Is 1st Source Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by 1st Source Bank to those of other lenders for a comparable set of borrowers. Here is our review of 1st Source Bank nationally:
|Review Item||1st Source Bank|
|Interest Rate||lower than other lenders (-0.11%)|
|Loan Related Closing Costs||lower than other lenders (-$292)|
|National Rate and Closing Cost Star Rating||(4)|
On average, 1st Source Bank’s interest rates were lower than those of other lenders (-0.11%). Its loan related closing costs were also 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 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit 1st Source Bank, check out its website at: https://www.1stsource.com.
1st Source 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 1st Source Bank was most active in:
In addition, 1st Source Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:
- South Bend, IN, for FHA, and Jumbo mortgages
1st Source 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, 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. 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||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%|
|National Star Rating|
|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%|
|Average Star Rating|
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 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 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.