First City Credit Union Mortgage Rates, Fees & Info

LOS ANGELES, CA

LEI: 549300S1ULK3TJQ8I652

Tax ID: 95-1679662

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 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, Bakersfield, Santa Maria, and San Luis Obispo among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First City 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 City 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
    30 Year Conventional Purchase 6.23% 4/28/24
    30 Year Conventional Refi 6.18% 4/28/24
    30 Year Cash-out Refi 6.00% 4/28/24
    15 Year Conventional Refi 6.47% 4/28/24
    15 Year Cash-out Refi 6.47% 4/28/24
    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

    79

    Origination Dollar Volume (All Markets)

    $22,345,000

    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

    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) 45 $14,875,000 $330,556 $3,218 2.84%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 18 $5,870,000 $326,111 $4,155 2.86%
    Outside of Metro Areas 12 $700,000 $58,333 $696 5.02%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $500,000 $250,000 $2,472 2.88%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $275,000 $275,000 $5,214 2.50%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $125,000 $125,000 $1,805 2.38%
    First City Credit Union's top markets include Los Angeles, Riverside, Bakersfield, Santa Maria, and San Luis Obispo 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.

    Christian Community Credit Union
    Similarity Rank: 354
    Credence Funding Corporation
    Similarity Rank: 404
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 825
    Chaffey Federal Credit Union
    Similarity Rank: 966
    LA Financial Federal Credit Union
    Similarity Rank: 1374
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    Los Angeles Federal Credit Union
    Similarity Rank: 1400
    Water and Power Community Credit Union
    Similarity Rank: 1484
    ARROWHEAD CENTRAL CREDIT UNION
    Similarity Rank: 1488
    FRONTWAVE
    Similarity Rank: 1520

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 79 $22,345,000 $282,848 $3,002 3.17%

    For 2021, First City Credit Union's most frequently originated type of loan was Conventional, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 51 $17,675,000 $346,569 $3,376 2.91%
    Refi 16 $3,360,000 $210,000 $2,945 2.85%
    Home Improvement 5 $275,000 $55,000 $700 4.93%
    Other 5 $285,000 $57,000 $583 5.13%
    Home Purchase 2 $750,000 $375,000 $6,045 2.88%

    For 2021, First City Credit Union's most frequently cited loan purpose was Cash Out Refi, with 51 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 48 $17,150,000 $357,292 $3,589 2.94%
    15 Year 11 $2,575,000 $234,091 $3,091 2.92%
    10 Year 8 $650,000 $81,250 $1,015 4.17%
    20 Year 8 $1,820,000 $227,500 $2,478 3.14%
    Other 3 $105,000 $35,000 $498 4.75%
    5 Year 1 $45,000 $45,000 $710 4.25%

    For 2021, First City Credit Union's most frequently cited loan duration was 30 Year, with 48 originations. The 2nd most popular length was 15 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 14 $1,050,000 $75,000
    $2k-3k 8 $2,310,000 $288,750
    $3k-4k 8 $2,750,000 $343,750
    $4k-5k 6 $2,450,000 $408,333
    $1k-2k 3 $505,000 $168,333
    $5k+ 3 $1,625,000 $541,667

    First City Credit Union's average total fees were $3,589, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 44 $15,210,000 $345,682
    3-4% 12 $3,820,000 $318,333
    <2.5% 11 $2,615,000 $237,727
    5-6% 8 $550,000 $68,750
    4-5% 4 $150,000 $37,500

    During 2021, First City Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 34 $10,140,000 $298,235 $3,345 2.86%
    $400k-600k 18 $8,870,000 $492,778 $4,679 2.89%
    $100k-200k 15 $2,165,000 $144,333 $2,028 3.22%
    $100,000 or less 11 $535,000 $48,636 $855 4.55%
    $600k-1MM 1 $635,000 $635,000 $2,106 2.75%

    2021 saw First City Credit Union place emphasis on $200k-400k loans with 34 originations, totaling $10,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $5,935,000 $312,368 $3,404 3.22%
    $75k-100k 18 $5,100,000 $283,333 $2,905 2.89%
    $50k-75k 15 $3,195,000 $213,000 $2,613 3.28%
    $150k-250k 14 $4,580,000 $327,143 $2,765 3.46%
    $50k or less 7 $1,295,000 $185,000 $2,897 2.95%
    $250k+ 2 $590,000 $295,000 $710 3.63%

    First City Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $5,180,000 $259,000 $2,938 3.04%
    30-36% 12 $2,970,000 $247,500 $2,548 3.04%
    44% 8 $2,620,000 $327,500 $2,070 3.36%
    41% 6 $1,920,000 $320,000 $2,891 2.90%
    43% 5 $1,305,000 $261,000 $3,925 3.13%
    40% 5 $1,885,000 $377,000 $3,472 3.00%
    <20% 4 $1,480,000 $370,000 $4,906 2.88%
    42% 4 $1,510,000 $377,500 $2,223 2.84%
    45% 4 $1,190,000 $297,500 $4,492 3.25%
    48% 3 $625,000 $208,333 $2,916 4.42%
    50-60% 2 $420,000 $210,000 $1,516 3.88%
    38% 2 $140,000 $70,000 $685 5.00%
    39% 1 $155,000 $155,000 $1,699 2.75%
    47% 1 $425,000 $425,000 $6,106 2.75%
    46% 1 $315,000 $315,000 $4,976 3.00%
    49% 1 $205,000 $205,000 $5,791 2.63%

    First City Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 43 $12,805,000 $297,791 $2,967 2.96%
    White 17 $4,915,000 $289,118 $3,392 3.38%
    Black 12 $2,670,000 $222,500 $2,373 3.48%
    Asian 4 $1,370,000 $342,500 $3,952 3.50%
    Filipino 1 $365,000 $365,000 $5,496 2.75%
    Other Asian 1 $175,000 $175,000 $1,699 3.00%
    American Indian 1 $45,000 $45,000 $710 4.25%

    Approval Rates

    Total approvals of all applications
    74.19%

    First City Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    17.72%

    First City Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 79 $22,345,000 $282,848

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    79 $22,345,000 $282,848

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $3,480,000 $217,500 $2,557 2.71%
    40-60% 20 $6,920,000 $346,000 $3,450 2.88%
    60-80% 25 $10,095,000 $403,800 $4,033 2.89%
    80-100% 2 $620,000 $310,000 $4,180 2.94%
    Under 20% 16 $1,230,000 $76,875 $1,166 4.45%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
    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 FHA mortgage Struggling to pay mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%