First Priority Credit Union Mortgage Rates, Fees & Info

East Boston, MA

LEI: 549300Q54P1BCT7V8T10

Tax ID: 04-1106850

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

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Mortgage Data

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

    First Priority Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. First Priority Credit Union has a high proportion of conventional loans. Their top two markets are Boston and Manchester .

    First Priority Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First Priority 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 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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    Originations

    20

    Origination Dollar Volume (All Markets)

    $6,560,000

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 19 $6,315,000 $332,368 $3,400 4.84%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $245,000 $245,000 $2,950 4.88%
    First Priority Credit Union's top markets include Boston and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

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

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 20 $6,560,000 $328,000 $3,372 4.84%

    For 2018, First Priority Credit Union's most frequently originated type of loan was Conventional, with 20 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 12 $4,840,000 $403,333 $3,504 4.71%
    Home Purchase 6 $1,620,000 $270,000 $3,153 4.90%
    Home Improvement 1 $65,000 $65,000 $0 5.49%
    Other 1 $35,000 $35,000 $0 5.49%

    For 2018, First Priority Credit Union's most frequently cited loan purpose was Refi, with 12 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 13 $5,525,000 $425,000 $3,496 4.76%
    15 Year 4 $450,000 $112,500 $2,818 4.87%
    20 Year 3 $585,000 $195,000 $2,860 5.16%

    For 2018, First Priority Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 20 $6,560,000 $328,000

    First Priority Credit Union's average total fees were $3,496, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 12 $3,870,000 $322,500
    5-6% 6 $950,000 $158,333
    3-4% 2 $1,740,000 $870,000

    During 2018, First Priority Credit Union's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 11 $3,215,000 $292,273 $3,172 4.77%
    $100k-200k 4 $460,000 $115,000 $2,652 5.00%
    $100,000 or less 2 $100,000 $50,000 $0 5.49%
    $1MM+ 1 $1,505,000 $1,505,000 $6,209 3.63%
    $400k-600k 1 $475,000 $475,000 $3,529 5.00%
    $600k-1MM 1 $805,000 $805,000 $4,537 4.75%

    2018 saw First Priority Credit Union place emphasis on $200k-400k loans with 11 originations, totaling $3,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 9 $2,225,000 $247,222 $3,191 4.85%
    $100k-150k 5 $1,295,000 $259,000 $3,156 4.95%
    $250k+ 2 $1,760,000 $880,000 $6,209 4.56%
    $50k-75k 2 $360,000 $180,000 $2,807 4.69%
    $150k-250k 1 $805,000 $805,000 $4,537 4.75%
    $50k or less 1 $115,000 $115,000 $2,630 5.25%

    First Priority Credit Union lent most frequently to those with incomes in the $75k-100k range, with 9 originations. The second most popular income band? $100k-150k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 4 $890,000 $222,500 $2,927 4.75%
    38% 3 $885,000 $295,000 $3,097 4.67%
    20-30% 3 $1,875,000 $625,000 $4,436 4.54%
    47% 2 $460,000 $230,000 $3,555 5.18%
    48% 2 $1,280,000 $640,000 $4,033 4.88%
    37% 2 $370,000 $185,000 $2,806 4.81%
    49% 1 $355,000 $355,000 $3,505 4.75%
    42% 1 $305,000 $305,000 $3,341 4.75%
    45% 1 $35,000 $35,000 $0 5.49%
    <20% 1 $105,000 $105,000 $0 5.49%

    First Priority Credit Union lent most frequently to those with DTI ratios of 30-36%, with 4 originations. The next most common DTI ratio? 38%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 19 $6,445,000 $339,211 $3,419 4.86%
    Black 1 $115,000 $115,000 $2,664 4.50%

    Approval Rates

    Total approvals of all applications
    84.00%

    First Priority Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    95.00%

    First Priority Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 20 $6,560,000 $328,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 20 $6,560,000 $328,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $720,000 $180,000 $2,728 4.81%
    40-60% 3 $1,435,000 $478,333 $3,688 4.54%
    60-80% 5 $2,805,000 $561,000 $3,762 4.80%
    80-100% 5 $1,395,000 $279,000 $3,179 4.70%
    Under 20% 3 $205,000 $68,333 $0 5.49%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%