Family First Credit Union Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 2549002HZ6B3ZIAO3Q76

Tax ID: 38-1341100

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Midland, Bay City, 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 a below 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 about average 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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    Originations

    28

    Origination Dollar Volume (All Markets)

    $1,680,000

    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) 19 $1,315,000 $69,211 $1,848 5.43%
    Outside of Metro Areas 4 $180,000 $45,000 $800 5.44%
    MIDLAND, MI (FHA|USDA|VA) 2 $110,000 $55,000 $883 4.94%
    BAY CITY, MI (FHA|USDA|VA) 2 $50,000 $25,000 $845 7.87%
    FLINT, MI (FHA|USDA|VA) 1 $25,000 $25,000 $528 5.49%
    Family First Credit Union's top markets include Saginaw, Midland, Bay City, 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 28 $1,680,000 $60,000 $1,511 5.57%

    For 2018, Family First Credit Union's most frequently originated type of loan was Conventional, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 17 $955,000 $56,176 $1,883 5.43%
    Refi 5 $495,000 $99,000 $1,056 6.37%
    Other 4 $90,000 $22,500 $590 5.06%
    Home Purchase 2 $140,000 $70,000 $1,327 5.81%

    For 2018, Family First Credit Union's most frequently cited loan purpose was Cash Out Refi, with 17 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 15 $395,000 $26,333 $1,245 5.93%
    15 Year 6 $580,000 $96,667 $2,585 5.94%
    5 Year 4 $200,000 $50,000 $597 4.38%
    30 Year 3 $505,000 $168,333 $1,911 4.66%

    For 2018, Family First Credit Union's most frequently cited loan duration was 10 Year, with 15 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 28 $1,680,000 $60,000

    Family First Credit Union's average total fees were $1,911, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 12 $560,000 $46,667
    4-5% 7 $515,000 $73,571
    3-4% 3 $475,000 $158,333
    6-7% 3 $55,000 $18,333
    Over 8% 3 $75,000 $25,000

    During 2018, Family First Credit Union's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 5-6%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 22 $690,000 $31,364 $1,417 5.85%
    $100k-200k 4 $570,000 $142,500 $2,138 4.40%
    $200k-400k 2 $420,000 $210,000 $1,290 4.81%

    2018 saw Family First Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 9 $365,000 $40,556 $2,035 6.72%
    $50k-75k 8 $200,000 $25,000 $922 5.12%
    $100k-150k 6 $720,000 $120,000 $1,556 4.66%
    $75k-100k 5 $395,000 $79,000 $1,455 5.32%

    Family First Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $50k-75k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $660,000 $66,000 $1,188 5.68%
    30-36% 5 $355,000 $71,000 $2,147 5.15%
    <20% 3 $105,000 $35,000 $2,318 5.98%
    38% 2 $100,000 $50,000 $2,748 7.19%
    43% 1 $25,000 $25,000 $528 5.49%
    45% 1 $25,000 $25,000 $693 5.25%
    48% 1 $15,000 $15,000 $519 5.25%
    49% 1 $205,000 $205,000 $2,180 5.63%
    50-60% 1 $125,000 $125,000 $1,666 4.50%
    36% 1 $25,000 $25,000 $542 4.25%
    37% 1 $15,000 $15,000 $538 5.50%
    39% 1 $25,000 $25,000 $577 5.25%

    Family First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 24 $1,310,000 $54,583 $1,440 5.57%
    Black 4 $370,000 $92,500 $1,938 5.59%

    Approval Rates

    Total approvals of all applications
    61.82%

    Family First Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    78.57%

    Family First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 28 $1,680,000 $60,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 28 $1,680,000 $60,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $200,000 $50,000 $740 5.94%
    40-60% 5 $205,000 $41,000 $874 5.73%
    60-80% 11 $865,000 $78,636 $2,345 5.64%
    80-100% 2 $290,000 $145,000 $3,001 4.69%
    Under 20% 6 $120,000 $20,000 $530 5.37%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Family First Funding LLC Conventional home mortgage Closing on a mortgage 1 100.0%