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 Cash Out Refi, Home Purchase, and Refi loans. First Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Janesville, Rockford, Madison, Freeport, and Chicago among others. We have data for 10 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.

    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% 11/22/24
    30 Year Conventional Refi 6.59% 11/22/24
    30 Year Cash-out Refi 6.50% 11/22/24
    30 Year FHA Purchase 6.27% 11/22/24
    15 Year Conventional Purchase 6.85% 11/22/24
    15 Year Conventional Refi 6.01% 11/22/24
    15 Year Cash-out Refi 6.01% 11/22/24
    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

    204

    Origination Dollar Volume (All Markets)

    $21,110,000
    Show all (5) 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) 118 $12,480,000 $105,763 $1,161 4.19%
    ROCKFORD, IL (FHA|USDA|VA) 45 $4,315,000 $95,889 $1,093 4.08%
    MADISON, WI (FHA|USDA|VA) 20 $1,990,000 $99,500 $635 4.28%
    Freeport, IL (FHA|USDA|VA) 9 $825,000 $91,667 $1,259 4.15%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $730,000 $182,500 $1,872 4.53%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,001 3.75%
    Outside of Metro Areas 4 $220,000 $55,000 $0 5.00%
    Sterling, IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,708 4.75%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $85,000 $85,000 $1,782 4.25%
    Whitewater, WI (FHA|USDA|VA) 1 $35,000 $35,000 $1,357 7.25%
    First Community Credit Union's top markets include Janesville, Rockford, Madison, Freeport, and Chicago 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.

    Rock Valley Credit Union
    Similarity Rank: 14
    EDUCATORS CREDIT UNION
    Similarity Rank: 44
    Merchants Bank
    Similarity Rank: 150
    FIRST NORTHERN Credit Union
    Similarity Rank: 200
    Dane County Credit Union
    Similarity Rank: 315
    Stillman Bank
    Similarity Rank: 384
    Heartland Credit Union (Madison)
    Similarity Rank: 384
    The Park Bank
    Similarity Rank: 425
    First Community Credit Union
    Similarity Rank: 430
    State Bank of Cross Plains
    Similarity Rank: 559

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 204 $21,110,000 $103,480 $1,106 4.21%

    For 2019, First Community Credit Union's most frequently originated type of loan was Conventional, with 204 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 82 $8,050,000 $98,171 $837 4.24%
    Home Purchase 57 $7,675,000 $134,649 $1,935 4.10%
    Refi 53 $5,095,000 $96,132 $861 4.06%
    Other 12 $290,000 $24,167 $132 5.25%

    For 2019, First Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 82 originations. The 2nd most popular reason was Home Purchase, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 111 $14,215,000 $128,063 $1,485 4.13%
    10 Year 44 $2,740,000 $62,273 $413 4.57%
    15 Year 27 $2,785,000 $103,148 $1,080 3.60%
    20 Year 11 $1,075,000 $97,727 $1,023 4.41%
    5 Year 11 $295,000 $26,818 $163 4.89%

    For 2019, First Community Credit Union's most frequently cited loan duration was 30 Year, with 111 originations. The 2nd most popular length was 10 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 202 $20,900,000 $103,465
    $1k-2k 1 $55,000 $55,000

    First Community Credit Union's average total fees were $1,485, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 128 $13,950,000 $108,984
    4-5% 50 $5,450,000 $109,000
    5-6% 21 $1,535,000 $73,095
    6-7% 2 $30,000 $15,000
    7-8% 2 $100,000 $50,000
    Over 8% 1 $45,000 $45,000

    During 2019, First Community Credit Union's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 3-4%, with 128 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 108 $6,320,000 $58,519 $914 4.38%
    $100k-200k 82 $11,440,000 $139,512 $1,300 4.04%
    $200k-400k 14 $3,350,000 $239,286 $1,444 3.92%

    2019 saw First Community Credit Union place emphasis on $100,000 or less loans with 108 originations, totaling $6,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 58 $3,900,000 $67,241 $1,004 4.10%
    $50k-75k 52 $5,410,000 $104,038 $1,117 4.11%
    $75k-100k 46 $4,670,000 $101,522 $1,126 4.58%
    $100k-150k 38 $5,460,000 $143,684 $1,263 4.07%
    $150k-250k 9 $1,525,000 $169,444 $1,008 4.22%
    $250k+ 1 $145,000 $145,000 $249 3.99%

    First Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 58 originations. The second most popular income band? $50k-75k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $5,725,000 $104,091 $1,180 4.18%
    30-36% 52 $5,190,000 $99,808 $1,256 4.13%
    <20% 23 $2,075,000 $90,217 $892 4.35%
    37% 11 $1,065,000 $96,818 $1,145 4.12%
    36% 10 $1,150,000 $115,000 $819 4.15%
    39% 10 $830,000 $83,000 $1,011 4.62%
    40% 9 $1,225,000 $136,111 $812 3.98%
    42% 8 $690,000 $86,250 $711 3.87%
    38% 6 $770,000 $128,333 $1,584 4.14%
    44% 4 $610,000 $152,500 $1,006 5.13%
    41% 3 $185,000 $61,667 $291 4.83%
    43% 3 $405,000 $135,000 $1,547 3.96%
    46% 2 $290,000 $145,000 $852 3.69%
    48% 2 $300,000 $150,000 $1,603 3.56%
    49% 2 $160,000 $80,000 $923 5.00%
    47% 2 $280,000 $140,000 $1,727 4.56%
    45% 1 $125,000 $125,000 $2,270 4.00%
    50-60% 1 $35,000 $35,000 $0 5.25%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $20,160,000 $105,000 $1,097 4.20%
    Black 10 $820,000 $82,000 $1,162 4.41%
    Not provided 1 $85,000 $85,000 $2,347 4.25%
    American Indian 1 $45,000 $45,000 $930 3.38%

    Approval Rates

    Total approvals of all applications
    85.30%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.51%

    First Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 204 $21,110,000 $103,480

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $230,000 $115,000
    Single Family (1-4 Units):Site-Built 202 $20,880,000 $103,366

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $905,000 $39,348 $441 4.68%
    40-60% 32 $2,960,000 $92,500 $1,024 4.22%
    60-80% 68 $8,150,000 $119,853 $995 3.99%
    80-100% 69 $8,775,000 $127,174 $1,637 4.12%
    Under 20% 12 $320,000 $26,667 $198 5.02%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%