First Community Credit Union Mortgage Rates, Fees & InfoJAMESTOWN, ND
Tax ID: 45-0226664
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFirst 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.
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|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.|
Origination Dollar Volume (All Markets)$203,840,000
First Community Credit Union's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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.
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
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.
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.
2021 saw First Community Credit Union place emphasis on $100k-200k loans with 381 originations, totaling $56,885,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
First Community Credit Union has an average approval rate.
Pick RateApprovals leading to origination
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|
|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%|