FIrst Collinsville Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.20%)
Loan Related Closing Costssimilar to average (-$155)
National Rate and Closing Cost Rating(4.5)
Websitehttps://www.fcbbanks.com

On average, FIrst Collinsville Bank’s interest rates were lower than those of other lenders (-0.20%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$155. Overall, combining interest rates and closing costs we estimate that FIrst Collinsville Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5.0 stars.

FIrst Collinsville Bank’s Rates by Area

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

  1. St. Louis, MO
  2. Edwardsville, IL
  3. Mount Vernon, IL
  4. Marion, IL
  5. Springfield, IL

Furthermore, FIrst Collinsville Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Edwardsville, IL, overall
  2. Mount Vernon, IL, overall

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

FIrst Collinsville Bank’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 Collinsville Bank 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.20%-0.27%-0.17%-0.11%
Loan Related Closing Cost Difference-$165-$173-$58+$15
Cost Adjusted Rate Difference-0.23%-0.30%-0.17%-0.11%
Star Rating(4.5)(5.0)(4.5)(4.0)
Refinance MortgagesConformingFHAUSDAVA
Interest Rate Difference-0.21%-0.04%-0.01%-0.07%
Loan Related Closing Cost Difference-$177-$89-$7-$121
Cost Adjusted Rate Difference-0.24%-0.05%-0.01%-0.08%
Star Rating(4.5)(3.5)(3.5)(4.0)

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

Other information about FIrst Collinsville Bank:

Registered name: Fcb Banks
Registered city and state: COLLINSVILLE, IL, 62234
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FIRST CO BANCORP, 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 Collinsville 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.