First Commerce Credit Union Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 549300GMNBYF84V5RF83

Tax ID: 59-0687423

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Mortgage Data

Review & Overview

First Commerce Credit Union is a smaller credit union specializing in Refi, Home Purchase, and Cash Out Refi 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 Jacksonville among others. We have data for 21 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 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) 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

466

Origination Dollar Volume (All Markets)

$88,000,000

Awards

FIRST COMMERCE CREDIT UNION 30 Year Conventional Loans bronze FIRST COMMERCE CREDIT UNION 30 Year Conventional Loans silver FIRST COMMERCE CREDIT UNION 30 Year Conventional Loans gold FIRST COMMERCE CREDIT UNION 30 Year Conventional Loans silver
Show all (4) awards

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) 302 $57,540,000 $190,530 $3,537 2.91%
Outside of Metro Areas 79 $13,585,000 $171,962 $3,399 2.78%
Thomasville, GA (FHA|USDA|VA) 27 $5,465,000 $202,407 $3,157 2.85%
VALDOSTA, GA (FHA|USDA|VA) 23 $4,165,000 $181,087 $2,941 3.00%
PANAMA CITY, FL (FHA|USDA|VA) 8 $2,150,000 $268,750 $4,482 2.69%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,255,000 $251,000 $2,812 2.65%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $545,000 $545,000 $3,620 3.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $460,000 $230,000 $4,068 2.38%
Moultrie, GA (FHA|USDA|VA) 2 $390,000 $195,000 $4,068 2.94%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $355,000 $118,333 $3,174 2.46%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $340,000 $170,000 $2,535 2.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,145 2.25%
OCALA, FL (FHA|USDA|VA) 2 $230,000 $115,000 $2,812 2.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $185,000 $185,000 $3,132 2.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,954 2.25%
GAINESVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,200 2.88%
Tifton, GA (FHA|USDA|VA) 1 $165,000 $165,000 $3,446 2.50%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $165,000 $165,000 $2,918 3.25%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,192 2.75%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,349 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.87%
First Commerce Credit Union's top markets include Tallahassee, Thomasville, Valdosta, Panama City, and Jacksonville among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (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 466 $88,000,000 $188,841 $3,453 2.88%

    For 2021, First Commerce Credit Union's most frequently originated type of loan was Conventional, with 466 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 203 $36,935,000 $181,946 $3,252 2.70%
    Home Purchase 128 $25,660,000 $200,469 $3,722 3.00%
    Cash Out Refi 116 $23,340,000 $201,207 $3,512 2.86%
    Other 7 $1,035,000 $147,857 $3,354 3.57%
    Home Improvement 6 $480,000 $80,000 $3,215 3.33%
    NA 6 $550,000 $91,667 $0 5.35%

    For 2021, First Commerce Credit Union's most frequently cited loan purpose was Refi, with 203 originations. The 2nd most popular reason was Home Purchase, with 128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 225 $46,545,000 $206,867 $3,556 3.08%
    15 Year 169 $30,275,000 $179,142 $3,295 2.48%
    20 Year 47 $9,245,000 $196,702 $3,549 2.79%
    10 Year 20 $1,630,000 $81,500 $3,028 4.03%
    5 Year 3 $215,000 $71,667 $0 3.74%
    Other 2 $90,000 $45,000 $0 3.74%

    For 2021, First Commerce Credit Union's most frequently cited loan duration was 30 Year, with 225 originations. The 2nd most popular length was 15 Year, with 169 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 343 $68,905,000 $200,889
    $1k-2k 58 $10,790,000 $186,034
    $2k-3k 10 $2,420,000 $242,000
    $3k-4k 2 $440,000 $220,000

    First Commerce Credit Union's average total fees were $3,556, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 343 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 162 $31,310,000 $193,272
    2.5-3% 160 $30,810,000 $192,563
    3-4% 119 $24,095,000 $202,479
    4-5% 15 $1,095,000 $73,000
    5-6% 6 $500,000 $83,333
    6-7% 2 $60,000 $30,000
    7-8% 1 $105,000 $105,000
    Over 8% 1 $25,000 $25,000

    During 2021, First Commerce Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was <2.5%, with 162 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 204 $30,950,000 $151,716 $3,210 2.84%
    $200k-400k 161 $42,515,000 $264,068 $3,800 2.75%
    $100,000 or less 83 $5,885,000 $70,904 $2,858 3.25%
    $400k-600k 17 $7,965,000 $468,529 $4,472 2.81%
    $600k-1MM 1 $685,000 $685,000 $7,515 2.25%

    2021 saw First Commerce Credit Union place emphasis on $100k-200k loans with 204 originations, totaling $30,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 123 $25,805,000 $209,797 $3,557 2.94%
    $50k-75k 112 $17,790,000 $158,839 $3,293 2.80%
    $75k-100k 83 $14,945,000 $180,060 $3,513 2.85%
    $50k or less 74 $9,220,000 $124,595 $3,174 2.96%
    $150k-250k 54 $13,740,000 $254,444 $3,701 2.77%
    $250k+ 20 $6,500,000 $325,000 $4,178 3.08%

    First Commerce Credit Union lent most frequently to those with incomes in the $100k-150k range, with 123 originations. The second most popular income band? $50k-75k, with 112 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $24,575,000 $196,600 $3,417 2.74%
    30-36% 87 $16,235,000 $186,609 $3,491 2.88%
    <20% 63 $11,695,000 $185,635 $3,305 2.74%
    44% 19 $2,895,000 $152,368 $3,395 3.47%
    43% 19 $3,435,000 $180,789 $3,514 2.90%
    45% 19 $4,445,000 $233,947 $3,667 2.83%
    36% 18 $3,470,000 $192,778 $3,307 2.69%
    42% 15 $2,575,000 $171,667 $3,314 3.12%
    38% 15 $2,885,000 $192,333 $3,421 2.78%
    40% 13 $2,505,000 $192,692 $3,617 3.36%
    39% 13 $2,495,000 $191,923 $3,834 3.32%
    37% 13 $2,345,000 $180,385 $3,412 2.90%
    41% 11 $1,885,000 $171,364 $3,570 3.01%
    47% 9 $1,505,000 $167,222 $3,706 3.53%
    48% 8 $1,430,000 $178,750 $3,529 2.56%
    50-60% 7 $1,525,000 $217,857 $3,926 2.50%
    49% 6 $1,080,000 $180,000 $3,497 3.00%
    46% 5 $875,000 $175,000 $3,100 2.78%
    >60% 1 $145,000 $145,000 $0 4.75%

    First Commerce Credit Union lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 337 $63,695,000 $189,006 $3,454 2.90%
    Not provided 69 $12,195,000 $176,739 $3,412 2.75%
    Black 39 $6,235,000 $159,872 $3,450 3.17%
    Asian 19 $5,415,000 $285,000 $3,597 2.36%
    Asian Indian 1 $255,000 $255,000 $3,883 2.50%
    American Indian 1 $205,000 $205,000 $3,025 3.13%

    Approval Rates

    Total approvals of all applications
    82.00%

    First Commerce Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.52%

    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
    1027.5 1 $185,000 $185,000
    258.0 1 $15,000 $15,000
    281.0 1 $25,000 $25,000
    314.8 1 $25,000 $25,000
    351.0 1 $45,000 $45,000
    353.0 1 $45,000 $45,000
    374.5 1 $45,000 $45,000
    397.0 1 $55,000 $55,000
    403.5 1 $55,000 $55,000
    411.75 1 $15,000 $15,000
    413.5 1 $55,000 $55,000
    415.0 1 $25,000 $25,000
    474.0 1 $45,000 $45,000
    474.5 1 $25,000 $25,000
    511.5 1 $85,000 $85,000
    544.6 1 $45,000 $45,000
    580.0 1 $105,000 $105,000
    660.75 1 $85,000 $85,000
    789.0 1 $135,000 $135,000
    NA 447 $86,885,000 $194,374

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    466 $88,000,000 $188,841

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $3,830,000 $119,688 $3,092 2.99%
    40-60% 96 $15,720,000 $163,750 $3,305 2.60%
    60-80% 205 $40,675,000 $198,415 $3,381 2.83%
    80-100% 121 $26,795,000 $221,446 $3,765 2.94%
    Under 20% 11 $935,000 $85,000 $2,260 5.09%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Commerce, LLC Conventional home mortgage Struggling to pay mortgage 1 100.0%