First Community Credit Union Mortgage Rates, Fees & Info

JAMESTOWN, ND

LEI: 213800THW6KSUL191M34

Tax ID: 45-0226664

5 stars - out of 5 stars, based on 32 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    First Community Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. First Community Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Fargo, Bismarck, Jamestown, Grand Forks, and Wahpeton among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Community Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Community 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.55% 3/19/23
    30 Year Conventional Refi 6.55% 3/19/23
    30 Year Cash-out Refi 6.59% 3/19/23
    30 Year FHA Purchase 7.26% 3/19/23
    30 Year FHA Refi 6.27% 3/19/23
    30 Year VA Purchase 6.44% 3/19/23
    30 Year USDA Purchase 6.51% 3/19/23
    15 Year Conventional Purchase 6.24% 3/19/23
    15 Year Conventional Refi 5.99% 3/19/23
    15 Year Cash-out Refi 5.99% 3/19/23
    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.


    Originations

    1,004

    Origination Dollar Volume (All Markets)

    $203,840,000
    Show all (10) awards

    Relative Rate

    First Community Credit Union's average 30 year fixed mortgage rate was 2.94%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.21%.

    Relative Fees (Closing Costs)

    First Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,706.

    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 $4,750.

    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
    FARGO, ND-MN (FHA|USDA|VA) 324 $79,200,000 $244,444 $3,908 2.83%
    Outside of Metro Areas 243 $38,155,000 $157,016 $3,577 3.14%
    BISMARCK, ND (FHA|USDA|VA) 89 $21,845,000 $245,449 $4,354 2.87%
    Jamestown, ND (FHA|USDA|VA) 148 $21,810,000 $147,365 $3,941 2.97%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 107 $20,275,000 $189,486 $3,919 2.97%
    Wahpeton, ND-MN (FHA|USDA|VA) 65 $7,745,000 $119,154 $3,277 2.88%
    Bemidji, MN (FHA|USDA|VA) 2 $4,760,000 $2,380,000 $4,623 2.75%
    Minot, ND (FHA|USDA|VA) 1 $3,855,000 $3,855,000 $0 3.75%
    Fergus Falls, MN (FHA|USDA|VA) 13 $3,725,000 $286,538 $5,230 2.77%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 8 $1,650,000 $206,250 $4,351 2.64%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $345,000 $345,000 $5,105 2.75%
    Alexandria, MN (FHA|USDA|VA) 1 $225,000 $225,000 $5,328 2.99%
    Dickinson, ND (FHA|USDA|VA) 1 $145,000 $145,000 $6,337 2.70%
    Brainerd, MN (FHA|USDA|VA) 1 $105,000 $105,000 $3,736 3.50%
    First Community Credit Union's top markets include Fargo, Bismarck, Jamestown, Grand Forks, and Wahpeton among others.

    Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)

    • Similar Lenders

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

    Bank Forward
    Similarity Rank: 340
    American Bank Center
    Similarity Rank: 425
    Tradition Mortgage, LLC
    Similarity Rank: 615
    Frandsen Bank & Trust
    Similarity Rank: 846
    Dakota Community Bank & Trust
    Similarity Rank: 1008
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1037
    Western State Bank
    Similarity Rank: 1204
    Deere Employees Credit Union
    Similarity Rank: 1228
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 1357
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 1428

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 945 $194,285,000 $205,593 $3,743 2.96%
    USDA 39 $5,785,000 $148,333 $5,253 2.60%
    FHA 17 $3,405,000 $200,294 $6,450 2.90%
    VA 3 $365,000 $121,667 $4,738 2.78%

    For 2021, First Community Credit Union's most frequently originated type of loan was Conventional, with 945 originations. Their 2nd most popular type was USDA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 390 $86,150,000 $220,897 $4,620 2.94%
    Cash Out Refi 289 $51,025,000 $176,557 $3,717 2.96%
    Refi 257 $62,045,000 $241,420 $3,731 2.79%
    Home Improvement 68 $4,620,000 $67,941 $921 3.50%

    For 2021, First Community Credit Union's most frequently cited loan purpose was Home Purchase, with 390 originations. The 2nd most popular reason was Cash Out Refi, with 289 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 475 $105,445,000 $221,989 $4,706 2.94%
    15 Year 262 $35,120,000 $134,046 $3,162 2.68%
    20 Year 108 $21,390,000 $198,056 $4,132 2.90%
    10 Year 93 $15,435,000 $165,968 $1,621 3.22%
    Other 41 $20,085,000 $489,878 $3,698 3.50%
    5 Year 24 $6,200,000 $258,333 $337 4.15%
    1 Year 1 $165,000 $165,000 $0 4.25%

    For 2021, First Community Credit Union's most frequently cited loan duration was 30 Year, with 475 originations. The 2nd most popular length was 15 Year, with 262 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 309 $54,515,000 $176,424
    $<1k 213 $25,205,000 $118,333
    $1k-2k 201 $21,675,000 $107,836
    $3k-4k 134 $35,720,000 $266,567
    $4k-5k 50 $17,660,000 $353,200
    $5k+ 22 $11,540,000 $524,545

    First Community Credit Union's average total fees were $4,706, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 309 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 392 $73,700,000 $188,010
    <2.5% 323 $60,345,000 $186,827
    3-4% 229 $61,025,000 $266,485
    4-5% 41 $7,345,000 $179,146
    5-6% 7 $565,000 $80,714
    7-8% 6 $650,000 $108,333
    6-7% 4 $100,000 $25,000
    Over 8% 2 $110,000 $55,000

    During 2021, First Community Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 392 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 381 $56,885,000 $149,304 $3,898 2.80%
    $200k-400k 296 $79,490,000 $268,547 $5,186 2.78%
    $100,000 or less 271 $16,975,000 $62,638 $1,863 3.32%
    $400k-600k 41 $18,975,000 $462,805 $6,061 2.78%
    $1MM+ 12 $28,870,000 $2,405,833 $8,251 3.60%
    $600k-1MM 3 $2,645,000 $881,667 $10,987 3.70%

    2021 saw First Community Credit Union place emphasis on $100k-200k loans with 381 originations, totaling $56,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 232 $35,610,000 $153,491 $3,772 2.85%
    $100k-150k 204 $42,880,000 $210,196 $4,115 2.82%
    $75k-100k 200 $33,780,000 $168,900 $3,799 2.98%
    $50k or less 180 $20,160,000 $112,000 $3,343 2.98%
    $150k-250k 78 $19,290,000 $247,308 $4,327 2.95%
    $250k+ 38 $14,430,000 $379,737 $5,534 3.06%

    First Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 232 originations. The second most popular income band? $100k-150k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 263 $42,215,000 $160,513 $3,559 2.85%
    30-36% 173 $33,035,000 $190,954 $4,112 2.89%
    <20% 115 $18,555,000 $161,348 $3,352 2.79%
    38% 46 $9,400,000 $204,348 $4,458 2.94%
    36% 40 $7,140,000 $178,500 $3,898 3.06%
    41% 38 $6,710,000 $176,579 $3,936 2.84%
    42% 35 $5,255,000 $150,143 $3,581 3.12%
    40% 34 $6,240,000 $183,529 $4,223 3.02%
    39% 32 $5,070,000 $158,438 $3,371 3.08%
    37% 32 $5,900,000 $184,375 $3,601 2.95%
    43% 32 $6,760,000 $211,250 $4,340 2.83%
    44% 29 $5,845,000 $201,552 $4,410 2.85%
    47% 19 $3,355,000 $176,579 $3,870 3.25%
    46% 18 $3,460,000 $192,222 $4,701 2.77%
    45% 15 $4,045,000 $269,667 $4,374 2.95%
    50-60% 11 $2,835,000 $257,727 $4,716 3.64%
    49% 10 $2,290,000 $229,000 $4,810 2.70%
    48% 8 $1,870,000 $233,750 $4,777 2.88%
    >60% 2 $390,000 $195,000 $3,223 4.15%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 263 originations. The next most common DTI ratio? 30-36%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 901 $163,695,000 $181,681 $3,863 2.91%
    Not applicable 47 $30,705,000 $653,298 $0 3.63%
    Not provided 25 $3,185,000 $127,400 $2,932 3.03%
    Black 11 $2,525,000 $229,545 $4,607 2.95%
    Asian 12 $2,290,000 $190,833 $4,230 2.67%
    American Indian 7 $1,145,000 $163,571 $4,866 2.94%
    Asian Indian 1 $295,000 $295,000 $2,750 2.75%

    Approval Rates

    Total approvals of all applications
    87.74%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    48.11%

    First Community Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,004 $203,840,000 $203,028

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,004 $203,840,000 $203,028

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 71 $5,875,000 $82,746 $1,826 3.05%
    40-60% 132 $29,570,000 $224,015 $3,280 2.92%
    60-80% 393 $89,395,000 $227,468 $4,256 2.89%
    80-100% 352 $76,480,000 $217,273 $4,574 2.86%
    Over 100% 4 $520,000 $130,000 $3,451 3.51%
    Under 20% 52 $2,000,000 $38,462 $387 3.81%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union FHA mortgage Struggling to pay mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%
    First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%