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 Refi loans. Hao Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Gainesville, Cornelia, Atlanta, and Jefferson among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Hao Community 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.97% | 11/23/24 |
| 15 Year Conventional Refi | 6.49% | 11/23/24 |
| 15 Year Cash-out Refi | 6.49% | 11/23/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
36Origination Dollar Volume (All Markets)
$3,490,000Top 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) | 24 | $2,310,000 | $96,250 | $970 | 3.69% |
| Outside of Metro Areas | 7 | $555,000 | $79,286 | $938 | 3.23% |
| Cornelia, GA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $1,340 | 3.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $1,192 | 3.19% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $823 | 5.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $3,490,000 | $96,944 | $992 | 3.58% |
For 2020, Hao Community Credit Union's most frequently originated type of loan was Conventional, with 36 originations.
Loan Reason
For 2020, Hao Community Credit Union's most frequently cited loan purpose was Refi, with 24 originations. The 2nd most popular reason was Other, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 28 | $2,690,000 | $96,071 | $1,013 | 3.69% |
| 10 Year | 7 | $745,000 | $106,429 | $932 | 3.18% |
| 5 Year | 1 | $55,000 | $55,000 | $845 | 3.38% |
For 2020, Hao Community Credit Union's most frequently cited loan duration was 15 Year, with 28 originations. The 2nd most popular length was 10 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 36 | $3,490,000 | $96,944 |
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 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 17 | $1,845,000 | $108,529 |
| 2.5-3% | 12 | $1,220,000 | $101,667 |
| 5-6% | 7 | $425,000 | $60,714 |
During 2020, Hao Community Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 17 originations.
Loan Sizing
2020 saw Hao Community Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,535,000 in origination value.
Applicant Income
Hao Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $50k or less, with 7 originations.
Applicant Debt to Income Ratio
Hao Community Credit Union lent most frequently to those with DTI ratios of <20%, with 12 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $3,350,000 | $98,529 | $999 | 3.60% |
| Black | 1 | $85,000 | $85,000 | $914 | 3.00% |
| Asian | 1 | $55,000 | $55,000 | $845 | 3.38% |
Approval Rates
Total approvals of all applications80.39%
Hao Community Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination86.11%
Hao Community Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 36 | $3,490,000 | $96,944 |