Security First Federal Credit Union Mortgage Rates, Fees & Info
EDINBURG, TXLEI: 549300CZYL6IDJDBUR04
Tax ID: 74-1119459
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Mortgage Data
Review & Overview
Security First Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Security First Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Mcallen, Brownsville, and Rio Grande City among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Security First Federal Credit Union has a below average approval rate when compared to the average across all lenders. Security First 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Security First Federal Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
28Origination Dollar Volume (All Markets)
$4,070,000Awards
SECURITY FIRST Federal Credit Union - 2023
SECURITY FIRST Federal Credit Union is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Security First Federal Credit Union's average 30 year fixed mortgage rate was
5.11%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -1.37%.
Relative Fees (Closing Costs)
Security First Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,876.
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 |
|---|---|---|---|---|---|
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 21 | $3,385,000 | $161,190 | $3,551 | 5.31% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 5 | $415,000 | $83,000 | $2,552 | 5.66% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $5,587 | 5.95% |
| Rio Grande City-Roma, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,860 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against SECURITY FIRST 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 | 28 | $4,070,000 | $145,357 | $3,420 | 5.40% |
For 2023, Security First Federal Credit Union's most frequently originated type of loan was Conventional, with 28 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 19 | $2,165,000 | $113,947 | $2,836 | 5.66% |
| Home Purchase | 7 | $1,415,000 | $202,143 | $5,168 | 5.10% |
| Refi | 2 | $490,000 | $245,000 | $2,857 | 4.00% |
For 2023, Security First Federal Credit Union's most frequently cited loan purpose was Other, with 19 originations. The 2nd most popular reason was Home Purchase, with 7 originations.
Loan Duration/Length
For 2023, Security First Federal Credit Union's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $2,720,000 | $123,636 |
| $1k-2k | 3 | $565,000 | $188,333 |
| $2k-3k | 2 | $480,000 | $240,000 |
| $3k-4k | 1 | $305,000 | $305,000 |
Security First Federal Credit Union's average total fees were $3,876, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 17 | $1,875,000 | $110,294 |
| 4-5% | 4 | $880,000 | $220,000 |
| 6-7% | 4 | $530,000 | $132,500 |
| 2.5-3% | 2 | $570,000 | $285,000 |
| 3-4% | 1 | $215,000 | $215,000 |
During 2023, Security First Federal Credit Union's average interest rate for loans was 5.11%, while their most frequently originated rate bucket for loans was 5-6%, with 17 originations.
Loan Sizing
2023 saw Security First Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $800,000 in origination value.
Applicant Income
Security First Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Security First Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 27 | $3,865,000 | $143,148 | $3,340 | 5.38% |
| Asian | 1 | $205,000 | $205,000 | $5,587 | 5.95% |
Approval Rates
Total approvals of all applications27.18%
Security First Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 28 | $4,070,000 | $145,357 |