First Castle Federal Credit Union Mortgage Rates, Fees & Info

Covington, LA

LEI: 254900UM2THLEBZTX886

Tax ID: 72-0433994

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

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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 Castle Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. First Castle Federal Credit Union has a high proportion of conventional loans.

    First Castle Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Castle Federal 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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    Originations

    24

    Origination Dollar Volume (All Markets)

    $3,520,000

    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
    Outside of Metro Areas 24 $3,520,000 $146,667 $1,275 5.27%
    First Castle Federal Credit Union's top markets include

    Their top states include:
  • Louisiana (FHA|USDA|VA)

    • Similar Lenders

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

    GREATER NEW ORLEANS
    Similarity Rank: 182
    America's Mortgage Resource, Inc.
    Similarity Rank: 315
    JEFFERSON FINANCIAL
    Similarity Rank: 448
    Florida Parishes Bank
    Similarity Rank: 576
    Home Bank
    Similarity Rank: 608
    BancorpSouth
    Similarity Rank: 915
    KEESLER
    Similarity Rank: 936
    CLEARPATH LENDING
    Similarity Rank: 1610
    FBT Mortgage, L.L.C.
    Similarity Rank: 3132
    THRIVE MORTGAGE, LLC
    Similarity Rank: 3540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 22 $3,390,000 $154,091 $1,275 5.17%
    HELOC 2 $130,000 $65,000 n/a 6.38%

    For 2018, First Castle Federal Credit Union's most frequently originated type of loan was Conventional, with 22 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 9 $1,195,000 $132,778 $1,275 4.98%
    Cash Out Refi 7 $885,000 $126,429 $1,275 5.78%
    Refi 5 $985,000 $197,000 $1,275 4.82%
    Home Improvement 3 $455,000 $151,667 $1,275 5.73%

    For 2018, First Castle Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 9 $1,435,000 $159,444 $1,275 5.38%
    15 Year 8 $950,000 $118,750 $1,275 4.97%
    20 Year 6 $1,040,000 $173,333 $1,275 5.78%
    10 Year 1 $95,000 $95,000 $1,275 3.80%

    For 2018, First Castle Federal Credit Union's most frequently cited loan duration was 30 Year, with 9 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 7 $1,605,000 $229,286
    3-4% 6 $780,000 $130,000
    5-6% 5 $635,000 $127,000
    7-8% 4 $380,000 $95,000
    6-7% 2 $120,000 $60,000

    During 2018, First Castle Federal Credit Union's average interest rate for loans was 5.38%, while their most frequently originated rate bucket for loans was 4-5%, with 7 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 10 $1,390,000 $139,000 $1,275 5.73%
    $100,000 or less 9 $575,000 $63,889 $1,275 5.33%
    $200k-400k 5 $1,555,000 $311,000 $1,275 4.26%

    2018 saw First Castle Federal Credit Union place emphasis on $100k-200k loans with 10 originations, totaling $1,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 7 $1,295,000 $185,000 $1,275 5.46%
    $150k-250k 6 $1,100,000 $183,333 $1,275 4.99%
    $250k+ 4 $370,000 $92,500 $1,275 5.64%
    $50k-75k 2 $200,000 $100,000 $1,275 5.43%
    $50k or less 2 $170,000 $85,000 $1,275 6.05%
    $75k-100k 2 $280,000 $140,000 $1,275 3.48%

    First Castle Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $800,000 $133,333 $1,275 4.75%
    30-36% 6 $1,110,000 $185,000 $1,275 4.70%
    <20% 4 $370,000 $92,500 $1,275 5.64%
    39% 2 $360,000 $180,000 $1,275 5.85%
    37% 1 $295,000 $295,000 $1,275 4.34%
    44% 1 $65,000 $65,000 $1,275 6.75%
    45% 1 $195,000 $195,000 $1,275 5.05%
    46% 1 $105,000 $105,000 $1,275 6.00%
    >60% 1 $115,000 $115,000 $1,275 7.55%

    First Castle Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 16 $2,460,000 $153,750 $1,275 5.66%
    Not provided 3 $415,000 $138,333 $1,275 3.96%
    Black 2 $370,000 $185,000 $1,275 4.15%
    American Indian 2 $170,000 $85,000 $1,275 4.90%
    Not applicable 1 $105,000 $105,000 $1,275 6.00%

    Approval Rates

    Total approvals of all applications
    96.55%

    First Castle Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.50%

    First Castle Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 24 $3,520,000 $146,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 24 $3,520,000 $146,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $235,000 $78,333 $1,275 4.50%
    40-60% 2 $170,000 $85,000 $1,275 5.23%
    60-80% 11 $2,175,000 $197,727 $1,275 5.66%
    80-100% 5 $815,000 $163,000 $1,275 4.40%
    Under 20% 3 $125,000 $41,667 $1,275 6.12%

    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%