First Community Credit Union Mortgage Rates, Fees & Info

JAMESTOWN, ND

LEI: 213800THW6KSUL191M34

Tax ID: 45-0226664

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Refi, 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, 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 a low 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.69% 4/21/24
    30 Year Conventional Refi 6.91% 4/21/24
    30 Year Cash-out Refi 6.91% 4/21/24
    30 Year FHA Purchase 7.47% 4/21/24
    30 Year VA Purchase 6.13% 4/21/24
    30 Year USDA Purchase 6.43% 4/21/24
    15 Year Conventional Purchase 6.17% 4/21/24
    15 Year Conventional Refi 6.17% 4/21/24
    15 Year Cash-out Refi 6.17% 4/21/24
    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

    1,094

    Origination Dollar Volume (All Markets)

    $215,510,000
    Show all (7) awards

    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) 402 $89,820,000 $223,433 $4,073 2.80%
    Outside of Metro Areas 252 $33,170,000 $131,627 $3,352 3.23%
    BISMARCK, ND (FHA|USDA|VA) 93 $29,255,000 $314,570 $4,559 2.95%
    Jamestown, ND (FHA|USDA|VA) 154 $25,760,000 $167,273 $3,909 3.23%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 89 $14,715,000 $165,337 $3,860 3.13%
    Wahpeton, ND-MN (FHA|USDA|VA) 54 $9,200,000 $170,370 $3,765 3.03%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 21 $6,435,000 $306,429 $4,363 2.64%
    Fergus Falls, MN (FHA|USDA|VA) 20 $4,670,000 $233,500 $4,244 3.16%
    ROCHESTER, MN (FHA|USDA|VA) 3 $815,000 $271,667 $3,594 2.42%
    Brainerd, MN (FHA|USDA|VA) 2 $650,000 $325,000 $4,769 2.69%
    Willmar, MN (FHA|USDA|VA) 1 $385,000 $385,000 $5,964 2.49%
    RAPID CITY, SD (FHA|USDA|VA) 1 $335,000 $335,000 $5,519 3.13%
    Alexandria, MN (FHA|USDA|VA) 1 $215,000 $215,000 $3,017 2.13%
    Watertown, SD (FHA|USDA|VA) 1 $85,000 $85,000 $2,438 2.75%
    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.

    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 455
    Frandsen Bank & Trust
    Similarity Rank: 630
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 825
    VALLEY MORTGAGE, INC.
    Similarity Rank: 938
    Tradition Mortgage, LLC
    Similarity Rank: 1029
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 1104
    Starion Bank
    Similarity Rank: 1287
    CAPITAL CREDIT UNION
    Similarity Rank: 1422
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 1526
    Western State Bank
    Similarity Rank: 1653

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,031 $206,495,000 $200,286 $3,797 3.01%
    USDA 55 $7,445,000 $135,364 $5,310 3.01%
    FHA 5 $965,000 $193,000 $6,160 3.52%
    VA 3 $605,000 $201,667 $6,849 3.13%

    For 2020, First Community Credit Union's most frequently originated type of loan was Conventional, with 1,031 originations. Their 2nd most popular type was USDA, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 363 $82,005,000 $225,909 $4,130 2.76%
    Home Purchase 334 $65,590,000 $196,377 $4,642 3.09%
    Cash Out Refi 323 $63,215,000 $195,712 $3,579 3.05%
    Home Improvement 74 $4,700,000 $63,514 $796 3.71%

    For 2020, First Community Credit Union's most frequently cited loan purpose was Refi, with 363 originations. The 2nd most popular reason was Home Purchase, with 334 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 542 $120,360,000 $222,066 $4,699 2.93%
    15 Year 278 $45,780,000 $164,676 $3,454 2.78%
    20 Year 114 $26,520,000 $232,632 $4,326 2.93%
    10 Year 91 $5,785,000 $63,571 $1,016 3.85%
    Other 42 $14,900,000 $354,762 $2,658 3.29%
    5 Year 25 $2,005,000 $80,200 $407 4.14%
    1 Year 2 $160,000 $80,000 $0 4.38%

    For 2020, First Community Credit Union's most frequently cited loan duration was 30 Year, with 542 originations. The 2nd most popular length was 15 Year, with 278 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 378 $72,330,000 $191,349
    $<1k 223 $22,045,000 $98,857
    $3k-4k 187 $48,765,000 $260,775
    $1k-2k 169 $19,595,000 $115,947
    $4k-5k 54 $18,780,000 $347,778
    $5k+ 33 $14,745,000 $446,818

    First Community Credit Union's average total fees were $4,699, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 378 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 378 $86,970,000 $230,079
    2.5-3% 327 $62,275,000 $190,443
    3-4% 313 $59,325,000 $189,537
    4-5% 54 $5,970,000 $110,556
    5-6% 9 $445,000 $49,444
    Over 8% 6 $160,000 $26,667
    7-8% 5 $205,000 $41,000
    6-7% 2 $160,000 $80,000

    During 2020, First Community Credit Union's average interest rate for loans was 2.93%, while their most frequently originated rate bucket for loans was <2.5%, with 378 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 397 $60,915,000 $153,438 $4,039 2.89%
    $200k-400k 372 $100,730,000 $270,780 $5,000 2.69%
    $100,000 or less 262 $14,670,000 $55,992 $1,557 3.69%
    $400k-600k 52 $24,160,000 $464,615 $6,299 2.74%
    $1MM+ 8 $12,770,000 $1,596,250 $3,469 3.46%
    $600k-1MM 3 $2,265,000 $755,000 $8,477 3.59%

    2020 saw First Community Credit Union place emphasis on $100k-200k loans with 397 originations, totaling $60,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 256 $55,460,000 $216,641 $4,054 2.87%
    $50k-75k 254 $37,200,000 $146,457 $3,769 3.05%
    $75k-100k 179 $32,435,000 $181,201 $4,122 2.98%
    $50k or less 159 $16,365,000 $102,925 $3,124 3.30%
    $150k-250k 136 $35,360,000 $260,000 $4,410 2.82%
    $250k+ 35 $12,875,000 $367,857 $4,929 2.90%

    First Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 256 originations. The second most popular income band? $50k-75k, with 254 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 330 $62,530,000 $189,485 $3,802 2.92%
    30-36% 217 $42,585,000 $196,244 $4,083 2.96%
    <20% 139 $24,765,000 $178,165 $3,512 2.85%
    42% 44 $8,760,000 $199,091 $4,238 3.09%
    36% 40 $7,270,000 $181,750 $4,234 2.92%
    40% 39 $8,325,000 $213,462 $4,258 2.91%
    38% 38 $6,590,000 $173,421 $3,717 3.25%
    41% 33 $4,705,000 $142,576 $3,580 3.19%
    37% 30 $5,340,000 $178,000 $4,401 3.00%
    44% 30 $4,700,000 $156,667 $3,663 3.32%
    39% 29 $6,515,000 $224,655 $4,478 3.04%
    43% 26 $4,640,000 $178,462 $4,259 2.92%
    45% 15 $3,535,000 $235,667 $3,243 2.94%
    46% 12 $1,690,000 $140,833 $3,588 3.15%
    50-60% 10 $2,520,000 $252,000 $4,732 3.93%
    48% 9 $1,105,000 $122,778 $3,257 3.78%
    47% 8 $1,440,000 $180,000 $3,779 2.72%
    49% 6 $980,000 $163,333 $3,865 3.33%
    >60% 1 $175,000 $175,000 $4,110 4.40%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 330 originations. The next most common DTI ratio? 30-36%, with 217 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,039 $195,125,000 $187,801 $3,899 3.00%
    Not provided 24 $8,820,000 $367,500 $3,752 3.03%
    Not applicable 12 $6,410,000 $534,167 $0 3.90%
    American Indian 8 $2,570,000 $321,250 $3,464 4.17%
    Asian 6 $1,480,000 $246,667 $3,571 2.46%
    Black 5 $1,105,000 $221,000 $5,050 3.09%

    Approval Rates

    Total approvals of all applications
    85.72%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    46.34%

    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 1,094 $215,510,000 $196,993

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $11,710,000 $975,833
    Single Family (1-4 Units):Manufactured 16 $960,000 $60,000
    Single Family (1-4 Units):Site-Built 1,066 $202,840,000 $190,281

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 72 $5,480,000 $76,111 $1,279 3.34%
    40-60% 134 $20,640,000 $154,030 $3,238 2.88%
    60-80% 439 $102,545,000 $233,588 $4,340 2.90%
    80-100% 380 $82,520,000 $217,158 $4,684 2.96%
    Over 100% 2 $450,000 $225,000 $8,847 2.86%
    Under 20% 67 $3,875,000 $57,836 $488 4.03%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%