First Central Credit Union Mortgage Rates, Fees & Info
Waco, TXLEI: 254900GHFQ9KF6G4PN32
Tax ID: 74-1137995
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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, and Killeen among others. We have data for 4 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
58Origination Dollar Volume (All Markets)
$3,910,000Top 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 |
|---|---|---|---|---|---|
| WACO, TX (FHA|USDA|VA) | 40 | $2,710,000 | $67,750 | $1,323 | 6.41% |
| Brownwood, TX (FHA|USDA|VA) | 11 | $745,000 | $67,727 | $1,583 | 6.21% |
| Outside of Metro Areas | 5 | $255,000 | $51,000 | $722 | 7.29% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $4,180 | 6.73% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 58 | $3,910,000 | $67,414 | $1,367 | 6.46% |
For 2020, First Central Credit Union's most frequently originated type of loan was Conventional, with 58 originations.
Loan Reason
For 2020, First Central Credit Union's most frequently cited loan purpose was Home Improvement, with 26 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2020, First Central Credit Union's most frequently cited loan duration was 15 Year, with 18 originations. The 2nd most popular length was Other, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 17 | $1,025,000 | $60,294 |
| $1k-2k | 5 | $875,000 | $175,000 |
| $2k-3k | 1 | $255,000 | $255,000 |
First Central Credit Union's average total fees were $3,073, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 19 | $1,655,000 | $87,105 |
| 5-6% | 15 | $965,000 | $64,333 |
| Over 8% | 15 | $995,000 | $66,333 |
| 7-8% | 7 | $175,000 | $25,000 |
| 3-4% | 2 | $120,000 | $60,000 |
During 2020, First Central Credit Union's average interest rate for loans was 5.75%, while their most frequently originated rate bucket for loans was 4-5%, with 19 originations.
Loan Sizing
2020 saw First Central Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,460,000 in origination value.
Applicant Income
First Central Credit Union lent most frequently to those with incomes in the $50k or less range, with 25 originations. The second most popular income band? $75k-100k, with 16 originations.
Applicant Debt to Income Ratio
First Central Credit Union lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 53 | $3,745,000 | $70,660 | $1,418 | 6.41% |
| Black | 5 | $165,000 | $33,000 | $907 | 6.99% |
Approval Rates
Total approvals of all applications78.07%
First Central Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination46.55%
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 | 58 | $3,910,000 | $67,414 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 58 | $3,910,000 | $67,414 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 25.0% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 25.0% |
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |