First Community Credit Union Mortgage Rates, Fees & Info

Beloit, WI

LEI: 254900RO87UFWPI72M63

Tax ID: 39-0269470

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Janesville, Rockford, Madison, Rochelle, and Watertown among others. We have data for 7 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.75% 5/4/24
    30 Year Conventional Refi 6.59% 5/4/24
    30 Year Cash-out Refi 6.50% 5/4/24
    30 Year FHA Purchase 6.27% 5/4/24
    15 Year Conventional Purchase 6.85% 5/4/24
    15 Year Conventional Refi 6.01% 5/4/24
    15 Year Cash-out Refi 6.01% 5/4/24
    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

    87

    Origination Dollar Volume (All Markets)

    $5,265,000

    Awards

    First Community Credit Union 30 Year Conventional Loans gold First Community Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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) 51 $3,495,000 $68,529 $1,030 5.04%
    ROCKFORD, IL (FHA|USDA|VA) 16 $720,000 $45,000 $1,005 4.97%
    MADISON, WI (FHA|USDA|VA) 7 $515,000 $73,571 $1,145 5.41%
    Outside of Metro Areas 7 $395,000 $56,429 $1,374 5.02%
    Rochelle, IL (FHA|USDA|VA) 3 $75,000 $25,000 $0 4.99%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $50,000 $25,000 $40 5.62%
    Beaver Dam, WI (FHA|USDA|VA) 1 $15,000 $15,000 $179 4.50%
    First Community Credit Union's top markets include Janesville, Rockford, Madison, Rochelle, and Watertown among others.

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

    Bank of Milton
    Similarity Rank: 25
    Rock Valley Credit Union
    Similarity Rank: 30
    First Community Credit Union
    Similarity Rank: 63
    FIRST NORTHERN Credit Union
    Similarity Rank: 72
    HERITAGE CREDIT UNION
    Similarity Rank: 78
    United Community Bank
    Similarity Rank: 147
    Landmark Credit Union
    Similarity Rank: 192
    State Bank of Cross Plains
    Similarity Rank: 207
    Mound City Bank
    Similarity Rank: 280
    Farmers and Merchants Union Bank
    Similarity Rank: 288

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 86 $5,130,000 $59,651 $946 5.06%
    FHA 1 $135,000 $135,000 $4,724 4.75%

    For 2018, First Community Credit Union's most frequently originated type of loan was Conventional, with 86 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 29 $685,000 $23,621 $119 5.17%
    Home Purchase 24 $2,240,000 $93,333 $2,060 4.70%
    Cash Out Refi 20 $1,640,000 $82,000 $1,298 5.18%
    Refi 14 $700,000 $50,000 $597 5.29%

    For 2018, First Community Credit Union's most frequently cited loan purpose was Other, with 29 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 44 $1,280,000 $29,091 $441 5.22%
    30 Year 31 $3,495,000 $112,742 $1,919 4.73%
    5 Year 7 $145,000 $20,714 $266 5.43%
    15 Year 4 $310,000 $77,500 $1,262 4.47%
    20 Year 1 $35,000 $35,000 $1,246 8.38%

    For 2018, First Community Credit Union's most frequently cited loan duration was 10 Year, with 44 originations. The 2nd most popular length was 30 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 84 $5,180,000 $61,667

    First Community Credit Union's average total fees were $1,919, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 84 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 60 $3,430,000 $57,167
    5-6% 13 $745,000 $57,308
    3-4% 6 $860,000 $143,333
    6-7% 6 $180,000 $30,000
    7-8% 1 $15,000 $15,000
    Over 8% 1 $35,000 $35,000

    During 2018, First Community Credit Union's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 4-5%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 68 $2,440,000 $35,882 $729 5.20%
    $100k-200k 18 $2,620,000 $145,556 $1,927 4.63%
    $200k-400k 1 $205,000 $205,000 $1,658 3.75%

    2018 saw First Community Credit Union place emphasis on $100,000 or less loans with 68 originations, totaling $2,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $1,840,000 $61,333 $1,145 5.05%
    $100k-150k 21 $1,315,000 $62,619 $858 5.09%
    $50k or less 20 $840,000 $42,000 $856 5.08%
    $75k-100k 15 $1,185,000 $79,000 $942 5.07%
    $250k+ 1 $85,000 $85,000 $2,389 4.50%

    First Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 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% 27 $1,695,000 $62,778 $1,050 4.87%
    30-36% 17 $945,000 $55,588 $705 5.15%
    <20% 9 $565,000 $62,778 $1,144 5.29%
    39% 7 $285,000 $40,714 $635 5.21%
    36% 7 $345,000 $49,286 $1,264 4.93%
    37% 5 $245,000 $49,000 $819 5.62%
    40% 4 $360,000 $90,000 $1,391 4.53%
    43% 3 $245,000 $81,667 $757 5.58%
    41% 2 $60,000 $30,000 $847 5.50%
    38% 2 $130,000 $65,000 $1,021 4.75%
    42% 1 $115,000 $115,000 $2,020 4.63%
    44% 1 $25,000 $25,000 $0 4.99%
    48% 1 $55,000 $55,000 $2,072 4.75%
    50-60% 1 $195,000 $195,000 $2,513 4.88%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $5,130,000 $59,651 $977 5.06%
    Not provided 1 $135,000 $135,000 $2,095 5.00%

    Approval Rates

    Total approvals of all applications
    82.32%

    First Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.82%

    First Community Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 87 $5,265,000 $60,517

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $55,000 $55,000
    Single Family (1-4 Units):Site-Built 86 $5,210,000 $60,581

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $610,000 $38,125 $589 5.14%
    40-60% 10 $790,000 $79,000 $1,168 5.03%
    60-80% 18 $1,990,000 $110,556 $1,614 4.87%
    80-100% 17 $1,365,000 $80,294 $1,961 4.82%
    Under 20% 26 $510,000 $19,615 $140 5.31%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%