First Atlantic Federal Credit Union Mortgage Rates, Fees & Info

EATONTOWN, NJ

LEI: 549300GMXZWXNOS1US34

Tax ID: 21-0647676

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Atlantic Federal Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. First Atlantic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Atlantic City, Washington, and Miami among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Atlantic Federal 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 Atlantic 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Cash-out Refi 6.67% 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.

    First Atlantic 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 First Atlantic 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

    206

    Origination Dollar Volume (All Markets)

    $31,320,000

    Awards

    FIRST ATLANTIC FEDERAL CREDIT UNION 30 Year Conventional Loans gold FIRST ATLANTIC FEDERAL CREDIT UNION 30 Year Conventional Loans gold FIRST ATLANTIC FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 184 $27,360,000 $148,696 $1,162 4.20%
    Outside of Metro Areas 1 $1,905,000 $1,905,000 $0 4.88%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 9 $565,000 $62,778 $0 3.74%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $315,000 $315,000 $3,465 3.50%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $295,000 $98,333 $0 5.04%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.24%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $175,000 $175,000 $0 2.99%
    NEW BERN, NC (FHA|USDA|VA) 1 $165,000 $165,000 $2,385 3.63%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.49%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.50%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.99%
    FLAGSTAFF, AZ (FHA|USDA|VA) 1 $45,000 $45,000 $650 7.25%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    First Atlantic Federal Credit Union's top markets include New York, Philadelphia, Atlantic City, Washington, and Miami among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST ATLANTIC FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 118 $20,850,000 $176,695 $1,128 4.42%
    HELOC 88 $10,470,000 $118,977 n/a 3.92%

    For 2019, First Atlantic Federal Credit Union's most frequently originated type of loan was Conventional, with 118 originations. Their 2nd most popular type was HELOC, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 76 $8,210,000 $108,026 $18 4.31%
    Home Improvement 69 $5,975,000 $86,594 $0 4.38%
    Refi 30 $5,800,000 $193,333 $1,588 4.04%
    Home Purchase 16 $4,460,000 $278,750 $3,487 3.73%
    Cash Out Refi 15 $6,875,000 $458,333 $3,450 3.73%

    For 2019, First Atlantic Federal Credit Union's most frequently cited loan purpose was Other, with 76 originations. The 2nd most popular reason was Home Improvement, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 129 $17,355,000 $134,535 $105 4.29%
    30 Year 33 $10,515,000 $318,636 $3,367 3.70%
    10 Year 26 $1,830,000 $70,385 $152 4.38%
    5 Year 13 $535,000 $41,154 $0 4.51%
    20 Year 4 $1,080,000 $270,000 $2,913 3.59%
    Other 1 $5,000 $5,000 $0 4.24%

    For 2019, First Atlantic Federal Credit Union's most frequently cited loan duration was 15 Year, with 129 originations. The 2nd most popular length was 30 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 115 $18,235,000 $158,565
    $3k-4k 1 $305,000 $305,000

    First Atlantic Federal Credit Union's average total fees were $3,367, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 115 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 59 $8,755,000 $148,390
    2.5-3% 55 $6,555,000 $119,182
    5-6% 47 $5,565,000 $118,404
    3-4% 38 $9,910,000 $260,789
    6-7% 5 $375,000 $75,000
    7-8% 2 $160,000 $80,000

    During 2019, First Atlantic Federal Credit Union's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 4-5%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 111 $5,455,000 $49,144 $52 4.37%
    $100k-200k 43 $5,665,000 $131,744 $692 4.23%
    $200k-400k 38 $10,810,000 $284,474 $2,695 3.79%
    $400k-600k 10 $4,390,000 $439,000 $3,589 3.69%
    $1MM+ 3 $4,295,000 $1,431,667 $4,922 5.04%
    $600k-1MM 1 $705,000 $705,000 $5,091 4.00%

    2019 saw First Atlantic Federal Credit Union place emphasis on $100,000 or less loans with 111 originations, totaling $5,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 71 $8,495,000 $119,648 $879 4.34%
    $150k-250k 47 $9,645,000 $205,213 $1,854 4.00%
    $50k-75k 27 $2,175,000 $80,556 $883 4.45%
    $75k-100k 24 $2,570,000 $107,083 $905 4.19%
    $50k or less 20 $1,320,000 $66,000 $637 4.25%
    $250k+ 16 $5,210,000 $325,625 $2,264 3.75%

    First Atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 45 $7,825,000 $173,889 $1,953 3.97%
    20-30% 40 $7,570,000 $189,250 $1,342 4.01%
    <20% 19 $2,205,000 $116,053 $1,198 4.35%
    36% 11 $635,000 $57,727 $0 4.73%
    37% 11 $845,000 $76,818 $0 3.72%
    42% 10 $2,040,000 $204,000 $1,247 4.98%
    43% 10 $1,510,000 $151,000 $621 3.78%
    40% 9 $735,000 $81,667 $0 4.38%
    44% 8 $1,080,000 $135,000 $793 4.48%
    39% 6 $900,000 $150,000 $1,134 4.25%
    41% 6 $350,000 $58,333 $574 4.64%
    47% 6 $1,160,000 $193,333 $1,740 4.31%
    49% 5 $685,000 $137,000 $325 4.59%
    46% 4 $310,000 $77,500 $946 4.97%
    >60% 4 $240,000 $60,000 $0 4.40%
    48% 3 $215,000 $71,667 $0 4.24%
    38% 3 $205,000 $68,333 $0 5.08%
    45% 3 $355,000 $118,333 $2,975 3.16%
    50-60% 2 $550,000 $275,000 $2,696 3.50%

    First Atlantic Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 45 originations. The next most common DTI ratio? 20-30%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 166 $24,860,000 $149,759 $1,247 4.20%
    Not provided 20 $2,300,000 $115,000 $349 4.73%
    Not applicable 1 $1,905,000 $1,905,000 $0 4.88%
    Black 9 $1,035,000 $115,000 $1,402 3.58%
    Asian 7 $805,000 $115,000 $1,354 3.49%
    Other Pacific Islander 1 $255,000 $255,000 $0 4.25%
    Native Hawaiian or Islander 2 $160,000 $80,000 $0 4.18%

    Approval Rates

    Total approvals of all applications
    82.45%

    First Atlantic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    53.88%

    First Atlantic Federal 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 206 $31,320,000 $152,039

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 206 $31,320,000 $152,039

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $5,815,000 $129,222 $511 4.10%
    40-60% 24 $6,370,000 $265,417 $2,248 3.97%
    60-80% 27 $9,995,000 $370,185 $2,816 3.95%
    80-100% 7 $2,155,000 $307,857 $3,730 3.43%
    Over 100% 1 $1,905,000 $1,905,000 $0 4.88%
    Under 20% 102 $5,080,000 $49,804 $13 4.42%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%