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, Home Purchase, and Cash Out Refi loans. First Commonwealth Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Allentown, Reading, Philadelphia, Pottsville, and East Stroudsburg among others. We have data for 15 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.

    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% 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

    848

    Origination Dollar Volume (All Markets)

    $118,180,000

    Awards

    First Commonwealth Federal Credit Union 30 Year Conventional Loans silver First Commonwealth Federal Credit Union 30 Year Conventional Loans gold First Commonwealth Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) 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) 696 $95,090,000 $136,624 $2,681 3.69%
    READING, PA (FHA|USDA|VA) 85 $10,645,000 $125,235 $2,665 3.60%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 18 $4,330,000 $240,556 $4,098 3.46%
    Pottsville, PA (FHA|USDA|VA) 12 $1,620,000 $135,000 $2,317 3.90%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 15 $1,615,000 $107,667 $2,157 3.79%
    PITTSBURGH, PA (FHA|USDA|VA) 3 $1,315,000 $438,333 $7,399 3.95%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $5,477 2.75%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 5 $915,000 $183,000 $2,475 3.52%
    Outside of Metro Areas 4 $520,000 $130,000 $2,528 4.02%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $290,000 $145,000 $3,407 3.94%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 2 $200,000 $100,000 $3,008 3.56%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,247 3.25%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $140,000 $70,000 $2,446 3.62%
    LANCASTER, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.24%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.74%
    First Commonwealth Federal Credit Union's top markets include Allentown, Reading, Philadelphia, Pottsville, 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.

    BELLCO
    Similarity Rank: 354
    Unity Bank
    Similarity Rank: 425
    MILLENIUM HOME MORTGAGE, LLC
    Similarity Rank: 481
    Penn Community Bank
    Similarity Rank: 884
    Homesale Mortgage, LLC
    Similarity Rank: 1175
    Diamond Credit Union
    Similarity Rank: 1185
    First Commonwealth Federal Credit Union
    Similarity Rank: 1185
    The Fidelity Deposit and Discount Bank
    Similarity Rank: 1316
    ESSA Bank & Trust
    Similarity Rank: 1332
    Orrstown Bank
    Similarity Rank: 1377

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 848 $118,180,000 $139,363 $2,706 3.68%

    For 2020, First Commonwealth Federal Credit Union's most frequently originated type of loan was Conventional, with 848 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 379 $52,715,000 $139,090 $2,775 3.53%
    Home Purchase 150 $29,520,000 $196,800 $3,500 3.71%
    Cash Out Refi 119 $26,935,000 $226,345 $4,318 3.10%
    Home Improvement 104 $4,360,000 $41,923 $0 4.26%
    Other 96 $4,650,000 $48,438 $0 4.37%

    For 2020, First Commonwealth Federal Credit Union's most frequently cited loan purpose was Refi, with 379 originations. The 2nd most popular reason was Home Purchase, with 150 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 238 $49,150,000 $206,513 $3,859 3.21%
    15 Year 204 $32,580,000 $159,706 $3,207 3.79%
    10 Year 165 $10,165,000 $61,606 $302 3.91%
    20 Year 159 $21,585,000 $135,755 $2,765 4.09%
    5 Year 68 $2,460,000 $36,176 $0 3.50%
    Other 11 $1,095,000 $99,545 $497 3.86%
    30+ year 3 $1,145,000 $381,667 $4,797 3.79%

    For 2020, First Commonwealth Federal Credit Union's most frequently cited loan duration was 30 Year, with 238 originations. The 2nd most popular length was 15 Year, with 204 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 652 $78,020,000 $119,663
    $1k-2k 36 $7,400,000 $205,556
    $3k-4k 30 $4,210,000 $140,333
    $5k+ 27 $7,915,000 $293,148
    $4k-5k 23 $4,435,000 $192,826
    $2k-3k 13 $1,505,000 $115,769

    First Commonwealth Federal Credit Union's average total fees were $3,859, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 652 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 421 $56,855,000 $135,048
    4-5% 147 $20,805,000 $141,531
    2.5-3% 122 $21,340,000 $174,918
    <2.5% 80 $16,110,000 $201,375
    5-6% 65 $2,645,000 $40,692
    6-7% 13 $425,000 $32,692

    During 2020, First Commonwealth Federal Credit Union's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 421 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 356 $16,560,000 $46,517 $499 4.14%
    $100k-200k 320 $46,740,000 $146,063 $3,186 3.37%
    $200k-400k 141 $37,135,000 $263,369 $4,676 3.26%
    $400k-600k 21 $9,335,000 $444,524 $7,359 3.53%
    $600k-1MM 7 $4,905,000 $700,714 $6,224 3.86%
    $1MM+ 3 $3,505,000 $1,168,333 $6,438 3.46%

    2020 saw First Commonwealth Federal Credit Union place emphasis on $100,000 or less loans with 356 originations, totaling $16,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 213 $28,995,000 $136,127 $2,795 3.72%
    $50k-75k 204 $23,570,000 $115,539 $2,503 3.68%
    $75k-100k 167 $19,865,000 $118,952 $2,755 3.65%
    $150k-250k 118 $20,950,000 $177,542 $3,473 3.63%
    $50k or less 93 $7,795,000 $83,817 $1,755 3.75%
    $250k+ 48 $16,630,000 $346,458 $3,473 3.64%

    First Commonwealth Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 213 originations. The second most popular income band? $50k-75k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 222 $29,700,000 $133,784 $2,936 3.54%
    <20% 134 $17,400,000 $129,851 $2,991 3.14%
    30-36% 134 $19,240,000 $143,582 $2,847 3.64%
    38% 30 $3,090,000 $103,000 $2,184 3.90%
    41% 29 $2,415,000 $83,276 $2,022 4.01%
    44% 28 $3,200,000 $114,286 $2,479 4.32%
    45% 27 $2,385,000 $88,333 $1,413 4.44%
    40% 26 $2,650,000 $101,923 $1,999 3.94%
    39% 25 $3,475,000 $139,000 $3,346 3.69%
    37% 23 $3,215,000 $139,783 $2,423 3.85%
    36% 20 $3,300,000 $165,000 $2,580 4.09%
    47% 20 $3,190,000 $159,500 $3,008 3.69%
    46% 19 $2,745,000 $144,474 $1,647 3.88%
    42% 18 $3,350,000 $186,111 $3,039 3.59%
    43% 18 $2,100,000 $116,667 $1,742 3.95%
    >60% 10 $1,170,000 $117,000 $1,996 3.62%
    48% 8 $1,280,000 $160,000 $2,705 3.31%
    49% 3 $565,000 $188,333 $3,277 2.96%
    50-60% 2 $320,000 $160,000 $3,056 2.99%

    First Commonwealth Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 222 originations. The next most common DTI ratio? <20%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 749 $98,905,000 $132,049 $2,734 3.62%
    Not applicable 42 $10,820,000 $257,619 $0 4.43%
    Not provided 21 $2,835,000 $135,000 $435 3.96%
    Black 21 $2,675,000 $127,381 $2,094 4.14%
    Asian Indian 2 $1,290,000 $645,000 $7,399 4.06%
    Asian 6 $840,000 $140,000 $2,511 3.81%
    American Indian 4 $650,000 $162,500 $7,251 3.50%
    Other Pacific Islander 1 $105,000 $105,000 $0 3.74%
    Native Hawaiian or Islander 2 $60,000 $30,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    88.83%

    First Commonwealth Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.43%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 848 $118,180,000 $139,363

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $7,965,000 $531,000
    Single Family (1-4 Units):Site-Built 833 $110,215,000 $132,311

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 114 $8,920,000 $78,246 $794 3.88%
    40-60% 109 $15,295,000 $140,321 $3,082 3.30%
    60-80% 253 $53,845,000 $212,826 $4,094 3.34%
    80-100% 165 $33,365,000 $202,212 $3,506 3.58%
    Under 20% 207 $6,755,000 $32,633 $0 4.29%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%