6.20%
    Refi 60 $11,560,000 $192,667 $2,175 3.81%
    Cash Out Refi 19 $1,405,000 $73,947 $856 6.34%
    Home Improvement 16 $1,070,000 $66,875 $683 4.99%

    For 2022, First's most frequently cited loan purpose was Home Purchase, with 153 originations. The 2nd most popular reason was Other, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 144 $25,490,000 $177,014 $2,331 4.09%
    15 Year 92 $4,520,000 $49,130 $500 5.73%
    5 Year 28 $590,000 $21,071 $452 8.71%
    Other 22 $1,170,000 $53,182 $596 5.29%
    10 Year 21 $815,000 $38,810 $751 5.45%
    30+ year 9 $3,115,000 $346,111 $2,656 4.97%
    20 Year 2 $740,000 $370,000 $3,395 5.06%
    1 Year 1 $255,000 $255,000 $0 3.50%

    For 2022, First's most frequently cited loan duration was 30 Year, with 144 originations. The 2nd most popular length was 15 Year, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 226 $31,220,000 $138,142
    $2k-3k 3 $1,235,000 $411,667
    $3k-4k 2 $820,000 $410,000

    First's average total fees were $2,331, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 226 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 81 $10,815,000 $133,519
    5-6% 72 $6,660,000 $92,500
    3-4% 59 $9,015,000 $152,797
    2.5-3% 35 $5,885,000 $168,143
    6-7% 31 $2,215,000 $71,452
    Over 8% 21 $585,000 $27,857
    7-8% 13 $405,000 $31,154
    <2.5% 7 $1,115,000 $159,286

    During 2022, First's average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 4-5%, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 175 $7,235,000 $41,343 $761 5.95%
    $100k-200k 96 $14,020,000 $146,042 $2,245 4.30%
    $200k-400k 40 $10,830,000 $270,750 $2,330 4.03%
    $400k-600k 5 $2,395,000 $479,000 $2,366 4.45%
    $600k-1MM 3 $2,215,000 $738,333 $3,725 3.88%

    2022 saw First place emphasis on $100,000 or less loans with 175 originations, totaling $7,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 90 $8,850,000 $98,333 $1,529 5.14%
    $50k or less 75 $5,245,000 $69,933 $1,478 5.40%
    $100k-150k 74 $9,260,000 $125,135 $1,343 4.95%
    $75k-100k 48 $5,540,000 $115,417 $1,530 5.53%
    $150k-250k 27 $6,035,000 $223,519 $1,753 4.71%
    $250k+ 5 $1,765,000 $353,000 $2,216 4.39%

    First lent most frequently to those with incomes in the $50k-75k range, with 90 originations. The second most popular income band? $50k or less, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 67 $8,245,000 $123,060 $1,530 5.36%
    30-36% 61 $6,485,000 $106,311 $1,518 5.57%
    <20% 44 $4,820,000 $109,545 $1,399 4.63%
    40% 18 $3,120,000 $173,333 $1,647 4.70%
    42% 17 $2,455,000 $144,412 $1,744 4.45%
    38% 17 $2,065,000 $121,471 $1,618 4.03%
    39% 17 $2,595,000 $152,647 $1,656 4.84%
    37% 13 $935,000 $71,923 $1,183 5.52%
    41% 13 $1,655,000 $127,308 $1,585 5.44%
    36% 11 $1,245,000 $113,182 $1,611 4.30%
    50-60% 8 $250,000 $31,250 $494 5.58%
    >60% 7 $325,000 $46,429 $857 5.27%
    43% 7 $595,000 $85,000 $1,515 6.77%
    46% 6 $580,000 $96,667 $1,359 7.20%
    44% 6 $740,000 $123,333 $1,579 5.14%
    45% 3 $345,000 $115,000 $1,421 5.33%
    48% 2 $20,000 $10,000 $381 8.70%
    49% 1 $185,000 $185,000 $2,271 3.63%

    First lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 288 $33,570,000 $116,563 $1,512 5.07%
    Black 13 $1,595,000 $122,692 $1,420 6.52%
    Not provided 10 $730,000 $73,000 $1,140 5.67%
    American Indian 2 $360,000 $180,000 $1,839 4.62%
    Asian 2 $160,000 $80,000 $2,266 4.37%
    Other Asian 1 $145,000 $145,000 $2,280 5.75%
    Not applicable 2 $80,000 $40,000 $466 9.31%
    Native Hawaiian 1 $55,000 $55,000 $401 6.00%

    Approval Rates

    Total approvals of all applications
    95.63%

    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
    90.28%

    First has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 319 $36,695,000 $115,031

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    319 $36,695,000 $115,031

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $2,655,000 $52,059 $546 5.85%
    40-60% 21 $1,565,000 $74,524 $1,229 6.88%
    60-80% 88 $16,310,000 $185,341 $2,255 4.44%
    80-100% 76 $13,880,000 $182,632 $2,301 4.41%
    Under 20% 80 $2,210,000 $27,625 $401 5.60%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%