Northern Credit Union Mortgage Rates, Fees & Info
Watertown, NYLEI: 5493006Z1T521ODWBA53
Tax ID: 15-0580359
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Mortgage Data
Review & Overview
Northern Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Northern Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Watertown, Ogdensburg, Syracuse, Utica, and Rochester among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Northern 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. Northern 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.16% | 12/16/24 |
| 30 Year Conventional Purchase | 6.71% | 12/16/24 |
| 30 Year Conventional Refi | 6.99% | 12/16/24 |
| 30 Year Cash-out Refi | 6.54% | 12/16/24 |
| 30 Year FHA Purchase | 7.28% | 12/16/24 |
| 30 Year FHA Refi | 7.00% | 12/16/24 |
| 30 Year VA Purchase | 6.33% | 12/16/24 |
| 30 Year USDA Purchase | 6.78% | 12/16/24 |
| 15 Year Conventional Purchase | 6.20% | 12/16/24 |
| 15 Year Conventional Refi | 5.73% | 12/16/24 |
| 15 Year Cash-out Refi | 5.73% | 12/16/24 |
| 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. | ||
Northern Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
448Origination Dollar Volume (All Markets)
$36,740,000Top 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 |
|---|---|---|---|---|---|
| WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) | 253 | $22,755,000 | $89,941 | $2,054 | 5.02% |
| Outside of Metro Areas | 121 | $8,465,000 | $69,959 | $2,082 | 4.72% |
| Ogdensburg-Massena, NY (FHA|USDA|VA) | 47 | $2,715,000 | $57,766 | $1,986 | 5.16% |
| SYRACUSE, NY (FHA|USDA|VA) | 12 | $940,000 | $78,333 | $2,355 | 4.52% |
| UTICA-ROME, NY (FHA|USDA|VA) | 7 | $895,000 | $127,857 | $2,825 | 4.22% |
| ROCHESTER, NY (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $3,380 | 3.83% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $395 | 4.87% |
| Cortland, NY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 5.25% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,139 | 4.50% |
| Auburn, NY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.98% |
Similar Lenders
We use machine learning to identify the top lenders compared against NORTHERN CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Northern Credit Union's most frequently originated type of loan was Conventional, with 417 originations. Their 2nd most popular type was VA, with 15 originations.
Loan Reason
For 2018, Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 126 originations. The 2nd most popular reason was Other, with 121 originations.
Loan Duration/Length
For 2018, Northern Credit Union's most frequently cited loan duration was 15 Year, with 139 originations. The 2nd most popular length was 30 Year, with 134 originations.
Origination Fees/Closing Costs
Northern Credit Union's average total fees were $2,731, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 69 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 162 | $17,980,000 | $110,988 |
| 5-6% | 115 | $7,865,000 | $68,391 |
| 3-4% | 109 | $8,185,000 | $75,092 |
| 7-8% | 31 | $1,065,000 | $34,355 |
| 6-7% | 30 | $1,480,000 | $49,333 |
During 2018, Northern Credit Union's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 162 originations.
Loan Sizing
2018 saw Northern Credit Union place emphasis on $100,000 or less loans with 320 originations, totaling $15,480,000 in origination value.
Applicant Income
Northern Credit Union lent most frequently to those with incomes in the $50k-75k range, with 131 originations. The second most popular income band? $50k or less, with 117 originations.
Applicant Debt to Income Ratio
Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 102 originations. The next most common DTI ratio? 30-36%, with 90 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.47%
Northern Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination58.26%
Northern Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 448 | $36,740,000 | $82,009 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 35 | $1,725,000 | $49,286 |
| Single Family (1-4 Units):Site-Built | 413 | $35,015,000 | $84,782 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Northern Trust Company, The | Conventional home mortgage | Trouble during payment process | 2 | 66.7% |
| Northern Trust Company, The | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |