First American Bank Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.07%)
Loan Related Closing Costslower than average (-$303)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.firstambank.com

On average, First American Bank’s interest rates were similar to those of other lenders (-0.07%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$303. Overall, combining interest rates and closing costs we estimate that First American 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.

First American Bank’s Rates by Area

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

  1. Chicago, IL
  2. Bourbonnais, IL
  3. Rockford, IL
  4. Miami, FL
  5. Valparaiso, IN

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

First American 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, First American Bank originated Conforming 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 MortgagesConforming
Interest Rate Difference-0.05%
Loan Related Closing Cost Difference-$152
Cost Adjusted Rate Difference-0.08%
Star Rating(4.0)
Refinance MortgagesConforming
Interest Rate Difference-0.07%
Loan Related Closing Cost Difference-$344
Cost Adjusted Rate Difference-0.14%
Star Rating(4.0)

As a summary, First American Bank is cheap for Conforming purchase mortgages. For refinancing, First American Bank is cheap for Conforming mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about First American Bank:

Registered name: First American Bank
Registered city and state: Bloomingdale, IL, 60108
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: FIRST AMERICAN BANK 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 First American 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.