First Colony Mortgage Corporation Review

First Colony Mortgagefirst colony mortgage

The First Colony Mortgage Corporation is a lender offering home loans. The company offers loans at a high approval rate and a below average pick rate. The fee structure is typical of the industry, with closing costs and other expenses rolled into the loan. Rates are typically below average for first-time homebuyers.

Rate bucket for loans

The approval rate of First Colony Mortgage Corporation loans is above average, although there are some concerns about the company’s underwriting standards. First Colony also charges an average fee for a mortgage. These fees can include the loan’s closing costs as well as other fees incurred by the borrower. These fees are usually included in the loan’s interest rate.

According to our database, the average interest rate for loans originated by First Colony Mortgage Corporation is 3.06 percent. The most common loan types originated by the company are Conventional and FHA loans. The most common loan purpose is Home Purchase, and the most common loan duration is 15 or 30 years. The average loan origination fee is $5,176. For these loans, the most common borrowers have a DTI ratio of 20-30%, or below.

Loan duration

The average interest rate on First Colony Mortgage Corporation’s loans is 3.06 percent during 2021. The most common loan purpose is a home purchase or refinance. The most common loan duration is fifteen years and the average loan cost is $5,176. In terms of fees, the average borrower paid $5,176, with the lowest fees of $1k-$500.

First Colony Mortgage Corporation has a slightly above-average approval rate. However, it is below-average for pick rates. The company also has an above-average fee structure, which includes any closing costs and other costs incurred by the borrower and rolled into the loan. In addition, the rates and fees are generally standard.

Total fees

The total fees for First Colony Mortgage Corporation depend on the type of mortgage you apply for. This company offers mortgages for new home purchases, refinances, and USDA, conforming, and VA loans. Their fees include loan origination and closing costs, so be sure to check before applying.

First Colony Mortgage Corporation’s most popular loan types were Conventional and FHA. The most common purpose for originating these loans was to purchase or refinance a home. The most common loan duration was between fifteen and thirty years. The total fees for these loans averaged $5,176 on average.

The company offers mortgage loans in seven different states, including Utah, Colorado, Arizona, Oregon, and Wyoming. It is headquartered in Orem, Utah. It was founded in 1984 by John M. Aldrich and has funded more than 50,000 mortgages since. They have offices in Utah, Colorado, Idaho, Oregon, and Wyoming.

Approval rate

First Colony Mortgage Corporation is a full-service mortgage banking company that serves consumers in Utah, Colorado, Arizona, Oregon, and Wyoming. Founded in 1984, the company has funded over 50,000 mortgages. The company’s rates and fees are on average, and its approval rate is above average.

The company’s average interest rate is 3.06 percent. The company typically originates loans for two main purposes: home purchase and refinancing. The most common loan amount is $200k-400k, and the average origination price is $5,176. Loans originated by First Colony Mortgage Corporation are typically based on a 20-30% DTI ratio.

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