Firstlight Federal Credit Union Mortgage Rates, Fees & Info

El Paso, TX

LEI: 549300SGEJUQK4Q7ZY34

Tax ID: 74-1259391

5 stars - Updated: 10/7/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Firstlight Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Firstlight Federal Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: El Paso, Las Cruces, Albuquerque, Santa Fe, and Big Spring among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Firstlight Federal 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. Firstlight 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 relatively high 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 6.85% 10/7/24
30 Year Conventional Refi 6.62% 10/7/24
30 Year Cash-out Refi 7.03% 10/7/24
30 Year FHA Purchase 7.67% 10/7/24
30 Year VA Purchase 5.59% 10/7/24
15 Year Conventional Purchase 6.44% 10/7/24
15 Year Conventional Refi 6.41% 10/7/24
15 Year Cash-out Refi 6.41% 10/7/24
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.

Firstlight 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 Firstlight 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

261

Origination Dollar Volume (All Markets)

$33,315,000

Awards

FirstLight Federal Credit Union 30 Year Conventional Loans gold FirstLight Federal Credit Union 30 Year Conventional Loans gold FirstLight Federal Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Firstlight Federal Credit Union's average 30 year fixed mortgage rate was 7.06%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.58%.

Relative Fees (Closing Costs)

Firstlight Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,795.

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 $9,089.

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
EL PASO, TX (FHA|USDA|VA) 185 $23,595,000 $127,541 $2,794 7.41%
LAS CRUCES, NM (FHA|USDA|VA) 67 $7,885,000 $117,687 $2,259 7.63%
ALBUQUERQUE, NM (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,718 6.67%
SANTA FE, NM (FHA|USDA|VA) 1 $465,000 $465,000 $5,672 6.63%
Big Spring, TX (FHA|USDA|VA) 1 $95,000 $95,000 $2,184 6.75%
Alamogordo, NM (FHA|USDA|VA) 1 $75,000 $75,000 $1,308 7.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $55,000 $55,000 $1,647 8.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $55,000 $55,000 $4,013 7.00%
Firstlight Federal Credit Union's top markets include El Paso, Las Cruces, Albuquerque, Santa Fe, and Big Spring among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Similar Lenders

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

    EVOLVE
    Similarity Rank: 18
    NUSENDA
    Similarity Rank: 108
    White Sands Federal Credit Union
    Similarity Rank: 117
    EL PASO AREA TEACHERS
    Similarity Rank: 132
    Rocky Mountain Mortgage Company
    Similarity Rank: 196
    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 248
    SUN AMERICAN MORTGAGE COMPANY
    Similarity Rank: 252
    First American Bank
    Similarity Rank: 264
    Citizens Bank of Las Cruces
    Similarity Rank: 495
    FirstLight Federal Credit Union
    Similarity Rank: 568

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $27,995,000 $116,162 $2,340 7.57%
    FHA 10 $2,510,000 $251,000 $8,298 6.05%
    VA 10 $2,810,000 $281,000 $5,108 6.02%

    For 2023, Firstlight Federal Credit Union's most frequently originated type of loan was Conventional, with 241 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 168 $16,190,000 $96,369 $2,161 7.75%
    Home Purchase 90 $16,720,000 $185,778 $3,663 6.95%
    Refi 3 $405,000 $135,000 $1,721 5.83%

    For 2023, Firstlight Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 168 originations. The 2nd most popular reason was Home Purchase, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 158 $12,760,000 $80,759 $1,978 7.63%
    30 Year 95 $19,625,000 $206,579 $3,795 7.06%
    20 Year 8 $930,000 $116,250 $3,084 8.63%

    For 2023, Firstlight Federal Credit Union's most frequently cited loan duration was 15 Year, with 158 originations. The 2nd most popular length was 30 Year, with 95 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 186 $22,590,000 $121,452
    $1k-2k 50 $4,960,000 $99,200
    $2k-3k 13 $3,105,000 $238,846
    $3k-4k 3 $825,000 $275,000
    $5k+ 3 $1,015,000 $338,333
    $4k-5k 1 $245,000 $245,000

    Firstlight Federal Credit Union's average total fees were $3,795, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 186 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 88 $11,280,000 $128,182
    6-7% 82 $12,240,000 $149,268
    Over 8% 74 $5,790,000 $78,243
    5-6% 15 $3,455,000 $230,333
    4-5% 2 $550,000 $275,000

    During 2023, Firstlight Federal Credit Union's average interest rate for loans was 7.06%, while their most frequently originated rate bucket for loans was 7-8%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 143 $9,015,000 $63,042 $1,632 7.78%
    $100k-200k 63 $9,235,000 $146,587 $2,908 7.28%
    $200k-400k 50 $12,810,000 $256,200 $4,814 6.82%
    $400k-600k 5 $2,255,000 $451,000 $8,012 6.45%

    2023 saw Firstlight Federal Credit Union place emphasis on $100,000 or less loans with 143 originations, totaling $9,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 70 $7,500,000 $107,143 $2,346 7.41%
    $100k-150k 69 $11,135,000 $161,377 $3,139 7.47%
    $75k-100k 59 $7,125,000 $120,763 $2,547 7.45%
    $50k or less 27 $2,005,000 $74,259 $1,670 7.48%
    $150k-250k 25 $3,665,000 $146,600 $3,324 7.32%
    $250k+ 6 $1,520,000 $253,333 $5,238 7.19%

    Firstlight Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 70 originations. The second most popular income band? $100k-150k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 48 $7,200,000 $150,000 $2,906 7.55%
    20-30% 44 $5,540,000 $125,909 $2,829 7.33%
    44% 27 $2,455,000 $90,926 $1,708 7.88%
    39% 16 $1,370,000 $85,625 $1,596 7.43%
    43% 16 $1,770,000 $110,625 $2,186 7.74%
    41% 13 $1,705,000 $131,154 $2,175 7.56%
    <20% 13 $1,445,000 $111,154 $2,701 7.00%
    40% 11 $1,505,000 $136,818 $2,139 7.72%
    42% 10 $1,730,000 $173,000 $4,614 7.22%
    36% 10 $990,000 $99,000 $2,205 7.40%
    37% 10 $930,000 $93,000 $1,550 7.76%
    48% 10 $1,780,000 $178,000 $4,589 7.25%
    47% 7 $1,225,000 $175,000 $3,980 6.98%
    46% 6 $810,000 $135,000 $5,017 7.29%
    49% 6 $880,000 $146,667 $2,716 7.13%
    45% 5 $795,000 $159,000 $2,145 6.60%
    38% 5 $615,000 $123,000 $3,283 7.78%
    50-60% 4 $570,000 $142,500 $2,512 6.55%

    Firstlight Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 48 originations. The next most common DTI ratio? 20-30%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 223 $27,675,000 $124,103 $2,616 7.45%
    Not provided 21 $3,395,000 $161,667 $3,126 7.54%
    Black 13 $1,865,000 $143,462 $3,290 7.38%
    American Indian 3 $285,000 $95,000 $1,480 7.21%
    Asian 1 $95,000 $95,000 $2,184 6.75%

    Approval Rates

    Total approvals of all applications
    66.38%

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

    Pick Rate

    Approvals leading to origination
    -143.68%

    Firstlight Federal 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 261 $33,315,000 $127,644

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    261 $33,315,000 $127,644

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $4,470,000 $67,727 $1,632 7.85%
    40-60% 39 $4,835,000 $123,974 $2,322 7.21%
    60-80% 55 $8,235,000 $149,727 $3,205 7.49%
    80-100% 57 $13,565,000 $237,982 $4,540 6.78%
    Over 100% 1 $245,000 $245,000 $11,387 6.63%
    Under 20% 43 $1,965,000 $45,698 $1,222 7.90%