1st Advantage Federal Credit Union Mortgage Rates, Fees & Info

Yorktown, VA

LEI: 5493003KBJMVUE7RQO90

Tax ID: 54-0623618

1 stars - Updated: 10/13/24 - out of 5 stars, based on 23 reviews

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

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Mortgage Data

Review & Overview

1st Advantage Federal Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. 1st Advantage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Virginia Beach, Richmond, Washington, Charlottesville, and Palm Bay among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

1st Advantage Federal Credit Union 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. 1st Advantage Federal Credit Union is typically a high 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.

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
Home Equity Line of Credit (HELOC) 4.84% 10/13/24
30 Year Conventional Purchase 5.81% 10/13/24
30 Year Conventional Refi 5.31% 10/13/24
30 Year Cash-out Refi 6.30% 10/13/24
15 Year Conventional Purchase 9.59% 10/13/24
15 Year Conventional Refi 6.45% 10/13/24
15 Year Cash-out Refi 6.45% 10/13/24
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.

1st Advantage 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 1st Advantage 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

538

Origination Dollar Volume (All Markets)

$68,210,000

Relative Rate

1st Advantage Federal Credit Union's average 30 year fixed mortgage rate was 6.97%.

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

This yields a difference of 0.49%.

Relative Fees (Closing Costs)

1st Advantage Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $42,363.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 445 $55,505,000 $124,730 $12,721 7.44%
RICHMOND, VA (FHA|USDA|VA) 58 $5,340,000 $92,069 $6,086 7.60%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 13 $3,055,000 $235,000 $16,366 7.31%
Outside of Metro Areas 10 $1,720,000 $172,000 $85,758 7.85%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $805,000 $805,000 $0 8.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $525,000 $525,000 $115,143 6.25%
Kill Devil Hills, NC (FHA|USDA|VA) 3 $375,000 $125,000 $7,752 6.83%
GREENVILLE, NC (FHA|USDA|VA) 1 $275,000 $275,000 $8,972 6.63%
Elizabeth City, NC (FHA|USDA|VA) 2 $260,000 $130,000 $0 5.12%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.24%
HARRISONBURG, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.24%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.24%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.24%
1st Advantage Federal Credit Union's top markets include Virginia Beach, Richmond, Washington, Charlottesville, and Palm Bay among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against 1ST ADVANTAGE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ABNB Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 359 $35,565,000 $99,067 n/a 7.27%
    Conventional 179 $32,645,000 $182,374 $14,002 7.79%

    For 2023, 1st Advantage Federal Credit Union's most frequently originated type of loan was HELOC, with 359 originations. Their 2nd most popular type was Conventional, with 179 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 240 $22,190,000 $92,458 $236 7.28%
    Other 189 $15,085,000 $79,815 $255 7.89%
    Home Purchase 49 $20,195,000 $412,143 $48,506 6.89%
    Refi 45 $7,235,000 $160,778 $1,645 7.15%
    Cash Out Refi 15 $3,505,000 $233,667 $12,554 7.17%

    For 2023, 1st Advantage Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 240 originations. The 2nd most popular reason was Other, with 189 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 319 $30,575,000 $95,846 $287 7.35%
    30 Year 94 $16,950,000 $180,319 $42,363 6.97%
    15 Year 53 $3,525,000 $66,509 $524 8.68%
    10 Year 36 $2,040,000 $56,667 $690 7.85%
    5 Year 26 $8,420,000 $323,846 $130 7.22%
    Other 10 $6,700,000 $670,000 $0 7.46%

    For 2023, 1st Advantage Federal Credit Union's most frequently cited loan duration was 20 Year, with 319 originations. The 2nd most popular length was 30 Year, with 94 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 58 $5,740,000 $98,966
    $2k-3k 1 $445,000 $445,000

    1st Advantage Federal Credit Union's average total fees were $42,363, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 189 $29,505,000 $156,111
    Over 8% 179 $15,365,000 $85,838
    7-8% 116 $11,520,000 $99,310
    6-7% 50 $11,300,000 $226,000
    4-5% 3 $365,000 $121,667
    3-4% 1 $155,000 $155,000

    During 2023, 1st Advantage Federal Credit Union's average interest rate for loans was 6.97%, while their most frequently originated rate bucket for loans was 5-6%, with 189 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 331 $18,765,000 $56,692 $331 7.75%
    $100k-200k 143 $19,205,000 $134,301 $18,552 7.04%
    $200k-400k 41 $11,595,000 $282,805 $27,660 6.92%
    $400k-600k 8 $3,800,000 $475,000 $41,909 6.75%
    $600k-1MM 8 $5,600,000 $700,000 $177,237 6.63%
    $1MM+ 7 $9,245,000 $1,320,714 $31,911 6.10%

    2023 saw 1st Advantage Federal Credit Union place emphasis on $100,000 or less loans with 331 originations, totaling $18,765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $16,470,000 $99,217 $3,351 7.60%
    $150k-250k 102 $12,430,000 $121,863 $24,172 7.09%
    $50k-75k 90 $6,610,000 $73,444 $8,674 7.70%
    $75k-100k 66 $6,330,000 $95,909 $18,674 7.46%
    $50k or less 46 $2,750,000 $59,783 $193 7.35%
    $250k+ 31 $8,225,000 $265,323 $30,932 7.33%

    1st Advantage Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $150k-250k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 92 $10,330,000 $112,283 $27,696 7.30%
    20-30% 87 $10,625,000 $122,126 $22,730 7.22%
    <20% 61 $6,955,000 $114,016 $15,498 6.94%
    46% 24 $1,840,000 $76,667 $2,898 8.32%
    45% 24 $2,100,000 $87,500 $0 7.83%
    49% 23 $1,965,000 $85,435 $433 7.78%
    41% 21 $2,245,000 $106,905 $2,359 7.73%
    48% 20 $1,700,000 $85,000 $0 7.49%
    44% 18 $1,690,000 $93,889 $20,279 7.68%
    36% 17 $2,285,000 $134,412 $0 7.17%
    38% 17 $1,395,000 $82,059 $6,270 7.26%
    40% 16 $1,560,000 $97,500 $3,442 7.23%
    47% 15 $945,000 $63,000 $0 8.36%
    43% 15 $1,695,000 $113,000 $2,100 7.78%
    37% 13 $1,285,000 $98,846 $5,640 7.80%
    50-60% 12 $1,950,000 $162,500 $850 7.47%
    42% 11 $655,000 $59,545 $0 8.18%
    39% 11 $805,000 $73,182 $0 7.68%
    >60% 1 $75,000 $75,000 $0 7.24%

    1st Advantage Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 92 originations. The next most common DTI ratio? 20-30%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 303 $34,575,000 $114,109 $17,364 7.21%
    Not applicable 28 $14,050,000 $501,786 $0 7.12%
    Not provided 83 $10,075,000 $121,386 $4,740 7.48%
    Black 101 $6,805,000 $67,376 $4,355 8.12%
    Asian 18 $2,410,000 $133,889 $72,038 7.45%
    American Indian 3 $175,000 $58,333 $0 8.83%
    Asian Indian 1 $65,000 $65,000 $0 10.00%
    Other Pacific Islander 1 $55,000 $55,000 $0 9.50%

    Approval Rates

    Total approvals of all applications
    76.98%

    1st Advantage Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.67%

    1st Advantage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 52 $4,440,000 $85,385
    NA 486 $63,770,000 $131,214

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    538 $68,210,000 $126,784

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 199 $20,455,000 $102,789 $1,489 7.67%
    40-60% 47 $10,065,000 $214,149 $13,119 7.07%
    60-80% 37 $12,115,000 $327,432 $72,343 6.83%
    80-100% 14 $7,630,000 $545,000 $22,179 6.54%
    Over 100% 6 $4,790,000 $798,333 $0 6.87%
    Under 20% 235 $13,155,000 $55,979 $119 7.49%