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 Refi loans. Two Harbors Federal Credit Union has a high proportion of conventional loans. Two Harbors Federal Credit Union has a high proportion of conventional loans. Their top two markets are Duluth and Minneapolis .Two Harbors 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/17/24 |
| 30 Year Conventional Refi | 6.27% | 12/17/24 |
| 30 Year Cash-out Refi | 6.27% | 12/17/24 |
| 15 Year Conventional Purchase | 5.68% | 12/17/24 |
| 15 Year Conventional Refi | 5.68% | 12/17/24 |
| 15 Year Cash-out Refi | 5.68% | 12/17/24 |
| 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
97Origination Dollar Volume (All Markets)
$8,455,000Top 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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 96 | $8,210,000 | $85,521 | $138 | 3.79% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 57 | $2,785,000 | $48,860 | $138 | 3.79% |
| Conventional | 40 | $5,670,000 | $141,750 | $0 | 0.00% |
For 2020, Two Harbors Federal Credit Union's most frequently originated type of loan was Conventional, with 57 originations. Their 2nd most popular type was Conventional, with 40 originations.
Loan Reason
For 2020, Two Harbors Federal Credit Union's most frequently cited loan purpose was Refi, with 63 originations. The 2nd most popular reason was Other, with 15 originations.
Loan Duration/Length
For 2020, Two Harbors Federal Credit Union's most frequently cited loan duration was Other, with 60 originations. The 2nd most popular length was 15 Year, with 26 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 33 | $1,665,000 | $50,455 |
| 4-5% | 19 | $875,000 | $46,053 |
| 2.5-3% | 4 | $170,000 | $42,500 |
| <2.5% | 1 | $75,000 | $75,000 |
During 2020, Two Harbors Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 33 originations.
Loan Sizing
2020 saw Two Harbors Federal Credit Union place emphasis on $100,000 or less loans with 73 originations, totaling $3,925,000 in origination value.
Applicant Income
Two Harbors Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 32 originations. The second most popular income band? $50k or less, with 21 originations.
Applicant Debt to Income Ratio
Two Harbors Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 40 originations. The next most common DTI ratio? 20-30%, with 14 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 97 | $8,455,000 | $87,165 | $138 | 3.79% |
Approval Rates
Total approvals of all applications95.45%
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 origination92.78%
Two Harbors Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 40 | $5,670,000 | $141,750 |
| NA | 57 | $2,785,000 | $48,860 |