Education First Mortgage Rates, Fees & Info

Beaumont, TX

LEI: 549300L8D4DNZNL31O66

Tax ID: 74-1186856

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Education First is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Education First has a high proportion of conventional loans. Their top markets by origination volume include: Beaumont, Houston, and Dallas among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Education First has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Education First is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.42% 11/17/24
    30 Year Conventional Refi 6.20% 11/17/24
    30 Year Cash-out Refi 6.00% 11/17/24
    30 Year FHA Purchase 6.27% 11/17/24
    30 Year VA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.07% 11/17/24
    15 Year Conventional Refi 6.21% 11/17/24
    15 Year Cash-out Refi 6.21% 11/17/24
    15 Year FHA Purchase 5.68% 11/17/24
    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.

    Education First Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Education First. 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

    112

    Origination Dollar Volume (All Markets)

    $12,850,000

    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
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 86 $9,690,000 $112,674 $3,712 4.91%
    Outside of Metro Areas 17 $2,135,000 $125,588 $3,244 4.69%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 8 $980,000 $122,500 $2,404 4.59%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $45,000 $45,000 $1,211 4.10%
    Education First's top markets include Beaumont, Houston, and Dallas among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against EDUCATION FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MCT Credit Union
    Similarity Rank: 125
    MOBILOIL
    Similarity Rank: 160
    EDUCATION FIRST
    Similarity Rank: 216
    First Financial Bank
    Similarity Rank: 826
    Town Square Mortgage & Investments, Inc.
    Similarity Rank: 1395
    Magnolia Bank
    Similarity Rank: 1539
    American Mortgage Bank, LLC
    Similarity Rank: 3500
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 3540
    Republic State Mortgage Co.
    Similarity Rank: 4929
    City Bank
    Similarity Rank: 5115

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 112 $12,850,000 $114,732 $3,494 4.85%

    For 2019, Education First's most frequently originated type of loan was Conventional, with 112 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 69 $6,555,000 $95,000 $2,221 4.88%
    Home Purchase 40 $5,810,000 $145,250 $6,218 4.77%
    Refi 3 $485,000 $161,667 $3,742 5.05%

    For 2019, Education First's most frequently cited loan purpose was Cash Out Refi, with 69 originations. The 2nd most popular reason was Home Purchase, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 46 $4,340,000 $94,348 $2,251 4.96%
    30 Year 30 $5,120,000 $170,667 $5,454 5.05%
    20 Year 15 $1,435,000 $95,667 $2,963 4.45%
    10 Year 13 $945,000 $72,692 $2,116 4.40%
    Other 6 $940,000 $156,667 $2,513 5.18%
    5 Year 2 $70,000 $35,000 $1,446 4.25%

    For 2019, Education First's most frequently cited loan duration was 15 Year, with 46 originations. The 2nd most popular length was 30 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 43 $3,045,000 $70,814
    $1k-2k 23 $2,845,000 $123,696
    $2k-3k 13 $3,055,000 $235,000
    $3k-4k 2 $650,000 $325,000
    $5k+ 1 $55,000 $55,000

    Education First's average total fees were $5,454, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 60 $6,690,000 $111,500
    5-6% 39 $4,585,000 $117,564
    3-4% 9 $905,000 $100,556
    6-7% 3 $335,000 $111,667

    During 2019, Education First's average interest rate for loans was 5.05%, while their most frequently originated rate bucket for loans was 4-5%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $3,950,000 $63,710 $2,097 4.75%
    $100k-200k 33 $4,595,000 $139,242 $4,967 5.03%
    $200k-400k 17 $4,305,000 $253,235 $5,487 4.85%

    2019 saw Education First place emphasis on $100,000 or less loans with 62 originations, totaling $3,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 22 $1,550,000 $70,455 $2,277 4.69%
    $100k-150k 19 $2,425,000 $127,632 $2,969 4.55%
    $150k-250k 16 $3,170,000 $198,125 $4,231 4.89%
    $75k-100k 14 $1,700,000 $121,429 $3,215 4.64%
    $50k or less 11 $735,000 $66,818 $5,631 4.75%
    $250k+ 2 $290,000 $145,000 $6,192 4.50%

    Education First lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $100k-150k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $3,815,000 $123,065 $3,146 4.71%
    30-36% 19 $2,275,000 $119,737 $3,563 4.62%
    <20% 11 $1,035,000 $94,091 $2,597 4.39%
    37% 4 $570,000 $142,500 $3,446 4.39%
    40% 3 $325,000 $108,333 $15,205 5.20%
    38% 3 $355,000 $118,333 $2,825 4.28%
    42% 3 $615,000 $205,000 $2,819 5.23%
    46% 2 $180,000 $90,000 $2,043 5.45%
    39% 2 $170,000 $85,000 $2,094 4.89%
    48% 1 $205,000 $205,000 $2,896 5.80%
    44% 1 $45,000 $45,000 $2,006 4.90%
    36% 1 $55,000 $55,000 $2,271 4.70%
    47% 1 $15,000 $15,000 $1,981 4.80%
    45% 1 $65,000 $65,000 $1,637 4.30%
    41% 1 $145,000 $145,000 $4,340 5.00%

    Education First lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 64 $7,640,000 $119,375 $3,089 4.64%
    Not applicable 26 $2,880,000 $110,769 $23,388 5.25%
    Black 15 $1,475,000 $98,333 $2,795 4.97%
    Not provided 4 $470,000 $117,500 $2,192 4.99%
    Asian 3 $385,000 $128,333 $3,223 5.07%

    Approval Rates

    Total approvals of all applications
    67.55%

    Education First has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    31.25%

    Education First has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 112 $12,850,000 $114,732

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 112 $12,850,000 $114,732

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $820,000 $58,571 $1,592 4.64%
    40-60% 15 $1,615,000 $107,667 $2,519 4.52%
    60-80% 37 $4,185,000 $113,108 $4,476 5.04%
    80-100% 38 $5,500,000 $144,737 $4,437 4.88%
    Under 20% 7 $395,000 $56,429 $1,557 4.77%