Northern Credit Union Mortgage Rates, Fees & Info

Watertown, NY

LEI: 5493006Z1T521ODWBA53

Tax ID: 15-0580359

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Northern Credit Union is a smaller credit union specializing in Home Purchase loans. Northern Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Watertown, Ogdensburg, Syracuse, Plattsburgh, and New York among others. Northern Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Northern Credit Union is typically a low fee lendor.


Originations

1,036

Origination Dollar Volume (All Markets)

$111,580,000
Show all (5) awards

Relative Rate

Northern Credit Union's average 30 year fixed rate mortgage of loans were 3.23%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.08%.

Relative Fees

Northern Credit Union's average total fees for a 30 year fixed rate mortgage are $3,087.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 402 $56,320,000 $140,100 $2,838 3.20%
Outside of Metro Areas 443 $31,115,000 $70,237 $836 3.98%
Ogdensburg-Massena, NY (FHA|USDA|VA) 142 $16,660,000 $117,324 $2,819 3.11%
SYRACUSE, NY (FHA|USDA|VA) 29 $3,685,000 $127,069 $3,022 3.10%
Plattsburgh, NY (FHA|USDA|VA) 3 $955,000 $318,333 $3,925 2.92%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $940,000 $470,000 $3,761 3.00%
UTICA-ROME, NY (FHA|USDA|VA) 7 $755,000 $107,857 $2,670 3.36%
Malone, NY (FHA|USDA|VA) 2 $410,000 $205,000 $3,944 3.13%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $230,000 $115,000 $3,446 3.31%
GLENS FALLS, NY (FHA|USDA|VA) 1 $165,000 $165,000 $2,723 3.50%
Seneca Falls, NY (FHA|USDA|VA) 1 $125,000 $125,000 $1,836 2.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $125,000 $125,000 $5,019 2.88%
Auburn, NY (FHA|USDA|VA) 1 $95,000 $95,000 $600 3.88%

Northern Credit Union's top markets include Watertown, Ogdensburg, Syracuse, Plattsburgh, and New York among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 956 $98,860,000 $103,410 $1,843 3.58%
FHA 48 $6,840,000 $142,500 $2,724 2.79%
VA 29 $5,455,000 $188,103 $5,652 2.96%
USDA 3 $425,000 $141,667 $2,386 2.79%

For the 2021 period, Northern Credit Union's most frequently originated loan type of loans were Conventional, with 956 originations. Their 2nd most popular type is FHA, with 48 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 378 $52,940,000 $140,053 $2,970 3.12%
Other 228 $10,330,000 $45,307 $231 4.67%
Refi 177 $21,295,000 $120,311 $2,103 3.07%
Cash Out Refi 132 $20,930,000 $158,561 $3,408 3.04%
Home Improvement 121 $6,085,000 $50,289 $285 3.78%

For the 2021, Northern Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 378 originations. The 2nd most popular reason of loans were Other, with 228 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 473 $65,005,000 $137,431 $3,087 3.23%
15 Year 381 $31,615,000 $82,979 $1,267 3.82%
10 Year 67 $3,305,000 $49,328 $499 4.12%
Other 39 $4,605,000 $118,077 $2,190 3.30%
20 Year 38 $5,390,000 $141,842 $3,170 3.11%
5 Year 36 $1,230,000 $34,167 $165 3.72%
30+ year 2 $430,000 $215,000 $7,188 3.50%

For the 2021, Northern Credit Union's most frequently cited loan length of loans were 30 Year, with 473 originations. The 2nd most popular length of loans were 15 Year, with 381 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 384 $22,140,000 $57,656
$1k-2k 346 $53,070,000 $153,382
$3k-4k 26 $4,960,000 $190,769
$2k-3k 18 $2,550,000 $141,667
$5k+ 5 $1,225,000 $245,000

$3,087 of loans were Northern Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 384 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 394 $44,810,000 $113,731
2.5-3% 343 $45,615,000 $132,988
5-6% 104 $3,180,000 $30,577
<2.5% 96 $14,280,000 $148,750
4-5% 84 $3,360,000 $40,000
6-7% 12 $240,000 $20,000
7-8% 2 $70,000 $35,000
Over 8% 1 $25,000 $25,000

During 2021, Northern Credit Union's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 394 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 558 $29,330,000 $52,563 $978 3.94%
$100k-200k 363 $51,035,000 $140,592 $2,683 3.06%
$200k-400k 107 $26,625,000 $248,832 $4,320 2.92%
$400k-600k 7 $3,385,000 $483,571 $4,306 2.89%
$1MM+ 1 $1,205,000 $1,205,000 $6,722 3.50%

2021 saw Northern Credit Union place emphasis on $100,000 or less loans with 558 originations, totaling $29,330,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 297 $23,435,000 $78,906 $1,570 3.59%
$50k-75k 293 $29,755,000 $101,553 $1,858 3.51%
$100k-150k 194 $26,470,000 $136,443 $2,473 3.37%
$75k-100k 160 $18,020,000 $112,625 $2,191 3.51%
$150k-250k 67 $11,285,000 $168,433 $2,614 3.45%
$250k+ 21 $2,425,000 $115,476 $1,503 4.03%

Northern Credit Union lent most frequently to those with incomes in the $50k or less range, with 297 originations. The second most popular income band? $50k-75k, with 293 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 209 $22,575,000 $108,014 $1,992 3.38%
30-36% 177 $19,365,000 $109,407 $2,052 3.51%
<20% 97 $9,735,000 $100,361 $2,008 3.26%
50-60% 74 $6,590,000 $89,054 $1,256 3.94%
39% 45 $4,795,000 $106,556 $2,123 3.50%
41% 40 $5,290,000 $132,250 $2,251 3.37%
43% 39 $4,275,000 $109,615 $1,905 3.61%
44% 37 $4,435,000 $119,865 $2,286 3.46%
42% 35 $4,025,000 $115,000 $3,077 3.43%
40% 35 $3,235,000 $92,429 $1,816 3.43%
38% 32 $3,550,000 $110,938 $2,284 3.76%
36% 31 $3,115,000 $100,484 $2,536 3.50%
46% 31 $3,235,000 $104,355 $1,432 3.83%
45% 29 $3,405,000 $117,414 $2,155 3.39%
37% 28 $2,460,000 $87,857 $1,443 3.66%
48% 27 $3,495,000 $129,444 $1,781 3.59%
>60% 23 $1,355,000 $58,913 $745 4.36%
47% 23 $2,765,000 $120,217 $2,290 3.45%
49% 21 $3,745,000 $178,333 $2,830 3.36%

Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 177 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 711 $69,415,000 $97,630 $1,661 3.64%
Not provided 308 $40,200,000 $130,519 $2,676 3.24%
Black 9 $1,025,000 $113,889 $2,498 3.78%
Asian 4 $670,000 $167,500 $5,118 2.81%
American Indian 3 $235,000 $78,333 $1,194 3.51%
Not applicable 1 $35,000 $35,000 $130 3.90%

Approval Rates

Total approvals of all applications
86.49%

Northern Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.46%

Northern Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1 $115,000 $115,000
NA 1,035 $111,465,000 $107,696

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,036 $111,580,000 $107,703

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 131 $6,125,000 $46,756 $260 4.16%
40-60% 123 $11,945,000 $97,114 $1,710 3.21%
60-80% 314 $44,310,000 $141,115 $2,700 3.13%
80-100% 310 $43,240,000 $139,484 $2,744 3.14%
Over 100% 9 $2,315,000 $257,222 $9,700 2.96%
Under 20% 149 $3,645,000 $24,463 $98 4.86%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Northern Trust Company, The Conventional home mortgage Trouble during payment process 1 100.0%