First Community Credit Union Mortgage Rates, Fees & Info

Beloit, WI

LEI: 254900RO87UFWPI72M63

Tax ID: 39-0269470

5 stars - Updated: 11/17/24 - out of 5 stars, based on 14 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    First Community Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. First Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Janesville, Rockford, Madison, Whitewater, and Watertown among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Community 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. First Community 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.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.75% 11/17/24
    30 Year Conventional Refi 6.59% 11/17/24
    30 Year Cash-out Refi 6.50% 11/17/24
    30 Year FHA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.85% 11/17/24
    15 Year Conventional Refi 6.01% 11/17/24
    15 Year Cash-out Refi 6.01% 11/17/24
    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.

    First Community Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Community Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    190

    Origination Dollar Volume (All Markets)

    $21,170,000
    Show all (5) awards

    Relative Rate

    First Community Credit Union's average 30 year fixed mortgage rate was 6.4%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

    First Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $1,864.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 92 $9,530,000 $103,587 $1,060 6.26%
    ROCKFORD, IL (FHA|USDA|VA) 43 $4,005,000 $93,140 $1,095 6.37%
    MADISON, WI (FHA|USDA|VA) 20 $1,680,000 $84,000 $730 5.86%
    Outside of Metro Areas 9 $1,455,000 $161,667 $1,423 5.69%
    Whitewater, WI (FHA|USDA|VA) 3 $1,055,000 $351,667 $1,909 6.50%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $900,000 $450,000 $3,188 4.94%
    Freeport, IL (FHA|USDA|VA) 8 $780,000 $97,500 $1,413 6.30%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $405,000 $405,000 $1,265 5.50%
    Rochelle, IL (FHA|USDA|VA) 2 $350,000 $175,000 $1,229 5.81%
    Baraboo, WI (FHA|USDA|VA) 1 $235,000 $235,000 $2,045 6.38%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,075 6.63%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,370 6.38%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $155,000 $51,667 $279 6.29%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,495 5.75%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $85,000 $85,000 $2,118 6.88%
    RACINE, WI (FHA|USDA|VA) 1 $25,000 $25,000 $274 5.75%
    Platteville, WI (FHA|USDA|VA) 1 $25,000 $25,000 $1,020 4.99%
    First Community Credit Union's top markets include Janesville, Rockford, Madison, Whitewater, and Watertown among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    EDUCATORS CREDIT UNION
    Similarity Rank: 50
    Rock Valley Credit Union
    Similarity Rank: 120
    ILLINOIS STATE CREDIT UNION
    Similarity Rank: 132
    Starion Bank
    Similarity Rank: 147
    Stillman Bank
    Similarity Rank: 171
    First Community Credit Union
    Similarity Rank: 238
    Bank of Sun Prairie
    Similarity Rank: 270
    Heartland Credit Union (Madison)
    Similarity Rank: 270
    NORTHWEST BANK OF ROCKFORD
    Similarity Rank: 280
    Mound City Bank
    Similarity Rank: 286

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 190 $21,170,000 $111,421 $1,097 6.19%

    For 2023, First Community Credit Union's most frequently originated type of loan was Conventional, with 190 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 58 $11,030,000 $190,172 $2,144 6.31%
    Other 56 $2,450,000 $43,750 $272 6.10%
    Cash Out Refi 46 $4,980,000 $108,261 $1,179 6.18%
    Refi 28 $1,860,000 $66,429 $385 6.23%
    Home Improvement 2 $850,000 $425,000 $3,856 5.25%

    For 2023, First Community Credit Union's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Other, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 87 $15,215,000 $174,885 $1,864 6.40%
    10 Year 85 $3,935,000 $46,294 $334 6.15%
    5 Year 7 $165,000 $23,571 $272 5.43%
    Other 6 $670,000 $111,667 $686 4.92%
    20 Year 2 $150,000 $75,000 $2,698 6.50%
    1 Year 2 $850,000 $425,000 $3,856 5.25%
    15 Year 1 $185,000 $185,000 $1,045 6.63%

    For 2023, First Community Credit Union's most frequently cited loan duration was 30 Year, with 87 originations. The 2nd most popular length was 10 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 182 $20,200,000 $110,989
    $1k-2k 4 $690,000 $172,500
    $2k-3k 1 $45,000 $45,000

    First Community Credit Union's average total fees were $1,864, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 182 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 79 $7,795,000 $98,671
    5-6% 74 $9,380,000 $126,757
    7-8% 22 $2,280,000 $103,636
    4-5% 9 $825,000 $91,667
    Over 8% 5 $535,000 $107,000
    3-4% 1 $355,000 $355,000

    During 2023, First Community Credit Union's average interest rate for loans was 6.40%, while their most frequently originated rate bucket for loans was 6-7%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 116 $5,620,000 $48,448 $594 6.15%
    $100k-200k 47 $6,915,000 $147,128 $1,722 6.40%
    $200k-400k 22 $5,950,000 $270,455 $2,198 6.07%
    $400k-600k 4 $1,830,000 $457,500 $1,751 5.88%
    $600k-1MM 1 $855,000 $855,000 $3,463 5.50%

    2023 saw First Community Credit Union place emphasis on $100,000 or less loans with 116 originations, totaling $5,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 52 $6,420,000 $123,462 $1,024 6.05%
    $50k-75k 48 $4,500,000 $93,750 $1,098 6.32%
    $75k-100k 36 $3,590,000 $99,722 $1,061 6.32%
    $50k or less 28 $1,880,000 $67,143 $1,123 6.06%
    $150k-250k 22 $3,550,000 $161,364 $1,242 6.07%
    $250k+ 3 $1,205,000 $401,667 $1,782 7.13%

    First Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $50k-75k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $4,320,000 $93,913 $1,094 6.19%
    30-36% 43 $5,575,000 $129,651 $1,151 6.22%
    39% 14 $1,420,000 $101,429 $1,463 6.12%
    42% 13 $1,085,000 $83,462 $527 6.28%
    38% 13 $1,065,000 $81,923 $734 5.92%
    41% 11 $1,315,000 $119,545 $1,372 6.31%
    <20% 7 $505,000 $72,143 $1,124 5.91%
    40% 7 $435,000 $62,143 $635 7.16%
    44% 6 $860,000 $143,333 $1,358 5.67%
    37% 6 $960,000 $160,000 $1,390 6.19%
    43% 6 $890,000 $148,333 $1,302 6.13%
    36% 5 $545,000 $109,000 $899 6.08%
    47% 4 $650,000 $162,500 $1,465 6.25%
    45% 4 $840,000 $210,000 $949 5.88%
    49% 2 $380,000 $190,000 $1,585 7.19%
    >60% 1 $25,000 $25,000 $0 6.00%
    46% 1 $35,000 $35,000 $897 6.38%
    48% 1 $265,000 $265,000 $1,195 6.00%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 151 $17,005,000 $112,616 $1,113 6.17%
    Not provided 33 $3,385,000 $102,576 $1,040 6.28%
    Vietnamese 1 $285,000 $285,000 $2,493 5.75%
    Black 2 $240,000 $120,000 $832 6.81%
    1 $145,000 $145,000 $1,283 5.75%
    American Indian 1 $65,000 $65,000 $269 7.13%
    Other Asian 1 $45,000 $45,000 $274 6.00%

    Approval Rates

    Total approvals of all applications
    89.14%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.37%

    First Community Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 190 $21,170,000 $111,421

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    190 $21,170,000 $111,421

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $2,795,000 $62,111 $513 6.21%
    40-60% 30 $3,680,000 $122,667 $1,162 6.24%
    60-80% 30 $5,150,000 $171,667 $1,708 6.30%
    80-100% 39 $8,035,000 $206,026 $2,192 6.12%
    Under 20% 46 $1,510,000 $32,826 $320 6.14%