Is 1st Source Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by 1st Source Bank with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||lower than average (-0.11%)|
|Loan Related Closing Costs||lower than average (-$292)|
|National Rate and Closing Cost Rating||(4.0)|
On average, 1st Source Bank’s interest rates were lower than those of other lenders (-0.11%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$292. Overall, combining interest rates and closing costs we estimate that 1st Source Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.
1st Source Bank’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track 1st Source Bank was most active in:
Furthermore, 1st Source Bank is our top ranked mortgage lender in terms of interest rate and closing costs in South Bend, IN, for FHA, and Jumbo mortgages.
You can click through to check out 1st Source Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
1st Source 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, 1st Source Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for 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.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||-0.09%||-0.13%||-0.03%||+0.02%||+0.00%|
|Loan Related Closing Cost Difference||-$329||-$191||-$9||+$5||-$14|
|Cost Adjusted Rate Difference||-0.13%||-0.16%||-0.03%||+0.02%||-0.00%|
|Interest Rate Difference||-0.14%||-0.05%||-0.02%||-0.00%|
|Loan Related Closing Cost Difference||-$327||-$125||+$0||-$41|
|Cost Adjusted Rate Difference||-0.18%||-0.07%||-0.02%||-0.00%|
As a summary, 1st Source Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, 1st Source Bank is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for Jumbo 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 1st Source Bank:
Registered city and state: SOUTH BEND, IN, 46634-1602
Regulator: Federal Reserve System (FRS)
Top holder: 1ST SOURCE 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 1st Source 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.