1st Ed Credit Union Mortgage Rates, Fees & Info
Chambersburg, PALEI: 549300W75G5512S0BN41
Tax ID: 23-6274650
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Mortgage Data
Review & Overview
1st Ed Credit Union is a smaller credit union specializing in Refi loans. 1st Ed Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chambersburg, Harrisburg, Gettysburg, York, and Huntingdon among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)1st Ed Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. 1st Ed 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 relatively high rates.
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Originations
51Origination Dollar Volume (All Markets)
$4,335,000Relative Rate
1st Ed Credit Union's average 30 year fixed mortgage rate was
6.6%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.12%.
Relative Fees (Closing Costs)
1st Ed Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,303.
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 |
|---|---|---|---|---|---|
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 34 | $2,310,000 | $67,941 | $783 | 6.05% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 6 | $840,000 | $140,000 | $1,050 | 6.29% |
| GETTYSBURG, PA (FHA|USDA|VA) | 7 | $635,000 | $90,714 | $500 | 5.92% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $500 | 5.88% |
| Huntingdon, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $500 | 6.00% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $500 | 5.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $4,335,000 | $85,000 | $753 | 6.04% |
For 2023, 1st Ed Credit Union's most frequently originated type of loan was Conventional, with 51 originations.
Loan Reason
For 2023, 1st Ed Credit Union's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Improvement, with 12 originations.
Loan Duration/Length
For 2023, 1st Ed Credit Union's most frequently cited loan duration was 15 Year, with 27 originations. The 2nd most popular length was 10 Year, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 50 | $4,110,000 | $82,200 |
| $4k-5k | 1 | $225,000 | $225,000 |
1st Ed Credit Union's average total fees were $5,303, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 50 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 26 | $1,980,000 | $76,154 |
| 6-7% | 25 | $2,355,000 | $94,200 |
During 2023, 1st Ed Credit Union's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 5-6%, with 26 originations.
Loan Sizing
2023 saw 1st Ed Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,790,000 in origination value.
Applicant Income
1st Ed Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 14 originations.
Applicant Debt to Income Ratio
1st Ed Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 51 | $4,335,000 | $85,000 | $753 | 6.04% |
Approval Rates
Total approvals of all applications90.00%
1st Ed Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination94.12%
1st Ed Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 51 | $4,335,000 | $85,000 |