Hopewell Federal Credit Union Mortgage Rates, Fees & Info

Heath, OH

LEI: 549300J1IQXJ1CSCCU16

Tax ID: 31-6043248

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Mortgage Data

Review & Overview

Hopewell Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Hopewell Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Mount Vernon, Coshocton, and Zanesville among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Hopewell Federal Credit Union has an above 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 6.19% 11/22/24
30 Year FHA Purchase 6.27% 11/22/24
15 Year Conventional Refi 6.08% 11/22/24
15 Year Cash-out Refi 6.08% 11/22/24
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.

Hopewell 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 Hopewell 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

93

Origination Dollar Volume (All Markets)

$5,455,000

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
COLUMBUS, OH (FHA|USDA|VA) 85 $4,845,000 $57,000 $462 5.39%
Mount Vernon, OH (FHA|USDA|VA) 5 $375,000 $75,000 $1,191 4.53%
Coshocton, OH (FHA|USDA|VA) 2 $200,000 $100,000 $376 3.87%
Zanesville, OH (FHA|USDA|VA) 1 $35,000 $35,000 $509 5.99%
Hopewell Federal Credit Union's top markets include Columbus, Mount Vernon, Coshocton, and Zanesville among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 93 $5,455,000 $58,656 $500 5.32%

    For 2022, Hopewell Federal Credit Union's most frequently originated type of loan was Conventional, with 93 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 68 $4,220,000 $62,059 $509 5.46%
    Refi 13 $805,000 $61,923 $531 4.37%
    Home Improvement 12 $430,000 $35,833 $417 5.58%

    For 2022, Hopewell Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 39 $1,865,000 $47,821 $496 5.36%
    15 Year 35 $2,615,000 $74,714 $543 5.57%
    5 Year 18 $900,000 $50,000 $431 4.75%
    Other 1 $75,000 $75,000 $415 5.49%

    For 2022, Hopewell Federal Credit Union's most frequently cited loan duration was 10 Year, with 39 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 92 $5,410,000 $58,804
    $1k-2k 1 $45,000 $45,000

    Hopewell Federal 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 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 27 $1,475,000 $54,630
    4-5% 23 $1,575,000 $68,478
    3-4% 16 $950,000 $59,375
    6-7% 12 $570,000 $47,500
    2.5-3% 5 $485,000 $97,000
    7-8% 5 $215,000 $43,000
    Over 8% 5 $185,000 $37,000

    During 2022, Hopewell Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 83 $3,765,000 $45,361 $487 5.42%
    $100k-200k 8 $1,180,000 $147,500 $544 4.43%
    $200k-400k 2 $510,000 $255,000 $841 4.99%

    2022 saw Hopewell Federal Credit Union place emphasis on $100,000 or less loans with 83 originations, totaling $3,765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $1,355,000 $54,200 $475 5.53%
    $100k-150k 18 $910,000 $50,556 $412 5.31%
    $50k or less 17 $1,025,000 $60,294 $502 5.18%
    $75k-100k 17 $775,000 $45,588 $483 5.61%
    $150k-250k 11 $725,000 $65,909 $676 5.32%
    $250k+ 5 $665,000 $133,000 $602 3.85%

    Hopewell Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 31 $1,565,000 $50,484 $462 5.72%
    <20% 23 $1,315,000 $57,174 $466 4.61%
    30-36% 11 $555,000 $50,455 $417 6.36%
    36% 4 $190,000 $47,500 $547 3.93%
    44% 3 $185,000 $61,667 $415 5.24%
    46% 3 $285,000 $95,000 $1,398 4.54%
    38% 3 $275,000 $91,667 $641 4.91%
    39% 3 $135,000 $45,000 $420 5.82%
    42% 3 $195,000 $65,000 $390 4.37%
    43% 2 $140,000 $70,000 $415 6.72%
    47% 2 $340,000 $170,000 $837 5.37%
    >60% 1 $75,000 $75,000 $340 4.99%
    37% 1 $105,000 $105,000 $784 3.49%
    40% 1 $55,000 $55,000 $423 6.49%
    41% 1 $15,000 $15,000 $415 4.24%
    45% 1 $25,000 $25,000 $415 7.99%

    Hopewell Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? <20%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 93 $5,455,000 $58,656 $500 5.32%

    Approval Rates

    Total approvals of all applications
    90.76%

    Hopewell Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.95%

    Hopewell Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 93 $5,455,000 $58,656

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    93 $5,455,000 $58,656

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,610,000 $80,500 $499 5.27%
    40-60% 12 $1,050,000 $87,500 $765 4.32%
    60-80% 3 $505,000 $168,333 $764 3.82%
    Under 20% 58 $2,290,000 $39,483 $432 5.63%