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 Home Purchase and Cash Out Refi loans. Education First has a high proportion of conventional loans. Their top markets by origination volume include: Beaumont, Houston, San Antonio, Austin, and Fredericksburg among others. We have data for 8 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    171

    Origination Dollar Volume (All Markets)

    $26,115,000

    Awards

    EDUCATION FIRST 30 Year Conventional Loans gold EDUCATION FIRST 30 Year Conventional Loans silver
    Show all (2) awards

    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) 123 $18,515,000 $150,528 $3,234 4.93%
    Outside of Metro Areas 28 $3,960,000 $141,429 $3,570 4.27%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 11 $1,425,000 $129,545 $3,115 4.65%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $725,000 $241,667 $4,819 3.74%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $495,000 $495,000 $10,669 3.25%
    Fredericksburg, TX (FHA|USDA|VA) 1 $395,000 $395,000 $8,119 4.88%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $355,000 $118,333 $1,824 3.28%
    TYLER, TX (FHA|USDA|VA) 1 $245,000 $245,000 $6,496 4.13%
    Education First's top markets include Beaumont, Houston, San Antonio, Austin, and Fredericksburg 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.

    EDUCATION FIRST
    Similarity Rank: 88
    MOBILOIL
    Similarity Rank: 99
    MCT Credit Union
    Similarity Rank: 120
    NECHES
    Similarity Rank: 192
    Town Square Mortgage & Investments, Inc.
    Similarity Rank: 1972
    LHM FINANCIAL CORPORATION
    Similarity Rank: 2496
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 3536
    City Bank
    Similarity Rank: 4066
    WILLOW BEND MORTGAGE COMPANY, LLC
    Similarity Rank: 4290
    First Financial Bank
    Similarity Rank: 4352

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $26,115,000 $152,719 $3,432 4.74%

    For 2022, Education First's most frequently originated type of loan was Conventional, with 171 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $16,970,000 $184,457 $5,253 5.43%
    Cash Out Refi 50 $5,290,000 $105,800 $2,108 4.18%
    Refi 23 $3,435,000 $149,348 $3,230 3.47%
    Home Improvement 5 $265,000 $53,000 $1,575 3.63%
    NA 1 $155,000 $155,000 $0 4.00%

    For 2022, Education First's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Cash Out Refi, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 79 $10,195,000 $129,051 $2,152 5.20%
    30 Year 60 $12,940,000 $215,667 $4,908 4.59%
    10 Year 13 $675,000 $51,923 $1,535 3.78%
    20 Year 12 $1,600,000 $133,333 $2,420 3.97%
    Other 5 $615,000 $123,000 $1,696 4.37%
    5 Year 2 $90,000 $45,000 $1,098 3.10%

    For 2022, Education First's most frequently cited loan duration was 15 Year, with 79 originations. The 2nd most popular length was 30 Year, with 60 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $4,580,000 $81,786
    $1k-2k 38 $5,400,000 $142,105
    $2k-3k 19 $4,795,000 $252,368
    $3k-4k 7 $2,435,000 $347,857
    $4k-5k 1 $495,000 $495,000
    $5k+ 1 $865,000 $865,000

    Education First's average total fees were $4,908, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 57 $8,175,000 $143,421
    4-5% 39 $6,575,000 $168,590
    5-6% 30 $7,100,000 $236,667
    7-8% 17 $1,285,000 $75,588
    6-7% 15 $1,675,000 $111,667
    2.5-3% 11 $1,015,000 $92,273
    <2.5% 2 $290,000 $145,000

    During 2022, Education First's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 3-4%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 77 $4,365,000 $56,688 $1,467 4.93%
    $100k-200k 57 $7,915,000 $138,860 $3,296 4.65%
    $200k-400k 34 $9,310,000 $273,824 $5,943 4.53%
    $1MM+ 1 $3,165,000 $3,165,000 $0 6.00%
    $400k-600k 1 $495,000 $495,000 $10,669 3.25%
    $600k-1MM 1 $865,000 $865,000 $12,957 3.25%

    2022 saw Education First place emphasis on $100,000 or less loans with 77 originations, totaling $4,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $6,480,000 $170,526 $3,692 4.36%
    $50k-75k 27 $3,015,000 $111,667 $2,985 4.15%
    $150k-250k 20 $3,290,000 $164,500 $3,697 4.46%
    $75k-100k 16 $2,330,000 $145,625 $3,313 3.72%
    $50k or less 14 $1,050,000 $75,000 $1,938 3.76%
    $250k+ 11 $2,845,000 $258,636 $5,928 4.58%

    Education First lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $3,860,000 $148,462 $3,573 4.20%
    <20% 25 $4,295,000 $171,800 $3,576 3.86%
    30-36% 22 $2,370,000 $107,727 $2,503 4.19%
    41% 8 $1,480,000 $185,000 $4,245 4.35%
    38% 8 $1,120,000 $140,000 $2,989 3.57%
    37% 6 $540,000 $90,000 $2,067 4.02%
    40% 6 $970,000 $161,667 $4,320 4.98%
    45% 5 $1,235,000 $247,000 $3,762 4.55%
    50-60% 4 $710,000 $177,500 $3,907 4.37%
    36% 3 $555,000 $185,000 $5,524 4.68%
    42% 3 $245,000 $81,667 $2,512 4.36%
    48% 2 $330,000 $165,000 $3,496 5.18%
    43% 1 $495,000 $495,000 $10,669 3.25%
    39% 1 $125,000 $125,000 $2,146 3.75%
    >60% 1 $45,000 $45,000 $2,164 3.00%
    46% 1 $195,000 $195,000 $4,633 3.80%

    Education First lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? <20%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 98 $14,620,000 $149,184 $3,350 4.12%
    Not applicable 45 $7,105,000 $157,889 $0 6.25%
    Black 20 $2,100,000 $105,000 $2,829 4.37%
    Asian 3 $1,135,000 $378,333 $5,830 5.45%
    Not provided 3 $765,000 $255,000 $5,753 4.73%
    American Indian 2 $390,000 $195,000 $5,707 3.60%

    Approval Rates

    Total approvals of all applications
    71.23%

    Education First has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    53.22%

    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 171 $26,115,000 $152,719

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    171 $26,115,000 $152,719

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,635,000 $77,857 $1,956 3.71%
    40-60% 18 $2,320,000 $128,889 $2,429 4.00%
    60-80% 55 $9,635,000 $175,182 $4,828 4.71%
    80-100% 57 $11,675,000 $204,825 $4,956 5.49%
    Over 100% 2 $170,000 $85,000 $0 7.73%
    Under 20% 18 $680,000 $37,778 $890 4.08%