Firstlight Federal Credit Union Mortgage Rates, Fees & Info
El Paso, TXLEI: 549300SGEJUQK4Q7ZY34
Tax ID: 74-1259391
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Mortgage Data
Review & Overview
Firstlight Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and 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 San Antonio among others. We have data for 13 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.85% | 11/22/24 |
| 30 Year Conventional Refi | 6.62% | 11/22/24 |
| 30 Year Cash-out Refi | 7.03% | 11/22/24 |
| 30 Year FHA Purchase | 7.67% | 11/22/24 |
| 30 Year VA Purchase | 5.59% | 11/22/24 |
| 15 Year Conventional Purchase | 6.44% | 11/22/24 |
| 15 Year Conventional Refi | 6.41% | 11/22/24 |
| 15 Year Cash-out Refi | 6.41% | 11/22/24 |
| 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
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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
300Origination Dollar Volume (All Markets)
$41,930,000Top 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) | 159 | $20,665,000 | $129,969 | $4,039 | 3.08% |
| LAS CRUCES, NM (FHA|USDA|VA) | 125 | $18,605,000 | $148,840 | $3,937 | 3.06% |
| Ruidoso, NM (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $4,295 | 2.56% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $5,965 | 2.63% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $5,267 | 3.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,412 | 6.00% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,087 | 3.63% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,542 | 2.25% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,389 | 4.50% |
| Outside of Metro Areas | 1 | $125,000 | $125,000 | $3,823 | 3.50% |
| Silver City, NM (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,516 | 2.25% |
| WACO, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,659 | 2.75% |
| Deming, NM (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,396 | 4.63% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 288 | $39,260,000 | $136,319 | $3,937 | 3.10% |
| VA | 10 | $2,340,000 | $234,000 | $5,888 | 2.41% |
| FHA | 2 | $330,000 | $165,000 | $7,472 | 3.38% |
For 2021, Firstlight Federal Credit Union's most frequently originated type of loan was Conventional, with 288 originations. Their 2nd most popular type was VA, with 10 originations.
Loan Reason
For 2021, Firstlight Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Cash Out Refi, with 113 originations.
Loan Duration/Length
For 2021, Firstlight Federal Credit Union's most frequently cited loan duration was 15 Year, with 164 originations. The 2nd most popular length was 30 Year, with 107 originations.
Origination Fees/Closing Costs
Firstlight Federal Credit Union's average total fees were $4,690, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 154 originations.
Interest Rates
During 2021, Firstlight Federal Credit Union's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 2.5-3%, with 119 originations.
Loan Sizing
2021 saw Firstlight Federal Credit Union place emphasis on $100k-200k loans with 131 originations, totaling $19,155,000 in origination value.
Applicant Income
Firstlight Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 84 originations. The second most popular income band? $50k-75k, with 76 originations.
Applicant Debt to Income Ratio
Firstlight Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 65 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications66.51%
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-95.00%
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 | 300 | $41,930,000 | $139,767 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| First Technology Federal Credit Union | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |