Family First Credit Union Mortgage Rates, Fees & Info
Saginaw, MILEI: 2549002HZ6B3ZIAO3Q76
Tax ID: 38-1341100
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Mortgage Data
Review & Overview
Family First Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Family First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, and Flint among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Family First Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Family First 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.
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Originations
46Origination Dollar Volume (All Markets)
$2,390,000Relative Rate
Family First Credit Union's average 30 year fixed mortgage rate was
8.22%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.74%.
Relative Fees (Closing Costs)
Family First Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,479.
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 |
|---|---|---|---|---|---|
| SAGINAW, MI (FHA|USDA|VA) | 36 | $1,790,000 | $49,722 | $1,396 | 8.54% |
| Outside of Metro Areas | 4 | $260,000 | $65,000 | $1,320 | 8.09% |
| BAY CITY, MI (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $1,467 | 8.75% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $1,511 | 7.50% |
| FLINT, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $2,459 | 7.45% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $2,390,000 | $51,957 | $1,422 | 8.45% |
For 2023, Family First Credit Union's most frequently originated type of loan was Conventional, with 46 originations.
Loan Reason
For 2023, Family First Credit Union's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
For 2023, Family First Credit Union's most frequently cited loan duration was 15 Year, with 14 originations. The 2nd most popular length was 20 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 46 | $2,390,000 | $51,957 |
Family First Credit Union's average total fees were $2,479, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 20 | $1,150,000 | $57,500 |
| 7-8% | 14 | $690,000 | $49,286 |
| 6-7% | 12 | $550,000 | $45,833 |
During 2023, Family First Credit Union's average interest rate for loans was 8.22%, while their most frequently originated rate bucket for loans was Over 8%, with 20 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 39 | $1,555,000 | $39,872 | $1,299 | 8.37% |
| $100k-200k | 7 | $835,000 | $119,286 | $2,109 | 8.89% |
2023 saw Family First Credit Union place emphasis on $100,000 or less loans with 39 originations, totaling $1,555,000 in origination value.
Applicant Income
Family First Credit Union lent most frequently to those with incomes in the $50k or less range, with 17 originations. The second most popular income band? $50k-75k, with 16 originations.
Applicant Debt to Income Ratio
Family First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 37 | $1,935,000 | $52,297 | $1,420 | 8.27% |
| Black | 9 | $455,000 | $50,556 | $1,433 | 9.16% |
Approval Rates
Total approvals of all applications89.83%
Family First Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.78%
Family First Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 46 | $2,390,000 | $51,957 |