First Commonwealth Federal Credit Union Mortgage Rates, Fees & Info

Bethlehem, PA

LEI: 549300Q9TCZDLU48CG18

Tax ID: 23-1568331

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
  • 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 Commonwealth Federal Credit Union is a smaller credit union specializing in Refi 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, East Stroudsburg, and Pottsville among others. We have data for 13 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 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 12/16/24
    30 Year Conventional Purchase 6.45% 12/16/24
    30 Year Conventional Refi 6.35% 12/16/24
    30 Year Cash-out Refi 6.47% 12/16/24
    15 Year Conventional Purchase 5.99% 12/16/24
    15 Year Conventional Refi 6.36% 12/16/24
    15 Year Cash-out Refi 6.36% 12/16/24
    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

    715

    Origination Dollar Volume (All Markets)

    $76,215,000

    Awards

    First Commonwealth Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) 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
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 589 $63,255,000 $107,394 $3,381 4.54%
    READING, PA (FHA|USDA|VA) 69 $5,415,000 $78,478 $4,249 4.68%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $2,540,000 $211,667 $3,435 4.55%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 18 $1,630,000 $90,556 $2,902 4.78%
    Pottsville, PA (FHA|USDA|VA) 11 $965,000 $87,727 $2,511 4.61%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 6 $870,000 $145,000 $3,029 8.58%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $420,000 $210,000 $4,909 4.25%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $305,000 $305,000 $4,108 3.88%
    LANCASTER, PA (FHA|USDA|VA) 2 $240,000 $120,000 $3,375 4.12%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,479 3.63%
    Outside of Metro Areas 2 $150,000 $75,000 $70 4.24%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $145,000 $145,000 $2,798 3.88%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $85,000 $85,000 $2,598 4.25%
    First Commonwealth Federal Credit Union's top markets include Allentown, Reading, Philadelphia, East Stroudsburg, and Pottsville among others.

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

    UTILITIES EMPLOYEES CREDIT UNION
    Similarity Rank: 42
    Diamond Credit Union
    Similarity Rank: 228
    Penn Community Bank
    Similarity Rank: 276
    ESSA Bank & Trust
    Similarity Rank: 280
    Customers Bank
    Similarity Rank: 286
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 380
    VISIONS
    Similarity Rank: 525
    MILLENIUM HOME MORTGAGE, LLC
    Similarity Rank: 869
    The Ephrata National Bank
    Similarity Rank: 902
    Investors Bank
    Similarity Rank: 1175

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 715 $76,215,000 $106,594 $3,404 4.59%

    For 2019, First Commonwealth Federal Credit Union's most frequently originated type of loan was Conventional, with 715 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 237 $27,345,000 $115,380 $3,600 4.34%
    Other 159 $6,785,000 $42,673 $0 4.99%
    Home Purchase 150 $23,800,000 $158,667 $3,276 4.46%
    Home Improvement 91 $3,795,000 $41,703 $0 4.81%
    NA 40 $7,770,000 $194,250 $0 5.10%
    Cash Out Refi 38 $6,720,000 $176,842 $3,700 3.87%

    For 2019, First Commonwealth Federal Credit Union's most frequently cited loan purpose was Refi, with 237 originations. The 2nd most popular reason was Other, with 159 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 165 $21,635,000 $131,121 $3,661 4.74%
    30 Year 160 $27,250,000 $170,313 $3,333 4.37%
    20 Year 157 $14,975,000 $95,382 $3,448 5.01%
    10 Year 142 $7,530,000 $53,028 $4,054 4.50%
    5 Year 76 $2,420,000 $31,842 $0 4.06%
    Other 11 $1,655,000 $150,455 $0 4.54%
    30+ year 2 $650,000 $325,000 $5,217 4.19%
    1 Year 1 $15,000 $15,000 $0 3.74%
    3 Year 1 $85,000 $85,000 $0 3.24%

    For 2019, First Commonwealth Federal Credit Union's most frequently cited loan duration was 15 Year, with 165 originations. The 2nd most popular length was 30 Year, with 160 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 596 $53,400,000 $89,597
    $1k-2k 26 $4,530,000 $174,231
    $5k+ 9 $2,175,000 $241,667
    $2k-3k 3 $895,000 $298,333
    $3k-4k 1 $105,000 $105,000
    $4k-5k 1 $205,000 $205,000

    First Commonwealth Federal Credit Union's average total fees were $3,333, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 596 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 299 $34,875,000 $116,639
    3-4% 247 $26,935,000 $109,049
    5-6% 86 $10,030,000 $116,628
    6-7% 74 $2,880,000 $38,919
    2.5-3% 7 $1,015,000 $145,000
    <2.5% 1 $185,000 $185,000
    Over 8% 1 $295,000 $295,000

    During 2019, First Commonwealth Federal Credit Union's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 4-5%, with 299 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 428 $19,180,000 $44,813 $2,593 4.73%
    $100k-200k 195 $27,535,000 $141,205 $3,080 4.33%
    $200k-400k 80 $20,400,000 $255,000 $4,564 4.44%
    $400k-600k 6 $2,690,000 $448,333 $4,802 4.65%
    $1MM+ 3 $4,135,000 $1,378,333 $0 4.92%
    $600k-1MM 3 $2,275,000 $758,333 $4,194 4.46%

    2019 saw First Commonwealth Federal Credit Union place emphasis on $100,000 or less loans with 428 originations, totaling $19,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 168 $15,170,000 $90,298 $3,006 4.47%
    $50k or less 150 $10,910,000 $72,733 $2,841 4.56%
    $75k-100k 143 $13,415,000 $93,811 $3,767 4.48%
    $100k-150k 141 $14,285,000 $101,312 $3,990 4.78%
    $150k-250k 76 $12,280,000 $161,579 $4,123 4.71%
    $250k+ 33 $9,545,000 $289,242 $6,748 4.75%

    First Commonwealth Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 168 originations. The second most popular income band? $50k or less, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 161 $14,245,000 $88,478 $3,120 4.44%
    30-36% 115 $11,365,000 $98,826 $3,196 4.61%
    <20% 114 $16,880,000 $148,070 $4,102 4.34%
    43% 41 $3,795,000 $92,561 $3,016 4.91%
    44% 36 $2,900,000 $80,556 $4,357 5.06%
    45% 34 $3,270,000 $96,176 $3,929 4.77%
    40% 31 $3,085,000 $99,516 $3,076 4.67%
    39% 30 $2,680,000 $89,333 $2,858 4.79%
    42% 23 $2,435,000 $105,870 $4,268 4.90%
    46% 22 $1,740,000 $79,091 $3,141 4.53%
    41% 20 $2,130,000 $106,500 $3,219 4.29%
    38% 20 $2,470,000 $123,500 $3,264 4.74%
    36% 20 $2,400,000 $120,000 $3,327 4.62%
    37% 16 $1,900,000 $118,750 $4,693 4.25%
    47% 7 $775,000 $110,714 $3,433 4.58%
    >60% 6 $940,000 $156,667 $3,056 4.31%
    48% 2 $290,000 $145,000 $3,056 4.44%
    49% 2 $180,000 $90,000 $2,634 4.50%
    50-60% 2 $100,000 $50,000 $2,408 3.93%

    First Commonwealth Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 161 originations. The next most common DTI ratio? 30-36%, with 115 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 613 $60,945,000 $99,421 $3,425 4.52%
    Not applicable 41 $9,475,000 $231,098 $0 5.05%
    Black 26 $2,760,000 $106,154 $3,001 4.73%
    Not provided 24 $2,060,000 $85,833 $2,148 5.19%
    Asian 5 $715,000 $143,000 $3,615 4.50%
    American Indian 4 $190,000 $47,500 $0 4.74%
    Native Hawaiian or Islander 1 $45,000 $45,000 $0 6.49%
    Other Pacific Islander 1 $25,000 $25,000 $0 6.24%

    Approval Rates

    Total approvals of all applications
    82.57%

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

    Pick Rate

    Approvals leading to origination
    82.52%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 715 $76,215,000 $106,594

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $8,370,000 $597,857
    Single Family (1-4 Units):Site-Built 701 $67,845,000 $96,783

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 143 $9,565,000 $66,888 $3,203 4.69%
    40-60% 62 $7,300,000 $117,742 $3,165 4.24%
    60-80% 157 $28,995,000 $184,682 $3,896 4.36%
    80-100% 145 $24,595,000 $169,621 $3,152 4.51%
    Under 20% 207 $5,735,000 $27,705 $1,044 4.85%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%