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

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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

    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 by origination volume include: Watertown, Ogdensburg, Syracuse, Plattsburgh, and New York among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Northern Credit Union has an above 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% 4/21/24
    30 Year Conventional Purchase 6.71% 4/21/24
    30 Year Conventional Refi 6.99% 4/21/24
    30 Year Cash-out Refi 6.54% 4/21/24
    30 Year FHA Purchase 7.28% 4/21/24
    30 Year FHA Refi 7.00% 4/21/24
    30 Year VA Purchase 6.33% 4/21/24
    30 Year USDA Purchase 6.78% 4/21/24
    15 Year Conventional Purchase 6.20% 4/21/24
    15 Year Conventional Refi 5.73% 4/21/24
    15 Year Cash-out Refi 5.73% 4/21/24
    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.

    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

    1,036

    Origination Dollar Volume (All Markets)

    $111,580,000
    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
    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.

    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: 57
    Gouverneur Savings and Loan Association
    Similarity Rank: 63
    COUNTRYSIDE Federal Credit Union
    Similarity Rank: 192
    Geddes Federal Savings and Loan Association
    Similarity Rank: 192
    THE SUMMIT Federal Credit Union
    Similarity Rank: 304
    Tompkins Trust Company
    Similarity Rank: 308
    VISIONS
    Similarity Rank: 364
    NORTHERN CREDIT UNION
    Similarity Rank: 468
    CCFCU FUNDING, LLC
    Similarity Rank: 504

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 898 $95,840,000 $106,726 $1,843 3.57%
    HELOC 58 $3,020,000 $52,069 n/a 3.59%
    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 2021, Northern Credit Union's most frequently originated type of loan was Conventional, with 898 originations. Their 2nd most popular type was HELOC, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 378 originations. The 2nd most popular reason was 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 2021, Northern Credit Union's most frequently cited loan duration was 30 Year, with 473 originations. The 2nd most popular length was 15 Year, with 381 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 384 $22,140,000 $57,656
    $1k-2k 346 $53,070,000 $153,382
    $2k-3k 18 $2,550,000 $141,667
    $3k-4k 17 $3,165,000 $186,176
    $4k-5k 9 $1,795,000 $199,444
    $5k+ 5 $1,225,000 $245,000

    Northern Credit Union's average total fees were $3,087, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.23%, while their most frequently originated rate bucket for loans was 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
    92.16%

    Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.98%

    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%