Is America’s First Federal Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by America’s First Federal Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||lower than average (-0.23%)|
|Loan Related Closing Costs||lower than average (-$463)|
|National Rate and Closing Cost Rating||(5.0)|
On average, America’s First Federal Credit Union’s interest rates were lower than those of other lenders (-0.23%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$463. Overall, combining interest rates and closing costs we estimate that America’s First Federal Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5.0 out of 5.0 stars.
America’s First Federal Credit Union’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track America’s First Federal Credit Union was most active in:
Furthermore, America’s First Federal Credit Union is our top ranked mortgage lender in terms of interest rate and closing costs in Birmingham, AL, overall.
You can click through to check out America’s First Federal Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
America’s First Federal Credit Union’s Rates by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, America’s First Federal Credit Union originated Conforming mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|New Purchase Mortgages||Conforming|
|Interest Rate Difference||-0.01%|
|Loan Related Closing Cost Difference||-$123|
|Cost Adjusted Rate Difference||-0.03%|
|Interest Rate Difference||-0.26%||+0.00%|
|Loan Related Closing Cost Difference||-$517||+$0|
|Cost Adjusted Rate Difference||-0.31%||+0.00%|
As a summary, America’s First Federal Credit Union is similar to other lenders for Conforming purchase mortgages. For refinancing mortgages, America’s First Federal Credit Union is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about America’s First Federal Credit Union:
Registered city and state: BIRMINGHAM, AL, 35203
Regulator: National Credit Union Administration (NCUA)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for America’s First Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.