Launch Federal Credit Union Mortgage Rates, Fees & Info

Merritt Island, FL

LEI: 54930029L79O0A2ZXF27

Tax ID: 59-1030268

5 stars - Updated: 2/19/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

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, Jacksonville, and Port St. Lucie among others. We have data for 8 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.45% 2/19/24
30 Year Conventional Refi 6.30% 2/19/24
30 Year Cash-out Refi 6.44% 2/19/24
15 Year Conventional Purchase 6.16% 2/19/24
15 Year Conventional Refi 5.96% 2/19/24
15 Year Cash-out Refi 5.96% 2/19/24
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

289

Origination Dollar Volume (All Markets)

$51,105,000

Awards

LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans silver LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Launch Federal Credit Union's average 30 year fixed mortgage rate was 4.12%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.64%.

Relative Fees (Closing Costs)

Launch Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,613.

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 $4,750.

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) 190 $34,100,000 $179,474 $2,829 4.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 79 $11,445,000 $144,873 $2,494 4.42%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 9 $2,855,000 $317,222 $4,827 4.31%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,625,000 $325,000 $4,042 4.45%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $665,000 $221,667 $3,817 4.71%
OCALA, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,190 3.24%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,389 5.75%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.75%
Launch Federal Credit Union's top markets include Palm Bay, Deltona, Orlando, Jacksonville, and Port St. Lucie among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 289 $51,105,000 $176,834 $2,828 4.40%

    For 2022, Launch Federal Credit Union's most frequently originated type of loan was Conventional, with 289 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 220 $35,390,000 $160,864 $2,566 4.42%
    Home Purchase 54 $13,950,000 $258,333 $4,028 4.58%
    Refi 15 $1,765,000 $117,667 $2,346 3.44%

    For 2022, Launch Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 220 originations. The 2nd most popular reason was Home Purchase, with 54 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 163 $36,205,000 $222,117 $3,613 4.12%
    15 Year 64 $7,210,000 $112,656 $1,752 5.03%
    20 Year 32 $4,940,000 $154,375 $2,561 4.02%
    10 Year 18 $1,560,000 $86,667 $943 5.14%
    Other 8 $1,090,000 $136,250 $2,157 4.08%
    5 Year 4 $100,000 $25,000 $0 6.38%

    For 2022, Launch Federal Credit Union's most frequently cited loan duration was 30 Year, with 163 originations. The 2nd most popular length was 15 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 175 $19,245,000 $109,971
    $1k-2k 109 $29,725,000 $272,706
    $2k-3k 3 $1,545,000 $515,000
    $4k-5k 1 $165,000 $165,000
    $5k+ 1 $425,000 $425,000

    Launch Federal Credit Union's average total fees were $3,613, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 175 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 121 $24,785,000 $204,835
    2.5-3% 40 $7,290,000 $182,250
    4-5% 34 $6,220,000 $182,941
    6-7% 31 $3,505,000 $113,065
    5-6% 31 $6,295,000 $203,065
    Over 8% 13 $705,000 $54,231
    <2.5% 10 $1,620,000 $162,000
    7-8% 9 $685,000 $76,111

    During 2022, Launch Federal Credit Union's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 121 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 109 $16,725,000 $153,440 $2,835 4.03%
    $200k-400k 89 $24,215,000 $272,079 $3,847 3.90%
    $100,000 or less 81 $4,875,000 $60,185 $1,176 5.48%
    $400k-600k 9 $4,415,000 $490,556 $6,788 3.98%
    $600k-1MM 1 $875,000 $875,000 $9,536 5.75%

    2022 saw Launch Federal Credit Union place emphasis on $100k-200k loans with 109 originations, totaling $16,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 70 $10,250,000 $146,429 $2,396 4.80%
    $100k-150k 67 $13,965,000 $208,433 $2,998 4.60%
    $75k-100k 60 $10,430,000 $173,833 $2,885 4.32%
    $50k or less 57 $6,215,000 $109,035 $2,487 3.87%
    $150k-250k 25 $6,855,000 $274,200 $3,769 4.22%
    $250k+ 6 $2,660,000 $443,333 $4,972 4.77%

    Launch Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 70 originations. The second most popular income band? $100k-150k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $13,865,000 $184,867 $3,003 4.43%
    30-36% 65 $11,195,000 $172,231 $2,842 4.42%
    <20% 29 $4,685,000 $161,552 $2,873 3.67%
    37% 17 $2,685,000 $157,941 $2,329 4.45%
    44% 16 $1,940,000 $121,250 $1,880 4.69%
    39% 15 $3,045,000 $203,000 $2,692 4.97%
    41% 15 $2,545,000 $169,667 $2,738 4.98%
    40% 13 $2,145,000 $165,000 $2,741 4.02%
    36% 12 $2,290,000 $190,833 $2,999 5.03%
    42% 11 $2,905,000 $264,091 $4,290 4.03%
    43% 11 $2,155,000 $195,909 $2,861 4.09%
    38% 9 $1,615,000 $179,444 $2,511 4.17%
    45% 1 $35,000 $35,000 $0 6.75%

    Launch Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 228 $40,080,000 $175,789 $2,837 4.44%
    Black 29 $5,105,000 $176,034 $2,715 4.49%
    Not provided 25 $4,835,000 $193,400 $2,966 4.00%
    Asian 3 $635,000 $211,667 $3,840 4.29%
    American Indian 2 $280,000 $140,000 $1,763 5.56%
    Native Hawaiian or Islander 2 $170,000 $85,000 $1,281 3.31%

    Approval Rates

    Total approvals of all applications
    60.77%

    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
    43.94%

    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 289 $51,105,000 $176,834

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    289 $51,105,000 $176,834

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $5,330,000 $102,500 $2,216 4.20%
    40-60% 70 $11,910,000 $170,143 $3,133 3.93%
    60-80% 90 $21,240,000 $236,000 $3,518 3.83%
    80-100% 36 $10,720,000 $297,778 $4,248 4.27%
    Under 20% 41 $1,905,000 $46,463 $320 6.84%