First Financial Federal Credit Union Mortgage Rates, Fees & Info
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Tax ID: 21-0635256
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Mortgage Data
Review & Overview
First Financial Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. First Financial Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Ocean City, and Philadelphia among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)First Financial Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First Financial Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 4.86% | 9/1/24 |
30 Year Conventional Refi | 6.27% | 9/1/24 |
30 Year Cash-out Refi | 6.27% | 9/1/24 |
15 Year Conventional Refi | 6.06% | 9/1/24 |
15 Year Cash-out Refi | 6.06% | 9/1/24 |
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. |
First Financial Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
110Origination Dollar Volume (All Markets)
$6,980,000Relative Rate
First Financial Federal Credit Union's average 30 year fixed mortgage rate was
6.63%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
First Financial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,284.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 108 | $6,880,000 | $63,704 | $64 | 6.05% |
OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.50% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.00% |
Their top states include:
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 103 | $6,605,000 | $64,126 | $64 | 5.93% |
HELOC | 7 | $375,000 | $53,571 | n/a | 8.21% |
For 2023, First Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 103 originations. Their 2nd most popular type was HELOC, with 7 originations.
Loan Reason
For 2023, First Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 66 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.
Loan Duration/Length
For 2023, First Financial Federal Credit Union's most frequently cited loan duration was 10 Year, with 47 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 103 | $6,605,000 | $64,126 |
First Financial Federal Credit Union's average total fees were $3,284, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 48 | $2,800,000 | $58,333 |
6-7% | 34 | $2,550,000 | $75,000 |
4-5% | 18 | $1,090,000 | $60,556 |
7-8% | 5 | $225,000 | $45,000 |
Over 8% | 5 | $315,000 | $63,000 |
During 2023, First Financial Federal Credit Union's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was 5-6%, with 48 originations.
Loan Sizing
2023 saw First Financial Federal Credit Union place emphasis on $100,000 or less loans with 93 originations, totaling $4,525,000 in origination value.
Applicant Income
First Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $150k-250k, with 29 originations.
Applicant Debt to Income Ratio
First Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications48.29%
First Financial Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination97.27%
First Financial Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 110 | $6,980,000 | $63,455 |