Family First Credit Union Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 2549002HZ6B3ZIAO3Q76

Tax ID: 38-1341100

5 stars - Updated: 10/31/24 - out of 5 stars, based on 7 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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

46

Origination Dollar Volume (All Markets)

$2,390,000

Relative 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%
Family First Credit Union's top markets include Saginaw, Bay City, Midland, and Flint among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 19 $925,000 $48,684 $1,216 8.32%
    Refi 9 $635,000 $70,556 $1,400 8.86%
    Home Purchase 7 $465,000 $66,429 $2,571 7.54%
    Other 6 $180,000 $30,000 $1,096 9.71%
    Home Improvement 5 $185,000 $37,000 $1,033 7.95%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 14 $610,000 $43,571 $1,493 8.54%
    20 Year 13 $725,000 $55,769 $1,228 9.24%
    10 Year 10 $300,000 $30,000 $970 7.30%
    30 Year 3 $315,000 $105,000 $2,479 8.22%
    5 Year 3 $65,000 $21,667 $1,624 6.80%
    Other 3 $375,000 $125,000 $2,183 10.25%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 17 $795,000 $46,765 $1,690 8.28%
    $50k-75k 16 $750,000 $46,875 $1,288 8.96%
    $75k-100k 6 $470,000 $78,333 $1,192 7.83%
    $100k-150k 4 $220,000 $55,000 $1,646 7.76%
    $150k-250k 2 $120,000 $60,000 $787 7.00%
    $250k+ 1 $35,000 $35,000 $787 12.25%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $575,000 $52,273 $1,614 7.76%
    30-36% 10 $480,000 $48,000 $1,565 8.14%
    50-60% 6 $420,000 $70,000 $1,407 10.66%
    <20% 6 $170,000 $28,333 $1,130 8.54%
    >60% 3 $165,000 $55,000 $1,293 8.08%
    43% 2 $210,000 $105,000 $2,160 9.00%
    38% 2 $90,000 $45,000 $1,233 9.25%
    42% 1 $25,000 $25,000 $1,155 6.75%
    40% 1 $35,000 $35,000 $787 6.50%
    46% 1 $25,000 $25,000 $724 7.75%
    39% 1 $35,000 $35,000 $1,216 6.75%
    44% 1 $125,000 $125,000 $1,533 8.75%
    41% 1 $35,000 $35,000 $724 9.25%

    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 applications
    89.83%

    Family First Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.78%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    46 $2,390,000 $51,957

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $760,000 $42,222 $1,172 8.39%
    40-60% 7 $545,000 $77,857 $1,523 8.00%
    60-80% 9 $365,000 $40,556 $1,675 8.46%
    80-100% 7 $575,000 $82,143 $1,981 8.72%
    Under 20% 5 $145,000 $29,000 $946 8.85%