Launch Federal Credit Union Mortgage Rates, Fees & Info

Merritt Island, FL

LEI: 54930029L79O0A2ZXF27

Tax ID: 59-1030268

5 stars - Updated: 11/17/24 - out of 5 stars, based on 25 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

    Launch Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Launch Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Palm Bay, Deltona, Orlando, Port St. Lucie, and Tampa among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Launch Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Launch 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.45% 11/17/24
    30 Year Conventional Refi 6.30% 11/17/24
    30 Year Cash-out Refi 6.44% 11/17/24
    15 Year Conventional Purchase 6.16% 11/17/24
    15 Year Conventional Refi 5.96% 11/17/24
    15 Year Cash-out Refi 5.96% 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.

    Launch Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Launch Federal 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

    606

    Origination Dollar Volume (All Markets)

    $53,670,000

    Awards

    LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Launch Federal Credit Union's average 30 year fixed mortgage rate was 6.54%.

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

    This yields a difference of 0.06%.

    Relative Fees (Closing Costs)

    Launch Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,521.

    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
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 394 $34,020,000 $86,345 $412 7.20%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 163 $12,665,000 $77,699 $445 7.22%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 27 $3,905,000 $144,630 $1,251 7.27%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 5 $725,000 $145,000 $1,449 7.09%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $700,000 $116,667 $641 7.31%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $365,000 $365,000 $6,247 6.13%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,103 6.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $310,000 $155,000 $0 7.38%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,823 6.25%
    JACKSONVILLE, FL (FHA|USDA|VA) 3 $195,000 $65,000 $0 6.84%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $130,000 $65,000 $0 7.89%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.00%
    Launch Federal Credit Union's top markets include Palm Bay, Deltona, Orlando, Port St. Lucie, and Tampa among others.

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

    • Similar Lenders

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

    ORLANDO CREDIT UNION
    Similarity Rank: 459
    Suncoast Credit Union
    Similarity Rank: 570
    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 583
    Terrabank
    Similarity Rank: 660
    SHELTER MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 686
    ADDITION FINANCIAL
    Similarity Rank: 804
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 840
    PARK SQUARE HOME MORTGAGE, LLC
    Similarity Rank: 845
    MIDFLORIDA
    Similarity Rank: 1122
    Citizens First Bank
    Similarity Rank: 1176

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 606 $53,670,000 $88,564 $488 7.21%

    For 2023, Launch Federal Credit Union's most frequently originated type of loan was Conventional, with 606 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 561 $41,135,000 $73,324 $151 7.27%
    Home Purchase 44 $12,220,000 $277,727 $4,683 6.47%
    Refi 1 $315,000 $315,000 $4,413 4.75%

    For 2023, Launch Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 561 originations. The 2nd most popular reason was Home Purchase, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 333 $25,495,000 $76,562 $130 7.44%
    10 Year 191 $11,495,000 $60,183 $40 6.98%
    30 Year 52 $13,900,000 $267,308 $4,521 6.54%
    20 Year 22 $2,520,000 $114,545 $425 7.64%
    5 Year 4 $130,000 $32,500 $0 5.63%
    Other 4 $130,000 $32,500 $0 6.56%

    For 2023, Launch Federal Credit Union's most frequently cited loan duration was 15 Year, with 333 originations. The 2nd most popular length was 10 Year, with 191 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 563 $40,325,000 $71,625
    $1k-2k 43 $13,345,000 $310,349

    Launch Federal Credit Union's average total fees were $4,521, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 563 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 308 $27,750,000 $90,097
    7-8% 172 $14,990,000 $87,151
    Over 8% 97 $6,325,000 $65,206
    5-6% 25 $4,105,000 $164,200
    4-5% 4 $500,000 $125,000

    During 2023, Launch Federal Credit Union's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 6-7%, with 308 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 431 $22,585,000 $52,401 $37 7.29%
    $100k-200k 130 $17,020,000 $130,923 $632 7.17%
    $200k-400k 37 $10,525,000 $284,459 $4,065 6.51%
    $400k-600k 8 $3,540,000 $442,500 $5,930 6.61%

    2023 saw Launch Federal Credit Union place emphasis on $100,000 or less loans with 431 originations, totaling $22,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 163 $15,585,000 $95,613 $491 7.29%
    $50k-75k 146 $8,770,000 $60,068 $299 7.19%
    $75k-100k 118 $10,800,000 $91,525 $588 7.18%
    $150k-250k 79 $11,245,000 $142,342 $940 7.13%
    $50k or less 73 $3,395,000 $46,507 $222 7.33%
    $250k+ 18 $2,820,000 $156,667 $424 6.98%

    Launch Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 163 originations. The second most popular income band? $50k-75k, with 146 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 112 $9,830,000 $87,768 $497 7.19%
    20-30% 112 $10,730,000 $95,804 $653 6.97%
    42% 76 $6,230,000 $81,974 $345 7.27%
    44% 74 $6,260,000 $84,595 $288 7.51%
    43% 47 $3,405,000 $72,447 $182 7.27%
    40% 37 $3,305,000 $89,324 $719 7.41%
    39% 29 $2,875,000 $99,138 $640 7.13%
    38% 26 $2,210,000 $85,000 $226 7.13%
    41% 26 $2,150,000 $82,692 $342 7.36%
    37% 26 $2,580,000 $99,231 $841 7.36%
    <20% 18 $2,200,000 $122,222 $1,198 6.58%
    36% 18 $1,420,000 $78,889 $290 7.28%
    45% 2 $150,000 $75,000 $0 6.88%
    46% 2 $170,000 $85,000 $0 7.08%
    49% 1 $155,000 $155,000 $2,325 6.25%

    Launch Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 112 originations. The next most common DTI ratio? 20-30%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 512 $44,740,000 $87,383 $468 7.18%
    Not provided 36 $3,880,000 $107,778 $843 7.21%
    Black 40 $3,060,000 $76,500 $333 7.52%
    Asian 8 $1,020,000 $127,500 $722 7.39%
    American Indian 9 $895,000 $99,444 $744 7.48%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    55.37%

    Launch Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    66.83%

    Launch Federal 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 606 $53,670,000 $88,564

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    606 $53,670,000 $88,564

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 183 $16,725,000 $91,393 $158 7.33%
    40-60% 46 $5,500,000 $119,565 $1,182 6.94%
    60-80% 36 $7,570,000 $210,278 $2,472 6.87%
    80-100% 28 $7,400,000 $264,286 $4,105 6.36%
    Under 20% 313 $16,475,000 $52,636 $26 7.29%