Education First Credit Union Mortgage Rates, Fees & Info

Columbus, OH

LEI: 549300ZA8T2KGQF6JK55

Tax ID: 31-4379753

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
  • 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

    Education First Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Education First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Cleveland, and Mount Vernon among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Education First Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Education First 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
    Home Equity Line of Credit (HELOC) 5.73% 4/28/24
    30 Year Conventional Purchase 6.44% 4/28/24
    30 Year Cash-out Refi 6.45% 4/28/24
    15 Year Conventional Refi 6.05% 4/28/24
    15 Year Cash-out Refi 6.05% 4/28/24
    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.

    Education First Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Education First 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

    112

    Origination Dollar Volume (All Markets)

    $11,880,000

    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
    COLUMBUS, OH (FHA|USDA|VA) 110 $11,740,000 $106,727 $2,811 3.94%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,114 2.50%
    Mount Vernon, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.75%
    Education First Credit Union's top markets include Columbus, Cleveland, and Mount Vernon among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

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

    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 567
    TrueCore Federal Credit Union
    Similarity Rank: 716
    First Federal Savings and Loan Association
    Similarity Rank: 979
    LCNB National Bank
    Similarity Rank: 1040
    Liberty National Bank
    Similarity Rank: 1104
    Kingston National Bank
    Similarity Rank: 1616
    The Community Bank
    Similarity Rank: 1953
    1st National Bank
    Similarity Rank: 2088
    The Old Fort Banking Company
    Similarity Rank: 2160
    CME Federal Credit Union
    Similarity Rank: 2398

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $10,110,000 $123,293 $2,818 3.87%
    HELOC 30 $1,770,000 $59,000 n/a 4.21%

    For 2021, Education First Credit Union's most frequently originated type of loan was Conventional, with 82 originations. Their 2nd most popular type was HELOC, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 24 $1,430,000 $59,583 $2,641 4.70%
    Other 21 $1,825,000 $86,905 $2,719 4.29%
    Cash Out Refi 18 $2,700,000 $150,000 $2,581 2.76%
    NA 17 $985,000 $57,941 $0 4.53%
    Refi 17 $2,555,000 $150,294 $2,759 3.65%
    Home Purchase 15 $2,385,000 $159,000 $3,312 3.48%

    For 2021, Education First Credit Union's most frequently cited loan purpose was Home Improvement, with 24 originations. The 2nd most popular reason was Other, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 43 $3,545,000 $82,442 $2,686 4.75%
    Other 26 $1,340,000 $51,538 $0 4.14%
    15 Year 19 $3,215,000 $169,211 $2,613 2.55%
    30 Year 14 $2,320,000 $165,714 $3,098 3.27%
    20 Year 6 $1,350,000 $225,000 $2,920 2.92%
    5 Year 4 $110,000 $27,500 $0 5.07%

    For 2021, Education First Credit Union's most frequently cited loan duration was 10 Year, with 43 originations. The 2nd most popular length was Other, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 41 $7,585,000 $185,000
    $1k-2k 2 $70,000 $35,000
    $3k-4k 1 $135,000 $135,000

    Education First Credit Union's average total fees were $3,098, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 31 $3,685,000 $118,871
    4-5% 26 $1,870,000 $71,923
    <2.5% 16 $3,050,000 $190,625
    2.5-3% 14 $1,980,000 $141,429
    5-6% 14 $770,000 $55,000
    6-7% 10 $500,000 $50,000
    7-8% 1 $25,000 $25,000

    During 2021, Education First Credit Union's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $3,675,000 $54,851 $2,812 4.60%
    $100k-200k 30 $3,900,000 $130,000 $2,745 3.10%
    $200k-400k 13 $3,475,000 $267,308 $2,802 2.83%
    $400k-600k 2 $830,000 $415,000 $3,765 2.81%

    2021 saw Education First Credit Union place emphasis on $100,000 or less loans with 67 originations, totaling $3,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 32 $2,910,000 $90,938 $2,540 3.80%
    $50k-75k 25 $2,085,000 $83,400 $2,739 4.36%
    $50k or less 17 $1,105,000 $65,000 $2,555 3.78%
    $100k-150k 16 $1,880,000 $117,500 $3,399 4.29%
    $150k-250k 16 $2,480,000 $155,000 $2,860 3.61%
    $250k+ 6 $1,420,000 $236,667 $3,413 3.75%

    Education First Credit Union lent most frequently to those with incomes in the $75k-100k range, with 32 originations. The second most popular income band? $50k-75k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 32 $3,250,000 $101,563 $2,917 3.69%
    30-36% 18 $1,800,000 $100,000 $2,749 4.34%
    <20% 13 $1,915,000 $147,308 $2,947 3.68%
    50-60% 6 $310,000 $51,667 $0 3.96%
    37% 5 $455,000 $91,000 $3,017 4.44%
    39% 5 $415,000 $83,000 $3,143 3.92%
    44% 4 $260,000 $65,000 $2,481 4.15%
    40% 4 $500,000 $125,000 $2,617 3.13%
    43% 4 $320,000 $80,000 $2,440 3.66%
    42% 3 $495,000 $165,000 $1,459 3.57%
    36% 3 $445,000 $148,333 $2,914 4.25%
    38% 3 $285,000 $95,000 $2,740 2.79%
    41% 3 $525,000 $175,000 $3,638 4.03%
    47% 2 $140,000 $70,000 $0 5.34%
    48% 2 $550,000 $275,000 $3,891 3.71%
    45% 2 $60,000 $30,000 $0 5.75%
    46% 1 $55,000 $55,000 $0 4.25%
    49% 1 $45,000 $45,000 $0 6.49%
    >60% 1 $55,000 $55,000 $0 6.25%

    Education First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 32 originations. The next most common DTI ratio? 30-36%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 41 $5,715,000 $139,390 $2,986 3.55%
    Black 45 $3,995,000 $88,778 $2,567 4.44%
    Not provided 26 $2,170,000 $83,462 $2,730 3.79%

    Approval Rates

    Total approvals of all applications
    92.72%

    Education First Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.00%

    Education First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 112 $11,880,000 $106,071

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    112 $11,880,000 $106,071

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,005,000 $69,138 $2,467 4.59%
    40-60% 23 $3,055,000 $132,826 $2,717 3.09%
    60-80% 24 $3,910,000 $162,917 $2,788 3.10%
    80-100% 7 $1,665,000 $237,857 $3,298 3.44%
    Under 20% 29 $1,245,000 $42,931 $0 4.87%