First Central Credit Union Mortgage Rates, Fees & Info

Waco, TX

LEI: 254900GHFQ9KF6G4PN32

Tax ID: 74-1137995

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Central Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. First Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Waco, Brownwood, Houston, 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.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.55% 12/16/24
    15 Year Conventional Purchase 6.81% 12/16/24
    15 Year Conventional Refi 6.03% 12/16/24
    15 Year Cash-out Refi 6.03% 12/16/24
    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

    69

    Origination Dollar Volume (All Markets)

    $3,525,000

    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) 52 $2,740,000 $52,692 $1,517 6.25%
    Brownwood, TX (FHA|USDA|VA) 9 $395,000 $43,889 $1,654 6.30%
    Outside of Metro Areas 6 $320,000 $53,333 $2,338 5.82%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $55,000 $55,000 $2,148 4.15%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.45%
    First Central Credit Union's top markets include Waco, Brownwood, Houston, 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: 407
    Extraco Banks
    Similarity Rank: 550
    Affiliated Bank
    Similarity Rank: 1320
    Independent Bank
    Similarity Rank: 1575
    NATIONS DIRECT MORTGAGE, LLC
    Similarity Rank: 1752
    Wallick & Volk, Inc.
    Similarity Rank: 2592
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 2860
    AMCAP MORTGAGE, LTD.
    Similarity Rank: 3360
    CRESCENT MORTGAGE COMPANY
    Similarity Rank: 4760
    JPMorgan Chase Bank
    Similarity Rank: 5184

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $3,525,000 $51,087 $1,626 6.16%

    For 2018, First Central Credit Union's most frequently originated type of loan was Conventional, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 30 $960,000 $32,000 $575 6.09%
    Cash Out Refi 23 $1,565,000 $68,043 $1,378 6.75%
    Home Purchase 12 $790,000 $65,833 $2,990 5.68%
    Refi 4 $210,000 $52,500 $2,855 4.75%

    For 2018, First Central Credit Union's most frequently cited loan purpose was Home Improvement, with 30 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 20 $860,000 $43,000 $1,337 5.98%
    15 Year 15 $1,065,000 $71,000 $2,190 5.51%
    20 Year 13 $1,035,000 $79,615 $2,401 7.31%
    Other 12 $350,000 $29,167 $453 6.52%
    5 Year 9 $215,000 $23,889 $361 5.53%

    For 2018, First Central Credit Union's most frequently cited loan duration was 10 Year, with 20 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 15 $865,000 $57,667
    $1k-2k 1 $115,000 $115,000

    First Central Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 26 $1,240,000 $47,692
    Over 8% 13 $785,000 $60,385
    5-6% 12 $810,000 $67,500
    7-8% 9 $385,000 $42,778
    6-7% 6 $240,000 $40,000
    3-4% 3 $65,000 $21,667

    During 2018, First Central Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 66 $3,150,000 $47,727 $1,552 6.17%
    $100k-200k 3 $375,000 $125,000 $2,783 5.95%

    2018 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 or less 32 $1,400,000 $43,750 $1,508 6.69%
    $50k-75k 16 $1,020,000 $63,750 $1,702 5.91%
    $75k-100k 12 $680,000 $56,667 $1,793 5.89%
    $100k-150k 8 $350,000 $43,750 $972 4.89%
    $150k-250k 1 $75,000 $75,000 $4,417 6.56%

    First Central Credit Union lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $50k-75k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $845,000 $44,474 $1,108 6.05%
    <20% 16 $830,000 $51,875 $1,383 5.67%
    30-36% 10 $400,000 $40,000 $1,491 6.45%
    47% 4 $270,000 $67,500 $2,959 7.04%
    44% 4 $240,000 $60,000 $1,505 5.70%
    40% 3 $195,000 $65,000 $1,600 7.98%
    38% 2 $170,000 $85,000 $1,123 6.10%
    45% 2 $150,000 $75,000 $3,791 6.35%
    42% 2 $80,000 $40,000 $355 7.25%
    50-60% 1 $15,000 $15,000 $0 7.25%
    36% 1 $95,000 $95,000 $4,422 4.60%
    37% 1 $55,000 $55,000 $2,148 4.15%
    39% 1 $45,000 $45,000 $371 9.75%
    41% 1 $35,000 $35,000 $2,287 4.15%
    48% 1 $75,000 $75,000 $4,417 6.56%
    49% 1 $25,000 $25,000 $2,659 4.15%

    First Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 63 $3,235,000 $51,349 $1,630 6.09%
    Black 6 $290,000 $48,333 $1,574 6.88%

    Approval Rates

    Total approvals of all applications
    85.05%

    First Central Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.12%

    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 69 $3,525,000 $51,087

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 69 $3,525,000 $51,087

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $475,000 $36,538 $1,022 5.71%
    40-60% 11 $605,000 $55,000 $2,030 6.50%
    60-80% 26 $1,700,000 $65,385 $1,921 6.38%
    80-100% 9 $495,000 $55,000 $1,839 6.47%
    Under 20% 10 $250,000 $25,000 $505 5.54%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%