Education First Mortgage Rates, Fees & Info
Beaumont, TXLEI: 549300L8D4DNZNL31O66
Tax ID: 74-1186856
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Mortgage Data
Review & Overview
Education First is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Education First has a high proportion of conventional loans. Their top markets by origination volume include: Beaumont, Houston, Tyler, Dallas, and Jacksonville among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Education First 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. Education First 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 | 6.42% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
158Origination Dollar Volume (All Markets)
$21,180,000Awards
EDUCATION FIRST - 2020
EDUCATION FIRST is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 119 | $15,485,000 | $130,126 | $3,164 | 3.53% |
| Outside of Metro Areas | 25 | $3,405,000 | $136,200 | $4,796 | 3.02% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 10 | $1,540,000 | $154,000 | $3,330 | 2.94% |
| TYLER, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,282 | 3.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,996 | 3.84% |
| Jacksonville, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,783 | 4.35% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,956 | 4.30% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 158 | $21,180,000 | $134,051 | $3,519 | 3.43% |
For 2020, Education First's most frequently originated type of loan was Conventional, with 158 originations.
Loan Reason
For 2020, Education First's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Home Purchase, with 49 originations.
Loan Duration/Length
For 2020, Education First's most frequently cited loan duration was 15 Year, with 65 originations. The 2nd most popular length was 30 Year, with 54 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 62 | $5,410,000 | $87,258 |
| $1k-2k | 42 | $5,820,000 | $138,571 |
| $2k-3k | 19 | $4,815,000 | $253,421 |
| $3k-4k | 6 | $2,080,000 | $346,667 |
Education First's average total fees were $4,445, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 62 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 87 | $11,895,000 | $136,724 |
| 4-5% | 30 | $3,220,000 | $107,333 |
| 2.5-3% | 21 | $2,885,000 | $137,381 |
| <2.5% | 15 | $2,555,000 | $170,333 |
| 5-6% | 5 | $625,000 | $125,000 |
During 2020, Education First's average interest rate for loans was 3.54%, while their most frequently originated rate bucket for loans was 3-4%, with 87 originations.
Loan Sizing
2020 saw Education First place emphasis on $100k-200k loans with 69 originations, totaling $9,175,000 in origination value.
Applicant Income
Education First lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $50k-75k, with 31 originations.
Applicant Debt to Income Ratio
Education First lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.81%
Education First has a below average approval rate.
Pick Rate
Approvals leading to origination51.27%
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 | 158 | $21,180,000 | $134,051 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 158 | $21,180,000 | $134,051 |