Is First Security Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Security Bank to those of other lenders for a comparable set of borrowers. Here is our review of First Security Bank nationally:
|Review Item||First Security Bank|
|Interest Rate||lower than other lenders (-0.19%)|
|Loan Related Closing Costs||similar to other lenders (-$222)|
|National Rate and Closing Cost Star Rating||(4.5)|
On average, First Security Bank’s interest rates were lower than those of other lenders (-0.19%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$222. Overall, combining interest rates and closing costs we estimate that First Security Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First Security Bank, check out its website at: https://www.fsbank.com.
First Security Bank’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track First Security Bank was most active in:
In addition, First Security Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Little Rock, AR, overall
- Fayetteville, AR, overall
- Searcy, AR, overall
- Jonesboro, AR, overall
- Hot Springs, AR, overall
- Mountain Home, AR, overall
First Security Bank’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, First Security Bank originated Conforming, FHA, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.
|New Purchase Mortgages||Conforming||FHA||USDA||VA|
|Interest Rate Difference||-0.20%||-0.22%||-0.15%||-0.12%|
|Loan Related Closing Cost Difference||-$232||-$414||-$183||-$83|
|Cost Adjusted Rate Difference||-0.22%||-0.26%||-0.18%||-0.13%|
|National Star Rating|
|Interest Rate Difference||-0.20%||-0.04%||-0.00%||-0.01%|
|Loan Related Closing Cost Difference||-$150||-$91||+$4||-$51|
|Cost Adjusted Rate Difference||-0.22%||-0.05%||-0.00%||-0.02%|
|Average Star Rating|
As a summary, First Security Bank is cheap for Conforming, FHA, USDA and VA purchase mortgages. For refinancing, First Security Bank is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about First Security Bank:
Registered city and state: Conway, AR, 72033
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FIRST SECURITY BANCORP
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for First Security Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.