Firstlight Federal Credit Union Mortgage Rates, Fees & Info

El Paso, TX

LEI: 549300SGEJUQK4Q7ZY34

Tax ID: 74-1259391

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

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  • 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

    Firstlight Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Firstlight Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: El Paso, Las Cruces, Ruidoso, Houston, and Odessa 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 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 6.85% 5/4/24
    30 Year Conventional Refi 6.62% 5/4/24
    30 Year Cash-out Refi 7.03% 5/4/24
    30 Year FHA Purchase 7.67% 5/4/24
    30 Year VA Purchase 5.59% 5/4/24
    15 Year Conventional Purchase 6.44% 5/4/24
    15 Year Conventional Refi 6.41% 5/4/24
    15 Year Cash-out Refi 6.41% 5/4/24
    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.

    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

    249

    Origination Dollar Volume (All Markets)

    $33,845,000
    Show all (7) 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
    EL PASO, TX (FHA|USDA|VA) 150 $19,900,000 $132,667 $3,895 4.48%
    LAS CRUCES, NM (FHA|USDA|VA) 91 $12,445,000 $136,758 $3,958 4.37%
    Ruidoso, NM (FHA|USDA|VA) 2 $350,000 $175,000 $5,481 4.19%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $345,000 $345,000 $8,570 4.75%
    ODESSA, TX (FHA|USDA|VA) 1 $235,000 $235,000 $6,674 4.63%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $225,000 $225,000 $108 4.01%
    Alamogordo, NM (FHA|USDA|VA) 2 $210,000 $105,000 $2,967 4.31%
    Hobbs, NM (FHA|USDA|VA) 1 $135,000 $135,000 $3,996 4.25%
    Firstlight Federal Credit Union's top markets include El Paso, Las Cruces, Ruidoso, Houston, and Odessa 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: 48
    GECU
    Similarity Rank: 92
    Pioneer Bank
    Similarity Rank: 189
    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 242
    Rocky Mountain Mortgage Company
    Similarity Rank: 385
    FirstLight Federal Credit Union
    Similarity Rank: 432
    Citizens Bank of Las Cruces
    Similarity Rank: 672
    SECURITY SERVICE
    Similarity Rank: 832
    LEGACY MORTGAGE LLC
    Similarity Rank: 858
    Stifel Bank and Trust
    Similarity Rank: 1029

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 229 $29,915,000 $130,633 $3,914 4.46%
    VA 14 $3,070,000 $219,286 $4,221 3.95%
    FHA 6 $860,000 $143,333 $4,216 4.50%

    For 2018, Firstlight Federal Credit Union's most frequently originated type of loan was Conventional, with 229 originations. Their 2nd most popular type was VA, with 14 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 127 $20,645,000 $162,559 $4,490 4.33%
    Cash Out Refi 81 $7,455,000 $92,037 $3,099 4.69%
    Refi 39 $5,655,000 $145,000 $3,978 4.24%
    Home Improvement 1 $85,000 $85,000 $4,232 3.38%
    Other 1 $5,000 $5,000 $102 6.00%

    For 2018, Firstlight Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 127 originations. The 2nd most popular reason was Cash Out Refi, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 124 $21,570,000 $173,952 $4,424 4.46%
    15 Year 101 $9,285,000 $91,931 $3,361 4.42%
    20 Year 17 $2,535,000 $149,118 $4,500 4.38%
    10 Year 7 $455,000 $65,000 $2,300 4.31%

    For 2018, Firstlight Federal Credit Union's most frequently cited loan duration was 30 Year, with 124 originations. The 2nd most popular length was 15 Year, with 101 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 124 $11,800,000 $95,161
    $2k-3k 52 $9,010,000 $173,269
    $<1k 43 $5,065,000 $117,791
    $3k-4k 20 $5,080,000 $254,000
    $4k-5k 8 $2,250,000 $281,250
    $5k+ 2 $640,000 $320,000

    Firstlight Federal Credit Union's average total fees were $4,424, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 124 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 148 $21,660,000 $146,351
    3-4% 66 $9,270,000 $140,455
    5-6% 34 $2,790,000 $82,059
    2.5-3% 1 $125,000 $125,000

    During 2018, Firstlight Federal Credit Union's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 4-5%, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 107 $14,715,000 $137,523 $4,254 4.37%
    $100,000 or less 105 $7,605,000 $72,429 $2,880 4.57%
    $200k-400k 32 $8,420,000 $263,125 $5,915 4.24%
    $400k-600k 4 $1,910,000 $477,500 $7,673 4.09%
    $1MM+ 1 $1,195,000 $1,195,000 $3,097 4.38%

    2018 saw Firstlight Federal Credit Union place emphasis on $100k-200k loans with 107 originations, totaling $14,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 81 $7,035,000 $86,852 $2,986 4.57%
    $50k-75k 69 $7,635,000 $110,652 $3,583 4.41%
    $100k-150k 42 $7,240,000 $172,381 $4,860 4.31%
    $75k-100k 34 $5,170,000 $152,059 $4,233 4.39%
    $150k-250k 18 $4,040,000 $224,444 $6,163 4.31%
    $250k+ 5 $2,725,000 $545,000 $6,519 4.53%

    Firstlight Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 81 originations. The second most popular income band? $50k-75k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 64 $8,890,000 $138,906 $3,771 4.34%
    30-36% 44 $5,190,000 $117,955 $3,556 4.51%
    <20% 27 $3,635,000 $134,630 $3,871 4.22%
    44% 13 $2,425,000 $186,538 $5,411 4.40%
    40% 11 $1,325,000 $120,455 $3,977 4.59%
    46% 10 $1,300,000 $130,000 $4,049 4.61%
    39% 10 $1,340,000 $134,000 $4,258 4.15%
    36% 9 $1,225,000 $136,111 $3,684 4.39%
    45% 9 $1,325,000 $147,222 $5,321 4.57%
    43% 8 $1,100,000 $137,500 $4,118 4.50%
    38% 8 $1,220,000 $152,500 $4,306 4.44%
    50-60% 7 $1,325,000 $189,286 $3,843 3.99%
    42% 6 $770,000 $128,333 $3,799 4.63%
    47% 6 $550,000 $91,667 $3,916 4.89%
    49% 5 $425,000 $85,000 $2,547 5.38%
    37% 5 $875,000 $175,000 $3,754 4.57%
    48% 4 $570,000 $142,500 $4,289 4.28%
    41% 3 $355,000 $118,333 $3,639 4.88%

    Firstlight Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 64 originations. The next most common DTI ratio? 30-36%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 232 $31,680,000 $136,552 $3,946 4.43%
    Black 10 $1,350,000 $135,000 $3,832 4.50%
    Asian 4 $410,000 $102,500 $3,457 4.56%
    Not provided 2 $290,000 $145,000 $4,273 4.38%
    Asian Indian 1 $115,000 $115,000 $4,595 4.00%

    Approval Rates

    Total approvals of all applications
    58.80%

    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
    61.85%

    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 249 $33,845,000 $135,924

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $505,000 $101,000
    Single Family (1-4 Units):Site-Built 244 $33,340,000 $136,639

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $705,000 $78,333 $2,613 4.34%
    40-60% 38 $3,170,000 $83,421 $2,961 4.48%
    60-80% 91 $10,365,000 $113,901 $3,943 4.55%
    80-100% 109 $19,545,000 $179,312 $4,447 4.31%
    Under 20% 1 $55,000 $55,000 $995 5.13%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%