Schoolsfirst Mortgage Rates, Fees & Info

Santa Ana, CA

LEI: 5493001NJEVHTZW7FG34

Tax ID: 95-1068595

5 stars - Updated: 11/17/24 - out of 5 stars, based on 102 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Schoolsfirst is a small mortgage company specializing in Home Improvement and Home Purchase loans. Schoolsfirst has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Los Angeles, Riverside, Sacramento, San Diego, and San Francisco among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Schoolsfirst 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. Schoolsfirst is typically an average 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.06% 11/17/24
    30 Year Conventional Refi 6.20% 11/17/24
    30 Year Cash-out Refi 6.28% 11/17/24
    30 Year FHA Purchase 6.32% 11/17/24
    15 Year Conventional Purchase 5.65% 11/17/24
    15 Year Conventional Refi 5.42% 11/17/24
    15 Year Cash-out Refi 5.42% 11/17/24
    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.

    Schoolsfirst Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Schoolsfirst. 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

    10,456

    Origination Dollar Volume (All Markets)

    $1,932,350,000
    Show all (14) awards

    Relative Rate

    Schoolsfirst's average 30 year fixed mortgage rate was 6.28%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.2%.

    Relative Fees (Closing Costs)

    Schoolsfirst's average total fees/closing costs for a 30 year fixed rate mortgage were $5,525.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 5,850 $1,219,300,000 $208,427 $1,790 7.29%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3,093 $457,945,000 $148,059 $1,375 7.35%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 812 $103,440,000 $127,389 $780 7.31%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 222 $55,700,000 $250,901 $2,796 7.22%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 41 $19,765,000 $482,073 $3,428 6.67%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 50 $12,560,000 $251,200 $2,859 7.23%
    YUBA CITY, CA (FHA|USDA|VA) 95 $10,435,000 $109,842 $826 7.31%
    BAKERSFIELD, CA (FHA|USDA|VA) 51 $8,265,000 $162,059 $2,609 7.12%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 22 $6,000,000 $272,727 $2,069 6.79%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 9 $4,715,000 $523,889 $4,060 6.82%
    SALINAS, CA (FHA|USDA|VA) 16 $4,460,000 $278,750 $2,621 7.28%
    Outside of Metro Areas 28 $4,450,000 $158,929 $1,788 7.27%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 12 $3,150,000 $262,500 $2,292 7.31%
    FRESNO, CA (FHA|USDA|VA) 14 $2,720,000 $194,286 $2,796 7.87%
    CHICO, CA (FHA|USDA|VA) 24 $2,550,000 $106,250 $538 6.84%
    STOCKTON, CA (FHA|USDA|VA) 23 $2,295,000 $99,783 $598 7.32%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 12 $2,110,000 $175,833 $1,569 7.09%
    MODESTO, CA (FHA|USDA|VA) 12 $2,060,000 $171,667 $1,147 7.10%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 14 $1,710,000 $122,143 $719 7.24%
    VISALIA, CA (FHA|USDA|VA) 5 $1,375,000 $275,000 $2,436 6.88%
    Clearlake, CA (FHA|USDA|VA) 6 $1,160,000 $193,333 $3,483 7.10%
    VALLEJO, CA (FHA|USDA|VA) 11 $985,000 $89,545 $451 7.59%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 5 $985,000 $197,000 $3,165 7.35%
    REDDING, CA (FHA|USDA|VA) 6 $710,000 $118,333 $1,019 7.08%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 3 $695,000 $231,667 $2,175 6.83%
    Eureka-Arcata, CA (FHA|USDA|VA) 6 $670,000 $111,667 $613 7.50%
    EL CENTRO, CA (FHA|USDA|VA) 4 $530,000 $132,500 $1,835 7.38%
    Red Bluff, CA (FHA|USDA|VA) 1 $395,000 $395,000 $5,338 7.00%
    MADERA, CA (FHA|USDA|VA) 2 $380,000 $190,000 $4,480 6.94%
    Ukiah, CA (FHA|USDA|VA) 1 $335,000 $335,000 $8,880 6.75%
    NAPA, CA (FHA|USDA|VA) 2 $240,000 $120,000 $0 7.38%
    Sonora, CA (FHA|USDA|VA) 2 $150,000 $75,000 $0 7.56%
    MERCED, CA (FHA|USDA|VA) 2 $110,000 $55,000 $0 7.75%
    Schoolsfirst's top markets include Los Angeles, Riverside, Sacramento, San Diego, and San Francisco among others.

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

    • Similar Lenders

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

    SAFE 1 CREDIT UNION
    Similarity Rank: 24
    Educational Employees Credit Union
    Similarity Rank: 44
    COASTHILLS
    Similarity Rank: 45
    AltaOne Federal Credit Union
    Similarity Rank: 55
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    MISSION
    Similarity Rank: 93
    VENTURA COUNTY
    Similarity Rank: 96
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 126
    VALLEY STRONG CREDIT UNION
    Similarity Rank: 136
    KD CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 242

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5,729 $1,288,305,000 $224,874 $1,525 6.76%
    HELOC 4,695 $626,325,000 $133,403 n/a 7.97%
    FHA 32 $17,720,000 $553,750 $14,207 6.56%

    For 2023, Schoolsfirst's most frequently originated type of loan was Conventional, with 5,729 originations. Their 2nd most popular type was HELOC, with 4,695 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 4,848 $528,880,000 $109,092 $55 7.49%
    Other 2,416 $246,910,000 $102,198 $100 7.46%
    Cash Out Refi 1,778 $317,700,000 $178,684 $633 7.39%
    Home Purchase 1,369 $822,405,000 $600,734 $5,970 6.28%
    Refi 45 $16,455,000 $365,667 $2,720 6.05%

    For 2023, Schoolsfirst's most frequently cited loan purpose was Home Improvement, with 4,848 originations. The 2nd most popular reason was Other, with 2,416 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 4,695 $626,325,000 $133,403 $0 7.97%
    15 Year 2,221 $221,245,000 $99,615 $136 6.92%
    30 Year 1,554 $902,990,000 $581,075 $5,525 6.28%
    10 Year 1,030 $67,290,000 $65,330 $47 6.37%
    20 Year 956 $114,500,000 $119,770 $36 7.57%

    For 2023, Schoolsfirst's most frequently cited loan duration was Other, with 4,695 originations. The 2nd most popular length was 15 Year, with 2,221 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 5,354 $1,167,130,000 $217,992
    $1k-2k 108 $36,210,000 $335,278
    $2k-3k 55 $25,475,000 $463,182
    $5k+ 54 $30,500,000 $564,815
    $3k-4k 18 $9,410,000 $522,778
    $4k-5k 13 $6,295,000 $484,231

    Schoolsfirst's average total fees were $5,525, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5,354 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 4,058 $604,230,000 $148,898
    6-7% 2,760 $624,120,000 $226,130
    Over 8% 2,186 $264,680,000 $121,080
    5-6% 1,350 $379,240,000 $280,919
    4-5% 95 $59,165,000 $622,789
    <2.5% 7 $915,000 $130,714

    During 2023, Schoolsfirst's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 7-8%, with 4,058 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 4,413 $254,185,000 $57,599 $28 7.32%
    $100k-200k 3,115 $412,185,000 $132,323 $247 7.60%
    $200k-400k 1,710 $439,970,000 $257,292 $2,619 7.44%
    $600k-1MM 559 $420,755,000 $752,692 $6,307 6.25%
    $400k-600k 546 $270,110,000 $494,707 $5,281 6.40%
    $1MM+ 113 $135,145,000 $1,195,973 $7,594 6.05%

    2023 saw Schoolsfirst place emphasis on $100,000 or less loans with 4,413 originations, totaling $254,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 3,329 $511,865,000 $153,759 $1,295 7.34%
    $150k-250k 3,218 $747,320,000 $232,231 $2,046 7.27%
    $75k-100k 1,487 $182,425,000 $122,680 $946 7.31%
    $250k+ 1,033 $357,575,000 $346,152 $3,162 7.20%
    $50k-75k 967 $92,555,000 $95,714 $729 7.36%
    $50k or less 335 $24,145,000 $72,075 $752 7.36%

    Schoolsfirst lent most frequently to those with incomes in the $100k-150k range, with 3,329 originations. The second most popular income band? $150k-250k, with 3,218 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 2,190 $382,670,000 $174,735 $1,336 7.57%
    30-36% 1,368 $244,650,000 $178,838 $1,477 7.19%
    20-30% 1,149 $170,585,000 $148,464 $1,075 7.13%
    44% 457 $93,995,000 $205,678 $2,070 7.25%
    42% 423 $87,565,000 $207,009 $1,964 7.22%
    43% 405 $88,455,000 $218,407 $2,188 7.20%
    45% 391 $78,415,000 $200,550 $1,914 7.31%
    41% 380 $72,540,000 $190,895 $1,789 7.27%
    40% 377 $74,975,000 $198,873 $1,713 7.13%
    49% 377 $76,075,000 $201,790 $1,742 7.32%
    46% 372 $74,130,000 $199,274 $1,931 7.28%
    39% 370 $71,960,000 $194,486 $1,852 7.19%
    47% 366 $76,040,000 $207,760 $2,031 7.33%
    48% 364 $74,260,000 $204,011 $1,691 7.28%
    38% 342 $70,800,000 $207,018 $1,814 7.22%
    37% 303 $63,435,000 $209,356 $1,743 7.22%
    36% 299 $58,555,000 $195,836 $1,652 7.15%
    >60% 292 $39,530,000 $135,377 $534 7.54%
    <20% 231 $33,715,000 $145,952 $1,247 7.32%

    Schoolsfirst lent most frequently to those with DTI ratios of 50-60%, with 2,190 originations. The next most common DTI ratio? 30-36%, with 1,368 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 7,576 $1,342,980,000 $177,268 $1,494 7.31%
    Not provided 1,303 $254,915,000 $195,637 $1,856 7.22%
    Asian 940 $238,080,000 $253,277 $2,369 7.19%
    Black 471 $71,365,000 $151,518 $1,199 7.55%
    American Indian 122 $17,050,000 $139,754 $784 7.50%
    Native Hawaiian or Islander 41 $6,805,000 $165,976 $1,455 7.54%
    Vietnamese 1 $735,000 $735,000 $5,558 5.63%
    Chinese 1 $255,000 $255,000 $0 7.00%
    Filipino 1 $165,000 $165,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    89.69%

    Schoolsfirst has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.42%

    Schoolsfirst has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,456 $1,932,350,000 $184,808

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    10,456 $1,932,350,000 $184,808

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,816 $360,810,000 $198,684 $911 7.68%
    40-60% 280 $108,290,000 $386,750 $4,013 6.69%
    60-80% 443 $270,445,000 $610,485 $5,748 6.33%
    80-100% 860 $540,300,000 $628,256 $6,000 6.33%
    Under 20% 7,057 $652,505,000 $92,462 $43 7.41%