Two Harbors Federal Credit Union Mortgage Rates, Fees & Info
Two Harbors, MNLEI: 254900HBR13MJYNT3634
Tax ID: 41-0757452
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Mortgage Data
Review & Overview
Two Harbors Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Two Harbors Federal Credit Union has a high proportion of conventional loans. Their top two markets are Duluth and Brainerd .Two Harbors Federal Credit Union has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/11/24 |
| 30 Year Conventional Refi | 6.27% | 11/11/24 |
| 30 Year Cash-out Refi | 6.27% | 11/11/24 |
| 15 Year Conventional Purchase | 5.68% | 11/11/24 |
| 15 Year Conventional Refi | 5.68% | 11/11/24 |
| 15 Year Cash-out Refi | 5.68% | 11/11/24 |
| 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. | ||
Two Harbors Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
70Origination Dollar Volume (All Markets)
$4,810,000Relative Rate
Two Harbors Federal Credit Union's average 30 year fixed mortgage rate was
5.55%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.93%.
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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 69 | $4,605,000 | $66,739 | $0 | 6.21% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 5.64% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 70 | $4,810,000 | $68,714 | $0 | 6.20% |
For 2023, Two Harbors Federal Credit Union's most frequently originated type of loan was Conventional, with 70 originations.
Loan Reason
For 2023, Two Harbors Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 38 originations. The 2nd most popular reason was Other, with 16 originations.
Loan Duration/Length
For 2023, Two Harbors Federal Credit Union's most frequently cited loan duration was 15 Year, with 21 originations. The 2nd most popular length was Other, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 32 | $1,690,000 | $52,813 |
| 5-6% | 21 | $2,045,000 | $97,381 |
| 7-8% | 8 | $370,000 | $46,250 |
| 3-4% | 1 | $175,000 | $175,000 |
During 2023, Two Harbors Federal Credit Union's average interest rate for loans was 5.55%, while their most frequently originated rate bucket for loans was 6-7%, with 32 originations.
Loan Sizing
2023 saw Two Harbors Federal Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $2,890,000 in origination value.
Applicant Income
Two Harbors Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 17 originations.
Applicant Debt to Income Ratio
Two Harbors Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 70 | $4,810,000 | $68,714 | $0 | 6.20% |
Approval Rates
Total approvals of all applications100.00%
Two Harbors 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 70 | $4,810,000 | $68,714 |