Act 1st Fcu Mortgage Rates, Fees & Info
CUMBERALND, MDLEI: 254900FE6QJXGH3VIA90
Tax ID: 52-0708990
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Mortgage Data
Review & Overview
Act 1st Fcu is a smaller credit union specializing in Other and Home Improvement loans. Act 1st Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Cumberland, Winchester, and Washington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Act 1st Fcu has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 2.53% | 5/4/24 |
| 15 Year Cash-out Refi | 2.53% | 5/4/24 |
| 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. | ||
Act 1st Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
59Origination Dollar Volume (All Markets)
$3,885,000Top 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 |
|---|---|---|---|---|---|
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 49 | $3,325,000 | $67,857 | $594 | 3.42% |
| Outside of Metro Areas | 5 | $265,000 | $53,000 | $494 | 3.85% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 4 | $240,000 | $60,000 | $777 | 3.56% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,148 | 3.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 55 | $3,755,000 | $68,273 | $608 | 3.39% |
| HELOC | 4 | $130,000 | $32,500 | n/a | 4.44% |
For 2022, Act 1st Fcu's most frequently originated type of loan was Conventional, with 55 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 29 | $1,725,000 | $59,483 | $634 | 3.77% |
| Home Improvement | 28 | $1,930,000 | $68,929 | $590 | 3.18% |
| Refi | 2 | $230,000 | $115,000 | $538 | 3.12% |
For 2022, Act 1st Fcu's most frequently cited loan purpose was Other, with 29 originations. The 2nd most popular reason was Home Improvement, with 28 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 38 | $2,800,000 | $73,684 | $662 | 3.57% |
| 10 Year | 18 | $1,010,000 | $56,111 | $534 | 3.39% |
| 5 Year | 3 | $75,000 | $25,000 | $271 | 2.67% |
For 2022, Act 1st Fcu's most frequently cited loan duration was 15 Year, with 38 originations. The 2nd most popular length was 10 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 55 | $3,755,000 | $68,273 |
Act 1st Fcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 55 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 20 | $1,190,000 | $59,500 |
| 2.5-3% | 18 | $1,430,000 | $79,444 |
| <2.5% | 9 | $755,000 | $83,889 |
| 4-5% | 8 | $380,000 | $47,500 |
| 5-6% | 4 | $130,000 | $32,500 |
During 2022, Act 1st Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 20 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 48 | $2,440,000 | $50,833 | $581 | 3.60% |
| $100k-200k | 11 | $1,445,000 | $131,364 | $718 | 2.86% |
2022 saw Act 1st Fcu place emphasis on $100,000 or less loans with 48 originations, totaling $2,440,000 in origination value.
Applicant Income
Act 1st Fcu lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 16 originations.
Applicant Debt to Income Ratio
Act 1st Fcu lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.41%
Act 1st Fcu has an average approval rate.
Pick Rate
Approvals leading to origination96.61%
Act 1st Fcu 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 |
|---|---|---|---|
| NA | 59 | $3,885,000 | $65,847 |