First Class Community Credit Union Mortgage Rates, Fees & Info
West Des Moines, IALEI: 549300K04ZGWYV7LDX51
Tax ID: 42-0214790
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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.
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Originations
34Origination Dollar Volume (All Markets)
$2,990,000Relative 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% |
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
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
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
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
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
Approval Rates
Total approvals of all applications89.74%
First Class Community Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 34 | $2,990,000 | $87,941 |