FirstBank TN Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.06%)
Loan Related Closing Costslower than average (-$391)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.firstbankonline.com

On average, FirstBank TN’s interest rates were similar to those of other lenders (-0.06%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$391. Overall, combining interest rates and closing costs we estimate that FirstBank TN tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

FirstBank TN’s Rates by Area

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

  1. Nashville, TN
  2. Huntsville, AL
  3. Birmingham, AL
  4. Los Angeles, CA
  5. Mobile, AL

Furthermore, FirstBank TN is our top ranked mortgage lender in terms of interest rate and closing costs in Jackson, TN, for Jumbo mortgages.

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

FirstBank TN’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, FirstBank TN originated Conforming, FHA, Jumbo, 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 MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%-0.04%+0.01%-0.01%+0.00%
Loan Related Closing Cost Difference-$81+$45+$5+$71-$152
Cost Adjusted Rate Difference-0.03%-0.04%+0.01%-0.00%-0.01%
Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.11%-0.01%+0.01%+0.00%-0.02%
Loan Related Closing Cost Difference-$830-$66+$53+$3-$197
Cost Adjusted Rate Difference-0.15%-0.01%+0.01%+0.01%-0.03%
Star Rating(4.0)(3.5)(3.5)(3.5)(3.5)

As a summary, FirstBank TN is similar to other lenders for Conforming, FHA, Jumbo, USDA and VA purchase mortgages. For refinancing, FirstBank TN is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo, 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 FirstBank TN:

Registered name: FirstBank
Registered city and state: Nashville, TN, 37221
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FB FINANCIAL CORPORATION

* 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 FirstBank TN’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.