Hercules First Federal Credit Union Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 254900GL9FITA8BCKE77

Tax ID: 87-0237696

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Hercules First Federal Credit Union is a smaller credit union specializing in 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, Provo, Ogden, Logan, and Heber among others. We have data for 7 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. 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 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.

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    Originations

    105

    Origination Dollar Volume (All Markets)

    $26,755,000

    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) 83 $19,955,000 $240,422 $3,260 3.61%
    PROVO-OREM, UT (FHA|USDA|VA) 8 $2,230,000 $278,750 $3,429 4.53%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 6 $1,400,000 $233,333 $3,664 4.44%
    LOGAN, UT-ID (FHA|USDA|VA) 3 $1,235,000 $411,667 $3,260 3.54%
    Heber, UT (FHA|USDA|VA) 2 $1,100,000 $550,000 $7,220 3.06%
    Outside of Metro Areas 2 $760,000 $380,000 $5,288 3.06%
    Vernal, UT (FHA|USDA|VA) 1 $75,000 $75,000 $1,296 2.88%
    Hercules First Federal Credit Union's top markets include Salt Lake City, Provo, Ogden, Logan, and Heber among others.

    Their top states include:
  • Utah (FHA|USDA|VA)

    • 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.

    Central Bank
    Similarity Rank: 665
    Jordan Federal Credit Union
    Similarity Rank: 980
    UTAH COMMUNITY
    Similarity Rank: 1056
    TRANSWEST CREDIT UNION
    Similarity Rank: 1160
    University First Federal Credit Union
    Similarity Rank: 1250
    Cache Valley Bank
    Similarity Rank: 1440
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1480
    CYPRUS Federal Credit Union
    Similarity Rank: 1530
    Hercules First Federal Credit Union
    Similarity Rank: 1610
    GOLDENWEST
    Similarity Rank: 2200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 105 $26,755,000 $254,810 $3,398 3.69%

    For 2021, Hercules First Federal Credit Union's most frequently originated type of loan was Conventional, with 105 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 60 $17,340,000 $289,000 $3,924 2.95%
    Other 19 $1,715,000 $90,263 $530 6.75%
    Refi 13 $2,945,000 $226,538 $3,278 2.58%
    Home Purchase 12 $4,730,000 $394,167 $6,300 3.81%
    Home Improvement 1 $25,000 $25,000 $410 3.70%

    For 2021, Hercules First Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 60 originations. The 2nd most popular reason was Other, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 54 $19,450,000 $360,185 $5,021 3.32%
    15 Year 35 $4,975,000 $142,143 $1,675 4.42%
    20 Year 7 $1,515,000 $216,429 $3,190 2.71%
    10 Year 6 $650,000 $108,333 $1,454 3.55%
    Other 2 $150,000 $75,000 $367 4.16%
    5 Year 1 $15,000 $15,000 $0 5.15%

    For 2021, Hercules First Federal Credit Union's most frequently cited loan duration was 30 Year, with 54 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 29 $2,515,000 $86,724
    $1k-2k 26 $4,220,000 $162,308
    $2k-3k 15 $3,795,000 $253,000
    $3k-4k 13 $4,575,000 $351,923
    $5k+ 9 $6,085,000 $676,111
    $4k-5k 8 $3,600,000 $450,000

    Hercules First Federal Credit Union's average total fees were $5,021, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 40 $13,370,000 $334,250
    <2.5% 21 $2,915,000 $138,810
    3-4% 19 $6,915,000 $363,947
    5-6% 7 $745,000 $106,429
    4-5% 7 $1,595,000 $227,857
    7-8% 5 $625,000 $125,000
    6-7% 3 $245,000 $81,667
    Over 8% 3 $345,000 $115,000

    During 2021, Hercules First Federal Credit Union's average interest rate for loans was 3.32%, while their most frequently originated rate bucket for loans was 2.5-3%, with 40 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,565,000 $289,848 $3,940 3.49%
    $100k-200k 29 $4,345,000 $149,828 $2,164 3.35%
    $100,000 or less 22 $1,340,000 $60,909 $662 4.78%
    $400k-600k 16 $7,620,000 $476,250 $6,701 3.46%
    $600k-1MM 5 $3,885,000 $777,000 $10,284 3.02%

    2021 saw Hercules First Federal Credit Union place emphasis on $200k-400k loans with 33 originations, totaling $9,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 22 $4,580,000 $208,182 $2,902 3.56%
    $100k-150k 21 $4,955,000 $235,952 $3,223 3.72%
    $150k-250k 20 $6,640,000 $332,000 $4,159 4.06%
    $50k-75k 19 $4,695,000 $247,105 $3,181 3.76%
    $50k or less 14 $2,220,000 $158,571 $2,567 3.05%
    $250k+ 9 $3,665,000 $407,222 $5,177 4.04%

    Hercules First Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 22 originations. The second most popular income band? $100k-150k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $6,050,000 $232,692 $3,315 3.40%
    <20% 21 $5,505,000 $262,143 $3,269 3.03%
    43% 10 $3,120,000 $312,000 $4,305 4.16%
    30-36% 9 $2,075,000 $230,556 $3,200 3.53%
    36% 7 $945,000 $135,000 $1,971 3.50%
    50-60% 5 $785,000 $157,000 $2,054 5.09%
    37% 5 $755,000 $151,000 $2,209 3.16%
    40% 4 $1,310,000 $327,500 $3,997 5.98%
    48% 4 $1,340,000 $335,000 $4,085 2.78%
    39% 4 $1,310,000 $327,500 $4,682 3.03%
    49% 3 $845,000 $281,667 $3,410 5.85%
    38% 2 $310,000 $155,000 $500 7.70%
    41% 2 $1,320,000 $660,000 $12,195 3.63%
    42% 2 $770,000 $385,000 $5,555 3.25%
    46% 1 $315,000 $315,000 $4,267 3.01%

    Hercules First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? <20%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $26,130,000 $256,176 $3,409 3.73%
    Native Hawaiian 2 $400,000 $200,000 $2,949 2.44%
    Vietnamese 1 $225,000 $225,000 $3,215 2.63%

    Approval Rates

    Total approvals of all applications
    99.06%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 105 $26,755,000 $254,810

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    105 $26,755,000 $254,810

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $4,620,000 $154,000 $2,140 3.23%
    40-60% 17 $4,045,000 $237,941 $3,382 3.35%
    60-80% 32 $13,910,000 $434,688 $6,129 3.40%
    80-100% 7 $2,955,000 $422,143 $5,165 3.43%
    Under 20% 19 $1,225,000 $64,474 $619 5.34%