Hercules First Federal Credit Union Mortgage Rates, Fees & Info
Salt Lake City, UTLEI: 254900GL9FITA8BCKE77
Tax ID: 87-0237696
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Mortgage Data
Review & Overview
Hercules First Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Hercules First Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salt Lake City, Las Vegas, and Ogden among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Hercules First Federal 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. Hercules First Federal 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 relatively high rates.
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Originations
10Origination Dollar Volume (All Markets)
$3,900,000Relative Rate
Hercules First Federal Credit Union's average 30 year fixed mortgage rate was
7.23%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.75%.
Relative Fees (Closing Costs)
Hercules First Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,052.
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 $9,089.
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 |
|---|---|---|---|---|---|
| SALT LAKE CITY, UT (FHA|USDA|VA) | 5 | $1,825,000 | $365,000 | $4,346 | 7.37% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $1,185,000 | $395,000 | $4,361 | 7.67% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $7,995 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Hercules First Federal 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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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 10 | $3,900,000 | $390,000 | $5,080 | 7.34% |
For 2023, Hercules First Federal Credit Union's most frequently originated type of loan was Conventional, with 10 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $2,775,000 | $396,429 | $5,425 | 7.25% |
| Cash Out Refi | 2 | $980,000 | $490,000 | $5,975 | 7.06% |
| Other | 1 | $145,000 | $145,000 | $881 | 8.49% |
For 2023, Hercules First Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
For 2023, Hercules First Federal Credit Union's most frequently cited loan duration was 30 Year, with 6 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $1,610,000 | $402,500 |
| $5k+ | 4 | $1,690,000 | $422,500 |
| $3k-4k | 2 | $600,000 | $300,000 |
Hercules First Federal Credit Union's average total fees were $5,052, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 4 | $1,900,000 | $475,000 |
| 7-8% | 3 | $1,255,000 | $418,333 |
| Over 8% | 3 | $745,000 | $248,333 |
During 2023, Hercules First Federal Credit Union's average interest rate for loans was 7.23%, while their most frequently originated rate bucket for loans was 6-7%, with 4 originations.
Loan Sizing
2023 saw Hercules First Federal Credit Union place emphasis on $400k-600k loans with 5 originations, totaling $2,455,000 in origination value.
Applicant Income
Hercules First Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $250k+, with 3 originations.
Applicant Debt to Income Ratio
Hercules First Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 50-60%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 9 | $3,315,000 | $368,333 | $5,645 | 7.46% |
| Asian | 1 | $585,000 | $585,000 | $0 | 6.25% |
Approval Rates
Total approvals of all applications85.71%
Hercules First Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
Hercules First Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 10 | $3,900,000 | $390,000 |