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

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  • 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 Cash Out Refi and Refi 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 Tampa 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% 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

    603

    Origination Dollar Volume (All Markets)

    $105,545,000

    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

    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) 388 $70,210,000 $180,954 $2,862 3.05%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 185 $28,465,000 $153,865 $2,710 3.08%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 19 $4,595,000 $241,842 $3,816 3.04%
    JACKSONVILLE, FL (FHA|USDA|VA) 4 $740,000 $185,000 $2,767 3.03%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $560,000 $280,000 $4,569 3.19%
    Outside of Metro Areas 3 $525,000 $175,000 $2,502 3.42%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,139 3.00%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,297 2.63%
    Launch Federal Credit Union's top markets include Palm Bay, Deltona, Orlando, Jacksonville, 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.

    COMMUNITY CREDIT UNION OF FLORIDA
    Similarity Rank: 1590
    Citizens First Bank
    Similarity Rank: 1696
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1820
    LAUNCH FEDERAL CREDIT UNION
    Similarity Rank: 2224
    Suncoast Credit Union
    Similarity Rank: 2379
    Auto Club Trust, FSB
    Similarity Rank: 2592
    DYBN FINANCIAL CORP.
    Similarity Rank: 3248
    PARK SQUARE HOME MORTGAGE, LLC
    Similarity Rank: 3582
    VYSTAR
    Similarity Rank: 3741
    Beeline Loans, Inc.
    Similarity Rank: 3808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 603 $105,545,000 $175,033 $2,852 3.06%

    For 2021, Launch Federal Credit Union's most frequently originated type of loan was Conventional, with 603 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 370 $63,030,000 $170,351 $2,805 3.08%
    Refi 145 $23,735,000 $163,690 $2,686 2.94%
    Home Purchase 67 $14,965,000 $223,358 $3,434 3.21%
    Home Improvement 21 $3,815,000 $181,667 $2,972 3.02%

    For 2021, Launch Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 370 originations. The 2nd most popular reason was Refi, with 145 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 382 $73,380,000 $192,094 $3,001 3.15%
    15 Year 101 $14,325,000 $141,832 $2,552 2.83%
    20 Year 64 $10,900,000 $170,313 $2,893 2.99%
    10 Year 46 $5,130,000 $111,522 $2,177 2.87%
    Other 9 $1,745,000 $193,889 $3,353 3.06%
    5 Year 1 $65,000 $65,000 $0 5.25%

    For 2021, Launch Federal Credit Union's most frequently cited loan duration was 30 Year, with 382 originations. The 2nd most popular length was 15 Year, with 101 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 438 $58,970,000 $134,635
    $1k-2k 164 $46,190,000 $281,646
    $2k-3k 1 $385,000 $385,000

    Launch Federal Credit Union's average total fees were $3,001, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 438 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 324 $57,540,000 $177,593
    3-4% 222 $39,900,000 $179,730
    <2.5% 44 $6,150,000 $139,773
    4-5% 9 $1,695,000 $188,333
    5-6% 2 $100,000 $50,000
    6-7% 1 $125,000 $125,000
    Over 8% 1 $35,000 $35,000

    During 2021, Launch Federal Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 324 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 290 $42,850,000 $147,759 $2,631 3.07%
    $200k-400k 180 $46,920,000 $260,667 $3,561 3.07%
    $100,000 or less 117 $8,605,000 $73,547 $1,984 3.04%
    $400k-600k 16 $7,170,000 $448,125 $5,220 3.05%

    2021 saw Launch Federal Credit Union place emphasis on $100k-200k loans with 290 originations, totaling $42,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 172 $26,120,000 $151,860 $2,670 3.07%
    $50k or less 144 $17,230,000 $119,653 $2,395 3.06%
    $100k-150k 116 $26,370,000 $227,328 $3,239 3.08%
    $75k-100k 102 $17,810,000 $174,608 $2,844 2.98%
    $150k-250k 63 $15,825,000 $251,190 $3,560 3.12%
    $250k+ 6 $2,190,000 $365,000 $4,230 3.08%

    Launch Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 172 originations. The second most popular income band? $50k or less, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 199 $37,375,000 $187,814 $2,990 3.04%
    30-36% 138 $22,960,000 $166,377 $2,767 3.08%
    <20% 89 $13,255,000 $148,933 $2,747 2.94%
    36% 24 $4,470,000 $186,250 $2,651 3.07%
    40% 24 $4,330,000 $180,417 $2,787 3.06%
    38% 22 $3,580,000 $162,727 $2,301 3.21%
    42% 20 $3,800,000 $190,000 $3,158 3.02%
    39% 19 $2,945,000 $155,000 $2,735 3.13%
    37% 18 $3,140,000 $174,444 $2,661 3.15%
    43% 18 $3,790,000 $210,556 $3,029 3.15%
    41% 17 $3,495,000 $205,588 $3,263 3.10%
    44% 14 $2,150,000 $153,571 $2,903 3.41%
    45% 1 $255,000 $255,000 $3,370 3.00%

    Launch Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 138 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 489 $87,035,000 $177,986 $2,862 3.07%
    Not provided 67 $10,665,000 $159,179 $2,730 3.02%
    Black 38 $6,130,000 $161,316 $2,825 3.00%
    Asian 6 $1,150,000 $191,667 $3,071 2.90%
    Not applicable 2 $320,000 $160,000 $3,387 2.88%
    Japanese 1 $245,000 $245,000 $4,831 3.50%

    Approval Rates

    Total approvals of all applications
    48.29%

    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
    61.53%

    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 603 $105,545,000 $175,033

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    603 $105,545,000 $175,033

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 94 $9,180,000 $97,660 $2,090 2.88%
    40-60% 162 $24,410,000 $150,679 $2,770 3.00%
    60-80% 248 $49,710,000 $200,444 $3,081 3.11%
    80-100% 90 $21,740,000 $241,556 $3,258 3.16%
    Under 20% 9 $505,000 $56,111 $1,894 3.57%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Lenox Financial Mortgage Corporation Conventional home mortgage Improper use of your report 1 25.0%
    Lenox Financial Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 75.0%