Hercules First Federal Credit Union Mortgage Rates, Fees & Info
Salt Lake City, UTLEI: 254900GL9FITA8BCKE77
Tax ID: 87-0237696
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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 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 relatively high rates.
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Originations
10Origination Dollar Volume (All Markets)
$3,900,000Top 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) | 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 |