Hercules First Federal Credit Union Mortgage Rates, Fees & Info
Salt Lake City, UTLEI: 254900GL9FITA8BCKE77
Tax ID: 87-0237696
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Hercules First Federal Credit Union is a smaller credit union specializing in Home Improvement 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, Ogden, Heber, and Provo among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Hercules First Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Hercules First Federal 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.
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.
Originations
55Origination Dollar Volume (All Markets)
$5,305,000Top 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) | 47 | $4,665,000 | $99,255 | $1,093 | 5.28% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 6 | $560,000 | $93,333 | $0 | 5.35% |
| Heber, UT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.90% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $55 | 6.00% |
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.
Similarity Rank: 294
Similarity Rank: 630
Similarity Rank: 742
Similarity Rank: 954
Similarity Rank: 1044
Similarity Rank: 1224
Similarity Rank: 1334
Similarity Rank: 1344
Similarity Rank: 1365
Similarity Rank: 1488
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 42 | $4,540,000 | $108,095 | $989 | 5.32% |
| HELOC | 13 | $765,000 | $58,846 | n/a | 5.22% |
For 2018, Hercules First Federal Credit Union's most frequently originated type of loan was Conventional, with 42 originations. Their 2nd most popular type was HELOC, with 13 originations.
Loan Reason
For 2018, Hercules First Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Other, with 17 originations.
Loan Duration/Length
For 2018, Hercules First Federal Credit Union's most frequently cited loan duration was Other, with 20 originations. The 2nd most popular length was 15 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 18 | $2,050,000 | $113,889 |
| $1k-2k | 3 | $1,035,000 | $345,000 |
| $3k-4k | 1 | $215,000 | $215,000 |
Hercules First Federal Credit Union's average total fees were $2,166, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.
Interest Rates
During 2018, Hercules First Federal Credit Union's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 4-5%, with 26 originations.
Loan Sizing
2018 saw Hercules First Federal Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,490,000 in origination value.
Applicant Income
Hercules First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 11 originations.
Applicant Debt to Income Ratio
Hercules First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? <20%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 54 | $5,270,000 | $97,593 | $989 | 5.22% |
| Vietnamese | 1 | $35,000 | $35,000 | $0 | 9.35% |
Approval Rates
Total approvals of all applications96.67%
Hercules First Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.55%
Hercules First Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1024.31 | 1 | $135,000 | $135,000 |
| 1261.0 | 1 | $125,000 | $125,000 |
| 1400.0 | 1 | $145,000 | $145,000 |
| 1404.0 | 1 | $105,000 | $105,000 |
| 160.0 | 1 | $35,000 | $35,000 |
| 170.0 | 1 | $35,000 | $35,000 |
| 2400.0 | 1 | $225,000 | $225,000 |
| 250.0 | 1 | $55,000 | $55,000 |
| 30.0 | 1 | $25,000 | $25,000 |
| 323.0 | 1 | $155,000 | $155,000 |
| 33.0 | 2 | $100,000 | $50,000 |
| 379.0 | 1 | $165,000 | $165,000 |
| 3900.0 | 1 | $355,000 | $355,000 |
| 400.0 | 3 | $75,000 | $25,000 |
| 406.0 | 1 | $185,000 | $185,000 |
| 410.0 | 1 | $45,000 | $45,000 |
| 504.0 | 1 | $85,000 | $85,000 |
| 53.0 | 1 | $55,000 | $55,000 |
| 539.0 | 1 | $75,000 | $75,000 |
| 6080.0 | 1 | $605,000 | $605,000 |
| 63.0 | 2 | $130,000 | $65,000 |
| 7.0 | 1 | $35,000 | $35,000 |
| 765.0 | 1 | $155,000 | $155,000 |
| 832.0 | 1 | $55,000 | $55,000 |
| NA | 27 | $2,145,000 | $79,444 |