First Commerce Credit Union Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 549300GMNBYF84V5RF83

Tax ID: 59-0687423

5 stars - Updated: 3/28/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

First Commerce Credit Union is a smaller credit union specializing in Other and Home Purchase loans. First Commerce Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tallahassee, Thomasville, Valdosta, Panama City, and Crestview among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Commerce 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. First Commerce 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.63% 3/28/24
30 Year Conventional Refi 6.83% 3/28/24
30 Year Cash-out Refi 6.74% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 5.95% 3/28/24
15 Year Conventional Refi 6.00% 3/28/24
15 Year Cash-out Refi 6.00% 3/28/24
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.

First Commerce Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Commerce 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

417

Origination Dollar Volume (All Markets)

$62,265,000
Show all (6) awards

Relative Rate

First Commerce Credit Union's average 30 year fixed mortgage rate was 6.21%.

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

This yields a difference of -0.27%.

Relative Fees (Closing Costs)

First Commerce Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,399.

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
TALLAHASSEE, FL (FHA|USDA|VA) 243 $32,685,000 $134,506 $4,284 7.32%
Outside of Metro Areas 85 $12,105,000 $142,412 $3,932 7.21%
Thomasville, GA (FHA|USDA|VA) 25 $4,615,000 $184,600 $3,839 7.07%
VALDOSTA, GA (FHA|USDA|VA) 31 $3,385,000 $109,194 $3,923 7.82%
PANAMA CITY, FL (FHA|USDA|VA) 7 $2,685,000 $383,571 $6,284 7.23%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $2,195,000 $731,667 $15,854 5.96%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $725,000 $725,000 $6,615 6.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $640,000 $160,000 $3,616 6.47%
DOTHAN, AL (FHA|USDA|VA) 1 $515,000 $515,000 $2,630 5.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 6.75%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $435,000 $435,000 $5,720 5.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $420,000 $210,000 $4,505 8.93%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $310,000 $155,000 $3,358 7.56%
Georgetown, SC (FHA|USDA|VA) 1 $235,000 $235,000 $0 6.88%
GAINESVILLE, GA (FHA|USDA|VA) 1 $205,000 $205,000 $2,901 5.50%
BRUNSWICK, GA (FHA|USDA|VA) 1 $195,000 $195,000 $5,956 8.13%
ALBANY, GA (FHA|USDA|VA) 2 $150,000 $75,000 $2,794 5.87%
SAVANNAH, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.74%
Moultrie, GA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.25%
Lake City, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.25%
Tifton, GA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.75%
LaGrange, GA-AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 10.49%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.74%
First Commerce Credit Union's top markets include Tallahassee, Thomasville, Valdosta, Panama City, and Crestview among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST COMMERCE 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 252 $45,310,000 $179,802 $4,369 6.81%
    HELOC 165 $16,955,000 $102,758 n/a 8.04%

    For 2023, First Commerce Credit Union's most frequently originated type of loan was Conventional, with 252 originations. Their 2nd most popular type was HELOC, with 165 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 159 $15,845,000 $99,654 $3,687 7.74%
    Home Improvement 99 $7,355,000 $74,293 $5,205 7.80%
    Home Purchase 98 $27,450,000 $280,102 $4,763 6.44%
    Cash Out Refi 26 $5,360,000 $206,154 $3,388 6.22%
    Refi 21 $4,945,000 $235,476 $3,582 6.41%
    NA 14 $1,310,000 $93,571 $0 8.04%

    For 2023, First Commerce Credit Union's most frequently cited loan purpose was Other, with 159 originations. The 2nd most popular reason was Home Improvement, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 173 $17,845,000 $103,150 $5,013 8.15%
    30 Year 102 $28,710,000 $281,471 $4,399 6.21%
    10 Year 71 $8,025,000 $113,028 $0 6.99%
    15 Year 45 $6,055,000 $134,556 $4,116 7.49%
    5 Year 20 $1,110,000 $55,500 $0 6.12%
    Other 5 $415,000 $83,000 $0 6.89%
    1 Year 1 $105,000 $105,000 $0 8.00%

    For 2023, First Commerce Credit Union's most frequently cited loan duration was 20 Year, with 173 originations. The 2nd most popular length was 30 Year, with 102 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 86 $24,370,000 $283,372
    $1k-2k 18 $4,290,000 $238,333
    $3k-4k 3 $735,000 $245,000
    $2k-3k 2 $480,000 $240,000
    $4k-5k 1 $145,000 $145,000
    $5k+ 1 $1,585,000 $1,585,000

    First Commerce Credit Union's average total fees were $4,399, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 86 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 128 $12,560,000 $98,125
    Over 8% 120 $10,470,000 $87,250
    5-6% 95 $23,355,000 $245,842
    6-7% 61 $14,965,000 $245,328
    4-5% 11 $855,000 $77,727

    During 2023, First Commerce Credit Union's average interest rate for loans was 6.21%, while their most frequently originated rate bucket for loans was 7-8%, with 128 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 206 $10,440,000 $50,680 $3,179 7.80%
    $100k-200k 106 $14,590,000 $137,642 $3,667 7.23%
    $200k-400k 82 $22,660,000 $276,341 $4,207 6.40%
    $400k-600k 16 $7,760,000 $485,000 $4,852 6.34%
    $600k-1MM 5 $3,765,000 $753,000 $6,151 6.07%
    $1MM+ 2 $3,050,000 $1,525,000 $19,106 5.94%

    2023 saw First Commerce Credit Union place emphasis on $100,000 or less loans with 206 originations, totaling $10,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 108 $16,130,000 $149,352 $4,451 7.17%
    $150k-250k 80 $13,620,000 $170,250 $4,463 7.39%
    $50k-75k 79 $6,715,000 $85,000 $3,306 7.36%
    $75k-100k 62 $8,090,000 $130,484 $4,122 7.35%
    $50k or less 45 $2,985,000 $66,333 $3,618 7.33%
    $250k+ 26 $10,350,000 $398,077 $8,188 7.24%

    First Commerce Credit Union lent most frequently to those with incomes in the $100k-150k range, with 108 originations. The second most popular income band? $150k-250k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 87 $13,505,000 $155,230 $5,374 7.10%
    20-30% 84 $14,180,000 $168,810 $4,326 7.00%
    <20% 38 $3,590,000 $94,474 $4,060 7.14%
    50-60% 30 $3,700,000 $123,333 $5,030 8.21%
    42% 20 $3,020,000 $151,000 $4,349 7.92%
    38% 14 $2,510,000 $179,286 $3,833 7.42%
    46% 13 $2,905,000 $223,462 $3,992 6.92%
    40% 12 $1,360,000 $113,333 $3,580 7.02%
    44% 12 $1,660,000 $138,333 $3,435 7.51%
    41% 11 $1,695,000 $154,091 $3,938 6.97%
    37% 11 $1,785,000 $162,273 $4,562 7.29%
    48% 11 $1,285,000 $116,818 $3,379 7.02%
    39% 10 $1,540,000 $154,000 $4,367 7.71%
    45% 9 $705,000 $78,333 $4,026 7.80%
    43% 9 $1,115,000 $123,889 $4,579 8.23%
    49% 9 $1,425,000 $158,333 $3,493 6.90%
    36% 8 $620,000 $77,500 $3,320 7.91%
    47% 4 $520,000 $130,000 $0 7.12%
    >60% 1 $85,000 $85,000 $0 8.00%

    First Commerce Credit Union lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 20-30%, with 84 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 290 $42,980,000 $148,207 $4,582 7.31%
    Not provided 61 $7,825,000 $128,279 $3,563 7.31%
    Black 40 $4,580,000 $114,500 $3,900 7.42%
    Not applicable 16 $4,300,000 $268,750 $0 7.01%
    Asian 6 $1,420,000 $236,667 $4,082 6.83%
    Asian Indian 3 $1,085,000 $361,667 $4,117 6.25%
    Filipino 1 $75,000 $75,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    75.82%

    First Commerce Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.75%

    First Commerce 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
    NA 417 $62,265,000 $149,317

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    417 $62,265,000 $149,317

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 117 $12,065,000 $103,120 $3,279 7.68%
    40-60% 42 $6,980,000 $166,190 $3,540 7.08%
    60-80% 70 $19,120,000 $273,143 $4,054 6.49%
    80-100% 60 $16,940,000 $282,333 $4,916 6.49%
    Under 20% 126 $6,630,000 $52,619 $6,720 7.86%