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

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  • 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, Refi, and Home Purchase loans. First Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Janesville, Rockford, Madison, Freeport, and Watertown among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Community Credit Union has an above 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

    335

    Origination Dollar Volume (All Markets)

    $40,675,000

    Awards

    First Community Credit Union 30 Year Conventional Loans silver First Community Credit Union 30 Year Conventional Loans silver First Community Credit Union 30 Year Conventional Loans gold First Community Credit Union 30 Year Conventional Loans gold
    Show all (4) 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) 143 $17,725,000 $123,951 $1,681 3.01%
    ROCKFORD, IL (FHA|USDA|VA) 113 $14,045,000 $124,292 $1,631 2.99%
    MADISON, WI (FHA|USDA|VA) 41 $4,255,000 $103,780 $1,350 3.01%
    Freeport, IL (FHA|USDA|VA) 12 $990,000 $82,500 $1,564 2.81%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 3 $835,000 $278,333 $1,209 3.00%
    Outside of Metro Areas 8 $820,000 $102,500 $1,506 3.06%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $645,000 $129,000 $1,567 2.83%
    Whitewater, WI (FHA|USDA|VA) 3 $595,000 $198,333 $1,640 2.88%
    Rochelle, IL (FHA|USDA|VA) 3 $335,000 $111,667 $1,672 3.25%
    Sterling, IL (FHA|USDA|VA) 2 $170,000 $85,000 $1,558 2.94%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,830 3.25%
    RACINE, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,885 2.88%
    First Community Credit Union's top markets include Janesville, Rockford, Madison, Freeport, 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.

    Rock Valley Credit Union
    Similarity Rank: 196
    EDUCATORS CREDIT UNION
    Similarity Rank: 264
    DMB Community Bank
    Similarity Rank: 400
    Byron Bank
    Similarity Rank: 460
    Dane County Credit Union
    Similarity Rank: 531
    WISCONSIN MORTGAGE CORPORATION
    Similarity Rank: 561
    PremierBank
    Similarity Rank: 663
    The Greenwood's State Bank
    Similarity Rank: 750
    Farmers & Merchants State Bank
    Similarity Rank: 784
    Monona Bank
    Similarity Rank: 793

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 335 $40,675,000 $121,418 $1,621 3.00%

    For 2021, First Community Credit Union's most frequently originated type of loan was Conventional, with 335 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 136 $15,090,000 $110,956 $1,368 2.93%
    Refi 126 $15,090,000 $119,762 $1,432 2.90%
    Home Purchase 68 $10,360,000 $152,353 $2,330 3.21%
    Other 5 $135,000 $27,000 $80 4.34%

    For 2021, First Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 136 originations. The 2nd most popular reason was Refi, with 126 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 116 $17,750,000 $153,017 $1,987 3.28%
    10 Year 81 $6,335,000 $78,210 $643 2.74%
    15 Year 66 $7,800,000 $118,182 $1,731 2.65%
    Other 44 $5,200,000 $118,182 $776 3.20%
    20 Year 25 $3,525,000 $141,000 $1,559 3.01%
    5 Year 3 $65,000 $21,667 $123 3.66%

    For 2021, First Community Credit Union's most frequently cited loan duration was 30 Year, with 116 originations. The 2nd most popular length was 10 Year, with 81 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 333 $40,305,000 $121,036
    $1k-2k 2 $370,000 $185,000

    First Community Credit Union's average total fees were $1,987, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 333 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 142 $19,690,000 $138,662
    2.5-3% 99 $12,585,000 $127,121
    <2.5% 88 $8,080,000 $91,818
    4-5% 6 $320,000 $53,333

    During 2021, First Community Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 142 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 164 $22,660,000 $138,171 $1,703 3.00%
    $100,000 or less 139 $9,045,000 $65,072 $1,431 2.96%
    $200k-400k 28 $7,050,000 $251,786 $1,787 3.14%
    $400k-600k 4 $1,920,000 $480,000 $2,076 3.28%

    2021 saw First Community Credit Union place emphasis on $100k-200k loans with 164 originations, totaling $22,660,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 88 $12,950,000 $147,159 $1,549 3.02%
    $50k-75k 86 $9,250,000 $107,558 $1,616 2.93%
    $75k-100k 81 $9,225,000 $113,889 $1,551 3.06%
    $50k or less 55 $4,375,000 $79,545 $1,897 2.96%
    $150k-250k 22 $4,090,000 $185,909 $1,563 2.96%
    $250k+ 2 $640,000 $320,000 $919 4.00%

    First Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 88 originations. The second most popular income band? $50k-75k, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 109 $13,555,000 $124,358 $1,631 2.89%
    30-36% 77 $9,545,000 $123,961 $1,641 3.01%
    <20% 33 $2,415,000 $73,182 $1,318 2.94%
    37% 19 $2,135,000 $112,368 $1,478 3.34%
    36% 16 $1,620,000 $101,250 $1,374 2.84%
    39% 13 $1,505,000 $115,769 $1,719 3.27%
    38% 10 $1,490,000 $149,000 $1,826 3.06%
    40% 10 $1,180,000 $118,000 $1,795 3.04%
    47% 8 $1,170,000 $146,250 $1,569 3.14%
    42% 7 $985,000 $140,714 $1,478 3.02%
    43% 7 $1,095,000 $156,429 $2,051 2.96%
    44% 7 $1,195,000 $170,714 $1,712 3.16%
    41% 6 $460,000 $76,667 $1,431 3.58%
    45% 5 $1,155,000 $231,000 $1,830 3.10%
    48% 4 $480,000 $120,000 $1,553 2.69%
    46% 3 $545,000 $181,667 $2,064 2.92%

    First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 109 originations. The next most common DTI ratio? 30-36%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 278 $34,470,000 $123,993 $1,631 3.01%
    Not provided 48 $5,090,000 $106,042 $1,491 2.96%
    American Indian 3 $525,000 $175,000 $1,829 2.79%
    Black 5 $515,000 $103,000 $1,971 3.08%
    Asian 1 $75,000 $75,000 $1,838 3.00%

    Approval Rates

    Total approvals of all applications
    93.75%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.91%

    First Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    181.25 1 $75,000 $75,000
    500.0 77 $7,125,000 $92,532
    595.0 1 $105,000 $105,000
    NA 256 $33,370,000 $130,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    335 $40,675,000 $121,418

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $1,925,000 $62,097 $1,209 2.84%
    40-60% 56 $5,570,000 $99,464 $1,464 2.77%
    60-80% 157 $20,415,000 $130,032 $1,585 2.97%
    80-100% 77 $12,345,000 $160,325 $2,078 3.19%
    Under 20% 14 $420,000 $30,000 $187 3.50%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union FHA mortgage Struggling to pay mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
    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 Trouble during payment process 2 28.6%
    First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%