First Central Credit Union Mortgage Rates, Fees & Info

Waco, TX

LEI: 254900GHFQ9KF6G4PN32

Tax ID: 74-1137995

1 stars - Updated: 4/5/25

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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, Dallas, and Killeen among others. We have data for 5 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	10.25%	4/5/25
15 Year Conventional Purchase	8.22%	4/5/25
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

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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

Origination Dollar Volume (All Markets)

$5,025,000

Relative Rate

First Central Credit Union's average 30 year fixed mortgage rate was 10.13%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 3.58%.

Relative Fees (Closing Costs)

First Central Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,825.

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 $8,356.

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)	57	$3,805,000	$66,754	$1,145	9.74%
Outside of Metro Areas	10	$600,000	$60,000	$911	9.81%
Brownwood, TX (FHA\|USDA\|VA)	10	$520,000	$52,000	$877	9.90%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	1	$65,000	$65,000	$180	12.85%
KILLEEN-TEMPLE, TX (FHA\|USDA\|VA)	1	$35,000	$35,000	$0	10.35%

First Central Credit Union's top markets include Waco, Brownwood, Dallas, and Killeen among others.

Their top states include:

Texas (FHA|USDA|VA)

Similar Lenders

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

Trinity Oaks Mortgage, LLC
Similarity Rank: 220

Extraco Banks
Similarity Rank: 336

Affiliated Bank
Similarity Rank: 1344

Wallick & Volk, Inc.
Similarity Rank: 1584

Network Funding, L.P.
Similarity Rank: 2394

DHI MORTGAGE COMPANY, LTD.
Similarity Rank: 2430

JPMorgan Chase Bank
Similarity Rank: 4300

BancorpSouth
Similarity Rank: 5382

Mortgage Research Center, LLC
Similarity Rank: 7344

SWBC MORTGAGE CORPORATION
Similarity Rank: 11750

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	79	$5,025,000	$63,608	$1,047	9.81%

For 2024, First Central Credit Union's most frequently originated type of loan was Conventional, with 79 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	54	$3,130,000	$57,963	$622	9.54%
Home Purchase	13	$1,185,000	$91,154	$2,642	9.92%
Cash Out Refi	12	$710,000	$59,167	$511	10.94%

For 2024, First Central Credit Union's most frequently cited loan purpose was Home Improvement, with 54 originations. The 2nd most popular reason was Home Purchase, with 13 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
10 Year	28	$1,330,000	$47,500	$493	10.09%
15 Year	21	$1,465,000	$69,762	$703	10.21%
20 Year	8	$880,000	$110,000	$1,979	10.11%
Other	8	$310,000	$38,750	$177	8.41%
30 Year	7	$885,000	$126,429	$2,825	10.13%
5 Year	7	$155,000	$22,143	$182	8.43%

For 2024, First Central Credit Union's most frequently cited loan duration was 10 Year, with 28 originations. The 2nd most popular length was 15 Year, with 21 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	7	$405,000	$57,857
$1k-2k	4	$670,000	$167,500

First Central Credit Union's average total fees were $2,825, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
Over 8%	51	$3,465,000	$67,941
7-8%	24	$1,450,000	$60,417
6-7%	4	$110,000	$27,500

During 2024, First Central Credit Union's average interest rate for loans was 10.13%, while their most frequently originated rate bucket for loans was Over 8%, with 51 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	66	$3,150,000	$47,727	$552	9.77%
$100k-200k	12	$1,670,000	$139,167	$2,336	9.98%
$200k-400k	1	$205,000	$205,000	$3,870	10.75%

2024 saw First Central Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,150,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	26	$1,520,000	$58,462	$656	9.73%
$50k or less	19	$1,035,000	$54,474	$1,121	9.90%
$100k-150k	15	$955,000	$63,667	$1,145	10.10%
$75k-100k	15	$1,265,000	$84,333	$1,704	9.90%
$150k-250k	4	$250,000	$62,500	$184	8.56%

First Central Credit Union lent most frequently to those with incomes in the $50k-75k range, with 26 originations. The second most popular income band? $50k or less, with 19 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	19	$1,395,000	$73,421	$1,169	9.85%
30-36%	18	$1,160,000	$64,444	$1,048	9.83%
<20%	10	$600,000	$60,000	$1,688	8.90%
50-60%	4	$350,000	$87,500	$1,407	10.19%
42%	4	$300,000	$75,000	$1,497	10.68%
48%	4	$220,000	$55,000	$189	8.69%
47%	3	$115,000	$38,333	$177	12.02%
36%	3	$145,000	$48,333	$1,111	8.95%
41%	3	$265,000	$88,333	$1,031	9.75%
46%	2	$90,000	$45,000	$0	10.20%
37%	2	$90,000	$45,000	$200	7.30%
40%	2	$90,000	$45,000	$177	8.70%
38%	1	$35,000	$35,000	$171	10.35%
49%	1	$35,000	$35,000	$0	12.85%
43%	1	$35,000	$35,000	$171	12.85%
45%	1	$55,000	$55,000	$213	13.10%
39%	1	$45,000	$45,000	$0	10.35%

First Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 18 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	72	$4,670,000	$64,861	$1,121	9.63%
Black	7	$355,000	$50,714	$188	11.66%

Approval Rates

Total approvals of all applications
81.05%

First Central Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
43.04%

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	79	$5,025,000	$63,608

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	79	$5,025,000	$63,608

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	31	$1,805,000	$58,226	$592	10.02%
40-60%	11	$965,000	$87,727	$996	10.40%
60-80%	7	$535,000	$76,429	$1,648	9.71%
80-100%	7	$875,000	$125,000	$2,932	9.89%
Under 20%	23	$845,000	$36,739	$573	9.26%