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 and Refi loans. First Castle Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is New Orleans.

    First Castle Federal Credit Union has an above average approval rate when compared to the average across all 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

    11

    Origination Dollar Volume (All Markets)

    $1,515,000

    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
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 11 $1,515,000 $137,727 $973 5.66%
    First Castle Federal Credit Union's top markets include and New Orleans 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.

    Jefferson Parish Employees FCU
    Similarity Rank: 77
    Eureka Homestead
    Similarity Rank: 112
    America's Mortgage Resource, Inc.
    Similarity Rank: 640
    GREATER NEW ORLEANS
    Similarity Rank: 680
    Home Bank
    Similarity Rank: 966
    Origin Bank
    Similarity Rank: 1404
    Campus Federal Credit Union
    Similarity Rank: 1488
    Red River Bank
    Similarity Rank: 1512
    DSLD MORTGAGE, LLC
    Similarity Rank: 1640
    La Capitol Federal Credit Union
    Similarity Rank: 1955

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 11 $1,515,000 $137,727 $973 5.66%

    For 2020, First Castle Federal Credit Union's most frequently originated type of loan was Conventional, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 5 $225,000 $45,000 $760 7.15%
    Home Purchase 3 $495,000 $165,000 $1,150 4.35%
    Refi 2 $660,000 $330,000 $1,150 4.11%
    Cash Out Refi 1 $135,000 $135,000 $1,150 5.24%

    For 2020, First Castle Federal Credit Union's most frequently cited loan purpose was Other, with 5 originations. The 2nd most popular reason was Home Purchase, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 7 $605,000 $86,429 $871 6.41%
    30 Year 3 $665,000 $221,667 $1,150 4.70%
    15 Year 1 $245,000 $245,000 $1,150 3.32%

    For 2020, First Castle Federal Credit Union's most frequently cited loan duration was 20 Year, with 7 originations. The 2nd most popular length was 30 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 11 $1,515,000 $137,727

    First Castle Federal Credit Union's average total fees were $1,150, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 3 $345,000 $115,000
    3-4% 2 $630,000 $315,000
    4-5% 2 $380,000 $190,000
    7-8% 2 $70,000 $35,000
    6-7% 1 $65,000 $65,000
    Over 8% 1 $25,000 $25,000

    During 2020, First Castle Federal Credit Union's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 5-6%, with 3 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 5 $225,000 $45,000 $760 7.15%
    $100k-200k 3 $385,000 $128,333 $1,150 4.99%
    $200k-400k 3 $905,000 $301,667 $1,150 3.85%

    2020 saw First Castle Federal Credit Union place emphasis on $100,000 or less loans with 5 originations, totaling $225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 5 $355,000 $71,000 $890 6.40%
    $150k-250k 3 $575,000 $191,667 $933 5.22%
    $100k-150k 2 $520,000 $260,000 $1,150 4.43%
    $50k-75k 1 $65,000 $65,000 $1,150 5.75%

    First Castle Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 5 originations. The second most popular income band? $150k-250k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 11 $1,515,000 $137,727 $973 5.66%

    First Castle Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 9 $1,395,000 $155,000 $1,006 5.61%
    Black 2 $120,000 $60,000 $825 5.88%

    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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 11 $1,515,000 $137,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 11 $1,515,000 $137,727

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $65,000 $65,000 $1,150 6.75%
    40-60% 1 $65,000 $65,000 $1,150 5.75%
    60-80% 3 $625,000 $208,333 $1,150 4.14%
    80-100% 3 $665,000 $221,667 $1,150 4.70%
    Under 20% 3 $95,000 $31,667 $500 7.75%

    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%