Is First Financial of MD FCU a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Financial of MD FCU to those of other lenders for a comparable set of borrowers. Here is our review of First Financial of MD FCU nationally:
| Review Item | First Financial of MD FCU |
|---|---|
| Interest Rate | lower than other lenders (-0.26%) |
| Loan Related Closing Costs | lower than other lenders (-$1445) |
| National Rate and Closing Cost Star Rating | (5) |
On average, First Financial of MD FCU’s interest rates were lower than those of other lenders (-0.26%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$1445. Overall, combining interest rates and closing costs we estimate that First Financial of MD FCU tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5 out of 5 stars. This is a fantastic rating and places it among the top 5% of lenders nationwide.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First Financial of MD FCU, check out its website at: https://www.firstfinancial.org.
First Financial of MD FCU’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 Financial of MD FCU was most active in:
In addition, First Financial of MD FCU is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- Baltimore, MD, overall
First Financial of MD FCU’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 Financial of MD FCU originated Conforming mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
| New Purchase Mortgages | Conforming |
|---|---|
| Interest Rate Difference | -0.04% |
| Loan Related Closing Cost Difference | -$398 |
| Cost Adjusted Rate Difference | -0.09% |
| National Star Rating |
| Refinance Mortgages | Conforming | Jumbo |
|---|---|---|
| Interest Rate Difference | -0.32% | -0.01% |
| Loan Related Closing Cost Difference | -$1713 | -$42 |
| Cost Adjusted Rate Difference | -0.47% | -0.01% |
| Average Star Rating |
As a summary, First Financial of MD FCU is cheap for Conforming purchase mortgages. For refinancing mortgages, First Financial of MD FCU is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo 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 Financial of MD FCU:
Registered city and state: Lutherville, MD, 21093
Regulator: National Credit Union Administration (NCUA)
* 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 Financial of MD FCU’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.