La Financial Federal Credit Union Mortgage Rates, Fees & Info

Pasadena, CA

LEI: 254900C303DGB8I7GG88

Tax ID: 95-1644513

3.5 stars - out of 5 stars, based on 17 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    La Financial Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. La Financial Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top two markets are Los Angeles and Lake Havasu City .

    La Financial Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. La Financial Federal Credit Union is typically a high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.18% 10/3/22
    30 Year Conventional Refi 6.14% 10/3/22
    30 Year Cash-out Refi 6.49% 10/3/22
    15 Year Conventional Purchase 5.96% 10/3/22
    15 Year Conventional Refi 5.96% 10/3/22
    15 Year Cash-out Refi 5.96% 10/3/22
    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.


    Originations

    281

    Origination Dollar Volume (All Markets)

    $108,875,000

    Awards

    LA Financial Federal Credit Union 30 Year Conventional Loans gold LA Financial Federal Credit Union 30 Year Conventional Loans bronze
    Show all (2) awards

    Relative Rate

    La Financial Federal Credit Union's average 30 year fixed mortgage rate was 2.99%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    La Financial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,750.

    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 $4,750.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 147 $68,215,000 $464,048 $6,296 3.10%
    Outside of Metro Areas 61 $24,265,000 $397,787 $6,410 3.09%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 73 $16,395,000 $224,589 $4,426 2.96%

    La Financial Federal Credit Union's top markets include Los Angeles and Lake Havasu City among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against LA Financial Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Christian Community Credit Union
    Similarity Rank: 354
    First City Credit Union
    Similarity Rank: 1026
    Los Angeles Federal Credit Union
    Similarity Rank: 1230
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    USC Credit Union
    Similarity Rank: 1440
    LA Financial Federal Credit Union
    Similarity Rank: 1602
    WINNPOINTE CORPORATION
    Similarity Rank: 1633
    SOUTHLAND CREDIT UNION
    Similarity Rank: 1974

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 280 $108,360,000 $387,000 $5,817 3.06%
    USDA 1 $515,000 $515,000 $10,789 2.88%

    For 2021, La Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 280 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 171 $60,625,000 $354,532 $5,828 3.17%
    Refi 79 $29,205,000 $369,684 $4,542 2.85%
    Home Purchase 31 $19,045,000 $614,355 $9,170 2.99%

    For 2021, La Financial Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 171 originations. The 2nd most popular reason was Refi, with 79 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 213 $95,265,000 $447,254 $6,750 2.99%
    15 Year 31 $6,175,000 $199,194 $2,991 2.80%
    20 Year 30 $6,200,000 $206,667 $2,950 3.82%
    10 Year 7 $1,235,000 $176,429 $2,958 3.07%

    For 2021, La Financial Federal Credit Union's most frequently cited loan duration was 30 Year, with 213 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 74 $22,320,000 $301,622
    $1k-2k 65 $14,235,000 $219,000
    $5k+ 60 $37,320,000 $622,000
    $2k-3k 37 $15,325,000 $414,189
    $3k-4k 26 $12,980,000 $499,231
    $4k-5k 18 $6,520,000 $362,222

    La Financial Federal Credit Union's average total fees were $6,750, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 74 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 177 $68,895,000 $389,237
    3-4% 66 $34,380,000 $520,909
    <2.5% 19 $4,115,000 $216,579
    4-5% 14 $1,190,000 $85,000
    5-6% 5 $295,000 $59,000

    During 2021, La Financial Federal Credit Union's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 177 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 102 $29,640,000 $290,588 $4,915 2.97%
    $100k-200k 58 $8,630,000 $148,793 $3,331 2.90%
    $400k-600k 53 $26,295,000 $496,132 $7,019 2.92%
    $600k-1MM 28 $20,450,000 $730,357 $11,066 3.04%
    $100,000 or less 23 $1,435,000 $62,391 $1,771 4.28%
    $1MM+ 17 $22,425,000 $1,319,118 $13,090 3.01%

    2021 saw La Financial Federal Credit Union place emphasis on $200k-400k loans with 102 originations, totaling $29,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 64 $30,550,000 $477,344 $6,536 3.09%
    $100k-150k 62 $21,680,000 $349,677 $5,498 3.10%
    $75k-100k 50 $13,750,000 $275,000 $4,796 3.09%
    $50k-75k 37 $8,755,000 $236,622 $4,072 3.07%
    $50k or less 37 $6,935,000 $187,432 $4,484 2.90%
    $250k+ 29 $26,525,000 $914,655 $10,795 3.06%

    La Financial Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 64 originations. The second most popular income band? $100k-150k, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $25,735,000 $395,923 $5,912 3.03%
    30-36% 44 $15,950,000 $362,500 $5,893 2.99%
    <20% 25 $7,965,000 $318,600 $3,996 2.88%
    44% 18 $6,840,000 $380,000 $6,395 3.47%
    42% 15 $5,385,000 $359,000 $5,463 3.07%
    43% 14 $5,790,000 $413,571 $6,248 2.98%
    37% 10 $4,780,000 $478,000 $5,923 3.01%
    36% 10 $2,880,000 $288,000 $4,425 2.95%
    40% 10 $2,890,000 $289,000 $5,477 3.20%
    38% 8 $4,010,000 $501,250 $8,073 2.98%
    39% 8 $3,860,000 $482,500 $5,631 3.02%
    41% 8 $2,810,000 $351,250 $5,999 2.92%
    45% 7 $2,425,000 $346,429 $4,156 4.20%
    46% 7 $4,055,000 $579,286 $11,746 2.86%
    47% 7 $4,115,000 $587,857 $6,558 2.95%
    48% 6 $2,270,000 $378,333 $5,055 3.06%
    49% 6 $1,330,000 $221,667 $3,600 3.21%
    50-60% 6 $3,150,000 $525,000 $6,005 2.94%

    La Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $75,770,000 $394,635 $5,890 3.04%
    Not provided 47 $15,415,000 $327,979 $4,456 3.14%
    Black 32 $13,310,000 $415,938 $6,839 3.08%
    Asian 9 $4,055,000 $450,556 $8,195 2.93%
    American Indian 1 $325,000 $325,000 $6,603 3.25%

    Approval Rates

    Total approvals of all applications
    95.62%

    La Financial Federal 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 origination
    64.77%

    La Financial Federal 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 281 $108,875,000 $387,456

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    281 $108,875,000 $387,456

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $15,055,000 $273,727 $4,241 2.89%
    40-60% 75 $26,885,000 $358,467 $4,845 2.91%
    60-80% 89 $47,435,000 $532,978 $8,144 3.01%
    80-100% 30 $16,100,000 $536,667 $8,078 3.00%
    Under 20% 32 $3,400,000 $106,250 $2,367 3.92%