Is FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: similar to average (+$212)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) originated 825 mortgages, a national market share of 0.0%. It was most active in AR (1.3% market share), LA (0.1% market share), and OK (0.1% market share).

On average, FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.)’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.)’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4212, which was similar to those of comparable mortgages at $4000, with a difference of +$212. Overall, we estimate that FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) tends to be an expensive lender, with a cost-adjusted-rate difference of +0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.).

FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.08% -0.02% +0.02% +0.10%
Loan related Closing Cost Difference +$150 +$414 +$350 -$155
Cost Adjusted Rate Difference +0.09% +0.02% +0.08% +0.06%

Based on the table above, FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming, USDA and VA purchase mortgages.

Mortgage Refinancing from FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) compared to other lenders

Conforming
Interest Rate Difference +0.08%
Loan Related Closing Cost Difference -$260
Cost Adjusted Rate Difference +0.07%

Based on the table above, FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.) is more expensive than other lenders for Conforming mortgage refinance.

Other information about FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.):

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Sheridan, AR, 72150

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Footnotes   [ + ]

1. The comparable mortgages control for FirstTrust Home Loans, Inc. (Formerly First Arkansas Financial, Inc.)’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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.