We compare mortgage interest rate and loan related closing costs at First Financial Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: higher than average (+$586)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, First Financial Bank originated 751 mortgages, a national market share of 0.0%. It was most active in AR (1.3% market share), MS (0.2% market share), and OK (0.0% market share).
On average, First Financial Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for First Financial 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 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 $4197, which was higher than those of comparable mortgages at $3610, with a difference of +$586. Overall, we estimate that First Financial Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.00% 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. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with First Financial Bank.
First Financial Bank 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 First Financial Bank compared to other lenders
|Interest Rate Difference||-0.02%||-0.11%||-0.06%||-0.17%|
|Loan related Closing Cost Difference||+$499||+$760||+$773||+$787|
|Cost Adjusted Rate Difference||+0.03%||-0.03%||+0.04%||-0.11%|
Based on the table above, First Financial Bank is cheap for VA purchase mortgages. It is similar to other lenders for Conforming, FHA and USDA purchase mortgages.
Mortgage Refinancing from First Financial Bank compared to other lenders
|Interest Rate Difference||-0.01%|
|Loan Related Closing Cost Difference||-$57|
|Cost Adjusted Rate Difference||-0.01%|
Based on the table above, First Financial Bank is similar to other lenders for Conforming mortgage refinance.
Other information about First Financial Bank:
Regulator: Federal Reserve System (FRS)
Top holder: FIRST FINANCIAL BANC CORPORATION
Registered city and state: El Dorado, AR, 71730