Is First Savings Bank An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.14%)
Loan Related Closing Costs: similar to average (+$149)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, First Savings Bank originated 820 mortgages, a national market share of 0.0%. It was most active in IN (0.2% market share), KY (0.1% market share), and OH (0.0% market share).

On average, First Savings Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.14%).1The comparable mortgages control for First Savings 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 $4163, which was similar to those of comparable mortgages at $4014, with a difference of +$149. Overall, we estimate that First Savings Bank tends to be an expensive lender, with a cost-adjusted-rate difference of +0.16% 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 First Savings Bank.

First Savings Bank originated Conforming and FHA 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 Savings Bank compared to other lenders

Conforming FHA
Interest Rate Difference +0.16% +0.20%
Loan related Closing Cost Difference +$69 +$47
Cost Adjusted Rate Difference +0.17% +0.22%

Based on the table above, First Savings Bank is more expensive than other lenders for Conforming and FHA purchase mortgages.

Mortgage Refinancing from First Savings Bank compared to other lenders

Conforming
Interest Rate Difference +0.08%
Loan Related Closing Cost Difference +$382
Cost Adjusted Rate Difference +0.12%

Based on the table above, First Savings Bank is more expensive than other lenders for Conforming mortgage refinance.

Other information about First Savings Bank:

Regulator: Federal Reserve System (FRS) 
Top holder: FIRST SAVINGS FINANCIAL GROUP, INC.
Registered city and state: Clarksville, IN, 47129
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Footnotes   [ + ]

1. The comparable mortgages control for First Savings 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.