Long Beach City Employees Federal Credit Union Mortgage Rates, Fees & Info

Signal Hill, CA

LEI: 5493008WHMQTG21UHU90

Tax ID: 95-1652833

5 stars - Updated: 2/19/24 - out of 5 stars, based on 8 reviews

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

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Mortgage Data

Review & Overview

Long Beach City Employees Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Long Beach City Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, and Bakersfield among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Long Beach City Employees Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Long Beach City Employees 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 5.56% 2/19/24
30 Year Conventional Refi 5.90% 2/19/24
30 Year Cash-out Refi 5.36% 2/19/24
15 Year Conventional Purchase 5.68% 2/19/24
15 Year Conventional Refi 4.91% 2/19/24
15 Year Cash-out Refi 4.91% 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.

Long Beach City Employees 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 Long Beach City Employees 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

63

Origination Dollar Volume (All Markets)

$15,465,000

Awards

LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans bronze LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans bronze LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Long Beach City Employees Federal Credit Union's average 30 year fixed mortgage rate was 3.66%.

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

This yields a difference of -1.1%.

Relative Fees (Closing Costs)

Long Beach City Employees Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,331.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 55 $13,875,000 $252,273 $2,545 4.14%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $940,000 $156,667 $2,024 4.67%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $335,000 $335,000 $3,138 2.75%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $315,000 $315,000 $5,711 4.50%
Long Beach City Employees Federal Credit Union's top markets include Los Angeles, Riverside, San Diego, and Bakersfield among others.

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

    We use machine learning to identify the top lenders compared against LONG BEACH CITY EMPLOYEES Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 63 $15,465,000 $245,476 $2,576 4.17%

    For 2022, Long Beach City Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 41 $7,235,000 $176,463 $1,617 4.10%
    Cash Out Refi 12 $2,470,000 $205,833 $3,282 4.76%
    Home Purchase 6 $3,820,000 $636,667 $9,867 4.19%
    Refi 3 $1,415,000 $471,667 $4,472 3.08%
    Other 1 $525,000 $525,000 $3,505 3.00%

    For 2022, Long Beach City Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 41 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 22 $9,280,000 $421,818 $4,331 3.66%
    20 Year 17 $1,765,000 $103,824 $958 5.18%
    15 Year 16 $3,760,000 $235,000 $2,426 3.94%
    10 Year 5 $245,000 $49,000 $689 4.19%
    Other 3 $415,000 $138,333 $1,815 3.41%

    For 2022, Long Beach City Employees Federal Credit Union's most frequently cited loan duration was 30 Year, with 22 originations. The 2nd most popular length was 20 Year, with 17 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 38 $5,280,000 $138,947
    $1k-2k 10 $2,720,000 $272,000
    $2k-3k 6 $1,620,000 $270,000
    $5k+ 4 $3,000,000 $750,000
    $3k-4k 3 $1,565,000 $521,667
    $4k-5k 2 $1,280,000 $640,000

    Long Beach City Employees Federal Credit Union's average total fees were $4,331, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 18 $3,200,000 $177,778
    5-6% 16 $2,330,000 $145,625
    3-4% 13 $5,115,000 $393,462
    2.5-3% 9 $3,445,000 $382,778
    <2.5% 6 $1,250,000 $208,333
    6-7% 1 $125,000 $125,000

    During 2022, Long Beach City Employees Federal Credit Union's average interest rate for loans was 3.66%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,170,000 $58,500 $854 4.75%
    $100k-200k 15 $1,995,000 $133,000 $1,610 4.39%
    $200k-400k 13 $3,585,000 $275,769 $2,692 3.52%
    $400k-600k 9 $4,245,000 $471,667 $4,223 3.86%
    $600k-1MM 6 $4,470,000 $745,000 $9,577 3.58%

    2022 saw Long Beach City Employees Federal Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 23 $6,045,000 $262,826 $2,866 4.21%
    $100k-150k 18 $3,130,000 $173,889 $2,049 4.30%
    $250k+ 11 $3,695,000 $335,909 $3,272 4.26%
    $75k-100k 6 $1,590,000 $265,000 $2,549 4.23%
    $50k-75k 4 $910,000 $227,500 $2,416 3.56%
    $50k or less 1 $95,000 $95,000 $1,121 2.25%

    Long Beach City Employees Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 23 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 23 $4,385,000 $190,652 $2,239 4.37%
    <20% 19 $4,675,000 $246,053 $2,163 3.37%
    30-36% 12 $2,910,000 $242,500 $2,642 4.93%
    44% 2 $1,140,000 $570,000 $7,724 4.56%
    39% 2 $190,000 $95,000 $605 4.75%
    41% 2 $1,180,000 $590,000 $2,811 3.63%
    38% 1 $865,000 $865,000 $14,590 3.25%
    43% 1 $65,000 $65,000 $2,684 5.25%
    40% 1 $55,000 $55,000 $605 4.88%

    Long Beach City Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 23 originations. The next most common DTI ratio? <20%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $8,085,000 $260,806 $2,581 4.16%
    Not provided 12 $3,430,000 $285,833 $2,195 3.51%
    Asian 11 $2,775,000 $252,273 $4,010 4.43%
    Black 6 $1,020,000 $170,000 $1,982 4.73%
    American Indian 2 $80,000 $40,000 $619 4.43%
    1 $75,000 $75,000 $595 5.63%

    Approval Rates

    Total approvals of all applications
    90.24%

    Long Beach City Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.30%

    Long Beach City Employees Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 63 $15,465,000 $245,476

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    63 $15,465,000 $245,476

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,705,000 $243,571 $2,532 2.89%
    40-60% 7 $2,935,000 $419,286 $3,021 3.70%
    60-80% 10 $5,200,000 $520,000 $5,447 3.76%
    80-100% 3 $2,155,000 $718,333 $14,590 3.42%
    Under 20% 36 $3,470,000 $96,389 $1,139 4.69%