First Central Credit Union Mortgage Rates, Fees & Info

Waco, TX

LEI: 254900GHFQ9KF6G4PN32

Tax ID: 74-1137995

1 stars - Updated: 3/28/24 - out of 5 stars, based on 8 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

First Central Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. First Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Waco, Brownwood, Corsicana, Dallas, and Killeen among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Central 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. First Central 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.

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 7.55% 3/28/24
15 Year Conventional Purchase 6.81% 3/28/24
15 Year Conventional Refi 6.03% 3/28/24
15 Year Cash-out Refi 6.03% 3/28/24
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 Central Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Central Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

67

Origination Dollar Volume (All Markets)

$5,635,000

Relative Rate

First Central Credit Union's average 30 year fixed mortgage rate was 9.7%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 3.22%.

Relative Fees (Closing Costs)

First Central Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,357.

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 $9,089.

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
WACO, TX (FHA|USDA|VA) 40 $3,240,000 $81,000 $1,455 10.07%
Outside of Metro Areas 10 $1,110,000 $111,000 $1,895 8.68%
Brownwood, TX (FHA|USDA|VA) 14 $940,000 $67,143 $991 9.03%
Corsicana, TX (FHA|USDA|VA) 1 $165,000 $165,000 $3,804 9.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $125,000 $125,000 $4,152 9.25%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $55,000 $55,000 $207 12.85%
First Central Credit Union's top markets include Waco, Brownwood, Corsicana, Dallas, and Killeen among others.

Their top states include:
  • Texas (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $5,635,000 $84,104 $1,505 9.66%

    For 2023, First Central Credit Union's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 37 $2,135,000 $57,703 $587 9.57%
    Home Purchase 18 $2,670,000 $148,333 $3,142 9.16%
    Cash Out Refi 11 $775,000 $70,455 $817 10.78%
    Refi 1 $55,000 $55,000 $2,083 10.10%

    For 2023, First Central Credit Union's most frequently cited loan purpose was Home Improvement, with 37 originations. The 2nd most popular reason was Home Purchase, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 21 $1,815,000 $86,429 $1,191 9.35%
    20 Year 14 $1,400,000 $100,000 $1,553 10.58%
    10 Year 12 $520,000 $43,333 $636 9.35%
    30 Year 10 $1,550,000 $155,000 $3,357 9.70%
    Other 9 $295,000 $32,778 $193 9.14%
    5 Year 1 $55,000 $55,000 $0 11.60%

    For 2023, First Central Credit Union's most frequently cited loan duration was 15 Year, with 21 originations. The 2nd most popular length was 20 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $685,000 $76,111
    $1k-2k 9 $1,445,000 $160,556
    $4k-5k 1 $595,000 $595,000

    First Central Credit Union's average total fees were $3,357, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 46 $3,790,000 $82,391
    7-8% 11 $785,000 $71,364
    6-7% 10 $1,060,000 $106,000

    During 2023, First Central Credit Union's average interest rate for loans was 9.70%, while their most frequently originated rate bucket for loans was Over 8%, with 46 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 48 $2,400,000 $50,000 $635 9.82%
    $100k-200k 16 $2,200,000 $137,500 $2,846 9.55%
    $200k-400k 2 $440,000 $220,000 $3,619 8.40%
    $400k-600k 1 $595,000 $595,000 $6,253 6.45%

    2023 saw First Central Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $1,925,000 $77,000 $1,669 9.72%
    $100k-150k 16 $1,850,000 $115,625 $1,502 9.33%
    $50k or less 13 $705,000 $54,231 $1,253 10.19%
    $75k-100k 10 $880,000 $88,000 $1,505 9.57%
    $150k-250k 3 $275,000 $91,667 $1,307 9.02%

    First Central Credit Union lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $1,145,000 $67,353 $1,223 9.79%
    30-36% 9 $635,000 $70,556 $831 10.15%
    <20% 8 $410,000 $51,250 $1,101 8.33%
    44% 4 $260,000 $65,000 $1,482 10.20%
    43% 4 $640,000 $160,000 $3,345 8.63%
    42% 3 $125,000 $41,667 $189 10.83%
    48% 3 $335,000 $111,667 $2,026 9.82%
    49% 3 $695,000 $231,667 $2,205 8.92%
    38% 3 $255,000 $85,000 $2,282 10.57%
    40% 3 $265,000 $88,333 $1,155 9.87%
    41% 2 $190,000 $95,000 $3,277 9.28%
    37% 2 $210,000 $105,000 $953 8.38%
    39% 2 $170,000 $85,000 $1,700 11.53%
    47% 1 $25,000 $25,000 $171 12.10%
    46% 1 $175,000 $175,000 $3,564 9.95%
    36% 1 $45,000 $45,000 $0 7.30%
    >60% 1 $55,000 $55,000 $2,083 10.10%

    First Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 60 $5,330,000 $88,833 $1,575 9.54%
    Black 6 $260,000 $43,333 $211 11.27%
    Native Hawaiian or Islander 1 $45,000 $45,000 $521 7.55%

    Approval Rates

    Total approvals of all applications
    76.67%

    First Central Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    28.36%

    First Central 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 67 $5,635,000 $84,104

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    67 $5,635,000 $84,104

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $1,385,000 $60,217 $1,077 9.43%
    40-60% 9 $605,000 $67,222 $1,121 11.58%
    60-80% 16 $2,030,000 $126,875 $2,063 10.01%
    80-100% 10 $1,220,000 $122,000 $2,651 9.34%
    Under 20% 9 $395,000 $43,889 $271 8.09%