Is 1st Security Bank of Washington An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at 1st Security Bank of Washington with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: higher than average (+$804)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, 1st Security Bank of Washington originated 1937 mortgages, a national market share of 0.0%. It was most active in WA (0.9% market share), OR (0.1% market share), and ID (0.0% market share).

On average, 1st Security Bank of Washington’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).1The comparable mortgages control for 1st Security Bank of Washington’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 $6479, which was higher than those of comparable mortgages at $5675, with a difference of +$804. Overall, we estimate that 1st Security Bank of Washington tends to be an expensive lender, with a cost-adjusted-rate difference of +0.07% 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 1st Security Bank of Washington.

1st Security Bank of Washington originated Conforming, FHA, Jumbo 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 1st Security Bank of Washington compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference +0.01% +0.02% +0.07% +0.07%
Loan related Closing Cost Difference +$796 +$1511 +$1907 +$726
Cost Adjusted Rate Difference +0.06% +0.13% +0.10% +0.12%

Based on the table above, 1st Security Bank of Washington is more expensive than other lenders for Conforming, FHA, Jumbo and VA purchase mortgages.

Mortgage Refinancing from 1st Security Bank of Washington compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference +$101
Cost Adjusted Rate Difference -0.02%

Based on the table above, 1st Security Bank of Washington is similar to other lenders for Conforming mortgage refinance.

Other information about 1st Security Bank of Washington:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: FS BANCORP, INC.
Registered city and state: Mountlake Terrace, WA, 98043

Footnotes   [ + ]

1. The comparable mortgages control for 1st Security Bank of Washington’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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