Family First Credit Union Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 2549002HZ6B3ZIAO3Q76

Tax ID: 38-1341100

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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 Other loans. Family First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Flint, Mount Pleasant, and Midland among others. We have data for 6 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.

    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

    40

    Origination Dollar Volume (All Markets)

    $3,100,000

    Awards

    Family First Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    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) 32 $1,870,000 $58,438 $1,069 5.72%
    Outside of Metro Areas 3 $635,000 $211,667 $1,355 5.25%
    BAY CITY, MI (FHA|USDA|VA) 2 $270,000 $135,000 $1,945 4.38%
    FLINT, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,240 4.25%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,515 4.50%
    MIDLAND, MI (FHA|USDA|VA) 1 $25,000 $25,000 $694 4.99%
    Family First Credit Union's top markets include Saginaw, Bay City, Flint, Mount Pleasant, and Midland among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 40 $3,100,000 $77,500 $1,190 5.53%

    For 2019, Family First Credit Union's most frequently originated type of loan was Conventional, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 31 $1,995,000 $64,355 $1,095 5.81%
    Refi 4 $600,000 $150,000 $1,499 5.30%
    Cash Out Refi 4 $390,000 $97,500 $1,396 4.06%
    Home Purchase 1 $115,000 $115,000 $2,101 4.00%

    For 2019, Family First Credit Union's most frequently cited loan purpose was Other, with 31 originations. The 2nd most popular reason was Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 14 $440,000 $31,429 $806 5.95%
    30 Year 12 $1,810,000 $150,833 $1,734 5.21%
    5 Year 6 $80,000 $13,333 $602 6.24%
    15 Year 4 $330,000 $82,500 $1,538 5.08%
    20 Year 3 $415,000 $138,333 $1,690 3.96%
    Other 1 $25,000 $25,000 $693 5.99%

    For 2019, Family First Credit Union's most frequently cited loan duration was 10 Year, with 14 originations. The 2nd most popular length was 30 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 40 $3,100,000 $77,500

    Family First Credit Union's average total fees were $1,734, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 40 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 17 $1,675,000 $98,529
    5-6% 8 $420,000 $52,500
    3-4% 5 $615,000 $123,000
    6-7% 5 $215,000 $43,000
    7-8% 3 $75,000 $25,000
    Over 8% 2 $100,000 $50,000

    During 2019, Family First Credit Union's average interest rate for loans was 5.21%, while their most frequently originated rate bucket for loans was 4-5%, with 17 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 28 $1,080,000 $38,571 $936 6.04%
    $100k-200k 10 $1,410,000 $141,000 $1,830 4.31%
    $200k-400k 2 $610,000 $305,000 $1,551 4.63%

    2019 saw Family First Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 14 $600,000 $42,857 $1,061 6.73%
    $50k-75k 9 $505,000 $56,111 $1,041 5.02%
    $75k-100k 9 $805,000 $89,444 $1,369 4.58%
    $100k-150k 8 $1,190,000 $148,750 $1,383 5.10%

    Family First Credit Union lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $50k-75k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $1,115,000 $74,333 $1,231 5.19%
    30-36% 7 $295,000 $42,143 $865 6.68%
    <20% 6 $300,000 $50,000 $999 4.54%
    36% 2 $100,000 $50,000 $1,326 7.04%
    43% 2 $610,000 $305,000 $1,551 4.63%
    50-60% 2 $160,000 $80,000 $1,294 5.00%
    >60% 1 $65,000 $65,000 $1,457 6.38%
    37% 1 $65,000 $65,000 $494 4.99%
    38% 1 $45,000 $45,000 $1,406 5.35%
    40% 1 $105,000 $105,000 $1,612 4.58%
    45% 1 $165,000 $165,000 $2,240 4.25%
    48% 1 $75,000 $75,000 $1,553 10.63%

    Family First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $2,735,000 $88,226 $1,208 5.18%
    Black 8 $260,000 $32,500 $1,070 7.02%
    Asian 1 $105,000 $105,000 $1,612 4.58%

    Approval Rates

    Total approvals of all applications
    79.01%

    Family First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    40.00%

    Family First Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 40 $3,100,000 $77,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 40 $3,100,000 $77,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $190,000 $23,750 $619 5.87%
    40-60% 2 $110,000 $55,000 $1,286 6.12%
    60-80% 13 $1,665,000 $128,077 $1,524 5.54%
    80-100% 9 $575,000 $63,889 $1,268 5.63%
    Under 20% 3 $45,000 $15,000 $702 5.32%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Family First Funding LLC Other type of mortgage Struggling to pay mortgage 1 100.0%