Hope Federal Credit Union Mortgage Rates, Fees & Info
Jackson, MSLEI: 5493008Q3XBC7O0Q4X02
Tax ID: 64-0865228
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Mortgage Data
Review & Overview
Hope Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Hope Federal 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.) Their top markets by origination volume include: Jackson, Gulfport, Memphis, New Orleans, and Little Rock among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)Hope Federal 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.
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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.35% | 4/28/24 |
| 30 Year Conventional Refi | 5.74% | 4/28/24 |
| 30 Year Cash-out Refi | 6.41% | 4/28/24 |
| 30 Year FHA Purchase | 6.08% | 4/28/24 |
| 30 Year FHA Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 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. | ||
Hope Federal Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Hope Federal 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
184Origination Dollar Volume (All Markets)
$19,200,000Top 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 |
|---|---|---|---|---|---|
| JACKSON, MS (FHA|USDA|VA) | 74 | $8,690,000 | $117,432 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 30 | $2,920,000 | $97,333 | $0 | 0.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 22 | $2,330,000 | $105,909 | $0 | 0.00% |
| Outside of Metro Areas | 13 | $925,000 | $71,154 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 6 | $730,000 | $121,667 | $0 | 0.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $0 | 0.00% |
| Greenwood, MS (FHA|USDA|VA) | 8 | $670,000 | $83,750 | $0 | 0.00% |
| MONTGOMERY, AL (FHA|USDA|VA) | 5 | $485,000 | $97,000 | $0 | 0.00% |
| Vicksburg, MS (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 0.00% |
| Indianola, MS (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 0.00% |
| Forrest City, AR (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $0 | 0.00% |
| Oxford, MS (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| West Point, MS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Natchez, MS-LA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| JACKSON, TN (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 0.00% |
| Greenville, MS (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 0.00% |
| Bogalusa, LA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| PINE BLUFF, AR (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 0.00% |
| Meridian, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against HOPE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 64
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 181 | $18,715,000 | $103,398 | $0 | 0.00% |
| FHA | 3 | $485,000 | $161,667 | $0 | 0.00% |
For 2018, Hope Federal Credit Union's most frequently originated type of loan was Conventional, with 181 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 151 | $15,775,000 | $104,470 | $0 | 0.00% |
| Cash Out Refi | 21 | $1,915,000 | $91,190 | $0 | 0.00% |
| Refi | 12 | $1,510,000 | $125,833 | $0 | 0.00% |
For 2018, Hope Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 151 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 184 | $19,200,000 | $104,348 | $0 | 0.00% |
For 2018, Hope Federal Credit Union's most frequently cited loan duration was Other, with 184 originations.
Loan Sizing
2018 saw Hope Federal Credit Union place emphasis on $100,000 or less loans with 97 originations, totaling $6,165,000 in origination value.
Applicant Income
Hope Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 108 originations. The second most popular income band? $50k-75k, with 48 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 184 | $19,200,000 | $104,348 | $0 | 0.00% |
Hope Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 184 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 149 | $15,135,000 | $101,577 | $0 | 0.00% |
| White | 35 | $4,065,000 | $116,143 | $0 | 0.00% |
Approval Rates
Total approvals of all applications67.65%
Hope Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination79.89%
Hope Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 184 | $19,200,000 | $104,348 |