Is First Centennial Mortgage Corp. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at First Centennial Mortgage Corp. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: similar to average (-$30)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, First Centennial Mortgage Corp. originated 4690 mortgages, a national market share of 0.1%. It was most active in IL (1.2% market share), IN (0.5% market share), and WI (0.3% market share).

On average, First Centennial Mortgage Corp.’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).3The comparable mortgages control for First Centennial Mortgage Corp.’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 $4975, which was similar to those of comparable mortgages at $5005, with a difference of -$30. Overall, we estimate that First Centennial Mortgage Corp. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.00% compared to comparable mortgages at other lenders.4Cost 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 Centennial Mortgage Corp..

First Centennial Mortgage Corp. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming and FHA 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 Centennial Mortgage Corp. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.00% -0.00% +0.17% -0.04% +0.10%
Loan related Closing Cost Difference +$82 +$7 -$453 +$335 -$215
Cost Adjusted Rate Difference +0.01% -0.01% +0.15% -0.00% +0.07%

Based on the table above, First Centennial Mortgage Corp. is similar to other lenders for Conforming, FHA and USDA purchase mortgages. It is more expensive than other lenders for Jumbo and VA purchase mortgages.

Mortgage Refinancing from First Centennial Mortgage Corp. compared to other lenders

Conforming FHA
Interest Rate Difference -0.00% +0.06%
Loan Related Closing Cost Difference -$373 -$831
Cost Adjusted Rate Difference -0.03% -0.02%

Based on the table above, First Centennial Mortgage Corp. is similar to other lenders for Conforming and FHA mortgage refinance.

Other information about First Centennial Mortgage Corp.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: AURORA, IL, 60506
Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes

1, 3 The comparable mortgages control for First Centennial Mortgage Corp.’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, 4 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.