First Education Federal Credit Union Mortgage Rates, Fees & Info
Cheyenne, WYLEI: 5493009V6C21MWMPSR74
Tax ID: 83-0179538
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
First Education Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. First Education Federal Credit Union has a high proportion of conventional loans. Their top two markets are Cheyenne and Laramie .First Education Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| 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. | ||
First Education Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
39Origination Dollar Volume (All Markets)
$3,885,000Top 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 |
|---|---|---|---|---|---|
| CHEYENNE, WY (FHA|USDA|VA) | 36 | $3,610,000 | $100,278 | $400 | 7.35% |
| Outside of Metro Areas | 2 | $140,000 | $70,000 | $0 | 6.62% |
| Laramie, WY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 7.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $3,885,000 | $99,615 | $367 | 7.30% |
For 2024, First Education Federal Credit Union's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
For 2024, First Education Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 36 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 37 | $3,805,000 | $102,838 | $363 | 7.33% |
| 10 Year | 1 | $35,000 | $35,000 | $427 | 7.75% |
| 5 Year | 1 | $45,000 | $45,000 | $447 | 5.88% |
For 2024, First Education Federal Credit Union's most frequently cited loan duration was 15 Year, with 37 originations. The 2nd most popular length was 10 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 32 | $3,220,000 | $100,625 |
First Education Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 32 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 18 | $1,430,000 | $79,444 |
| 6-7% | 15 | $1,835,000 | $122,333 |
| Over 8% | 5 | $575,000 | $115,000 |
| 5-6% | 1 | $45,000 | $45,000 |
During 2024, First Education Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 18 originations.
Loan Sizing
2024 saw First Education Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,285,000 in origination value.
Applicant Income
First Education Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 12 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
First Education Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 18 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.70%
First Education Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 39 | $3,885,000 | $99,615 |