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 and Home Purchase loans. First Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Waco, Brownwood, Sherman, 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.

    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

    81

    Origination Dollar Volume (All Markets)

    $6,645,000

    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) 58 $5,120,000 $88,276 $1,401 6.59%
    Brownwood, TX (FHA|USDA|VA) 14 $900,000 $64,286 $1,388 7.06%
    Outside of Metro Areas 6 $410,000 $68,333 $1,663 5.84%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $125,000 $125,000 $3,762 4.45%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $90,000 $45,000 $184 9.00%
    First Central Credit Union's top markets include Waco, Brownwood, Sherman, 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.

    Extraco Banks
    Similarity Rank: 336
    Independent Bank
    Similarity Rank: 1554
    Trinity Oaks Mortgage, LLC
    Similarity Rank: 1600
    BETTER MORTGAGE CORPORATION
    Similarity Rank: 3425
    ASPIRE FINANCIAL, INC.
    Similarity Rank: 3740
    First National Bank Texas
    Similarity Rank: 4717
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 4752
    City Bank
    Similarity Rank: 5457
    AMCAP MORTGAGE, LTD.
    Similarity Rank: 5510
    Wallick & Volk, Inc.
    Similarity Rank: 5893

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 81 $6,645,000 $82,037 $1,417 6.65%

    For 2022, First Central Credit Union's most frequently originated type of loan was Conventional, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 39 $2,175,000 $55,769 $484 7.12%
    Home Purchase 24 $2,980,000 $124,167 $3,086 5.83%
    Cash Out Refi 11 $845,000 $76,818 $733 7.32%
    Refi 7 $645,000 $92,143 $1,968 5.74%

    For 2022, First Central Credit Union's most frequently cited loan purpose was Home Improvement, with 39 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 20 $2,180,000 $109,000 $1,782 6.73%
    10 Year 15 $845,000 $56,333 $797 6.93%
    15 Year 14 $940,000 $67,143 $1,006 5.87%
    30 Year 13 $2,155,000 $165,769 $3,804 6.17%
    5 Year 10 $250,000 $25,000 $181 6.56%
    Other 9 $275,000 $30,556 $206 7.98%

    For 2022, First Central Credit Union's most frequently cited loan duration was 20 Year, with 20 originations. The 2nd most popular length was 10 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 16 $1,040,000 $65,000
    $1k-2k 9 $1,325,000 $147,222
    $2k-3k 2 $630,000 $315,000
    $3k-4k 1 $405,000 $405,000

    First Central Credit Union's average total fees were $3,804, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 26 $1,500,000 $57,692
    4-5% 17 $1,925,000 $113,235
    5-6% 14 $1,250,000 $89,286
    6-7% 12 $870,000 $72,500
    3-4% 10 $940,000 $94,000
    7-8% 2 $160,000 $80,000

    During 2022, First Central Credit Union's average interest rate for loans was 6.17%, while their most frequently originated rate bucket for loans was Over 8%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $3,320,000 $53,548 $832 6.84%
    $100k-200k 15 $2,075,000 $138,333 $2,795 6.47%
    $200k-400k 3 $845,000 $281,667 $4,689 4.23%
    $400k-600k 1 $405,000 $405,000 $7,181 4.50%

    2022 saw First Central Credit Union place emphasis on $100,000 or less loans with 62 originations, totaling $3,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 29 $1,545,000 $53,276 $865 7.55%
    $50k-75k 26 $2,220,000 $85,385 $1,947 5.84%
    $75k-100k 14 $1,070,000 $76,429 $875 7.45%
    $100k-150k 9 $1,105,000 $122,778 $1,857 5.54%
    $150k-250k 3 $705,000 $235,000 $3,368 4.47%

    First Central Credit Union lent most frequently to those with incomes in the $50k or less range, with 29 originations. The second most popular income band? $50k-75k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $1,795,000 $71,800 $1,062 5.85%
    30-36% 12 $1,270,000 $105,833 $2,031 7.10%
    <20% 7 $335,000 $47,857 $1,066 6.95%
    50-60% 5 $585,000 $117,000 $1,484 5.56%
    40% 4 $480,000 $120,000 $2,039 7.36%
    49% 4 $230,000 $57,500 $615 7.16%
    47% 4 $350,000 $87,500 $1,510 7.23%
    43% 3 $265,000 $88,333 $1,937 6.48%
    36% 3 $305,000 $101,667 $3,747 5.47%
    41% 3 $405,000 $135,000 $2,446 5.28%
    42% 3 $235,000 $78,333 $1,479 8.42%
    37% 3 $195,000 $65,000 $195 9.33%
    38% 2 $50,000 $25,000 $176 9.75%
    44% 2 $120,000 $60,000 $1,197 7.48%
    48% 1 $25,000 $25,000 $171 3.95%

    First Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $6,235,000 $83,133 $1,447 6.49%
    Black 6 $410,000 $68,333 $1,041 8.66%

    Approval Rates

    Total approvals of all applications
    89.29%

    First Central Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    14.81%

    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 81 $6,645,000 $82,037

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    81 $6,645,000 $82,037

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $1,740,000 $62,143 $579 6.37%
    40-60% 22 $1,850,000 $84,091 $1,403 7.31%
    60-80% 14 $1,100,000 $78,571 $1,839 6.90%
    80-100% 13 $1,865,000 $143,462 $3,152 5.74%
    Under 20% 4 $90,000 $22,500 $246 6.99%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%