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

Jump to:

  • 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 Refi 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, Salisbury, Miami, and Baltimore among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Atlantic Federal Credit Union has an above 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% 5/4/24
    30 Year Cash-out Refi 6.67% 5/4/24
    15 Year Conventional Refi 5.68% 5/4/24
    15 Year Cash-out Refi 5.68% 5/4/24
    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

    228

    Origination Dollar Volume (All Markets)

    $39,240,000

    Awards

    FIRST ATLANTIC FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) 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) 210 $35,800,000 $170,476 $2,182 3.44%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $1,275,000 $255,000 $3,145 2.78%
    SALISBURY, MD-DE (FHA|USDA|VA) 2 $410,000 $205,000 $3,034 3.19%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,208 2.75%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $320,000 $160,000 $0 3.87%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $305,000 $305,000 $7,184 3.25%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $260,000 $130,000 $2,705 2.75%
    Easton, MD (FHA|USDA|VA) 1 $225,000 $225,000 $2,544 3.25%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $180,000 $90,000 $2,975 3.56%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $85,000 $85,000 $2,365 2.88%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.50%
    First Atlantic Federal Credit Union's top markets include New York, Philadelphia, Salisbury, Miami, and Baltimore among others.

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

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715
    Hanover Community Bank
    Similarity Rank: 727
    Roselle Bank
    Similarity Rank: 796
    Poli Mortgage Group, Inc.
    Similarity Rank: 1012
    Schuyler Savings Bank
    Similarity Rank: 1083

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 137 $30,955,000 $225,949 $2,282 3.49%
    HELOC 91 $8,285,000 $91,044 n/a 3.31%

    For 2020, First Atlantic Federal Credit Union's most frequently originated type of loan was Conventional, with 137 originations. Their 2nd most popular type was HELOC, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 73 $6,425,000 $88,014 $0 3.57%
    Refi 47 $10,295,000 $219,043 $2,595 3.18%
    Cash Out Refi 47 $14,905,000 $317,128 $3,130 3.13%
    Other 44 $3,980,000 $90,455 $0 3.82%
    Home Purchase 17 $3,635,000 $213,824 $3,480 3.21%

    For 2020, First Atlantic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 73 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 134 $16,590,000 $123,806 $1,856 3.42%
    30 Year 55 $17,385,000 $316,091 $3,264 3.26%
    10 Year 26 $3,030,000 $116,538 $1,189 3.71%
    20 Year 8 $2,030,000 $253,750 $2,805 3.09%
    5 Year 5 $205,000 $41,000 $0 4.24%

    For 2020, First Atlantic Federal Credit Union's most frequently cited loan duration was 15 Year, with 134 originations. The 2nd most popular length was 30 Year, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 135 $30,165,000 $223,444
    $1k-2k 2 $790,000 $395,000

    First Atlantic Federal Credit Union's average total fees were $3,264, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 106 $18,350,000 $173,113
    3-4% 68 $14,180,000 $208,529
    4-5% 46 $5,140,000 $111,739
    <2.5% 4 $1,230,000 $307,500
    6-7% 3 $305,000 $101,667
    5-6% 1 $35,000 $35,000

    During 2020, First Atlantic Federal Credit Union's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 2.5-3%, with 106 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 90 $4,680,000 $52,000 $371 3.58%
    $200k-400k 64 $18,090,000 $282,656 $2,974 3.19%
    $100k-200k 57 $8,285,000 $145,351 $2,017 3.48%
    $400k-600k 16 $7,420,000 $463,750 $3,630 3.21%
    $600k-1MM 1 $765,000 $765,000 $4,307 3.38%

    2020 saw First Atlantic Federal Credit Union place emphasis on $100,000 or less loans with 90 originations, totaling $4,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 75 $13,245,000 $176,600 $2,025 3.50%
    $150k-250k 62 $12,700,000 $204,839 $2,739 3.23%
    $75k-100k 30 $4,100,000 $136,667 $1,941 3.48%
    $50k-75k 28 $3,190,000 $113,929 $1,799 3.55%
    $250k+ 15 $3,965,000 $264,333 $2,971 3.42%
    $50k or less 14 $900,000 $64,286 $2,108 3.37%

    First Atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 75 originations. The second most popular income band? $150k-250k, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $9,370,000 $167,321 $2,577 3.28%
    30-36% 41 $7,895,000 $192,561 $2,542 3.26%
    <20% 27 $4,865,000 $180,185 $3,121 3.12%
    42% 16 $3,180,000 $198,750 $3,100 3.33%
    43% 12 $2,550,000 $212,500 $1,904 3.70%
    44% 10 $1,030,000 $103,000 $547 4.12%
    39% 7 $1,145,000 $163,571 $1,523 3.37%
    40% 7 $745,000 $106,429 $0 3.78%
    47% 7 $925,000 $132,143 $1,921 3.25%
    36% 7 $605,000 $86,429 $775 4.05%
    48% 7 $795,000 $113,571 $720 3.85%
    49% 7 $1,895,000 $270,714 $2,311 3.57%
    >60% 5 $865,000 $173,000 $1,838 3.55%
    45% 4 $1,100,000 $275,000 $1,731 4.47%
    41% 4 $640,000 $160,000 $1,969 3.28%
    37% 4 $780,000 $195,000 $1,249 3.37%
    38% 3 $585,000 $195,000 $1,611 3.96%
    46% 2 $130,000 $65,000 $2,473 2.87%
    50-60% 2 $140,000 $70,000 $0 3.12%

    First Atlantic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 189 $32,205,000 $170,397 $2,296 3.42%
    Not provided 15 $2,935,000 $195,667 $2,674 3.25%
    Asian 10 $2,290,000 $229,000 $2,911 3.21%
    Black 13 $1,675,000 $128,846 $1,401 3.67%
    American Indian 1 $135,000 $135,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    91.54%

    First Atlantic Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.35%

    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 228 $39,240,000 $172,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 228 $39,240,000 $172,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $5,890,000 $147,250 $1,012 3.62%
    40-60% 42 $9,060,000 $215,714 $2,575 3.20%
    60-80% 47 $15,585,000 $331,596 $3,142 3.17%
    80-100% 14 $4,170,000 $297,857 $3,568 3.35%
    Under 20% 85 $4,535,000 $53,353 $317 3.59%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%