First Class Community Credit Union Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300K04ZGWYV7LDX51

Tax ID: 42-0214790

5 stars - Updated: 12/3/24 - out of 5 stars, based on 6 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Class Community Credit Union is a smaller credit union specializing in Home Purchase loans. First Class Community Credit Union has a high proportion of conventional loans. Their top (well, only) market is Des Moines.

    First Class Community Credit Union has an average approval rate when compared to the average across all 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 relatively high 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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    Originations

    34

    Origination Dollar Volume (All Markets)

    $2,990,000

    Relative Rate

    First Class Community Credit Union's average 30 year fixed mortgage rate was 6.89%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.41%.

    Relative Fees (Closing Costs)

    First Class Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,575.

    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 $9,089.

    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) 33 $2,955,000 $89,545 $1,898 6.55%
    Outside of Metro Areas 1 $35,000 $35,000 $0 8.50%
    First Class Community Credit Union's top markets include and Des Moines among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 27 $2,675,000 $99,074 $1,898 6.50%
    HELOC 7 $315,000 $45,000 n/a 7.02%

    For 2023, First Class Community Credit Union's most frequently originated type of loan was Conventional, with 27 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 9 $1,745,000 $193,889 $3,536 6.83%
    Other 9 $435,000 $48,333 $606 7.01%
    Home Improvement 7 $255,000 $36,429 $599 5.80%
    Cash Out Refi 5 $375,000 $75,000 $2,009 6.35%
    Refi 4 $180,000 $45,000 $1,106 6.91%

    For 2023, First Class Community Credit Union's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Other, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 21 $915,000 $43,571 $664 6.40%
    30 Year 10 $1,880,000 $188,000 $3,575 6.89%
    15 Year 3 $195,000 $65,000 $2,063 7.13%

    For 2023, First Class Community Credit Union's most frequently cited loan duration was 10 Year, with 21 originations. The 2nd most popular length was 30 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 18 $1,350,000 $75,000
    $2k-3k 2 $470,000 $235,000
    $1k-2k 1 $75,000 $75,000
    $3k-4k 1 $225,000 $225,000
    $4k-5k 1 $375,000 $375,000

    First Class Community Credit Union's average total fees were $3,575, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 12 $630,000 $52,500
    6-7% 12 $1,360,000 $113,333
    7-8% 7 $905,000 $129,286
    Over 8% 2 $60,000 $30,000
    4-5% 1 $35,000 $35,000

    During 2023, First Class Community Credit Union's average interest rate for loans was 6.89%, while their most frequently originated rate bucket for loans was 5-6%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,145,000 $45,800 $1,063 6.58%
    $100k-200k 6 $920,000 $153,333 $2,890 6.48%
    $200k-400k 3 $925,000 $308,333 $5,528 7.13%

    2023 saw First Class Community Credit Union place emphasis on $100,000 or less loans with 25 originations, totaling $1,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 14 $880,000 $62,857 $1,256 6.53%
    $100k-150k 7 $765,000 $109,286 $2,964 6.82%
    $75k-100k 6 $640,000 $106,667 $1,438 6.73%
    $150k-250k 3 $515,000 $171,667 $3,706 5.75%
    $50k or less 3 $175,000 $58,333 $2,344 7.58%
    $250k+ 1 $15,000 $15,000 $0 5.13%

    First Class Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,060,000 $88,333 $2,327 6.44%
    <20% 7 $335,000 $47,857 $868 5.79%
    30-36% 6 $580,000 $96,667 $1,538 6.67%
    41% 3 $145,000 $48,333 $1,398 7.58%
    40% 2 $250,000 $125,000 $3,152 6.88%
    37% 2 $160,000 $80,000 $599 7.75%
    42% 1 $325,000 $325,000 $3,888 7.50%
    43% 1 $135,000 $135,000 $2,344 7.38%

    First Class Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? <20%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $1,655,000 $66,200 $1,363 6.56%
    Not provided 8 $1,270,000 $158,750 $3,262 6.66%
    Black 1 $65,000 $65,000 $599 7.50%

    Approval Rates

    Total approvals of all applications
    89.74%

    First Class Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 34 $2,990,000 $87,941

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    34 $2,990,000 $87,941

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $500,000 $62,500 $1,033 6.38%
    40-60% 3 $195,000 $65,000 $2,148 6.92%
    60-80% 5 $805,000 $161,000 $3,868 6.95%
    80-100% 5 $1,105,000 $221,000 $3,581 6.98%
    Under 20% 13 $385,000 $29,615 $579 6.40%