First State Mortgage Bloomington Interest Rate and Cost Review

Is First State Mortgage Bloomington a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by First State Mortgage Bloomington with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.02%)
Loan Related Closing Costssimilar to average (-$5)
National Rate and Closing Cost Rating(3.5)

On average, First State Mortgage Bloomington’s interest rates were similar to those of other lenders (+0.02%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$5. Overall, combining interest rates and closing costs we estimate that First State Mortgage Bloomington tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

First State Mortgage Bloomington’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track First State Mortgage Bloomington was most active in:

  1. Bloomington, IL
  2. Chicago, IL
  3. Milwaukee, WI
  4. Peoria, IL
  5. Champaign, IL

Furthermore, First State Mortgage Bloomington is our top ranked mortgage lender in terms of interest rate and closing costs in Decatur, IL, for VA mortgages.

You can click through to check out First State Mortgage Bloomington’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

First State Mortgage Bloomington’s Rates 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 State Mortgage Bloomington originated Conforming, FHA, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference+0.07%-0.00%+0.02%-0.01%
Loan Related Closing Cost Difference+$177-$98-$2+$41
Cost Adjusted Rate Difference+0.09%-0.01%+0.02%-0.01%
Star Rating(3.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.05%+0.03%+0.00%-0.03%
Loan Related Closing Cost Difference-$280+$53-$41-$175
Cost Adjusted Rate Difference-0.07%+0.03%-0.00%-0.04%
Star Rating(4.0)(3.5)(3.5)(3.5)

As a summary, First State Mortgage Bloomington is similar to other lenders for FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing, First State Mortgage Bloomington is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about First State Mortgage Bloomington:

Registered name: First State Mortgage Services
Registered city and state: BLOOMINGTON, IL, 61704
Regulator: Federal Deposit Insurance Corporation (FDIC)

* 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 State Mortgage Bloomington’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.