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

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%	11/22/24
30 Year Conventional Purchase	6.44%	11/22/24
30 Year Cash-out Refi	6.45%	11/22/24
15 Year Conventional Refi	6.05%	11/22/24
15 Year Cash-out Refi	6.05%	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.

Education First Credit Union Mortgage Calculator

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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
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LCNB National Bank
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Liberty National Bank
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Kingston National Bank
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The Community Bank
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1st National Bank
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The Old Fort Banking Company
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CME Federal Credit Union
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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%