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 Home Improvement, 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, Atlantic City, Miami, and Washington among others. We have data for 10 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

    187

    Origination Dollar Volume (All Markets)

    $24,955,000

    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) 167 $22,775,000 $136,377 $1,866 3.36%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 8 $1,050,000 $131,250 $1,549 3.51%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $385,000 $128,333 $0 3.04%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $210,000 $105,000 $2,297 3.12%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.99%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $130,000 $65,000 $0 2.49%
    Outside of Metro Areas 1 $105,000 $105,000 $2,801 2.50%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.99%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.00%
    LANCASTER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.99%
    First Atlantic Federal Credit Union's top markets include New York, Philadelphia, Atlantic City, Miami, and Washington among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Vermont (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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    The First National Bank of Long Island
    Similarity Rank: 748
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092
    Columbia Bank
    Similarity Rank: 1183
    Poli Mortgage Group, Inc.
    Similarity Rank: 1369
    Hanover Community Bank
    Similarity Rank: 1430

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 99 $9,255,000 $93,485 n/a 3.10%
    Conventional 88 $15,700,000 $178,409 $1,802 3.64%

    For 2021, First Atlantic Federal Credit Union's most frequently originated type of loan was HELOC, with 99 originations. Their 2nd most popular type was Conventional, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 72 $5,390,000 $74,861 $0 3.52%
    Other 43 $3,005,000 $69,884 $0 3.68%
    Refi 32 $6,390,000 $199,688 $2,779 2.92%
    Cash Out Refi 28 $7,800,000 $278,571 $2,977 3.00%
    Home Purchase 12 $2,370,000 $197,500 $3,604 3.12%

    For 2021, First Atlantic Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 72 originations. The 2nd most popular reason was Other, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 128 $12,400,000 $96,875 $1,333 3.33%
    30 Year 32 $9,890,000 $309,063 $3,179 3.01%
    10 Year 9 $585,000 $65,000 $0 4.32%
    20 Year 7 $1,605,000 $229,286 $2,737 2.88%
    5 Year 7 $355,000 $50,714 $0 4.17%
    Other 3 $85,000 $28,333 $0 4.20%
    3 Year 1 $35,000 $35,000 $0 3.99%

    For 2021, First Atlantic Federal Credit Union's most frequently cited loan duration was 15 Year, with 128 originations. The 2nd most popular length was 30 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 81 $13,685,000 $168,951
    $2k-3k 3 $885,000 $295,000
    $1k-2k 2 $370,000 $185,000

    First Atlantic Federal Credit Union's average total fees were $3,179, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 81 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 60 $10,660,000 $177,667
    3-4% 52 $7,630,000 $146,731
    <2.5% 37 $4,755,000 $128,514
    4-5% 29 $1,425,000 $49,138
    5-6% 7 $335,000 $47,857
    6-7% 2 $150,000 $75,000

    During 2021, First Atlantic Federal Credit Union's average interest rate for loans was 3.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 100 $5,010,000 $50,100 $180 3.71%
    $100k-200k 46 $6,130,000 $133,261 $2,310 2.93%
    $200k-400k 33 $9,175,000 $278,030 $3,310 2.96%
    $400k-600k 4 $1,810,000 $452,500 $3,641 2.84%
    $600k-1MM 4 $2,830,000 $707,500 $4,160 3.12%

    2021 saw First Atlantic Federal Credit Union place emphasis on $100,000 or less loans with 100 originations, totaling $5,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $7,290,000 $125,690 $1,598 3.30%
    $150k-250k 43 $8,065,000 $187,558 $2,206 3.37%
    $50k-75k 34 $4,140,000 $121,765 $1,981 3.31%
    $75k-100k 30 $2,470,000 $82,333 $1,557 3.42%
    $250k+ 14 $2,310,000 $165,000 $965 3.55%
    $50k or less 6 $280,000 $46,667 $0 3.43%

    First Atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $150k-250k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 48 $5,700,000 $118,750 $2,169 3.29%
    30-36% 35 $4,865,000 $139,000 $2,084 3.40%
    44% 14 $1,590,000 $113,571 $1,865 3.35%
    <20% 13 $2,535,000 $195,000 $1,932 2.95%
    36% 11 $1,945,000 $176,818 $2,303 3.19%
    43% 9 $1,655,000 $183,889 $1,910 3.40%
    42% 8 $660,000 $82,500 $898 3.45%
    40% 8 $840,000 $105,000 $1,203 3.87%
    41% 7 $985,000 $140,714 $0 3.52%
    39% 6 $1,110,000 $185,000 $2,129 3.04%
    37% 6 $400,000 $66,667 $0 3.47%
    49% 5 $285,000 $57,000 $0 3.34%
    45% 5 $825,000 $165,000 $0 3.50%
    38% 4 $600,000 $150,000 $0 3.18%
    >60% 2 $130,000 $65,000 $1,594 3.13%
    47% 2 $210,000 $105,000 $1,401 3.63%
    48% 2 $150,000 $75,000 $0 4.00%
    50-60% 1 $435,000 $435,000 $4,123 2.63%
    46% 1 $35,000 $35,000 $0 6.00%

    First Atlantic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 153 $21,405,000 $139,902 $1,918 3.36%
    Not provided 17 $1,705,000 $100,294 $450 3.28%
    Black 12 $1,300,000 $108,333 $1,662 3.45%
    Asian 3 $495,000 $165,000 $2,747 2.87%
    American Indian 2 $50,000 $25,000 $0 3.25%

    Approval Rates

    Total approvals of all applications
    87.14%

    First Atlantic Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.52%

    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 187 $24,955,000 $133,449

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    187 $24,955,000 $133,449

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $4,705,000 $127,162 $1,776 3.08%
    40-60% 22 $5,890,000 $267,727 $3,332 2.95%
    60-80% 17 $4,755,000 $279,706 $3,287 3.02%
    80-100% 9 $3,745,000 $416,111 $3,370 2.85%
    Under 20% 102 $5,860,000 $57,451 $162 3.64%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
    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 Closing on a mortgage 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%
    First Technology Federal Credit Union FHA mortgage Struggling to pay mortgage 1 14.3%