First Community Credit Union Mortgage Rates, Fees & Info

JAMESTOWN, ND

LEI: 213800THW6KSUL191M34

Tax ID: 45-0226664

5 stars - Updated: 9/18/23 - out of 5 stars, based on 25 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 and Cash Out 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, Jamestown, Bismarck, Wahpeton, and Grand Forks among others. We have data for 15 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 6.69% 9/18/23
    30 Year Conventional Refi 6.91% 9/18/23
    30 Year Cash-out Refi 6.91% 9/18/23
    30 Year FHA Purchase 7.47% 9/18/23
    30 Year VA Purchase 6.13% 9/18/23
    30 Year USDA Purchase 6.43% 9/18/23
    15 Year Conventional Purchase 6.17% 9/18/23
    15 Year Conventional Refi 6.17% 9/18/23
    15 Year Cash-out Refi 6.17% 9/18/23
    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.

    First Community Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Community 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

    629

    Origination Dollar Volume (All Markets)

    $130,215,000
    Show all (10) awards

    Relative Rate

    First Community Credit Union's average 30 year fixed mortgage rate was 4.82%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.06%.

    Relative Fees (Closing Costs)

    First Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,094.

    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) 176 $43,170,000 $245,284 $4,084 4.57%
    Outside of Metro Areas 189 $34,745,000 $183,836 $3,545 4.84%
    Jamestown, ND (FHA|USDA|VA) 104 $16,110,000 $154,904 $2,803 4.55%
    BISMARCK, ND (FHA|USDA|VA) 60 $12,250,000 $204,167 $4,217 4.63%
    Wahpeton, ND-MN (FHA|USDA|VA) 34 $10,450,000 $307,353 $3,626 4.68%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 46 $7,220,000 $156,957 $3,239 4.86%
    Fergus Falls, MN (FHA|USDA|VA) 9 $2,175,000 $241,667 $5,219 4.42%
    Minot, ND (FHA|USDA|VA) 2 $1,220,000 $610,000 $0 4.80%
    Brainerd, MN (FHA|USDA|VA) 2 $1,020,000 $510,000 $5,985 5.60%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $585,000 $585,000 $0 4.25%
    Bemidji, MN (FHA|USDA|VA) 1 $395,000 $395,000 $6,808 5.25%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $350,000 $175,000 $4,051 4.94%
    Aberdeen, SD (FHA|USDA|VA) 1 $185,000 $185,000 $5,208 3.13%
    Watertown, SD (FHA|USDA|VA) 1 $185,000 $185,000 $1,820 8.00%
    Alexandria, MN (FHA|USDA|VA) 1 $155,000 $155,000 $4,427 3.13%
    First Community Credit Union's top markets include Fargo, Jamestown, Bismarck, Wahpeton, and Grand Forks 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: 280
    American Bank Center
    Similarity Rank: 450
    Tradition Mortgage, LLC
    Similarity Rank: 600
    VALLEY MORTGAGE, INC.
    Similarity Rank: 610
    Dakota Community Bank & Trust
    Similarity Rank: 616
    Frandsen Bank & Trust
    Similarity Rank: 738
    Western State Bank
    Similarity Rank: 817
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 885
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 918
    Starion Bank
    Similarity Rank: 1078

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 583 $120,965,000 $207,487 $3,344 4.67%
    USDA 21 $4,065,000 $193,571 $6,697 4.52%
    FHA 17 $3,415,000 $200,882 $7,337 5.09%
    VA 8 $1,770,000 $221,250 $7,025 4.91%

    For 2022, First Community Credit Union's most frequently originated type of loan was Conventional, with 583 originations. Their 2nd most popular type was USDA, with 21 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 335 $80,965,000 $241,687 $5,159 4.72%
    Cash Out Refi 239 $38,485,000 $161,025 $1,677 4.69%
    Refi 50 $10,360,000 $207,200 $4,214 4.39%
    Home Improvement 5 $405,000 $81,000 $2,325 4.91%

    For 2022, First Community Credit Union's most frequently cited loan purpose was Home Purchase, with 335 originations. The 2nd most popular reason was Cash Out Refi, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 310 $67,750,000 $218,548 $5,094 4.82%
    15 Year 114 $12,890,000 $113,070 $1,931 4.57%
    10 Year 83 $5,025,000 $60,542 $721 4.62%
    5 Year 56 $29,420,000 $525,357 $239 4.41%
    20 Year 44 $6,720,000 $152,727 $4,452 4.57%
    Other 18 $7,710,000 $428,333 $2,634 4.50%
    1 Year 2 $270,000 $135,000 $0 4.78%
    3 Year 2 $430,000 $215,000 $280 4.13%

    For 2022, First Community Credit Union's most frequently cited loan duration was 30 Year, with 310 originations. The 2nd most popular length was 15 Year, with 114 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 210 $20,300,000 $96,667
    $2k-3k 111 $19,135,000 $172,387
    $3k-4k 75 $18,105,000 $241,400
    $1k-2k 72 $7,040,000 $97,778
    $4k-5k 40 $13,460,000 $336,500
    $5k+ 26 $11,440,000 $440,000

    First Community Credit Union's average total fees were $5,094, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 180 $31,950,000 $177,500
    5-6% 176 $36,530,000 $207,557
    3-4% 172 $45,350,000 $263,663
    6-7% 46 $6,670,000 $145,000
    2.5-3% 31 $6,205,000 $200,161
    <2.5% 10 $2,240,000 $224,000
    7-8% 9 $915,000 $101,667
    Over 8% 5 $355,000 $71,000

    During 2022, First Community Credit Union's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 180 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 205 $30,845,000 $150,463 $3,898 4.72%
    $100,000 or less 195 $10,695,000 $54,846 $1,212 4.89%
    $200k-400k 191 $51,015,000 $267,094 $5,631 4.44%
    $400k-600k 21 $10,235,000 $487,381 $8,241 4.71%
    $600k-1MM 10 $7,150,000 $715,000 $9,083 4.89%
    $1MM+ 7 $20,275,000 $2,896,429 $0 4.19%

    2022 saw First Community Credit Union place emphasis on $100k-200k loans with 205 originations, totaling $30,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 161 $23,805,000 $147,857 $3,685 4.76%
    $75k-100k 112 $20,730,000 $185,089 $4,200 4.55%
    $100k-150k 111 $19,325,000 $174,099 $3,609 4.90%
    $50k or less 83 $9,345,000 $112,590 $2,976 4.71%
    $150k-250k 50 $10,400,000 $208,000 $3,689 4.38%
    $250k+ 25 $7,785,000 $311,400 $4,460 4.94%

    First Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 161 originations. The second most popular income band? $75k-100k, with 112 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 117 $18,275,000 $156,197 $3,332 4.72%
    20-30% 113 $16,575,000 $146,681 $3,056 4.67%
    <20% 56 $8,410,000 $150,179 $2,541 4.64%
    42% 33 $5,325,000 $161,364 $3,309 4.84%
    40% 27 $5,445,000 $201,667 $4,788 4.42%
    38% 25 $4,325,000 $173,000 $3,715 4.72%
    39% 24 $4,420,000 $184,167 $4,076 4.91%
    41% 21 $4,025,000 $191,667 $3,894 4.73%
    36% 21 $3,135,000 $149,286 $3,421 4.71%
    44% 20 $3,970,000 $198,500 $5,229 4.45%
    43% 18 $3,630,000 $201,667 $4,330 4.47%
    37% 16 $3,180,000 $198,750 $5,007 4.44%
    45% 16 $3,170,000 $198,125 $4,645 5.04%
    50-60% 16 $2,990,000 $186,875 $4,288 4.89%
    47% 9 $1,805,000 $200,556 $4,477 4.43%
    46% 9 $2,085,000 $231,667 $6,697 5.46%
    >60% 6 $910,000 $151,667 $909 4.83%
    49% 5 $985,000 $197,000 $7,052 4.93%
    48% 3 $575,000 $191,667 $5,345 4.42%

    First Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 117 originations. The next most common DTI ratio? 20-30%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 512 $85,440,000 $166,875 $3,597 4.67%
    Not applicable 74 $36,930,000 $499,054 $0 4.53%
    Not provided 32 $5,070,000 $158,438 $4,326 5.03%
    Black 7 $1,645,000 $235,000 $4,257 4.71%
    Asian 1 $585,000 $585,000 $0 4.25%
    American Indian 3 $545,000 $181,667 $5,423 6.76%

    Approval Rates

    Total approvals of all applications
    81.35%

    First Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    54.37%

    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 629 $130,215,000 $207,019

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    629 $130,215,000 $207,019

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $7,685,000 $88,333 $1,308 4.76%
    40-60% 48 $6,680,000 $139,167 $3,145 4.23%
    60-80% 223 $68,005,000 $304,955 $4,553 4.62%
    80-100% 204 $44,480,000 $218,039 $5,112 4.78%
    Over 100% 2 $630,000 $315,000 $9,549 4.50%
    Under 20% 65 $2,735,000 $42,077 $327 4.84%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%