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

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

    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 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, Albuquerque, Tyler, and Killeen among others. We have data for 10 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 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 6.85% 11/21/24
    30 Year Conventional Refi 6.62% 11/21/24
    30 Year Cash-out Refi 7.03% 11/21/24
    30 Year FHA Purchase 7.67% 11/21/24
    30 Year VA Purchase 5.59% 11/21/24
    15 Year Conventional Purchase 6.44% 11/21/24
    15 Year Conventional Refi 6.41% 11/21/24
    15 Year Cash-out Refi 6.41% 11/21/24
    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

    279

    Origination Dollar Volume (All Markets)

    $35,595,000

    Awards

    FirstLight Federal Credit Union 30 Year Conventional Loans silver FirstLight Federal Credit Union 30 Year Conventional Loans gold
    Show all (2) 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) 175 $22,295,000 $127,400 $3,439 5.03%
    LAS CRUCES, NM (FHA|USDA|VA) 95 $12,065,000 $127,000 $3,207 4.71%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $365,000 $365,000 $9,348 4.75%
    TYLER, TX (FHA|USDA|VA) 1 $235,000 $235,000 $6,841 3.38%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $215,000 $215,000 $4,912 6.75%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $140,000 $70,000 $2,355 5.31%
    Alamogordo, NM (FHA|USDA|VA) 1 $95,000 $95,000 $3,859 2.88%
    Outside of Metro Areas 1 $75,000 $75,000 $5,248 2.63%
    Silver City, NM (FHA|USDA|VA) 1 $55,000 $55,000 $3,534 5.13%
    Roswell, NM (FHA|USDA|VA) 1 $55,000 $55,000 $3,759 3.50%
    Firstlight Federal Credit Union's top markets include El Paso, Las Cruces, Albuquerque, Tyler, and Killeen 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: 75
    PATRIOT MORTGAGE COMPANY
    Similarity Rank: 122
    EL PASO AREA TEACHERS
    Similarity Rank: 258
    NUSENDA
    Similarity Rank: 320
    GECU
    Similarity Rank: 420
    Rocky Mountain Mortgage Company
    Similarity Rank: 485
    Citizens Bank of Las Cruces
    Similarity Rank: 644
    First American Bank
    Similarity Rank: 696
    FirstLight Federal Credit Union
    Similarity Rank: 810
    SUN AMERICAN MORTGAGE COMPANY
    Similarity Rank: 837

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 271 $33,405,000 $123,266 $3,318 4.91%
    VA 6 $1,860,000 $310,000 $5,993 4.79%
    FHA 2 $330,000 $165,000 $6,805 3.31%

    For 2022, Firstlight Federal Credit Union's most frequently originated type of loan was Conventional, with 271 originations. Their 2nd most popular type was VA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 191 $20,165,000 $105,576 $3,038 4.86%
    Home Purchase 77 $13,895,000 $180,455 $4,241 5.17%
    Refi 11 $1,535,000 $139,545 $3,864 3.62%

    For 2022, Firstlight Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 191 originations. The 2nd most popular reason was Home Purchase, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 171 $14,705,000 $85,994 $2,562 4.80%
    30 Year 93 $19,005,000 $204,355 $4,911 5.09%
    20 Year 15 $1,885,000 $125,667 $3,802 4.91%

    For 2022, Firstlight Federal Credit Union's most frequently cited loan duration was 15 Year, with 171 originations. The 2nd most popular length was 30 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 110 $10,460,000 $95,091
    $<1k 99 $9,105,000 $91,970
    $2k-3k 44 $8,130,000 $184,773
    $3k-4k 17 $4,845,000 $285,000
    $4k-5k 5 $1,745,000 $349,000
    $5k+ 2 $910,000 $455,000

    Firstlight Federal Credit Union's average total fees were $4,911, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 110 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 66 $8,250,000 $125,000
    6-7% 50 $4,420,000 $88,400
    3-4% 49 $7,935,000 $161,939
    2.5-3% 48 $5,100,000 $106,250
    4-5% 39 $6,885,000 $176,538
    7-8% 17 $2,195,000 $129,118
    Over 8% 8 $530,000 $66,250
    <2.5% 2 $280,000 $140,000

    During 2022, Firstlight Federal Credit Union's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was 5-6%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 143 $9,205,000 $64,371 $1,993 5.13%
    $100k-200k 89 $12,915,000 $145,112 $4,310 4.62%
    $200k-400k 42 $11,250,000 $267,857 $5,707 4.73%
    $400k-600k 5 $2,225,000 $445,000 $9,050 4.85%

    2022 saw Firstlight Federal Credit Union place emphasis on $100,000 or less loans with 143 originations, totaling $9,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 82 $9,340,000 $113,902 $3,268 4.88%
    $50k or less 62 $5,190,000 $83,710 $2,720 4.71%
    $100k-150k 53 $8,685,000 $163,868 $4,026 4.69%
    $75k-100k 50 $5,810,000 $116,200 $3,027 5.18%
    $150k-250k 22 $4,570,000 $207,727 $4,717 5.57%
    $250k+ 7 $1,565,000 $223,571 $4,946 4.75%

    Firstlight Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 82 originations. The second most popular income band? $50k or less, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 47 $6,485,000 $137,979 $3,730 4.68%
    20-30% 45 $4,915,000 $109,222 $2,860 4.44%
    <20% 25 $3,185,000 $127,400 $3,266 4.07%
    42% 21 $2,795,000 $133,095 $4,001 5.42%
    43% 18 $2,400,000 $133,333 $3,144 5.71%
    40% 16 $1,800,000 $112,500 $2,456 5.13%
    44% 16 $1,840,000 $115,000 $3,192 5.08%
    41% 13 $1,795,000 $138,077 $3,462 5.38%
    39% 13 $1,365,000 $105,000 $2,806 5.44%
    38% 12 $1,560,000 $130,000 $3,003 5.16%
    36% 9 $1,685,000 $187,222 $5,085 4.18%
    48% 8 $840,000 $105,000 $3,614 5.08%
    50-60% 7 $1,065,000 $152,143 $3,519 5.63%
    46% 6 $690,000 $115,000 $3,339 5.38%
    47% 6 $660,000 $110,000 $3,985 4.44%
    49% 6 $1,030,000 $171,667 $5,376 4.25%
    37% 6 $870,000 $145,000 $3,736 5.42%
    45% 5 $615,000 $123,000 $3,768 5.70%

    Firstlight Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 47 originations. The next most common DTI ratio? 20-30%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 236 $30,030,000 $127,246 $3,425 4.91%
    Not provided 29 $3,965,000 $136,724 $3,510 4.72%
    Black 6 $820,000 $136,667 $3,667 4.31%
    Native Hawaiian or Islander 1 $285,000 $285,000 $2,934 5.50%
    American Indian 4 $280,000 $70,000 $1,602 5.50%
    Asian 3 $215,000 $71,667 $2,471 6.04%

    Approval Rates

    Total approvals of all applications
    66.74%

    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
    -91.40%

    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 279 $35,595,000 $127,581

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    279 $35,595,000 $127,581

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $3,920,000 $63,226 $1,840 5.37%
    40-60% 59 $6,665,000 $112,966 $3,024 4.22%
    60-80% 80 $13,080,000 $163,500 $4,497 4.86%
    80-100% 50 $10,620,000 $212,400 $5,056 4.69%
    Under 20% 28 $1,310,000 $46,786 $1,665 5.79%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%