First City Credit Union Mortgage Rates, Fees & Info

LOS ANGELES, CA

LEI: 549300S1ULK3TJQ8I652

Tax ID: 95-1679662

5 stars - Updated: 3/4/24 - out of 5 stars, based on 13 reviews

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

Jump to:

Mortgage Data

Review & Overview

First City Credit Union is a smaller credit union specializing in Cash Out Refi loans. First City Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Oxnard, and Santa Maria among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

First City Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First City 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 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
30 Year Conventional Purchase 6.23% 3/4/24
30 Year Conventional Refi 6.18% 3/4/24
30 Year Cash-out Refi 6.00% 3/4/24
15 Year Conventional Refi 6.47% 3/4/24
15 Year Cash-out Refi 6.47% 3/4/24
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 City 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 City 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

181

Origination Dollar Volume (All Markets)

$33,505,000

Awards

First City Credit Union 30 Year Conventional Loans gold First City Credit Union 30 Year Conventional Loans silver First City Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

First City Credit Union's average 30 year fixed mortgage rate was 4.1%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.66%.

Relative Fees (Closing Costs)

First City Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,741.

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 $4,750.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 144 $27,410,000 $190,347 $2,800 5.18%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 33 $4,415,000 $133,788 $1,989 5.32%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $1,425,000 $475,000 $9,503 5.17%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $255,000 $255,000 $887 5.25%
First City Credit Union's top markets include Los Angeles, Riverside, Oxnard, and Santa Maria among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

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

    Credence Funding Corporation
    Similarity Rank: 316
    Chaffey Federal Credit Union
    Similarity Rank: 644
    MISSION
    Similarity Rank: 1025
    Christian Community Credit Union
    Similarity Rank: 1062
    Los Angeles Federal Credit Union
    Similarity Rank: 1120
    First City Credit Union
    Similarity Rank: 1300
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $33,505,000 $185,110 $2,761 5.21%

    For 2022, First City Credit Union's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 67 $6,035,000 $90,075 $658 5.72%
    Other 48 $4,120,000 $85,833 $656 6.10%
    Cash Out Refi 36 $12,340,000 $342,778 $6,838 4.00%
    Refi 19 $4,935,000 $259,737 $3,779 3.61%
    Home Purchase 11 $6,075,000 $552,273 $11,628 4.93%

    For 2022, First City Credit Union's most frequently cited loan purpose was Home Improvement, with 67 originations. The 2nd most popular reason was Other, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 73 $7,345,000 $100,616 $887 6.07%
    30 Year 51 $20,855,000 $408,922 $7,741 4.10%
    15 Year 23 $2,935,000 $127,609 $1,272 4.96%
    10 Year 21 $1,865,000 $88,810 $845 5.39%
    5 Year 10 $320,000 $32,000 $623 4.89%
    Other 3 $185,000 $61,667 $609 4.92%

    For 2022, First City Credit Union's most frequently cited loan duration was 20 Year, with 73 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $10,800,000 $88,525
    $5k+ 25 $13,115,000 $524,600
    $3k-4k 8 $1,710,000 $213,750
    $4k-5k 8 $2,550,000 $318,750
    $1k-2k 6 $1,710,000 $285,000
    $2k-3k 4 $800,000 $200,000

    First City Credit Union's average total fees were $7,741, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 72 $8,620,000 $119,722
    6-7% 38 $4,710,000 $123,947
    4-5% 26 $6,540,000 $251,538
    3-4% 25 $8,245,000 $329,800
    2.5-3% 10 $3,920,000 $392,000
    <2.5% 5 $1,035,000 $207,000
    7-8% 5 $435,000 $87,000

    During 2022, First City Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 5-6%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 80 $4,550,000 $56,875 $649 5.72%
    $100k-200k 45 $6,045,000 $134,333 $1,539 5.52%
    $200k-400k 32 $9,280,000 $290,000 $4,531 4.23%
    $400k-600k 15 $6,995,000 $466,333 $8,783 4.17%
    $600k-1MM 9 $6,635,000 $737,222 $13,352 4.32%

    2022 saw First City Credit Union place emphasis on $100,000 or less loans with 80 originations, totaling $4,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $10,890,000 $187,759 $3,012 5.11%
    $150k-250k 40 $7,100,000 $177,500 $1,856 5.55%
    $75k-100k 35 $5,725,000 $163,571 $2,845 5.10%
    $50k-75k 29 $4,235,000 $146,034 $2,630 5.09%
    $250k+ 14 $4,740,000 $338,571 $3,840 5.39%
    $50k or less 5 $815,000 $163,000 $4,704 4.60%

    First City Credit Union lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $150k-250k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $5,905,000 $190,484 $2,323 4.68%
    30-36% 28 $6,020,000 $215,000 $3,405 4.67%
    39% 12 $2,170,000 $180,833 $1,697 5.95%
    41% 12 $2,230,000 $185,833 $2,924 5.41%
    40% 12 $2,270,000 $189,167 $2,104 5.97%
    49% 11 $1,825,000 $165,909 $3,228 5.45%
    46% 10 $2,790,000 $279,000 $3,883 5.09%
    45% 9 $2,875,000 $319,444 $7,761 4.72%
    48% 8 $690,000 $86,250 $1,577 5.14%
    42% 8 $1,070,000 $133,750 $1,908 5.34%
    43% 8 $1,070,000 $133,750 $1,630 6.08%
    37% 6 $1,480,000 $246,667 $3,889 5.88%
    44% 6 $1,130,000 $188,333 $3,038 5.56%
    <20% 5 $395,000 $79,000 $1,906 3.98%
    38% 5 $365,000 $73,000 $637 5.95%
    47% 5 $295,000 $59,000 $612 5.90%
    36% 4 $790,000 $197,500 $1,413 5.31%
    50-60% 1 $135,000 $135,000 $5,333 4.38%

    First City Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 70 $12,960,000 $185,143 $2,272 5.22%
    White 59 $10,365,000 $175,678 $2,997 5.08%
    Black 33 $6,995,000 $211,970 $3,773 5.28%
    Asian 12 $2,210,000 $184,167 $1,949 5.31%
    Native Hawaiian or Islander 1 $555,000 $555,000 $10,336 6.25%
    Filipino 4 $240,000 $60,000 $608 5.59%
    Other Asian 1 $155,000 $155,000 $732 6.50%
    American Indian 1 $25,000 $25,000 $610 4.63%

    Approval Rates

    Total approvals of all applications
    61.83%

    First City Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    71.82%

    First City Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 181 $33,505,000 $185,110

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    181 $33,505,000 $185,110

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $4,420,000 $200,909 $3,006 4.68%
    40-60% 18 $6,300,000 $350,000 $5,398 3.80%
    60-80% 17 $8,525,000 $501,471 $10,375 3.68%
    80-100% 8 $4,740,000 $592,500 $11,320 4.94%
    Under 20% 116 $9,520,000 $82,069 $812 5.77%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%