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 loans. First Castle Federal Credit Union has a high proportion of conventional loans. Their top two markets are New Orleans and Bogalusa .

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

    27

    Origination Dollar Volume (All Markets)

    $3,805,000

    Awards

    First Castle Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    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
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 26 $3,750,000 $144,231 $2,819 5.59%
    Bogalusa, LA (FHA|USDA|VA) 1 $55,000 $55,000 $3,130 4.32%
    First Castle Federal Credit Union's top markets include New Orleans and Bogalusa among others.

    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.

    First Castle Federal Credit Union
    Similarity Rank: 180
    Eureka Homestead
    Similarity Rank: 201
    JEFFERSON FINANCIAL
    Similarity Rank: 400
    GREATER NEW ORLEANS
    Similarity Rank: 516
    America's Mortgage Resource, Inc.
    Similarity Rank: 612
    Home Bank
    Similarity Rank: 722
    Investar Bank
    Similarity Rank: 994
    La Capitol Federal Credit Union
    Similarity Rank: 1064
    DSLD MORTGAGE, LLC
    Similarity Rank: 1484
    CHEVRON
    Similarity Rank: 1740

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 27 $3,805,000 $140,926 $2,836 5.54%

    For 2019, First Castle Federal Credit Union's most frequently originated type of loan was Conventional, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 20 $2,480,000 $124,000 $3,193 5.65%
    Refi 4 $640,000 $160,000 $1,989 6.58%
    Cash Out Refi 3 $685,000 $228,333 $2,655 3.39%

    For 2019, First Castle Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 11 $2,155,000 $195,909 $3,153 4.69%
    15 Year 8 $640,000 $80,000 $2,528 6.08%
    20 Year 8 $1,010,000 $126,250 $2,305 6.16%

    For 2019, First Castle Federal Credit Union's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 15 $2,695,000 $179,667
    $<1k 3 $445,000 $148,333

    First Castle Federal Credit Union's average total fees were $3,153, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 7 $1,285,000 $183,571
    6-7% 6 $430,000 $71,667
    5-6% 5 $595,000 $119,000
    7-8% 5 $465,000 $93,000
    3-4% 4 $1,030,000 $257,500

    During 2019, First Castle Federal Credit Union's average interest rate for loans was 4.69%, 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
    $100,000 or less 11 $805,000 $73,182 $2,496 6.59%
    $100k-200k 11 $1,435,000 $130,455 $2,793 5.13%
    $200k-400k 5 $1,565,000 $313,000 $3,126 4.14%

    2019 saw First Castle Federal Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 4 $520,000 $130,000 $2,994 4.66%
    $100k-150k 3 $585,000 $195,000 $3,028 4.41%
    $250k+ 3 $295,000 $98,333 $1,452 7.50%
    $50k-75k 3 $425,000 $141,667 $3,313 4.69%
    $75k-100k 3 $605,000 $201,667 $2,881 4.17%
    $150k-250k 2 $710,000 $355,000 $3,524 3.92%

    First Castle Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 4 $350,000 $87,500 $1,872 6.71%
    20-30% 3 $735,000 $245,000 $3,290 4.52%
    38% 2 $300,000 $150,000 $3,248 4.71%
    39% 2 $500,000 $250,000 $3,375 4.22%
    46% 2 $250,000 $125,000 $3,299 5.60%
    30-36% 2 $260,000 $130,000 $2,871 3.91%
    43% 1 $145,000 $145,000 $2,528 3.17%
    44% 1 $395,000 $395,000 $2,688 3.67%
    42% 1 $205,000 $205,000 $2,891 4.69%

    First Castle Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 4 originations. The next most common DTI ratio? 20-30%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 15 $2,675,000 $178,333 $2,799 4.95%
    Not applicable 9 $665,000 $73,889 $0 6.76%
    Black 3 $465,000 $155,000 $3,019 4.86%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    96.30%

    First Castle Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 27 $3,805,000 $140,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 27 $3,805,000 $140,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 2 $150,000 $75,000 $0 6.25%
    60-80% 19 $2,815,000 $148,158 $2,809 5.60%
    80-100% 6 $840,000 $140,000 $2,890 5.12%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%