Miami Firefighters Fcu Mortgage Rates, Fees & Info
Miami, FLLEI: 549300PVS7DLMY766R09
Tax ID: 59-0630266
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Mortgage Data
Review & Overview
Miami Firefighters Fcu is a smaller credit union specializing in Home Improvement loans. Miami Firefighters Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Key West, Port St. Lucie, Ocala, and Tampa among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Miami Firefighters Fcu has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Miami Firefighters Fcu 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.56% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.68% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 4/21/24 |
| 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. | ||
Miami Firefighters Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
102Origination Dollar Volume (All Markets)
$12,050,000Relative Rate
Miami Firefighters Fcu's average 30 year fixed mortgage rate was
6.84%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.36%.
Relative Fees (Closing Costs)
Miami Firefighters Fcu's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,279.
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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 92 | $10,390,000 | $112,935 | $1,992 | 6.45% |
| Key West, FL (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $3,621 | 6.63% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $2,994 | 5.87% |
| OCALA, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,349 | 5.25% |
| Outside of Metro Areas | 1 | $115,000 | $115,000 | $7,120 | 8.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,745 | 7.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,630 | 5.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $1,547 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against MIAMI FIREFIGHTERS FCU 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 | 102 | $12,050,000 | $118,137 | $2,100 | 6.43% |
For 2023, Miami Firefighters Fcu's most frequently originated type of loan was Conventional, with 102 originations.
Loan Reason
For 2023, Miami Firefighters Fcu's most frequently cited loan purpose was Home Improvement, with 84 originations. The 2nd most popular reason was Other, with 12 originations.
Loan Duration/Length
For 2023, Miami Firefighters Fcu's most frequently cited loan duration was 15 Year, with 93 originations. The 2nd most popular length was 10 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $1,705,000 | $568,333 |
| $2k-3k | 1 | $115,000 | $115,000 |
Miami Firefighters Fcu's average total fees were $6,279, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
During 2023, Miami Firefighters Fcu's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was 6-7%, with 47 originations.
Loan Sizing
2023 saw Miami Firefighters Fcu place emphasis on $100,000 or less loans with 49 originations, totaling $2,655,000 in origination value.
Applicant Income
Miami Firefighters Fcu lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 28 originations.
Applicant Debt to Income Ratio
Miami Firefighters Fcu lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.45%
Miami Firefighters Fcu has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.06%
Miami Firefighters Fcu has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 102 | $12,050,000 | $118,137 |