First Financial Credit Union Mortgage Rates, Fees & Info
Skokie, ILLEI: 2549008684GZZI5B5H82
Tax ID: 36-1855525
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Mortgage Data
Review & Overview
First Financial Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. First Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Holland, Madison, and Davenport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Financial Credit Union has an above 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/22/24 |
| 30 Year Conventional Purchase | 6.67% | 11/22/24 |
| 30 Year Conventional Refi | 6.52% | 11/22/24 |
| 30 Year Cash-out Refi | 6.86% | 11/22/24 |
| 15 Year Conventional Purchase | 5.80% | 11/22/24 |
| 15 Year Conventional Refi | 5.65% | 11/22/24 |
| 15 Year Cash-out Refi | 5.65% | 11/22/24 |
| 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 Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
469Origination Dollar Volume (All Markets)
$121,025,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 465 | $120,215,000 | $258,527 | $4,266 | 4.29% |
| Holland, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,799 | 3.88% |
| MADISON, WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 3.50% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,875 | 3.88% |
| Outside of Metro Areas | 1 | $125,000 | $125,000 | $0 | 5.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Financial Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 425 | $116,715,000 | $274,624 | $4,266 | 4.08% |
| HELOC | 44 | $4,310,000 | $97,955 | n/a | 6.26% |
For 2019, First Financial Credit Union's most frequently originated type of loan was Conventional, with 425 originations. Their 2nd most popular type was HELOC, with 44 originations.
Loan Reason
For 2019, First Financial Credit Union's most frequently cited loan purpose was Home Purchase, with 256 originations. The 2nd most popular reason was Refi, with 125 originations.
Loan Duration/Length
For 2019, First Financial Credit Union's most frequently cited loan duration was 30 Year, with 315 originations. The 2nd most popular length was 15 Year, with 131 originations.
Origination Fees/Closing Costs
First Financial Credit Union's average total fees were $4,548, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 384 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 246 | $70,350,000 | $285,976 |
| 4-5% | 154 | $41,180,000 | $267,403 |
| 6-7% | 33 | $3,015,000 | $91,364 |
| 5-6% | 31 | $4,575,000 | $147,581 |
| 2.5-3% | 5 | $1,905,000 | $381,000 |
During 2019, First Financial Credit Union's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 3-4%, with 246 originations.
Loan Sizing
2019 saw First Financial Credit Union place emphasis on $200k-400k loans with 232 originations, totaling $67,400,000 in origination value.
Applicant Income
First Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 132 originations. The second most popular income band? $150k-250k, with 113 originations.
Applicant Debt to Income Ratio
First Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 86 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
First Financial Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination98.51%
First Financial 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 |
|---|---|---|---|
| 1355.0 | 1 | $205,000 | $205,000 |
| NA | 468 | $120,820,000 | $258,162 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 469 | $121,025,000 | $258,049 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 4 | 57.1% |