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

2021 Data | 2020 Data | 2019 Data | 2018 Data


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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees

    • 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 include Fargo, Bismarck, Jamestown, Grand Forks, and Wahpeton among others. First Community Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Community Credit Union is typically an average fee lendor.


    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 rate mortgage of loans were 2.94%.

    The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

    This yields a difference of -0.21%.

    Relative Fees

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

    The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

    Top Markets

    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.

    Product Mix

    Loan Type Originations Total Value Average Loan Average Fees Average 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 the 2021 period, First Community Credit Union's most frequently originated loan type of loans were Conventional, with 945 originations. Their 2nd most popular type is USDA, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Average Loan Average Fees Average 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 the 2021, First Community Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 390 originations. The 2nd most popular reason of loans were 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 the 2021, First Community Credit Union's most frequently cited loan length of loans were 30 Year, with 475 originations. The 2nd most popular length of loans were 15 Year, with 262 originations.

    Origination Fees

    Origination Fee 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 184 $53,380,000 $290,109
    $5k+ 22 $11,540,000 $524,545

    $4,706 of loans were First Community Credit Union's average total fees, while their most frequently occuring range of origination fees 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 of loans were 2.94%, while their most frequently originated rate bucket of loans were 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
    84.42%

    First Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    53.15%

    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%