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 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, Chicago, and Freeport 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% 11/21/24
    30 Year Conventional Refi 6.59% 11/21/24
    30 Year Cash-out Refi 6.50% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 6.85% 11/21/24
    15 Year Conventional Refi 6.01% 11/21/24
    15 Year Cash-out Refi 6.01% 11/21/24
    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

    167

    Origination Dollar Volume (All Markets)

    $19,655,000

    Awards

    First Community Credit Union 30 Year Conventional Loans bronze First Community Credit Union 30 Year Conventional Loans gold First Community Credit Union 30 Year Conventional Loans gold First Community Credit Union 30 Year Conventional Loans silver
    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) 81 $10,295,000 $127,099 $1,389 4.89%
    ROCKFORD, IL (FHA|USDA|VA) 49 $4,955,000 $101,122 $1,395 4.66%
    MADISON, WI (FHA|USDA|VA) 15 $2,025,000 $135,000 $1,228 4.05%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $1,165,000 $166,429 $2,251 5.12%
    Freeport, IL (FHA|USDA|VA) 6 $430,000 $71,667 $1,312 4.25%
    Outside of Metro Areas 2 $260,000 $130,000 $1,882 5.13%
    RACINE, WI (FHA|USDA|VA) 2 $180,000 $90,000 $950 4.38%
    Whitewater, WI (FHA|USDA|VA) 3 $175,000 $58,333 $719 4.92%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,427 3.25%
    Rochelle, IL (FHA|USDA|VA) 1 $55,000 $55,000 $400 4.49%
    First Community Credit Union's top markets include Janesville, Rockford, Madison, Chicago, and Freeport among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (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: 91
    Landmark Credit Union
    Similarity Rank: 156
    Hometown Bank
    Similarity Rank: 323
    Farmers & Merchants State Bank
    Similarity Rank: 338
    Stillman Bank
    Similarity Rank: 350
    First Community Credit Union
    Similarity Rank: 360
    Bank of Deerfield
    Similarity Rank: 403
    Starion Bank
    Similarity Rank: 418
    The Park Bank
    Similarity Rank: 484

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 167 $19,655,000 $117,695 $1,395 4.72%

    For 2022, First Community Credit Union's most frequently originated type of loan was Conventional, with 167 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 59 $6,785,000 $115,000 $1,111 4.11%
    Home Purchase 51 $9,115,000 $178,725 $2,680 5.21%
    Refi 29 $1,985,000 $68,448 $667 4.55%
    Other 27 $1,405,000 $52,037 $229 5.34%
    Home Improvement 1 $365,000 $365,000 $3,580 3.88%

    For 2022, First Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 59 originations. The 2nd most popular reason was Home Purchase, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 73 $12,125,000 $166,096 $2,356 4.96%
    10 Year 59 $3,205,000 $54,322 $348 4.77%
    Other 15 $1,995,000 $133,000 $432 3.83%
    15 Year 13 $1,425,000 $109,615 $1,571 4.42%
    20 Year 3 $425,000 $141,667 $1,582 3.96%
    5 Year 3 $115,000 $38,333 $133 4.74%
    1 Year 1 $365,000 $365,000 $3,580 3.88%

    For 2022, First Community Credit Union's most frequently cited loan duration was 30 Year, with 73 originations. The 2nd most popular length was 10 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 163 $18,715,000 $114,816
    $1k-2k 1 $365,000 $365,000
    $3k-4k 1 $245,000 $245,000
    $5k+ 1 $225,000 $225,000

    First Community Credit Union's average total fees were $2,356, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 163 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 57 $5,605,000 $98,333
    5-6% 45 $6,315,000 $140,333
    3-4% 36 $4,600,000 $127,778
    6-7% 16 $1,790,000 $111,875
    2.5-3% 7 $665,000 $95,000
    <2.5% 4 $410,000 $102,500
    7-8% 2 $270,000 $135,000

    During 2022, First Community Credit Union's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 4-5%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 89 $4,985,000 $56,011 $881 4.75%
    $100k-200k 53 $7,435,000 $140,283 $1,621 4.59%
    $200k-400k 22 $5,880,000 $267,273 $2,634 4.87%
    $400k-600k 3 $1,355,000 $451,667 $3,050 5.13%

    2022 saw First Community Credit Union place emphasis on $100,000 or less loans with 89 originations, totaling $4,985,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 41 $4,215,000 $102,805 $1,485 4.64%
    $75k-100k 40 $4,750,000 $118,750 $1,336 5.17%
    $100k-150k 36 $4,200,000 $116,667 $1,378 4.68%
    $50k or less 28 $1,950,000 $69,643 $1,442 4.21%
    $150k-250k 20 $3,980,000 $199,000 $1,358 4.83%
    $250k+ 2 $560,000 $280,000 $958 4.13%

    First Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 41 originations. The second most popular income band? $75k-100k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 49 $5,415,000 $110,510 $1,170 4.79%
    20-30% 42 $4,650,000 $110,714 $1,514 4.61%
    <20% 19 $2,125,000 $111,842 $1,315 4.09%
    41% 12 $1,530,000 $127,500 $1,343 5.14%
    42% 9 $825,000 $91,667 $1,375 4.97%
    40% 6 $610,000 $101,667 $1,154 5.41%
    36% 6 $720,000 $120,000 $1,519 4.48%
    37% 6 $790,000 $131,667 $1,132 4.25%
    39% 5 $515,000 $103,000 $1,703 5.30%
    38% 3 $305,000 $101,667 $1,831 5.37%
    47% 3 $295,000 $98,333 $2,251 4.04%
    44% 2 $300,000 $150,000 $2,122 5.38%
    48% 2 $940,000 $470,000 $3,021 5.06%
    49% 2 $610,000 $305,000 $2,168 4.94%
    >60% 1 $25,000 $25,000 $283 5.13%

    First Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 49 originations. The next most common DTI ratio? 20-30%, with 42 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 138 $16,050,000 $116,304 $1,387 4.63%
    Not provided 22 $2,010,000 $91,364 $1,238 5.03%
    Black 4 $760,000 $190,000 $2,474 5.66%
    Asian 1 $415,000 $415,000 $3,108 5.25%
    American Indian 1 $355,000 $355,000 $900 3.25%
    Native Hawaiian or Islander 1 $65,000 $65,000 $273 6.88%

    Approval Rates

    Total approvals of all applications
    88.19%

    First Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.25%

    First Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    632.6 1 $105,000 $105,000
    NA 166 $19,550,000 $117,771

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    167 $19,655,000 $117,695

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $1,880,000 $52,222 $453 5.04%
    40-60% 22 $2,420,000 $110,000 $1,662 4.02%
    60-80% 46 $6,210,000 $135,000 $1,442 4.44%
    80-100% 42 $8,200,000 $195,238 $2,477 5.07%
    Under 20% 21 $945,000 $45,000 $327 4.82%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%