First Commonwealth Federal Credit Union Mortgage Rates, Fees & Info

Bethlehem, PA

LEI: 549300Q9TCZDLU48CG18

Tax ID: 23-1568331

5 stars - Updated: 11/17/24 - out of 5 stars, based on 34 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    First Commonwealth Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. First Commonwealth Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Allentown, Reading, Philadelphia, New York, and East Stroudsburg among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Commonwealth Federal Credit Union 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. First Commonwealth Federal Credit Union 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.

    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
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 6.45% 11/17/24
    30 Year Conventional Refi 6.35% 11/17/24
    30 Year Cash-out Refi 6.47% 11/17/24
    15 Year Conventional Purchase 5.99% 11/17/24
    15 Year Conventional Refi 6.36% 11/17/24
    15 Year Cash-out Refi 6.36% 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.

    First Commonwealth Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Commonwealth Federal Credit Union. 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

    1,124

    Origination Dollar Volume (All Markets)

    $121,720,000
    Show all (5) awards

    Relative Rate

    First Commonwealth Federal Credit Union's average 30 year fixed mortgage rate was 6.27%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.21%.

    Relative Fees (Closing Costs)

    First Commonwealth Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,788.

    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
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 864 $91,240,000 $105,602 $975 5.90%
    READING, PA (FHA|USDA|VA) 129 $11,925,000 $92,442 $961 5.72%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 40 $6,910,000 $172,750 $1,615 6.20%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 23 $3,615,000 $157,174 $671 6.13%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 22 $2,330,000 $105,909 $1,398 5.95%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,134 5.94%
    Pottsville, PA (FHA|USDA|VA) 15 $895,000 $59,667 $582 6.24%
    Outside of Metro Areas 3 $785,000 $261,667 $5,060 5.46%
    YORK-HANOVER, PA (FHA|USDA|VA) 4 $680,000 $170,000 $1,742 5.99%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $610,000 $305,000 $4,835 4.81%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 6 $500,000 $83,333 $1,574 6.28%
    Sunbury, PA (FHA|USDA|VA) 3 $305,000 $101,667 $2,441 6.54%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $255,000 $255,000 $4,085 6.75%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $180,000 $90,000 $1,053 7.45%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $155,000 $155,000 $775 8.15%
    LANCASTER, PA (FHA|USDA|VA) 2 $100,000 $50,000 $0 5.49%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $75,000 $75,000 $815 8.15%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 2 $70,000 $35,000 $0 5.56%
    First Commonwealth Federal Credit Union's top markets include Allentown, Reading, Philadelphia, New York, and East Stroudsburg among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

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

    LEBANON
    Similarity Rank: 117
    Peoples Security Bank and Trust Company
    Similarity Rank: 190
    Customers Bank
    Similarity Rank: 272
    Tompkins Trust Company
    Similarity Rank: 320
    ESSA Bank & Trust
    Similarity Rank: 385
    First Commonwealth Federal Credit Union
    Similarity Rank: 504
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 532
    The Ephrata National Bank
    Similarity Rank: 702
    Homesale Mortgage, LLC
    Similarity Rank: 846
    State Financial Network, LLC
    Similarity Rank: 936

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 658 $82,410,000 $125,243 $1,046 6.63%
    HELOC 466 $39,310,000 $84,356 n/a 4.89%

    For 2023, First Commonwealth Federal Credit Union's most frequently originated type of loan was Conventional, with 658 originations. Their 2nd most popular type was HELOC, with 466 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 477 $32,985,000 $69,151 $89 5.75%
    Other 183 $10,945,000 $59,809 $0 6.41%
    Refi 160 $16,950,000 $105,938 $665 4.87%
    Cash Out Refi 160 $15,370,000 $96,063 $253 6.52%
    Home Purchase 144 $45,470,000 $315,764 $4,832 6.26%

    For 2023, First Commonwealth Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 477 originations. The 2nd most popular reason was Other, with 183 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 594 $58,330,000 $98,199 $60 5.31%
    20 Year 185 $16,665,000 $90,081 $127 7.22%
    10 Year 142 $7,030,000 $49,507 $9 6.39%
    30 Year 127 $35,825,000 $282,087 $4,788 6.27%
    5 Year 67 $2,415,000 $36,045 $0 5.84%
    Other 7 $1,185,000 $169,286 $0 5.84%
    3 Year 1 $15,000 $15,000 $0 5.74%
    30+ year 1 $255,000 $255,000 $0 6.50%

    For 2023, First Commonwealth Federal Credit Union's most frequently cited loan duration was 15 Year, with 594 originations. The 2nd most popular length was 20 Year, with 185 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 597 $63,835,000 $106,926
    $1k-2k 6 $1,750,000 $291,667
    $5k+ 5 $1,855,000 $371,000
    $2k-3k 2 $240,000 $120,000
    $3k-4k 1 $275,000 $275,000

    First Commonwealth Federal Credit Union's average total fees were $4,788, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 597 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 361 $47,235,000 $130,845
    5-6% 297 $31,775,000 $106,987
    7-8% 129 $14,775,000 $114,535
    <2.5% 116 $9,560,000 $82,414
    4-5% 102 $9,070,000 $88,922
    Over 8% 90 $6,380,000 $70,889
    3-4% 29 $2,925,000 $100,862

    During 2023, First Commonwealth Federal Credit Union's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 6-7%, with 361 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 749 $34,995,000 $46,722 $96 5.91%
    $100k-200k 200 $27,270,000 $136,350 $1,136 5.82%
    $200k-400k 143 $38,885,000 $271,923 $3,985 5.93%
    $400k-600k 24 $11,510,000 $479,583 $6,389 6.11%
    $600k-1MM 5 $3,515,000 $703,000 $6,672 5.65%
    $1MM+ 3 $5,545,000 $1,848,333 $0 6.92%

    2023 saw First Commonwealth Federal Credit Union place emphasis on $100,000 or less loans with 749 originations, totaling $34,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 293 $30,835,000 $105,239 $1,275 5.88%
    $50k-75k 248 $16,430,000 $66,250 $596 5.97%
    $150k-250k 204 $27,650,000 $135,539 $1,208 5.87%
    $75k-100k 203 $16,835,000 $82,931 $797 5.95%
    $50k or less 81 $4,875,000 $60,185 $1,160 5.91%
    $250k+ 55 $12,525,000 $227,727 $2,296 5.68%

    First Commonwealth Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 293 originations. The second most popular income band? $50k-75k, with 248 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 262 $25,890,000 $98,817 $1,037 5.76%
    30-36% 186 $20,860,000 $112,151 $1,475 5.72%
    <20% 100 $8,830,000 $88,300 $1,421 4.94%
    44% 85 $7,785,000 $91,588 $813 6.24%
    45% 67 $5,925,000 $88,433 $575 6.32%
    42% 54 $4,710,000 $87,222 $415 5.98%
    43% 49 $3,575,000 $72,959 $399 6.73%
    41% 47 $4,325,000 $92,021 $703 6.02%
    39% 42 $3,610,000 $85,952 $944 5.79%
    38% 42 $4,980,000 $118,571 $1,090 6.10%
    37% 31 $3,285,000 $105,968 $1,187 6.48%
    40% 30 $3,150,000 $105,000 $737 5.88%
    36% 25 $2,825,000 $113,000 $1,677 5.47%
    47% 18 $2,210,000 $122,778 $1,886 6.40%
    46% 16 $1,480,000 $92,500 $676 6.71%
    >60% 7 $985,000 $140,714 $0 5.48%
    50-60% 6 $870,000 $145,000 $0 6.63%
    48% 5 $785,000 $157,000 $3,533 6.95%
    49% 1 $565,000 $565,000 $7,120 5.25%

    First Commonwealth Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 262 originations. The next most common DTI ratio? 30-36%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 873 $84,405,000 $96,684 $1,029 5.84%
    Not applicable 39 $14,215,000 $364,487 $0 6.53%
    Not provided 113 $9,225,000 $81,637 $86 5.98%
    Black 59 $7,145,000 $121,102 $1,740 6.56%
    Asian 22 $5,310,000 $241,364 $2,965 5.45%
    American Indian 5 $675,000 $135,000 $1,459 5.79%
    Native Hawaiian or Islander 9 $305,000 $33,889 $0 5.63%
    Other Asian 2 $210,000 $105,000 $0 7.87%
    Asian Indian 1 $185,000 $185,000 $0 3.49%
    Other Pacific Islander 1 $45,000 $45,000 $0 2.49%

    Approval Rates

    Total approvals of all applications
    79.35%

    First Commonwealth Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.00%

    First Commonwealth Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,124 $121,720,000 $108,292

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,124 $121,720,000 $108,292

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 324 $34,380,000 $106,111 $176 5.86%
    40-60% 73 $11,825,000 $161,986 $876 5.82%
    60-80% 94 $22,340,000 $237,660 $2,950 6.04%
    80-100% 97 $30,055,000 $309,845 $4,865 6.23%
    Under 20% 536 $23,120,000 $43,134 $54 5.86%