Hao Community Credit Union Mortgage Rates, Fees & Info
Gainesville, GALEI: 5493007MURRUYDI58M87
Tax ID: 58-1232957
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Mortgage Data
Review & Overview
Hao Community Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Hao Community Credit Union has a high proportion of conventional loans. Their top two markets are Gainesville and Atlanta .Hao Community Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.97% | 4/28/24 |
| 15 Year Conventional Refi | 6.49% | 4/28/24 |
| 15 Year Cash-out Refi | 6.49% | 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. | ||
Hao Community Credit Union Mortgage Calculator
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Originations
13Origination Dollar Volume (All Markets)
$725,000Top 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 |
|---|---|---|---|---|---|
| GAINESVILLE, GA (FHA|USDA|VA) | 10 | $620,000 | $62,000 | $0 | 6.33% |
| Outside of Metro Areas | 2 | $80,000 | $40,000 | $0 | 7.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 7.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 13 | $725,000 | $55,769 | $0 | 6.48% |
For 2018, Hao Community Credit Union's most frequently originated type of loan was Conventional, with 13 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 7 | $355,000 | $50,714 | $0 | 6.61% |
| Home Improvement | 5 | $305,000 | $61,000 | $0 | 6.68% |
| Home Purchase | 1 | $65,000 | $65,000 | $0 | 4.63% |
For 2018, Hao Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 7 originations. The 2nd most popular reason was Home Improvement, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 10 | $440,000 | $44,000 | $0 | 7.00% |
| 10 Year | 3 | $285,000 | $95,000 | $0 | 4.76% |
For 2018, Hao Community Credit Union's most frequently cited loan duration was 15 Year, with 10 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $725,000 | $55,769 |
Hao Community Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 8 | $330,000 | $41,250 |
| 4-5% | 2 | $180,000 | $90,000 |
| 7-8% | 2 | $110,000 | $55,000 |
| 5-6% | 1 | $105,000 | $105,000 |
During 2018, Hao Community Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 11 | $505,000 | $45,909 | $0 | 6.78% |
| $100k-200k | 2 | $220,000 | $110,000 | $0 | 4.83% |
2018 saw Hao Community Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $505,000 in origination value.
Applicant Income
Hao Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 4 originations. The second most popular income band? $75k-100k, with 3 originations.
Applicant Debt to Income Ratio
Hao Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 13 | $725,000 | $55,769 | $0 | 6.48% |
Approval Rates
Total approvals of all applications66.67%
Hao Community Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination76.92%
Hao Community Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 13 | $725,000 | $55,769 |