Is First Community Bank An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at First Community Bank with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: lower than average (-$545)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First Community Bank originated 583 mortgages, a national market share of 0.0%. It was most active in SC (0.5% market share), GA (0.0% market share), and DE (0.0% market share).

On average, First Community Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for First Community 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 $3445, which was lower than those of comparable mortgages at $3990, with a difference of -$545. Overall, we estimate that First Community Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.09% 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 Community Bank.

First Community Bank originated Conforming, FHA and USDA 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 Community Bank compared to other lenders

Conforming FHA USDA
Interest Rate Difference -0.02% -0.09% +0.01%
Loan related Closing Cost Difference -$283 -$1173 -$1355
Cost Adjusted Rate Difference -0.06% -0.26% -0.17%

Based on the table above, First Community Bank is cheap for Conforming, FHA and USDA purchase mortgages.

Mortgage Refinancing from First Community Bank compared to other lenders

Conforming
Interest Rate Difference +0.04%
Loan Related Closing Cost Difference -$59
Cost Adjusted Rate Difference +0.03%

Based on the table above, First Community Bank is similar to other lenders for Conforming mortgage refinance.

Other information about First Community Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: FIRST COMMUNITY CORPORATION
Registered city and state: LEXINGTON, SC, 29072

Footnotes   [ + ]

1. The comparable mortgages control for First Community 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.
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.

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