First American Mortgage Mortgage Rates (6.76%) - Review, Closing Costs & Details (2024)

YUKON, OK

LEI: 5493006KM0C07F0DE248

Tax ID: 73-1432800

5 stars - Updated: 6/9/24

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

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  • SimulatedRates™
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  • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Points and Fees
  • Origination Fees (Closing Costs)
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    Review & Overview

    First American Mortgage is a smaller mortgage company specializing in Home Purchase loans. First American Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Weatherford, Bartlesville, Muskogee, and Shawnee among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First American Mortgage 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 American Mortgage is typically an average 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 6.76% 6/9/24
    30 Year Conventional Refi 6.76% 6/9/24
    30 Year Cash-out Refi 6.87% 6/9/24
    30 Year FHA Purchase 7.60% 6/9/24
    30 Year FHA Refi 6.65% 6/9/24
    30 Year VA Purchase 6.10% 6/9/24
    30 Year USDA Purchase 7.79% 6/9/24
    15 Year Conventional Purchase 6.16% 6/9/24
    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 American Mortgage Mortgage Calculator

    Your Estimates

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

    This is not an official calculator from First American Mortgage. 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

    199

    Origination Dollar Volume (All Markets)

    $52,885,000

    Awards

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    FIRST AMERICAN MORTGAGE - 2023

    FIRST AMERICAN MORTGAGE is a 2023 , due to their low .

    For 2023, less than of lenders were eligible for this award.

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    First American Mortgage Mortgage Rates (6.76%) - Review, Closing Costs & Details (1)

    Relative Rate

    First American Mortgage's average 30 year fixed mortgage rate was 6.68%.

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

    This yields a difference of 0.2%.

    Relative Fees (Closing Costs)

    First American Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $6,258.

    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
    OKLAHOMA CITY, OK (FHA|USDA|VA) 181 $49,745,000 $274,834 $6,361 6.66%
    Outside of Metro Areas 8 $1,040,000 $130,000 $4,605 6.48%
    Weatherford, OK (FHA|USDA|VA) 5 $1,025,000 $205,000 $5,467 6.92%
    Bartlesville, OK (FHA|USDA|VA) 2 $340,000 $170,000 $5,792 6.56%
    Muskogee, OK (FHA|USDA|VA) 1 $335,000 $335,000 $6,369 7.00%
    Shawnee, OK (FHA|USDA|VA) 1 $235,000 $235,000 $4,091 6.75%
    Ponca City, OK (FHA|USDA|VA) 1 $165,000 $165,000 $4,000 6.75%

    First American Mortgage's top markets include Oklahoma City, Weatherford, Bartlesville, Muskogee, and Shawnee among others.

    Their top states include:

  • Oklahoma (FHA|USDA|VA)
  • Similar Lenders

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

    TRUE SKY
    Similarity Rank: 144

    Vision Bank
    Similarity Rank: 154

    RCB Bank
    Similarity Rank: 216

    WEOKIE
    Similarity Rank: 220

    CWM PARTNERS, L.P.
    Similarity Rank: 335

    ALLEGIANCE
    Similarity Rank: 396

    TTCU Federal Credit Union
    Similarity Rank: 576

    Oklahoma Educators Credit Union
    Similarity Rank: 864

    OKLAHOMA'S
    Similarity Rank: 867

    VALOR BANK
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 101 $29,075,000 $287,871 $5,587 6.80%
    FHA 69 $16,595,000 $240,507 $7,414 6.58%
    VA 21 $5,955,000 $283,571 $5,847 6.37%
    USDA 8 $1,260,000 $157,500 $5,362 6.38%

    For 2023, First American Mortgage's most frequently originated type of loan was Conventional, with 101 originations. Their 2nd most popular type was FHA, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 189 $49,545,000 $262,143 $6,134 6.67%
    Refi 6 $2,260,000 $376,667 $7,703 6.48%
    Cash Out Refi 4 $1,080,000 $270,000 $8,999 6.50%

    For 2023, First American Mortgage's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 187 $50,325,000 $269,118 $6,258 6.68%
    15 Year 6 $1,090,000 $181,667 $6,193 6.47%
    20 Year 6 $1,470,000 $245,000 $5,703 6.27%

    For 2023, First American Mortgage's most frequently cited loan duration was 30 Year, with 187 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 90 $25,210,000 $280,111
    $2k-3k 28 $5,770,000 $206,071
    $5k+ 27 $8,925,000 $330,556
    $1k-2k 21 $3,965,000 $188,810
    $3k-4k 21 $5,695,000 $271,190
    $4k-5k 12 $3,320,000 $276,667

    First American Mortgage's average total fees were $6,258, 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
    6-7% 117 $29,885,000 $255,427
    7-8% 49 $13,855,000 $282,755
    5-6% 32 $8,790,000 $274,688
    4-5% 1 $355,000 $355,000

    During 2023, First American Mortgage's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 109 $29,365,000 $269,404 $6,362 6.58%
    $100k-200k 56 $9,040,000 $161,429 $5,510 6.73%
    $400k-600k 24 $11,550,000 $481,250 $8,132 6.87%
    $100,000 or less 6 $410,000 $68,333 $3,415 6.46%
    $600k-1MM 4 $2,520,000 $630,000 $5,971 6.81%

    2023 saw First American Mortgage place emphasis on $200k-400k loans with 109 originations, totaling $29,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 60 $17,800,000 $296,667 $6,949 6.71%
    $50k-75k 42 $8,250,000 $196,429 $5,717 6.54%
    $75k-100k 40 $8,580,000 $214,500 $6,384 6.62%
    $150k-250k 28 $9,920,000 $354,286 $5,586 6.67%
    $250k+ 19 $7,055,000 $371,316 $6,600 6.91%
    $50k or less 10 $1,280,000 $128,000 $4,736 6.54%

    First American Mortgage lent most frequently to those with incomes in the $100k-150k range, with 60 originations. The second most popular income band? $50k-75k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $13,260,000 $265,200 $6,084 6.64%
    30-36% 30 $8,420,000 $280,667 $5,931 6.67%
    42% 13 $3,145,000 $241,923 $6,460 6.45%
    46% 13 $5,245,000 $403,462 $6,840 6.72%
    41% 11 $2,065,000 $187,727 $7,455 6.82%
    38% 9 $2,065,000 $229,444 $7,055 6.72%
    36% 9 $1,995,000 $221,667 $4,722 6.92%
    40% 9 $2,015,000 $223,889 $4,635 6.62%
    <20% 8 $1,670,000 $208,750 $5,483 6.44%
    37% 8 $1,750,000 $218,750 $6,154 6.73%
    44% 8 $2,300,000 $287,500 $7,943 6.61%
    49% 7 $2,185,000 $312,143 $6,199 6.86%
    39% 6 $1,380,000 $230,000 $6,301 6.73%
    43% 5 $1,175,000 $235,000 $4,687 6.25%
    50-60% 5 $1,405,000 $281,000 $8,151 6.57%
    48% 5 $1,975,000 $395,000 $7,663 6.97%
    45% 2 $550,000 $275,000 $3,889 6.38%
    47% 1 $285,000 $285,000 $8,729 6.25%

    First American Mortgage lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 153 $42,485,000 $277,680 $6,504 6.64%
    American Indian 23 $4,945,000 $215,000 $5,510 6.85%
    Not provided 11 $2,505,000 $227,727 $5,958 6.51%
    Asian 7 $1,765,000 $252,143 $5,116 6.50%
    Black 5 $1,185,000 $237,000 $3,693 6.80%

    Approval Rates

    Total approvals of all applications
    97.11%

    First American Mortgage 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
    82.41%

    First American Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 199 $52,885,000 $265,754

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    199 $52,885,000 $265,754

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $295,000 $295,000 $4,135 7.00%
    40-60% 10 $2,390,000 $239,000 $5,429 6.71%
    60-80% 44 $12,880,000 $292,727 $6,088 6.69%
    80-100% 140 $36,790,000 $262,786 $6,380 6.65%
    Over 100% 2 $440,000 $220,000 $8,685 6.00%
    Under 20% 2 $90,000 $45,000 $2,383 6.75%
    First American Mortgage Mortgage Rates (6.76%) - Review, Closing Costs & Details (2024)
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