First Northern Credit Union Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300LI5KT42YX5L588

Tax ID: 36-2009178

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Northern Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets include Chicago, Rockford, Rochelle, Janesville, and Milwaukee among others. First Northern Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Northern Credit Union is typically a low fee lendor.


Originations

643

Origination Dollar Volume (All Markets)

$118,335,000

Awards

FIRST NORTHERN Credit Union 30 Year Conventional Loans bronze FIRST NORTHERN Credit Union 30 Year Conventional Loans bronze FIRST NORTHERN Credit Union 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

First Northern Credit Union's average 30 year fixed rate mortgage of loans were 3.13%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.02%.

Relative Fees

First Northern Credit Union's average total fees for a 30 year fixed rate mortgage are $2,800.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 293 $66,735,000 $227,765 $2,563 3.15%
ROCKFORD, IL (FHA|USDA|VA) 301 $43,345,000 $144,003 $2,250 3.19%
Rochelle, IL (FHA|USDA|VA) 14 $1,780,000 $127,143 $1,899 3.99%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 5 $935,000 $187,000 $2,454 3.13%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $815,000 $271,667 $2,051 2.79%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $670,000 $335,000 $3,204 2.81%
Outside of Metro Areas 5 $615,000 $123,000 $2,614 3.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $4,966 2.88%
Whitewater, WI (FHA|USDA|VA) 2 $540,000 $270,000 $2,135 2.63%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $405,000 $405,000 $3,565 3.00%
KANKAKEE, IL (FHA|USDA|VA) 3 $305,000 $101,667 $2,341 3.81%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,495 2.75%
Freeport, IL (FHA|USDA|VA) 2 $250,000 $125,000 $1,770 2.88%
PEORIA, IL (FHA|USDA|VA) 1 $225,000 $225,000 $2,238 2.88%
Dixon, IL (FHA|USDA|VA) 2 $200,000 $100,000 $1,460 4.42%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,906 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,435 3.13%
Greenville, MS (FHA|USDA|VA) 1 $115,000 $115,000 $3,191 3.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,729 2.38%
Sterling, IL (FHA|USDA|VA) 2 $80,000 $40,000 $1,404 3.40%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $75,000 $75,000 $2,472 3.13%

First Northern Credit Union's top markets include Chicago, Rockford, Rochelle, Janesville, and Milwaukee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 643 $118,335,000 $184,036 $2,394 3.19%

For the 2021 period, First Northern Credit Union's most frequently originated loan type of loans were Conventional, with 643 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 281 $55,425,000 $197,242 $3,371 3.15%
Refi 182 $36,600,000 $201,099 $1,750 2.64%
Cash Out Refi 132 $24,360,000 $184,545 $1,861 3.18%
Other 25 $1,085,000 $43,400 $600 5.83%
Home Improvement 23 $865,000 $37,609 $556 5.07%

For the 2021, First Northern Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 281 originations. The 2nd most popular reason of loans were Refi, with 182 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 404 $80,920,000 $200,297 $2,800 3.13%
15 Year 140 $24,700,000 $176,429 $1,935 2.81%
20 Year 36 $7,880,000 $218,889 $2,174 2.85%
10 Year 34 $3,700,000 $108,824 $1,235 3.95%
5 Year 20 $610,000 $30,500 $471 4.66%
Other 9 $525,000 $58,333 $822 6.71%

For the 2021, First Northern Credit Union's most frequently cited loan length of loans were 30 Year, with 404 originations. The 2nd most popular length of loans were 15 Year, with 140 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 544 $109,320,000 $200,956
$1k-2k 41 $6,025,000 $146,951
$2k-3k 1 $305,000 $305,000
$3k-4k 1 $235,000 $235,000

$2,800 of loans were First Northern Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 544 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 228 $48,920,000 $214,561
3-4% 224 $38,810,000 $173,259
<2.5% 128 $27,080,000 $211,563
4-5% 29 $1,805,000 $62,241
5-6% 22 $1,260,000 $57,273
7-8% 7 $205,000 $29,286
Over 8% 3 $35,000 $11,667
6-7% 2 $220,000 $110,000

During 2021, First Northern Credit Union's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 228 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 251 $36,295,000 $144,602 $2,486 3.01%
$200k-400k 204 $55,680,000 $272,941 $2,661 2.82%
$100,000 or less 154 $9,690,000 $62,922 $1,749 4.00%
$400k-600k 29 $13,095,000 $451,552 $2,949 2.94%
$600k-1MM 5 $3,575,000 $715,000 $3,517 2.85%

2021 saw First Northern Credit Union place emphasis on $100k-200k loans with 251 originations, totaling $36,295,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 154 $31,240,000 $202,857 $2,332 3.09%
$50k-75k 127 $18,385,000 $144,764 $2,533 3.14%
$75k-100k 121 $22,005,000 $181,860 $2,374 3.11%
$150k-250k 110 $25,510,000 $231,909 $2,238 3.26%
$50k or less 82 $8,720,000 $106,341 $2,331 3.40%
$250k+ 47 $11,785,000 $250,745 $2,707 3.26%

First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 154 originations. The second most popular income band? $50k-75k, with 127 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 199 $36,905,000 $185,452 $2,375 3.16%
30-36% 127 $23,655,000 $186,260 $2,504 3.27%
<20% 68 $11,140,000 $163,824 $1,931 3.30%
38% 31 $4,225,000 $136,290 $2,522 3.12%
40% 28 $4,990,000 $178,214 $2,481 3.21%
36% 25 $5,105,000 $204,200 $2,449 3.07%
43% 24 $5,350,000 $222,917 $2,419 2.99%
42% 22 $4,140,000 $188,182 $2,577 3.19%
44% 22 $4,120,000 $187,273 $2,649 3.32%
41% 19 $2,775,000 $146,053 $2,510 3.03%
37% 16 $2,490,000 $155,625 $2,386 3.52%
45% 14 $2,220,000 $158,571 $2,042 3.21%
39% 13 $2,225,000 $171,154 $2,485 3.12%
49% 12 $2,950,000 $245,833 $2,475 2.65%
46% 10 $2,640,000 $264,000 $2,292 2.86%
47% 7 $1,975,000 $282,143 $2,723 3.11%
48% 4 $1,100,000 $275,000 $3,453 3.13%
50-60% 1 $115,000 $115,000 $1,335 3.13%
>60% 1 $215,000 $215,000 $1,829 3.00%

First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 127 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 457 $82,535,000 $180,602 $2,306 3.18%
Not provided 94 $18,020,000 $191,702 $2,640 3.05%
Asian 34 $8,510,000 $250,294 $3,024 3.06%
Black 46 $7,010,000 $152,391 $2,220 3.66%
Asian Indian 7 $1,015,000 $145,000 $3,204 3.46%
American Indian 3 $805,000 $268,333 $2,032 2.50%
Other Asian 1 $285,000 $285,000 $2,578 2.13%
Filipino 1 $155,000 $155,000 $1,086 2.50%

Approval Rates

Total approvals of all applications
94.34%

First Northern Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
88.28%

First Northern Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 643 $118,335,000 $184,036

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
643 $118,335,000 $184,036

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 35 $3,975,000 $113,571 $1,354 3.85%
40-60% 95 $16,595,000 $174,684 $1,863 2.83%
60-80% 255 $51,075,000 $200,294 $2,401 3.00%
80-100% 221 $45,405,000 $205,452 $3,084 3.07%
Under 20% 37 $1,285,000 $34,730 $569 5.41%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%
First Technology Federal Credit Union FHA mortgage Struggling to pay mortgage 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%