First Commonwealth Bank Mortgage Rates, Fees & Info
Indiana, PALEI: VN1JLT1F3FLLVN3FZG89
Tax ID: 25-0964885
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Mortgage Data
Review & Overview
First Commonwealth Bank is a small bank specializing in Refi and Home Purchase loans. First Commonwealth Bank 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Pittsburgh, Columbus, Canton, Akron, and Cincinnati among others. We have data for 84 markets. (Some data included below & more in-depth data is available with an active subscription.)First Commonwealth Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Commonwealth Bank 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 3.51% | 4/21/24 |
| 30 Year Conventional Purchase | 6.67% | 4/21/24 |
| 30 Year Conventional Refi | 6.51% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 30 Year FHA Purchase | 7.16% | 4/21/24 |
| 30 Year FHA Refi | 6.97% | 4/21/24 |
| 30 Year VA Purchase | 6.12% | 4/21/24 |
| 30 Year VA Refi | 5.85% | 4/21/24 |
| 30 Year USDA Purchase | 6.73% | 4/21/24 |
| 15 Year Conventional Purchase | 6.12% | 4/21/24 |
| 15 Year Conventional Refi | 5.70% | 4/21/24 |
| 15 Year Cash-out Refi | 5.70% | 4/21/24 |
| 15 Year FHA Purchase | 7.10% | 4/21/24 |
| 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 Commonwealth Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
7,316Origination Dollar Volume (All Markets)
$1,366,040,000Awards
First Commonwealth Bank - 2022
First Commonwealth Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| PITTSBURGH, PA (FHA|USDA|VA) | 2,654 | $379,380,000 | $142,946 | $1,622 | 3.04% |
| COLUMBUS, OH (FHA|USDA|VA) | 787 | $339,285,000 | $431,112 | $2,277 | 3.22% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 606 | $78,470,000 | $129,488 | $1,711 | 3.00% |
| AKRON, OH (FHA|USDA|VA) | 142 | $63,880,000 | $449,859 | $3,699 | 4.05% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 151 | $53,785,000 | $356,192 | $3,151 | 3.30% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 9 | $45,425,000 | $5,047,222 | $5,857 | 3.70% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 47 | $38,155,000 | $811,809 | $5,718 | 4.04% |
| Outside of Metro Areas | 363 | $32,005,000 | $88,168 | $1,049 | 3.01% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 156 | $31,880,000 | $204,359 | $3,116 | 4.16% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 389 | $31,375,000 | $80,656 | $2,213 | 3.44% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 96 | $29,140,000 | $303,542 | $3,946 | 4.06% |
| Indiana, PA (FHA|USDA|VA) | 258 | $24,730,000 | $95,853 | $1,589 | 3.07% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 3 | $24,685,000 | $8,228,333 | $146 | 5.10% |
| ALTOONA, PA (FHA|USDA|VA) | 281 | $22,495,000 | $80,053 | $1,143 | 3.40% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 184 | $18,740,000 | $101,848 | $861 | 3.01% |
| Somerset, PA (FHA|USDA|VA) | 170 | $17,270,000 | $101,588 | $2,299 | 3.15% |
| New Castle, PA (FHA|USDA|VA) | 198 | $16,950,000 | $85,606 | $1,536 | 3.31% |
| DuBois, PA (FHA|USDA|VA) | 179 | $16,315,000 | $91,145 | $1,217 | 3.16% |
| St. Marys, PA (FHA|USDA|VA) | 157 | $13,155,000 | $83,790 | $1,177 | 3.14% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 67 | $10,175,000 | $151,866 | $2,561 | 2.97% |
| Mount Vernon, OH (FHA|USDA|VA) | 24 | $7,260,000 | $302,500 | $4,420 | 4.32% |
| Lock Haven, PA (FHA|USDA|VA) | 84 | $7,140,000 | $85,000 | $547 | 2.88% |
| Salem, OH (FHA|USDA|VA) | 43 | $6,905,000 | $160,581 | $3,329 | 4.09% |
| Wooster, OH (FHA|USDA|VA) | 11 | $4,165,000 | $378,636 | $3,033 | 4.37% |
| Sunbury, PA (FHA|USDA|VA) | 41 | $4,075,000 | $99,390 | $2,327 | 3.26% |
| Lewisburg, PA (FHA|USDA|VA) | 36 | $3,790,000 | $105,278 | $310 | 3.20% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $3,235,000 | $3,235,000 | $0 | 4.26% |
| TOLEDO, OH (FHA|USDA|VA) | 8 | $2,890,000 | $361,250 | $3,849 | 3.55% |
| Wilmington, OH (FHA|USDA|VA) | 7 | $2,765,000 | $395,000 | $5,199 | 3.80% |
| Ashtabula, OH (FHA|USDA|VA) | 18 | $2,520,000 | $140,000 | $4,400 | 3.07% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $2,450,000 | $1,225,000 | $8,804 | 5.06% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 13 | $2,015,000 | $155,000 | $1,961 | 3.42% |
| Huntingdon, PA (FHA|USDA|VA) | 14 | $1,870,000 | $133,571 | $740 | 3.75% |
| Zanesville, OH (FHA|USDA|VA) | 4 | $1,630,000 | $407,500 | $4,901 | 5.00% |
| Meadville, PA (FHA|USDA|VA) | 4 | $1,600,000 | $400,000 | $0 | 2.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $1,515,000 | $505,000 | $4,882 | 3.92% |
| New Philadelphia-Dover, OH (FHA|USDA|VA) | 6 | $1,510,000 | $251,667 | $4,083 | 3.37% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $1,505,000 | $1,505,000 | $2,858 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,430,000 | $357,500 | $4,667 | 3.84% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 8 | $1,320,000 | $165,000 | $3,661 | 3.39% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,110,000 | $555,000 | $6,510 | 3.43% |
| Chillicothe, OH (FHA|USDA|VA) | 4 | $990,000 | $247,500 | $3,379 | 2.46% |
| Key West, FL (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $7,469 | 3.13% |
| ERIE, PA (FHA|USDA|VA) | 6 | $840,000 | $140,000 | $4,109 | 3.85% |
| Sandusky, OH (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $4,555 | 3.56% |
| MORGANTOWN, WV (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $7,680 | 4.43% |
| Warren, PA (FHA|USDA|VA) | 4 | $620,000 | $155,000 | $0 | 2.87% |
| MANSFIELD, OH (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $1,831 | 4.27% |
| WHEELING, WV-OH (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $7,160 | 2.99% |
| Selinsgrove, PA (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $1,357 | 3.63% |
| Oil City, PA (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $5,186 | 5.67% |
| Ashland, OH (FHA|USDA|VA) | 4 | $500,000 | $125,000 | $4,267 | 3.46% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,920 | 4.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $8,746 | 5.88% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $2,911 | 4.50% |
| Marion, OH (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $1,168 | 3.24% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,232 | 6.25% |
| LIMA, OH (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $1,447 | 2.74% |
| Bellefontaine, OH (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $1,995 | 5.40% |
| Pottsville, PA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $6,536 | 4.81% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $8,135 | 4.38% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $0 | 2.26% |
| READING, PA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 2.49% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $9,087 | 3.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,117 | 4.50% |
| Bradford, PA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $5,274 | 5.75% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,939 | 4.38% |
| Lewistown, PA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,207 | 3.81% |
| LOUISVILLE, KY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $1,811 | 5.27% |
| Crossville, TN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,382 | 2.88% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,172 | 6.25% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,073 | 2.87% |
| Defiance, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 5.59% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $10,467 | 4.75% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $5,334 | 3.90% |
| Sayre, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,130 | 3.13% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 2.72% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 1.99% |
| Athens, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 1.99% |
| Bucyrus-Galion, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.49% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 1.99% |
| Coshocton, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.99% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.69% |
| Marietta, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Commonwealth Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, First Commonwealth Bank's most frequently originated type of loan was Conventional, with 4,181 originations. Their 2nd most popular type was HELOC, with 2,948 originations.
Loan Reason
For 2022, First Commonwealth Bank's most frequently cited loan purpose was Refi, with 2,856 originations. The 2nd most popular reason was Home Purchase, with 1,708 originations.
Loan Duration/Length
For 2022, First Commonwealth Bank's most frequently cited loan duration was 30 Year, with 4,180 originations. The 2nd most popular length was 15 Year, with 1,211 originations.
Origination Fees/Closing Costs
First Commonwealth Bank's average total fees were $4,546, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,076 originations.
Interest Rates
During 2022, First Commonwealth Bank's average interest rate for loans was 2.67%, while their most frequently originated rate bucket for loans was <2.5%, with 3,097 originations.
Loan Sizing
2022 saw First Commonwealth Bank place emphasis on $100,000 or less loans with 3,852 originations, totaling $198,340,000 in origination value.
Applicant Income
First Commonwealth Bank lent most frequently to those with incomes in the $50k-75k range, with 1,536 originations. The second most popular income band? $100k-150k, with 1,478 originations.
Applicant Debt to Income Ratio
First Commonwealth Bank lent most frequently to those with DTI ratios of 20-30%, with 1,909 originations. The next most common DTI ratio? 30-36%, with 1,342 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.22%
First Commonwealth Bank has a below average approval rate.
Pick Rate
Approvals leading to origination81.81%
First Commonwealth Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 7,316 | $1,366,040,000 | $186,720 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7,316 | $1,366,040,000 | $186,720 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |