Is First Federal Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by First Federal Bank to those of other lenders for a comparable set of borrowers. Here is our review of First Federal Bank nationally:
|Review Item||First Federal Bank|
|Interest Rate||similar to other lenders (-0.10%)|
|Loan Related Closing Costs||similar to other lenders (-$114)|
|National Rate and Closing Cost Star Rating||(4)|
On average, First Federal Bank’s interest rates were similar to those of other lenders (-0.10%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$114. Overall, combining interest rates and closing costs we estimate that First Federal Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit First Federal Bank, check out its website at: https://www.1stfed.com.
First Federal Bank’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 Federal Bank was most active in:
In addition, First Federal Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
First Federal Bank’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 Federal Bank originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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||FHA||USDA||VA|
|Interest Rate Difference||-0.11%||-0.09%||-0.01%||-0.01%|
|Loan Related Closing Cost Difference||-$59||-$217||-$128||+$68|
|Cost Adjusted Rate Difference||-0.12%||-0.12%||-0.02%||-0.00%|
|National Star Rating|
|Interest Rate Difference||-0.12%||-0.02%||-0.02%|
|Loan Related Closing Cost Difference||-$203||-$25||-$110|
|Cost Adjusted Rate Difference||-0.13%||-0.03%||-0.02%|
|Average Star Rating|
As a summary, First Federal Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. For refinancing mortgages, First Federal Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and VA 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 Federal Bank:
Registered city and state: TUSCALOOSA, AL, 35406
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: SOUTHEASTERN FINANCIAL, 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 Federal 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.