First Community Bank VA Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (+0.01%)
Loan Related Closing Costssimilar to average (-$67)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.firstcommunitybank.com

On average, First Community Bank VA’s interest rates were similar to those of other lenders (+0.01%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$67. Overall, combining interest rates and closing costs we estimate that First Community Bank VA 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 Community Bank VA’s Rates by Area

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

  1. Princeton, WV
  2. Buckhannon, WV
  3. Beckley, WV
  4. Roanoke, VA
  5. Hickory, NC

Furthermore, First Community Bank VA is our top ranked mortgage lender in terms of interest rate and closing costs in Princeton, WV, for Jumbo mortgages.

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

First Community Bank VA’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 Community Bank VA originated Conforming and Jumbo 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.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.00%+0.00%
Loan Related Closing Cost Difference+$53+$50
Cost Adjusted Rate Difference-0.01%+0.00%
Star Rating(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference+0.02%+0.00%
Loan Related Closing Cost Difference-$189+$0
Cost Adjusted Rate Difference-0.02%+0.00%
Star Rating(3.5)(3.5)

As a summary, First Community Bank VA is similar to other lenders for Conforming and Jumbo purchase mortgages. For refinancing, First Community Bank VA is similar to other lenders for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about First Community Bank VA:

Registered name: First Community Bank
Registered city and state: Bluefield, VA, 24605
Regulator: Federal Reserve System (FRS)
Top holder: FIRST COMMUNITY BANKSHARES, 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 Community Bank VA’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.