First Class Community Credit Union Mortgage Rates, Fees & Info
West Des Moines, IALEI: 549300K04ZGWYV7LDX51
Tax ID: 42-0214790
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Mortgage Data
Review & Overview
First Class Community Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. First Class Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Pella, Ottumwa, Sioux City, and Ames among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)First Class Community Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. First Class Community 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 | 6.83% | 4/5/25 |
| 30 Year Cash-out Refi | 5.81% | 4/5/25 |
| 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 Class Community 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 Class Community 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
58Origination Dollar Volume (All Markets)
$4,490,000Relative Rate
First Class Community Credit Union's average 30 year fixed mortgage rate was
6.66%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.11%.
Relative Fees (Closing Costs)
First Class Community Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,456.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 52 | $4,110,000 | $79,038 | $760 | 6.16% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $2,412 | 7.06% |
| Pella, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,034 | 6.38% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $311 | 6.38% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.88% |
| AMES, IA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 50 | $3,980,000 | $79,600 | $849 | 6.26% |
| HELOC | 8 | $510,000 | $63,750 | n/a | 5.73% |
For 2024, First Class Community Credit Union's most frequently originated type of loan was Conventional, with 50 originations. Their 2nd most popular type was HELOC, with 8 originations.
Loan Reason
For 2024, First Class Community Credit Union's most frequently cited loan purpose was Home Improvement, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
Loan Duration/Length
For 2024, First Class Community Credit Union's most frequently cited loan duration was 10 Year, with 52 originations. The 2nd most popular length was 30 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 3 | $645,000 | $215,000 |
| $2k-3k | 3 | $505,000 | $168,333 |
| $3k-4k | 1 | $265,000 | $265,000 |
First Class Community Credit Union's average total fees were $4,456, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 27 | $1,925,000 | $71,296 |
| 6-7% | 24 | $2,030,000 | $84,583 |
| 7-8% | 4 | $260,000 | $65,000 |
| Over 8% | 2 | $240,000 | $120,000 |
| 4-5% | 1 | $35,000 | $35,000 |
During 2024, First Class Community Credit Union's average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.
Loan Sizing
2024 saw First Class Community Credit Union place emphasis on $100,000 or less loans with 47 originations, totaling $2,405,000 in origination value.
Applicant Income
First Class Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
First Class Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 20-30%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.14%
First Class Community Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination94.83%
First Class Community Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 58 | $4,490,000 | $77,414 |