Is FirstBank Puerto Rico a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by FirstBank Puerto Rico to those of other lenders for a comparable set of borrowers. Here is our review of FirstBank Puerto Rico nationally:
|Review Item||FirstBank Puerto Rico|
|Interest Rate||higher than other lenders (+0.38%)|
|Loan Related Closing Costs||lower than other lenders (-$367)|
|National Rate and Closing Cost Star Rating||(2)|
On average, FirstBank Puerto Rico’s interest rates were higher than those of other lenders (+0.38%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$367. Overall, combining interest rates and closing costs we estimate that FirstBank Puerto Rico tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit FirstBank Puerto Rico, check out its website at: http://www.1firstbank.com.
FirstBank Puerto Rico’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 FirstBank Puerto Rico was most active in:
FirstBank Puerto Rico’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, FirstBank Puerto Rico originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming 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||Jumbo|
|Interest Rate Difference||+0.43%||-0.03%||+0.11%|
|Loan Related Closing Cost Difference||-$349||-$300||-$2|
|Cost Adjusted Rate Difference||+0.38%||-0.04%||+0.11%|
|National Star Rating|
|Interest Rate Difference||+0.15%|
|Loan Related Closing Cost Difference||-$541|
|Cost Adjusted Rate Difference||+0.11%|
|Average Star Rating|
As a summary, FirstBank Puerto Rico is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming and Jumbo purchase mortgages. For refinancing mortgages, FirstBank Puerto Rico is more expensive than other lenders for Conforming 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 FirstBank Puerto Rico:
Registered city and state: San Juan, PR, 00908
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: FIRST BANCORP
* 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 Puerto Rico’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.