Fortera Federal Credit Union Mortgage Rates, Fees & Info

Clarksville, TN

LEI: 254900WQCRCK13A7DC81

Tax ID: 61-0523393

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
  • 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

    Fortera Federal Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Fortera Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Clarksville, Nashville, Lexington, Paris, and Cleveland among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fortera Federal 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. Fortera Federal 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 6.32% 4/28/24
    30 Year Conventional Refi 6.37% 4/28/24
    30 Year Cash-out Refi 6.61% 4/28/24
    30 Year VA Purchase 6.04% 4/28/24
    30 Year VA Refi 6.12% 4/28/24
    15 Year Conventional Purchase 6.18% 4/28/24
    15 Year Conventional Refi 6.11% 4/28/24
    15 Year Cash-out Refi 6.11% 4/28/24
    15 Year VA Purchase 4.41% 4/28/24
    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.

    Fortera Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Fortera Federal 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

    569

    Origination Dollar Volume (All Markets)

    $64,985,000
    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
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 523 $59,555,000 $113,872 $1,104 4.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 22 $3,010,000 $136,818 $1,868 4.12%
    Outside of Metro Areas 16 $1,570,000 $98,125 $1,577 4.51%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $315,000 $315,000 $2,320 2.63%
    Paris, TN (FHA|USDA|VA) 1 $255,000 $255,000 $2,221 2.63%
    CLEVELAND, TN (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.24%
    Mayfield, KY (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.49%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.24%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.24%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $20,000 $10,000 $0 6.37%
    Fortera Federal Credit Union's top markets include Clarksville, Nashville, Lexington, Paris, and Cleveland among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

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

    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 176
    Fortera Federal Credit Union
    Similarity Rank: 630
    Legacy Home Loans, LLC
    Similarity Rank: 833
    CapStar Bank
    Similarity Rank: 913
    First Federal Bank
    Similarity Rank: 2116
    ASCEND FEDERAL CREDIT UNION
    Similarity Rank: 2170
    A Mortgage Boutique, LLC
    Similarity Rank: 3362
    Legends Bank
    Similarity Rank: 3649
    First Financial Bank
    Similarity Rank: 3886
    Truist
    Similarity Rank: 3996

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 512 $54,260,000 $105,977 $940 4.19%
    VA 57 $10,725,000 $188,158 $2,873 2.70%

    For 2021, Fortera Federal Credit Union's most frequently originated type of loan was Conventional, with 512 originations. Their 2nd most popular type was VA, with 57 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 192 $24,460,000 $127,396 $871 3.29%
    Other 118 $7,250,000 $61,441 $174 5.65%
    Home Improvement 99 $4,455,000 $45,000 $65 5.29%
    Cash Out Refi 90 $14,480,000 $160,889 $2,571 3.06%
    Home Purchase 70 $14,340,000 $204,857 $3,145 2.85%

    For 2021, Fortera Federal Credit Union's most frequently cited loan purpose was Refi, with 192 originations. The 2nd most popular reason was Other, with 118 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 180 $19,830,000 $110,167 $750 4.00%
    10 Year 146 $9,470,000 $64,863 $115 5.18%
    30 Year 134 $27,980,000 $208,806 $3,166 2.88%
    5 Year 63 $2,075,000 $32,937 $50 3.86%
    20 Year 44 $5,500,000 $125,000 $1,370 4.25%
    Other 2 $130,000 $65,000 $972 2.56%

    For 2021, Fortera Federal Credit Union's most frequently cited loan duration was 15 Year, with 180 originations. The 2nd most popular length was 10 Year, with 146 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 482 $50,380,000 $104,523
    $1k-2k 47 $6,715,000 $142,872
    $2k-3k 20 $4,870,000 $243,500
    $3k-4k 2 $660,000 $330,000
    $4k-5k 2 $630,000 $315,000
    $5k+ 2 $640,000 $320,000

    Fortera Federal Credit Union's average total fees were $3,166, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 482 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 195 $31,325,000 $160,641
    3-4% 86 $10,960,000 $127,442
    <2.5% 84 $11,990,000 $142,738
    5-6% 70 $3,950,000 $56,429
    4-5% 52 $2,670,000 $51,346
    6-7% 38 $2,290,000 $60,263
    Over 8% 23 $965,000 $41,957
    7-8% 21 $835,000 $39,762

    During 2021, Fortera Federal Credit Union's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 195 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 313 $15,775,000 $50,399 $280 4.87%
    $100k-200k 157 $22,595,000 $143,917 $1,618 3.15%
    $200k-400k 94 $24,330,000 $258,830 $3,081 2.81%
    $400k-600k 5 $2,285,000 $457,000 $2,466 2.90%

    2021 saw Fortera Federal Credit Union place emphasis on $100,000 or less loans with 313 originations, totaling $15,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 147 $14,595,000 $99,286 $1,001 4.13%
    $50k or less 113 $8,795,000 $77,832 $879 4.40%
    $75k-100k 107 $12,785,000 $119,486 $982 4.07%
    $100k-150k 101 $12,555,000 $124,307 $944 4.17%
    $150k-250k 33 $4,805,000 $145,606 $1,365 4.21%
    $250k+ 5 $1,305,000 $261,000 $582 4.07%

    Fortera Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 147 originations. The second most popular income band? $50k or less, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $17,275,000 $124,281 $1,354 3.78%
    30-36% 108 $15,290,000 $141,574 $1,383 3.71%
    <20% 69 $6,175,000 $89,493 $1,147 3.25%
    50-60% 47 $3,775,000 $80,319 $474 5.47%
    36% 25 $3,345,000 $133,800 $2,180 3.64%
    39% 22 $2,410,000 $109,545 $866 3.59%
    38% 20 $2,370,000 $118,500 $924 4.27%
    37% 18 $2,670,000 $148,333 $1,202 3.86%
    45% 17 $1,155,000 $67,941 $194 5.00%
    47% 16 $1,390,000 $86,875 $283 4.80%
    43% 15 $1,905,000 $127,000 $958 3.69%
    41% 13 $1,785,000 $137,308 $2,394 3.94%
    42% 12 $1,200,000 $100,000 $1,297 4.40%
    40% 12 $1,310,000 $109,167 $601 4.52%
    49% 11 $965,000 $87,727 $54 5.47%
    44% 11 $1,165,000 $105,909 $1,366 4.70%
    48% 7 $405,000 $57,857 $421 5.85%
    46% 4 $280,000 $70,000 $75 5.37%
    >60% 3 $115,000 $38,333 $100 5.57%

    Fortera Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? 30-36%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 438 $50,920,000 $116,256 $1,238 4.00%
    Black 88 $8,880,000 $100,909 $715 4.31%
    Asian 15 $1,915,000 $127,667 $888 3.57%
    Not provided 13 $1,635,000 $125,769 $1,202 3.89%
    American Indian 8 $840,000 $105,000 $1,180 4.29%
    Native Hawaiian or Islander 4 $320,000 $80,000 $319 4.74%
    Korean 1 $295,000 $295,000 $2,529 2.75%
    Other Pacific Islander 1 $125,000 $125,000 $1,672 3.50%
    Other Asian 1 $55,000 $55,000 $0 5.49%

    Approval Rates

    Total approvals of all applications
    82.00%

    Fortera Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.64%

    Fortera Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 569 $64,985,000 $114,209

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    569 $64,985,000 $114,209

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 115 $7,515,000 $65,348 $316 4.94%
    40-60% 96 $10,790,000 $112,396 $945 3.43%
    60-80% 130 $22,820,000 $175,538 $1,913 3.04%
    80-100% 93 $19,125,000 $205,645 $2,637 3.03%
    Over 100% 2 $470,000 $235,000 $11,184 2.63%
    Under 20% 133 $4,265,000 $32,068 $48 5.41%