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

Yorktown, VA

LEI: 5493003KBJMVUE7RQO90

Tax ID: 54-0623618

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

    1st Advantage Federal Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, 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, Hilton Head Island, and Martinsville among others. We have data for 5 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 4.84% 11/21/24
    30 Year Conventional Purchase 5.81% 11/21/24
    30 Year Conventional Refi 5.31% 11/21/24
    30 Year Cash-out Refi 6.30% 11/21/24
    15 Year Conventional Purchase 9.59% 11/21/24
    15 Year Conventional Refi 6.45% 11/21/24
    15 Year Cash-out Refi 6.45% 11/21/24
    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

    94

    Origination Dollar Volume (All Markets)

    $15,260,000

    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) 80 $12,900,000 $161,250 $3,749 4.79%
    RICHMOND, VA (FHA|USDA|VA) 10 $1,430,000 $143,000 $2,994 4.58%
    Outside of Metro Areas 2 $650,000 $325,000 $3,919 5.75%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $225,000 $225,000 $4,917 4.38%
    Martinsville, VA (FHA|USDA|VA) 1 $55,000 $55,000 $3,260 4.25%
    1st Advantage Federal Credit Union's top markets include Virginia Beach, Richmond, Hilton Head Island, and Martinsville among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • South Carolina (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.

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 90
    ABNB Federal Credit Union
    Similarity Rank: 496
    Virginia Credit Union, Inc.
    Similarity Rank: 832
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 900
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 1155
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1640
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 1808
    Aurora Financial, LLC
    Similarity Rank: 2450
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 2772
    Southern Bank and Trust Company
    Similarity Rank: 2870

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 94 $15,260,000 $162,340 $3,664 4.78%

    For 2020, 1st Advantage Federal Credit Union's most frequently originated type of loan was Conventional, with 94 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 33 $6,415,000 $194,394 $3,875 3.89%
    Cash Out Refi 22 $4,400,000 $200,000 $4,070 3.80%
    Home Purchase 21 $3,685,000 $175,476 $4,172 5.36%
    Other 10 $450,000 $45,000 $0 6.37%
    Home Improvement 8 $310,000 $38,750 $0 7.62%

    For 2020, 1st Advantage Federal Credit Union's most frequently cited loan purpose was Refi, with 33 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 43 $5,815,000 $135,233 $3,569 5.28%
    30 Year 35 $7,495,000 $214,143 $4,064 3.88%
    10 Year 8 $750,000 $93,750 $980 6.88%
    20 Year 3 $335,000 $111,667 $3,206 3.33%
    Other 3 $815,000 $271,667 $3,822 3.41%
    5 Year 2 $50,000 $25,000 $0 5.62%

    For 2020, 1st Advantage Federal Credit Union's most frequently cited loan duration was 15 Year, with 43 originations. The 2nd most popular length was 30 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 50 $6,010,000 $120,200
    $2k-3k 23 $4,285,000 $186,304
    $1k-2k 19 $4,065,000 $213,947
    $3k-4k 2 $900,000 $450,000

    1st Advantage Federal Credit Union's average total fees were $4,064, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 50 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 29 $6,535,000 $225,345
    2.5-3% 19 $4,945,000 $260,263
    Over 8% 15 $575,000 $38,333
    4-5% 15 $1,875,000 $125,000
    5-6% 9 $635,000 $70,556
    7-8% 3 $95,000 $31,667
    <2.5% 3 $575,000 $191,667
    6-7% 1 $25,000 $25,000

    During 2020, 1st Advantage Federal Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 3-4%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 34 $4,840,000 $142,353 $3,795 3.85%
    $100,000 or less 30 $1,150,000 $38,333 $919 7.31%
    $200k-400k 25 $6,935,000 $277,400 $4,136 3.31%
    $400k-600k 5 $2,335,000 $467,000 $4,855 3.22%

    2020 saw 1st Advantage Federal Credit Union place emphasis on $100k-200k loans with 34 originations, totaling $4,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $5,840,000 $182,500 $3,543 4.79%
    $100k-150k 20 $2,700,000 $135,000 $3,501 4.69%
    $75k-100k 17 $2,725,000 $160,294 $3,897 3.91%
    $50k-75k 14 $1,670,000 $119,286 $3,430 5.08%
    $150k-250k 9 $1,805,000 $200,556 $4,440 5.75%
    $250k+ 1 $515,000 $515,000 $3,919 2.99%

    1st Advantage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $100k-150k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 16 $2,230,000 $139,375 $3,616 4.76%
    20-30% 14 $2,270,000 $162,143 $4,232 5.22%
    >60% 10 $900,000 $90,000 $3,101 6.87%
    <20% 7 $1,225,000 $175,000 $3,275 3.32%
    47% 4 $830,000 $207,500 $5,156 4.75%
    50-60% 3 $345,000 $115,000 $4,271 6.00%
    40% 3 $415,000 $138,333 $4,361 4.62%
    44% 3 $155,000 $51,667 $0 5.17%
    45% 3 $395,000 $131,667 $3,842 4.46%
    43% 2 $550,000 $275,000 $3,855 3.25%
    38% 2 $310,000 $155,000 $3,015 2.81%
    49% 2 $400,000 $200,000 $3,854 3.00%
    41% 2 $220,000 $110,000 $3,230 6.75%
    42% 2 $360,000 $180,000 $5,028 4.44%
    36% 1 $55,000 $55,000 $0 8.25%
    46% 1 $105,000 $105,000 $0 5.50%
    48% 1 $155,000 $155,000 $4,751 4.38%
    37% 1 $45,000 $45,000 $0 8.50%

    1st Advantage Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 16 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 70 $11,900,000 $170,000 $3,713 4.54%
    Black 18 $2,060,000 $114,444 $3,082 5.78%
    Asian 4 $790,000 $197,500 $5,217 5.50%
    Not provided 2 $510,000 $255,000 $3,947 2.75%

    Approval Rates

    Total approvals of all applications
    77.63%

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

    Pick Rate

    Approvals leading to origination
    19.15%

    1st Advantage 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
    0.0 1 $45,000 $45,000
    NA 93 $15,215,000 $163,602

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 94 $15,260,000 $162,340

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $775,000 $70,455 $1,591 5.46%
    40-60% 10 $2,060,000 $206,000 $3,874 3.53%
    60-80% 23 $4,875,000 $211,957 $4,081 3.42%
    80-100% 30 $6,870,000 $229,000 $3,993 3.69%
    Under 20% 20 $680,000 $34,000 $0 8.22%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Statebridge Company Conventional home mortgage Struggling to pay mortgage 10 23.8%
    Statebridge Company Conventional home mortgage Trouble during payment process 18 42.9%
    Statebridge Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.4%
    Statebridge Company FHA mortgage Struggling to pay mortgage 2 4.8%
    Statebridge Company FHA mortgage Trouble during payment process 5 11.9%
    Statebridge Company Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.4%
    Statebridge Company Home equity loan or line of credit (HELOC) Trouble during payment process 1 2.4%
    Statebridge Company Other type of mortgage Struggling to pay mortgage 1 2.4%
    Statebridge Company Other type of mortgage Trouble during payment process 2 4.8%
    Statebridge Company VA mortgage Trouble during payment process 1 2.4%