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 Home Improvement, Cash Out 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, New York, Philadelphia, 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% 4/21/24
    30 Year Conventional Purchase 6.45% 4/21/24
    30 Year Conventional Refi 6.35% 4/21/24
    30 Year Cash-out Refi 6.47% 4/21/24
    15 Year Conventional Purchase 5.99% 4/21/24
    15 Year Conventional Refi 6.36% 4/21/24
    15 Year Cash-out Refi 6.36% 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.

    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

    1,209

    Origination Dollar Volume (All Markets)

    $135,165,000

    Awards

    First Commonwealth Federal Credit Union 30 Year Conventional Loans gold First Commonwealth Federal Credit Union 30 Year Conventional Loans silver First Commonwealth Federal Credit Union 30 Year Conventional Loans bronze
    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) 931 $101,585,000 $109,114 $1,025 4.27%
    READING, PA (FHA|USDA|VA) 133 $12,745,000 $95,827 $972 4.35%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 42 $9,510,000 $226,429 $1,634 4.57%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 36 $4,590,000 $127,500 $701 4.23%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 29 $2,075,000 $71,552 $926 4.44%
    Pottsville, PA (FHA|USDA|VA) 16 $1,890,000 $118,125 $800 3.77%
    Outside of Metro Areas 5 $815,000 $163,000 $4,801 5.83%
    LANCASTER, PA (FHA|USDA|VA) 4 $720,000 $180,000 $4,328 3.93%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 5 $495,000 $99,000 $185 4.57%
    PITTSBURGH, PA (FHA|USDA|VA) 3 $325,000 $108,333 $775 3.79%
    Lewistown, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.24%
    BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.75%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $75,000 $75,000 $650 5.78%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.40%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $35,000 $35,000 $16 4.74%
    First Commonwealth Federal Credit Union's top markets include Allentown, Reading, New York, Philadelphia, 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.

    ALLENTOWN
    Similarity Rank: 24
    Penn Community Bank
    Similarity Rank: 143
    VISIONS
    Similarity Rank: 242
    Tompkins Trust Company
    Similarity Rank: 416
    Diamond Credit Union
    Similarity Rank: 540
    Peoples Security Bank and Trust Company
    Similarity Rank: 540
    Santander Bank, N.A.
    Similarity Rank: 623
    Lakeland Bank
    Similarity Rank: 700
    ESSA Bank & Trust
    Similarity Rank: 819
    The Ephrata National Bank
    Similarity Rank: 1056

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 805 $99,145,000 $123,161 $1,060 4.46%
    HELOC 404 $36,020,000 $89,158 n/a 3.96%

    For 2022, First Commonwealth Federal Credit Union's most frequently originated type of loan was Conventional, with 805 originations. Their 2nd most popular type was HELOC, with 404 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 429 $29,135,000 $67,914 $98 4.30%
    Cash Out Refi 253 $31,205,000 $123,340 $768 4.15%
    Other 244 $16,690,000 $68,402 $6 4.43%
    Home Purchase 151 $39,635,000 $262,483 $4,594 4.72%
    Refi 132 $18,500,000 $140,152 $1,739 3.76%

    For 2022, First Commonwealth Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 429 originations. The 2nd most popular reason was Cash Out Refi, with 253 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 556 $56,150,000 $100,989 $508 4.07%
    20 Year 249 $26,395,000 $106,004 $168 4.73%
    10 Year 187 $10,435,000 $55,802 $81 4.14%
    30 Year 147 $36,515,000 $248,401 $4,517 4.85%
    5 Year 58 $1,960,000 $33,793 $10 3.60%
    Other 7 $395,000 $56,429 $145 3.90%
    30+ year 4 $3,290,000 $822,500 $7,599 4.28%
    3 Year 1 $25,000 $25,000 $0 2.99%

    For 2022, First Commonwealth Federal Credit Union's most frequently cited loan duration was 15 Year, with 556 originations. The 2nd most popular length was 20 Year, with 249 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 726 $79,000,000 $108,815
    $1k-2k 13 $5,165,000 $397,308
    $5k+ 9 $2,795,000 $310,556
    $3k-4k 6 $810,000 $135,000
    $4k-5k 3 $535,000 $178,333
    $2k-3k 1 $165,000 $165,000

    First Commonwealth Federal Credit Union's average total fees were $4,517, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 726 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 593 $61,375,000 $103,499
    4-5% 234 $34,130,000 $145,855
    5-6% 219 $23,515,000 $107,374
    6-7% 50 $4,890,000 $97,800
    <2.5% 41 $5,225,000 $127,439
    7-8% 34 $2,850,000 $83,824
    2.5-3% 29 $2,905,000 $100,172
    Over 8% 9 $275,000 $30,556

    During 2022, First Commonwealth Federal Credit Union's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 3-4%, with 593 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 753 $37,285,000 $49,515 $103 4.34%
    $100k-200k 256 $35,730,000 $139,570 $1,584 4.11%
    $200k-400k 171 $45,365,000 $265,292 $3,321 4.29%
    $400k-600k 20 $9,190,000 $459,500 $5,838 4.64%
    $600k-1MM 8 $5,540,000 $692,500 $6,281 4.40%
    $1MM+ 1 $2,055,000 $2,055,000 $10,168 4.13%

    2022 saw First Commonwealth Federal Credit Union place emphasis on $100,000 or less loans with 753 originations, totaling $37,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 322 $35,480,000 $110,186 $1,071 4.19%
    $50k-75k 269 $22,725,000 $84,480 $1,142 4.45%
    $75k-100k 208 $20,170,000 $96,971 $778 4.39%
    $150k-250k 197 $25,355,000 $128,706 $1,087 4.24%
    $50k or less 116 $8,010,000 $69,052 $954 4.18%
    $250k+ 59 $15,485,000 $262,458 $2,324 4.11%

    First Commonwealth Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 322 originations. The second most popular income band? $50k-75k, with 269 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 281 $26,325,000 $93,683 $845 4.08%
    30-36% 221 $22,055,000 $99,796 $990 4.27%
    <20% 144 $16,780,000 $116,528 $1,323 3.76%
    44% 76 $8,240,000 $108,421 $719 4.84%
    45% 56 $4,340,000 $77,500 $392 4.44%
    41% 45 $5,395,000 $119,889 $991 4.35%
    38% 44 $4,830,000 $109,773 $1,200 4.61%
    43% 44 $4,950,000 $112,500 $1,070 4.38%
    40% 44 $4,960,000 $112,727 $855 4.79%
    39% 41 $4,045,000 $98,659 $1,560 4.67%
    42% 35 $4,505,000 $128,714 $730 4.23%
    37% 33 $3,455,000 $104,697 $1,131 4.70%
    36% 32 $4,140,000 $129,375 $1,360 4.15%
    46% 25 $3,655,000 $146,200 $769 4.29%
    47% 21 $3,255,000 $155,000 $1,771 4.61%
    48% 13 $1,955,000 $150,385 $3,841 5.08%
    >60% 6 $430,000 $71,667 $0 4.04%
    50-60% 5 $315,000 $63,000 $0 3.94%
    49% 3 $1,255,000 $418,333 $8,783 4.96%

    First Commonwealth Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 281 originations. The next most common DTI ratio? 30-36%, with 221 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,011 $110,825,000 $109,619 $1,127 4.24%
    Not applicable 31 $8,895,000 $286,935 $0 4.60%
    Not provided 92 $7,370,000 $80,109 $98 4.36%
    Black 48 $3,910,000 $81,458 $867 5.08%
    Asian 15 $3,045,000 $203,000 $3,147 4.13%
    American Indian 2 $310,000 $155,000 $0 3.24%
    Asian Indian 2 $310,000 $155,000 $525 3.74%
    Native Hawaiian or Islander 4 $180,000 $45,000 $0 4.75%
    Other Pacific Islander 3 $165,000 $55,000 $0 4.93%
    Other Asian 1 $155,000 $155,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    83.83%

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

    Pick Rate

    Approvals leading to origination
    82.55%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,209 $135,165,000 $111,799

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,209 $135,165,000 $111,799

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 314 $29,130,000 $92,771 $223 4.23%
    40-60% 114 $18,610,000 $163,246 $1,094 4.05%
    60-80% 163 $38,875,000 $238,497 $3,126 4.18%
    80-100% 110 $26,690,000 $242,636 $3,553 4.74%
    Under 20% 508 $21,860,000 $43,031 $26 4.32%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%