First Service Credit Union Mortgage Rates, Fees & Info
Houston, TXLEI: 549300IH3DF6NS2IYJ30
Tax ID: 74-1951016
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Mortgage Data
Review & Overview
First Service Credit Union is a smaller credit union specializing in Cash Out Refi loans. First Service Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, Bay City, Huntsville, and Austin among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Service 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 Service 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 | 6.64% | 12/16/24 |
| 30 Year Conventional Refi | 6.54% | 12/16/24 |
| 30 Year Cash-out Refi | 6.75% | 12/16/24 |
| 15 Year Conventional Purchase | 5.77% | 12/16/24 |
| 15 Year Conventional Refi | 6.44% | 12/16/24 |
| 15 Year Cash-out Refi | 6.44% | 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 Service Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
82Origination Dollar Volume (All Markets)
$6,070,000Top 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 78 | $5,730,000 | $73,462 | $1,589 | 5.07% |
| Bay City, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,238 | 4.99% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,161 | 4.99% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,502 | 4.99% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $1,919 | 4.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST SERVICE 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 | 82 | $6,070,000 | $74,024 | $1,632 | 5.07% |
For 2020, First Service Credit Union's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 76 | $5,540,000 | $72,895 | $1,649 | 4.95% |
| Home Improvement | 6 | $530,000 | $88,333 | $1,423 | 6.57% |
For 2020, First Service Credit Union's most frequently cited loan purpose was Cash Out Refi, with 76 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
For 2020, First Service Credit Union's most frequently cited loan duration was 20 Year, with 62 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 75 | $5,205,000 | $69,400 |
| $1k-2k | 7 | $865,000 | $123,571 |
First Service Credit Union's average total fees were $3,579, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 75 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 55 | $3,865,000 | $70,273 |
| 5-6% | 13 | $1,095,000 | $84,231 |
| 6-7% | 10 | $720,000 | $72,000 |
| 3-4% | 3 | $285,000 | $95,000 |
During 2020, First Service Credit Union's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 4-5%, with 55 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 64 | $3,780,000 | $59,063 | $1,385 | 5.07% |
| $100k-200k | 18 | $2,290,000 | $127,222 | $2,498 | 5.07% |
2020 saw First Service Credit Union place emphasis on $100,000 or less loans with 64 originations, totaling $3,780,000 in origination value.
Applicant Income
First Service Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $50k-75k, with 18 originations.
Applicant Debt to Income Ratio
First Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.58%
First Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination74.39%
First Service Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $55,000 | $55,000 |
| NA | 81 | $6,015,000 | $74,259 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 82 | $6,070,000 | $74,024 |
LTV Distribution
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% |