Is First Bank Financial Centre a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Bank Financial Centre to those of other lenders for a comparable set of borrowers. Here is our review of First Bank Financial Centre nationally:
|Review Item||First Bank Financial Centre|
|Interest Rate||similar to other lenders (-0.10%)|
|Loan Related Closing Costs||lower than other lenders (-$319)|
|National Rate and Closing Cost Star Rating||(4)|
On average, First Bank Financial Centre’s interest rates were similar to those of other lenders (-0.10%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$319. Overall, combining interest rates and closing costs we estimate that First Bank Financial Centre tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First Bank Financial Centre, check out its website at: https://www.bankfivenine.com.
First Bank Financial Centre’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 Bank Financial Centre was most active in:
First Bank Financial Centre’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 Bank Financial Centre originated Conforming, FHA, Jumbo 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||Jumbo||VA|
|Interest Rate Difference||-0.07%||-0.09%||+0.00%||-0.01%|
|Loan Related Closing Cost Difference||-$112||-$99||+$0||+$63|
|Cost Adjusted Rate Difference||-0.08%||-0.10%||+0.00%||-0.00%|
|National Star Rating|
|Interest Rate Difference||-0.12%||+0.01%||+0.02%||+0.02%|
|Loan Related Closing Cost Difference||-$512||-$6||-$36||-$2|
|Cost Adjusted Rate Difference||-0.16%||+0.01%||+0.01%||+0.01%|
|Average Star Rating|
As a summary, First Bank Financial Centre is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. For refinancing, First Bank Financial Centre is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo 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 Bank Financial Centre:
Registered city and state: Oconomowoc, WI, 53066
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: OCONOMOWOC BANCSHARES, INC.
* 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 Bank Financial Centre’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.