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 an average proportion of FHA loans. Their top markets by origination volume include: Jackson, Memphis, Gulfport, New Orleans, and Montgomery among others. We have data for 19 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. Hope Federal 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.35% | 12/3/24 |
| 30 Year Conventional Refi | 5.74% | 12/3/24 |
| 30 Year Cash-out Refi | 6.41% | 12/3/24 |
| 30 Year FHA Purchase | 6.08% | 12/3/24 |
| 30 Year FHA Refi | 6.27% | 12/3/24 |
| 15 Year Conventional Purchase | 5.68% | 12/3/24 |
| 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™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
146Origination Dollar Volume (All Markets)
$16,590,000Awards
HOPE FEDERAL CREDIT UNION - 2019
HOPE FEDERAL CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| JACKSON, MS (FHA|USDA|VA) | 54 | $6,460,000 | $119,630 | $4,296 | 5.80% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 23 | $2,765,000 | $120,217 | $4,748 | 5.83% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 20 | $1,740,000 | $87,000 | $4,431 | 5.59% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 5 | $1,015,000 | $203,000 | $7,745 | 4.98% |
| MONTGOMERY, AL (FHA|USDA|VA) | 9 | $985,000 | $109,444 | $5,949 | 6.24% |
| Indianola, MS (FHA|USDA|VA) | 9 | $735,000 | $81,667 | $4,782 | 5.13% |
| Greenville, MS (FHA|USDA|VA) | 8 | $540,000 | $67,500 | $4,905 | 5.31% |
| Outside of Metro Areas | 4 | $500,000 | $125,000 | $4,191 | 5.59% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $7,002 | 4.25% |
| Cleveland, MS (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $5,226 | 5.69% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,730 | 7.00% |
| Meridian, MS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.00% |
| Greenwood, MS (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $6,234 | 4.54% |
| McComb, MS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,437 | 4.49% |
| Oxford, MS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,472 | 4.75% |
| Starkville, MS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,445 | 7.13% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,192 | 4.38% |
| Vicksburg, MS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,832 | 3.99% |
| West Point, MS (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $16,936 | 5.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 110 | $12,550,000 | $114,091 | $4,614 | 6.11% |
| FHA | 36 | $4,040,000 | $112,222 | $5,683 | 4.21% |
For 2019, Hope Federal Credit Union's most frequently originated type of loan was Conventional, with 110 originations. Their 2nd most popular type was FHA, with 36 originations.
Loan Reason
For 2019, Hope Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 125 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2019, Hope Federal Credit Union's most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Hope Federal Credit Union's average total fees were $4,709, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 71 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 34 | $3,550,000 | $104,412 |
| 7-8% | 33 | $3,035,000 | $91,970 |
| 4-5% | 31 | $3,565,000 | $115,000 |
| 5-6% | 25 | $3,295,000 | $131,800 |
| 3-4% | 23 | $3,145,000 | $136,739 |
During 2019, Hope Federal Credit Union's average interest rate for loans was 5.63%, while their most frequently originated rate bucket for loans was 6-7%, with 34 originations.
Loan Sizing
2019 saw Hope Federal Credit Union place emphasis on $100,000 or less loans with 73 originations, totaling $4,405,000 in origination value.
Applicant Income
Hope Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 84 originations. The second most popular income band? $50k-75k, with 33 originations.
Applicant Debt to Income Ratio
Hope Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications57.52%
Hope Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination84.25%
Hope Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2563.5 | 1 | $115,000 | $115,000 |
| NA | 145 | $16,475,000 | $113,621 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $440,000 | $110,000 |
| Single Family (1-4 Units):Site-Built | 142 | $16,150,000 | $113,732 |