Launch Federal Credit Union Mortgage Rates, Fees & Info

Merritt Island, FL

LEI: 54930029L79O0A2ZXF27

Tax ID: 59-1030268

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Launch Federal Credit Union is a smaller credit union specializing in Refi loans. Launch Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Palm Bay, Deltona, Orlando, Tampa, and Jacksonville among others. We have data for 10 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 an above 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% 12/16/24
    30 Year Conventional Refi 6.30% 12/16/24
    30 Year Cash-out Refi 6.44% 12/16/24
    15 Year Conventional Purchase 6.16% 12/16/24
    15 Year Conventional Refi 5.96% 12/16/24
    15 Year Cash-out Refi 5.96% 12/16/24
    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

    693

    Origination Dollar Volume (All Markets)

    $118,795,000

    Awards

    LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans silver LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) 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
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 467 $82,345,000 $176,328 $2,479 3.37%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 195 $29,575,000 $151,667 $2,187 3.43%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 19 $4,535,000 $238,684 $3,298 3.32%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $1,015,000 $203,000 $2,523 3.48%
    JACKSONVILLE, FL (FHA|USDA|VA) 2 $400,000 $200,000 $3,233 3.44%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,541 3.00%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,228 3.88%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,895 2.88%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,265 3.50%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,889 3.63%
    Launch Federal Credit Union's top markets include Palm Bay, Deltona, Orlando, Tampa, and Jacksonville 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.

    THE MONEY HOUSE INC.
    Similarity Rank: 946
    Credence Funding Corporation
    Similarity Rank: 1080
    AMERICAN HERITAGE CAPITAL, L.P.
    Similarity Rank: 1134
    PREFERRED LENDING SERVICES, LLC
    Similarity Rank: 1280
    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 1430
    Citizens First Bank
    Similarity Rank: 1752
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 2060
    JET HOMELOANS, LLC
    Similarity Rank: 2480
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 2574
    BANKERS MORTGAGE LENDING, INC.
    Similarity Rank: 2576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 693 $118,795,000 $171,421 $2,426 3.38%

    For 2020, Launch Federal Credit Union's most frequently originated type of loan was Conventional, with 693 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 455 $76,715,000 $168,604 $2,353 3.34%
    Home Purchase 116 $21,620,000 $186,379 $2,786 3.52%
    Home Improvement 65 $10,825,000 $166,538 $2,573 3.37%
    Cash Out Refi 57 $9,635,000 $169,035 $2,140 3.45%

    For 2020, Launch Federal Credit Union's most frequently cited loan purpose was Refi, with 455 originations. The 2nd most popular reason was Home Purchase, with 116 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 391 $72,405,000 $185,179 $2,534 3.51%
    15 Year 168 $25,630,000 $152,560 $2,414 3.19%
    20 Year 67 $12,075,000 $180,224 $2,517 3.36%
    10 Year 48 $5,690,000 $118,542 $1,509 2.98%
    Other 19 $2,995,000 $157,632 $2,218 3.58%

    For 2020, Launch Federal Credit Union's most frequently cited loan duration was 30 Year, with 391 originations. The 2nd most popular length was 15 Year, with 168 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 544 $77,630,000 $142,702
    $1k-2k 134 $37,540,000 $280,149
    $2k-3k 2 $1,830,000 $915,000
    $4k-5k 1 $195,000 $195,000

    Launch Federal Credit Union's average total fees were $2,534, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 544 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 455 $80,855,000 $177,703
    2.5-3% 194 $32,020,000 $165,052
    4-5% 30 $4,230,000 $141,000
    <2.5% 8 $1,440,000 $180,000
    6-7% 3 $75,000 $25,000
    5-6% 2 $130,000 $65,000
    Over 8% 1 $45,000 $45,000

    During 2020, Launch Federal Credit Union's average interest rate for loans was 3.51%, while their most frequently originated rate bucket for loans was 3-4%, with 455 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 368 $55,290,000 $150,245 $2,266 3.36%
    $200k-400k 188 $48,640,000 $258,723 $3,168 3.35%
    $100,000 or less 127 $9,385,000 $73,898 $1,571 3.48%
    $400k-600k 8 $3,650,000 $456,250 $3,959 3.31%
    $1MM+ 1 $1,005,000 $1,005,000 $9,873 3.50%
    $600k-1MM 1 $825,000 $825,000 $8,726 3.88%

    2020 saw Launch Federal Credit Union place emphasis on $100k-200k loans with 368 originations, totaling $55,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 170 $24,870,000 $146,294 $2,063 3.53%
    $75k-100k 162 $29,520,000 $182,222 $2,473 3.38%
    $50k or less 149 $16,365,000 $109,832 $1,908 3.43%
    $100k-150k 135 $27,085,000 $200,630 $2,885 3.27%
    $150k-250k 67 $16,595,000 $247,687 $3,141 3.17%
    $250k+ 8 $4,030,000 $503,750 $4,806 3.14%

    Launch Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 170 originations. The second most popular income band? $75k-100k, with 162 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 678 $116,660,000 $172,065 $2,423 3.38%
    20-30% 1 $195,000 $195,000 $2,808 2.88%
    39% 1 $115,000 $115,000 $338 3.13%
    41% 1 $135,000 $135,000 $2,470 2.63%

    Launch Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 678 originations. The next most common DTI ratio? 20-30%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 545 $94,275,000 $172,982 $2,430 3.38%
    Not provided 98 $17,360,000 $177,143 $2,538 3.33%
    Black 40 $5,290,000 $132,250 $2,175 3.53%
    Asian 6 $950,000 $158,333 $2,157 3.29%
    American Indian 2 $610,000 $305,000 $3,164 3.06%
    Guamanian 1 $205,000 $205,000 $0 3.63%
    Filipino 1 $105,000 $105,000 $2,574 2.88%

    Approval Rates

    Total approvals of all applications
    57.45%

    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
    95.96%

    Launch 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 693 $118,795,000 $171,421

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $265,000 $88,333
    Single Family (1-4 Units):Site-Built 690 $118,530,000 $171,783

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $5,840,000 $88,485 $1,629 3.17%
    40-60% 149 $19,865,000 $133,322 $2,136 3.22%
    60-80% 331 $65,525,000 $197,961 $2,759 3.38%
    80-100% 141 $27,335,000 $193,865 $2,397 3.56%
    Under 20% 6 $230,000 $38,333 $777 5.92%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Lenox Financial Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 100.0%