Hope Federal Credit Union Mortgage Rates, Fees & Info
Jackson, MSLEI: 5493008Q3XBC7O0Q4X02
Tax ID: 64-0865228
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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: Montgomery, Jackson, New Orleans, Gulfport, and Memphis among others. We have data for 17 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. Hope Federal Credit Union is typically a high 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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
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
Estimated Loan Payment: Update the calculator values and click calculate payment!
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
119Origination Dollar Volume (All Markets)
$16,075,000Top 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 |
|---|---|---|---|---|---|
| MONTGOMERY, AL (FHA|USDA|VA) | 41 | $6,395,000 | $155,976 | $13,730 | 4.54% |
| JACKSON, MS (FHA|USDA|VA) | 25 | $3,155,000 | $126,200 | $4,731 | 4.46% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 11 | $1,585,000 | $144,091 | $5,370 | 3.58% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 10 | $1,060,000 | $106,000 | $15,935 | 4.68% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 9 | $995,000 | $110,556 | $3,573 | 3.39% |
| Greenwood, MS (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $5,633 | 3.58% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $5,308 | 4.25% |
| Outside of Metro Areas | 5 | $435,000 | $87,000 | $4,103 | 4.65% |
| Indianola, MS (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $4,727 | 4.75% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,767 | 2.38% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,923 | 4.50% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,931 | 4.75% |
| Picayune, MS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,781 | 4.75% |
| Meridian, MS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,398 | 5.25% |
| West Point, MS (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $3,696 | 4.63% |
| Greenville, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,809 | 4.75% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,914 | 4.25% |
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: 68
Similarity Rank: 96
Similarity Rank: 204
Similarity Rank: 348
Similarity Rank: 480
Similarity Rank: 543
Similarity Rank: 891
Similarity Rank: 936
Similarity Rank: 1026
Similarity Rank: 1050
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 115 | $15,495,000 | $134,739 | $8,572 | 4.39% |
| FHA | 4 | $580,000 | $145,000 | $7,758 | 2.72% |
For 2021, Hope Federal Credit Union's most frequently originated type of loan was Conventional, with 115 originations. Their 2nd most popular type was FHA, with 4 originations.
Loan Reason
For 2021, Hope Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 102 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.
Loan Duration/Length
For 2021, Hope Federal Credit Union's most frequently cited loan duration was 30 Year, with 113 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 65 | $6,905,000 | $106,231 |
| $2k-3k | 36 | $6,540,000 | $181,667 |
| $<1k | 8 | $390,000 | $48,750 |
| $3k-4k | 3 | $895,000 | $298,333 |
Hope Federal Credit Union's average total fees were $8,713, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 65 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 90 | $11,690,000 | $129,889 |
| 2.5-3% | 9 | $1,515,000 | $168,333 |
| 5-6% | 9 | $1,215,000 | $135,000 |
| 3-4% | 6 | $930,000 | $155,000 |
| <2.5% | 5 | $725,000 | $145,000 |
During 2021, Hope Federal Credit Union's average interest rate for loans was 4.36%, while their most frequently originated rate bucket for loans was 4-5%, with 90 originations.
Loan Sizing
2021 saw Hope Federal Credit Union place emphasis on $100k-200k loans with 73 originations, totaling $10,295,000 in origination value.
Applicant Income
Hope Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 59 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 35 originations. The next most common DTI ratio? 20-30%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications38.54%
Hope Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $115,000 | $115,000 |
| 1575.5 | 1 | $35,000 | $35,000 |
| 1940.5 | 1 | $115,000 | $115,000 |
| 1948.0 | 1 | $25,000 | $25,000 |
| 2196.0 | 1 | $25,000 | $25,000 |
| 2460.5 | 1 | $105,000 | $105,000 |
| 2591.75 | 1 | $105,000 | $105,000 |
| 2615.5 | 1 | $135,000 | $135,000 |
| 2692.5 | 1 | $135,000 | $135,000 |
| 2777.5 | 1 | $135,000 | $135,000 |
| 2901.75 | 1 | $145,000 | $145,000 |
| 3314.5 | 1 | $195,000 | $195,000 |
| NA | 107 | $14,805,000 | $138,364 |