La Financial Federal Credit Union Mortgage Rates, Fees & Info
Pasadena, CALEI: 254900C303DGB8I7GG88
Tax ID: 95-1644513
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Mortgage Data
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 an average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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. | ||
La Financial Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
281Origination Dollar Volume (All Markets)
$108,875,000Awards
LA Financial Federal Credit Union - 2021
LA Financial Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications95.62%
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 origination64.77%
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 |