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 Home Improvement loans. Education First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Mansfield, North Port, and Marion among others. We have data for 4 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.

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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






    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

    106

    Origination Dollar Volume (All Markets)

    $7,330,000

    Awards

    EDUCATION FIRST CREDIT UNION 30 Year Conventional Loans bronze
    Show all (1) 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
    COLUMBUS, OH (FHA|USDA|VA) 102 $6,830,000 $66,961 $2,786 5.60%
    MANSFIELD, OH (FHA|USDA|VA) 2 $340,000 $170,000 $3,220 6.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $95,000 $95,000 $3,117 2.25%
    Marion, OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,611 5.88%
    Education First Credit Union's top markets include Columbus, Mansfield, North Port, and Marion among others.

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

    First Federal Savings and Loan Association
    Similarity Rank: 366
    The Community Bank
    Similarity Rank: 406
    CME Federal Credit Union
    Similarity Rank: 663
    TrueCore Federal Credit Union
    Similarity Rank: 765
    Kingston National Bank
    Similarity Rank: 1152
    THE VINTON COUNTY NATIONAL BANK
    Similarity Rank: 1222
    BMI Federal Credit Union
    Similarity Rank: 1275
    The Merchants National Bank
    Similarity Rank: 1358
    PRIORITY MORTGAGE CORP.
    Similarity Rank: 1491
    KEMBA CREDIT UNION, INC.
    Similarity Rank: 1600

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 59 $4,805,000 $81,441 $2,821 5.60%
    HELOC 47 $2,525,000 $53,723 n/a 5.56%

    For 2022, Education First Credit Union's most frequently originated type of loan was Conventional, with 59 originations. Their 2nd most popular type was HELOC, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 42 $2,220,000 $52,857 $2,958 5.73%
    Other 22 $1,120,000 $50,909 $1,575 6.18%
    NA 16 $890,000 $55,625 $0 6.11%
    Home Purchase 11 $1,305,000 $118,636 $2,950 4.48%
    Refi 9 $755,000 $83,889 $2,500 4.80%
    Cash Out Refi 6 $1,040,000 $173,333 $3,114 4.17%

    For 2022, Education First Credit Union's most frequently cited loan purpose was Home Improvement, with 42 originations. The 2nd most popular reason was Other, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 44 $2,110,000 $47,955 $1,559 5.95%
    Other 44 $2,410,000 $54,773 $0 5.51%
    30 Year 11 $2,125,000 $193,182 $3,105 5.09%
    15 Year 4 $620,000 $155,000 $2,672 3.19%
    5 Year 3 $65,000 $21,667 $0 6.24%

    For 2022, Education First Credit Union's most frequently cited loan duration was 10 Year, with 44 originations. The 2nd most popular length was Other, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 14 $2,550,000 $182,143
    $1k-2k 2 $210,000 $105,000
    $2k-3k 1 $165,000 $165,000

    Education First Credit Union's average total fees were $3,105, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 24 $1,460,000 $60,833
    6-7% 20 $1,010,000 $50,500
    3-4% 20 $1,830,000 $91,500
    4-5% 16 $1,480,000 $92,500
    7-8% 14 $900,000 $64,286
    Over 8% 8 $240,000 $30,000
    2.5-3% 2 $230,000 $115,000
    <2.5% 2 $180,000 $90,000

    During 2022, Education First Credit Union's average interest rate for loans was 5.09%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 88 $4,010,000 $45,568 $2,175 5.77%
    $100k-200k 12 $1,620,000 $135,000 $3,188 4.95%
    $200k-400k 6 $1,700,000 $283,333 $3,161 4.10%

    2022 saw Education First Credit Union place emphasis on $100,000 or less loans with 88 originations, totaling $4,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $2,160,000 $90,000 $2,473 5.47%
    $75k-100k 24 $1,510,000 $62,917 $2,823 5.26%
    $50k-75k 20 $1,380,000 $69,000 $3,458 6.57%
    $150k-250k 18 $1,290,000 $71,667 $2,570 5.16%
    $50k or less 18 $880,000 $48,889 $2,717 5.61%
    $250k+ 2 $110,000 $55,000 $0 4.50%

    Education First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $75k-100k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $1,910,000 $73,462 $2,530 5.08%
    30-36% 19 $1,735,000 $91,316 $2,796 5.44%
    <20% 9 $395,000 $43,889 $1,991 4.26%
    50-60% 8 $390,000 $48,750 $0 6.30%
    44% 5 $215,000 $43,000 $0 6.01%
    46% 5 $215,000 $43,000 $0 5.83%
    42% 4 $140,000 $35,000 $2,611 7.04%
    38% 4 $160,000 $40,000 $0 6.25%
    43% 4 $440,000 $110,000 $3,447 5.46%
    49% 4 $500,000 $125,000 $3,220 6.00%
    36% 3 $415,000 $138,333 $3,350 6.19%
    45% 3 $75,000 $25,000 $0 8.57%
    37% 3 $245,000 $81,667 $4,442 7.96%
    47% 3 $265,000 $88,333 $0 4.18%
    40% 2 $60,000 $30,000 $0 4.25%
    >60% 2 $40,000 $20,000 $0 4.87%
    39% 1 $105,000 $105,000 $0 6.25%
    41% 1 $25,000 $25,000 $0 4.25%

    Education First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 53 $3,775,000 $71,226 $2,775 5.29%
    Black 47 $2,625,000 $55,851 $2,883 6.03%
    Not provided 5 $585,000 $117,000 $3,220 4.61%
    Other Asian 1 $345,000 $345,000 $2,577 5.13%

    Approval Rates

    Total approvals of all applications
    92.86%

    Education First Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.36%

    Education First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 106 $7,330,000 $69,151

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    106 $7,330,000 $69,151

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $1,775,000 $65,741 $1,991 5.86%
    40-60% 11 $1,395,000 $126,818 $2,474 4.18%
    60-80% 8 $1,620,000 $202,500 $3,062 4.27%
    80-100% 3 $465,000 $155,000 $3,425 5.54%
    Under 20% 57 $2,075,000 $36,404 $0 5.91%