First Atlantic Federal Credit Union Mortgage Rates, Fees & Info
EATONTOWN, NJLEI: 549300GMXZWXNOS1US34
Tax ID: 21-0647676
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Mortgage Data
Review & Overview
First Atlantic Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. First Atlantic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Salisbury, Allentown, and Miami among others. We have data for 12 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
177Origination Dollar Volume (All Markets)
$18,485,000Top 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) | 161 | $16,705,000 | $103,758 | $135 | 4.59% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 6 | $550,000 | $91,667 | $0 | 5.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,729 | 4.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,017 | 5.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,606 | 4.63% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.75% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 6.25% |
| DOVER, DE (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.75% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 102 | $10,290,000 | $100,882 | $234 | 4.32% |
| HELOC | 75 | $8,195,000 | $109,267 | n/a | 5.02% |
For 2022, First Atlantic Federal Credit Union's most frequently originated type of loan was Conventional, with 102 originations. Their 2nd most popular type was HELOC, with 75 originations.
Loan Reason
For 2022, First Atlantic Federal Credit Union's most frequently cited loan purpose was Other, with 106 originations. The 2nd most popular reason was Home Improvement, with 65 originations.
Loan Duration/Length
For 2022, First Atlantic Federal Credit Union's most frequently cited loan duration was 15 Year, with 129 originations. The 2nd most popular length was 10 Year, with 23 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 102 | $10,290,000 | $100,882 |
First Atlantic Federal Credit Union's average total fees were $3,940, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 102 originations.
Interest Rates
During 2022, First Atlantic Federal Credit Union's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 4-5%, with 65 originations.
Loan Sizing
2022 saw First Atlantic Federal Credit Union place emphasis on $100,000 or less loans with 103 originations, totaling $5,605,000 in origination value.
Applicant Income
First Atlantic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 57 originations. The second most popular income band? $150k-250k, with 48 originations.
Applicant Debt to Income Ratio
First Atlantic Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 34 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.55%
First Atlantic Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination77.40%
First Atlantic Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 177 | $18,485,000 | $104,435 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST GUARANTY MORTGAGE CORP | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |