Is 1st Priority Mortgage, Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at 1st Priority Mortgage, Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (-$126)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, 1st Priority Mortgage, Inc. originated 2488 mortgages, a national market share of 0.0%. It was primarily active in NY, with a 1.1% market share.

On average, 1st Priority Mortgage, Inc.’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for 1st Priority Mortgage, 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 $3775, which was similar to those of comparable mortgages at $3901, with a difference of -$126. Overall, we estimate that 1st Priority Mortgage, Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.03% 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 1st Priority Mortgage, Inc..

1st Priority Mortgage, 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 1st Priority Mortgage, Inc. compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference -0.05% +0.04% -0.05% +0.10%
Loan related Closing Cost Difference -$239 +$167 +$106 -$175
Cost Adjusted Rate Difference -0.08% +0.06% -0.05% +0.06%

Based on the table above, 1st Priority Mortgage, Inc. is cheap for Conforming purchase mortgages. It is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for FHA and VA purchase mortgages.

Mortgage Refinancing from 1st Priority Mortgage, Inc. compared to other lenders

Conforming
Interest Rate Difference -0.09%
Loan Related Closing Cost Difference -$515
Cost Adjusted Rate Difference -0.13%

Based on the table above, 1st Priority Mortgage, Inc. is cheap for Conforming mortgage refinance.

Other information about 1st Priority Mortgage, Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Williamsville, NY, 14221

Footnotes   [ + ]

1. The comparable mortgages control for 1st Priority Mortgage, 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.

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