Northern Credit Union Mortgage Rates, Fees & Info

Watertown, NY

LEI: 5493006Z1T521ODWBA53

Tax ID: 15-0580359

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • 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

    Northern Credit Union is a smaller credit union specializing in Other and 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 by origination volume include: Watertown, Ogdensburg, Syracuse, Pensacola, and Malone among others. We have data for 11 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.

    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
    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






    Your Estimates

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

    This is not an official calculator from Northern 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

    620

    Origination Dollar Volume (All Markets)

    $44,150,000

    Awards

    NORTHERN CREDIT UNION 30 Year Conventional Loans silver NORTHERN CREDIT UNION 30 Year Conventional Loans bronze NORTHERN CREDIT UNION 30 Year Conventional Loans silver NORTHERN CREDIT UNION FHA 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
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 356 $24,860,000 $69,831 $1,146 4.84%
    Outside of Metro Areas 141 $9,725,000 $68,972 $973 4.53%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 84 $5,580,000 $66,429 $1,579 4.90%
    SYRACUSE, NY (FHA|USDA|VA) 26 $1,870,000 $71,923 $1,758 4.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $685,000 $685,000 $0 4.88%
    Malone, NY (FHA|USDA|VA) 4 $430,000 $107,500 $1,879 5.00%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $375,000 $375,000 $476 4.63%
    UTICA-ROME, NY (FHA|USDA|VA) 3 $265,000 $88,333 $480 5.18%
    ROCHESTER, NY (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.75%
    Plattsburgh, NY (FHA|USDA|VA) 1 $115,000 $115,000 $3,032 3.75%
    Auburn, NY (FHA|USDA|VA) 2 $110,000 $55,000 $0 5.86%
    Northern Credit Union's top markets include Watertown, Ogdensburg, Syracuse, Pensacola, and Malone among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    Watertown Savings Bank
    Similarity Rank: 8
    SECNY Federal Credit Union
    Similarity Rank: 32
    Fairport Savings Bank
    Similarity Rank: 63
    Geddes Federal Savings and Loan Association
    Similarity Rank: 108
    NORTHERN CREDIT UNION
    Similarity Rank: 154
    CCFCU FUNDING, LLC
    Similarity Rank: 270
    THE SUMMIT Federal Credit Union
    Similarity Rank: 377
    Pathfinder Bank
    Similarity Rank: 380
    COMMONFUND MORTGAGE CORP.
    Similarity Rank: 657
    VISIONS
    Similarity Rank: 675

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 507 $34,985,000 $69,004 $1,097 4.98%
    HELOC 74 $3,950,000 $53,378 n/a 3.76%
    FHA 24 $2,740,000 $114,167 $2,246 3.92%
    VA 14 $2,410,000 $172,143 $3,372 4.11%
    USDA 1 $65,000 $65,000 $1,308 4.13%

    For 2019, Northern Credit Union's most frequently originated type of loan was Conventional, with 507 originations. Their 2nd most popular type was HELOC, with 74 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 216 $9,850,000 $45,602 $886 5.12%
    Home Purchase 154 $19,120,000 $124,156 $2,461 4.40%
    Home Improvement 117 $4,675,000 $39,957 $392 4.83%
    Refi 108 $6,740,000 $62,407 $435 4.56%
    Cash Out Refi 25 $3,765,000 $150,600 $3,210 4.54%

    For 2019, Northern Credit Union's most frequently cited loan purpose was Other, with 216 originations. The 2nd most popular reason was Home Purchase, with 154 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 169 $10,695,000 $63,284 $1,510 5.23%
    30 Year 168 $20,630,000 $122,798 $2,540 4.23%
    10 Year 137 $6,315,000 $46,095 $382 4.98%
    5 Year 65 $2,015,000 $31,000 $289 4.84%
    Other 49 $2,285,000 $46,633 $338 4.29%
    20 Year 32 $2,210,000 $69,063 $1,778 4.80%

    For 2019, Northern Credit Union's most frequently cited loan duration was 15 Year, with 169 originations. The 2nd most popular length was 30 Year, with 168 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 332 $16,740,000 $50,422
    $1k-2k 57 $7,685,000 $134,825
    $2k-3k 6 $840,000 $140,000
    $4k-5k 2 $390,000 $195,000
    $3k-4k 1 $125,000 $125,000

    Northern Credit Union's average total fees were $2,540, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 332 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 178 $16,590,000 $93,202
    3-4% 160 $13,360,000 $83,500
    5-6% 109 $6,355,000 $58,303
    6-7% 71 $2,535,000 $35,704
    2.5-3% 50 $2,730,000 $54,600
    7-8% 38 $1,260,000 $33,158
    <2.5% 3 $115,000 $38,333
    Over 8% 2 $100,000 $50,000

    During 2019, Northern Credit Union's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 4-5%, with 178 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 481 $22,275,000 $46,310 $845 4.89%
    $100k-200k 118 $16,190,000 $137,203 $2,087 4.32%
    $200k-400k 20 $5,000,000 $250,000 $3,501 4.31%
    $600k-1MM 1 $685,000 $685,000 $0 4.88%

    2019 saw Northern Credit Union place emphasis on $100,000 or less loans with 481 originations, totaling $22,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 216 $13,100,000 $60,648 $1,368 4.82%
    $50k or less 152 $8,170,000 $53,750 $845 4.72%
    $100k-150k 110 $10,030,000 $91,182 $1,322 4.64%
    $75k-100k 109 $8,505,000 $78,028 $1,037 4.82%
    $150k-250k 25 $2,465,000 $98,600 $1,594 5.07%
    $250k+ 7 $1,825,000 $260,714 $2,428 4.84%

    Northern Credit Union lent most frequently to those with incomes in the $50k-75k range, with 216 originations. The second most popular income band? $50k or less, with 152 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 149 $11,695,000 $78,490 $1,414 4.38%
    30-36% 117 $7,465,000 $63,803 $961 4.77%
    50-60% 52 $3,920,000 $75,385 $1,599 4.95%
    <20% 43 $2,285,000 $53,140 $993 4.17%
    38% 27 $1,855,000 $68,704 $722 4.44%
    40% 22 $1,520,000 $69,091 $1,798 4.48%
    39% 22 $1,410,000 $64,091 $1,315 5.18%
    46% 21 $1,265,000 $60,238 $873 5.32%
    41% 21 $1,925,000 $91,667 $2,333 4.91%
    43% 19 $795,000 $41,842 $479 5.57%
    44% 19 $1,785,000 $93,947 $1,352 5.03%
    36% 18 $1,020,000 $56,667 $824 5.18%
    42% 17 $1,285,000 $75,588 $1,154 5.34%
    49% 17 $1,045,000 $61,471 $823 5.62%
    37% 16 $1,500,000 $93,750 $757 4.55%
    48% 13 $955,000 $73,462 $613 4.69%
    45% 13 $1,305,000 $100,385 $578 5.31%
    47% 8 $680,000 $85,000 $973 5.68%
    >60% 6 $440,000 $73,333 $220 5.91%

    Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 591 $41,665,000 $70,499 $1,159 4.80%
    Not provided 22 $1,880,000 $85,455 $1,759 4.21%
    Black 4 $340,000 $85,000 $3,128 4.50%
    Asian 2 $190,000 $95,000 $1,686 3.63%
    Not applicable 1 $75,000 $75,000 $0 2.75%

    Approval Rates

    Total approvals of all applications
    82.21%

    Northern Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.23%

    Northern Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 2 $150,000 $75,000
    1185.0 1 $55,000 $55,000
    NA 617 $43,945,000 $71,224

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 16 $1,030,000 $64,375
    Single Family (1-4 Units):Site-Built 604 $43,120,000 $71,391

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 153 $6,675,000 $43,627 $375 4.97%
    40-60% 86 $5,730,000 $66,628 $740 4.37%
    60-80% 119 $11,985,000 $100,714 $1,536 4.52%
    80-100% 121 $15,745,000 $130,124 $2,163 4.39%
    Over 100% 4 $470,000 $117,500 $1,314 4.77%
    Under 20% 137 $3,545,000 $25,876 $1,302 5.34%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 50.0%
    Northern Trust Company, The Other type of mortgage Improper use of your report 1 25.0%
    Northern Trust Company, The VA mortgage Struggling to pay mortgage 1 25.0%