First Northern Credit Union Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300LI5KT42YX5L588

Tax ID: 36-2009178

5 stars - Updated: 11/30/23 - out of 5 stars, based on 18 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Northern Credit Union is a smaller credit union specializing in Home Purchase loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rockford, Chicago, Rochelle, Hilton Head Island, and Ottawa among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Northern Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Northern 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.

    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 6.75% 11/30/23
    30 Year Conventional Refi 6.62% 11/30/23
    30 Year Cash-out Refi 6.90% 11/30/23
    30 Year FHA Purchase 6.27% 11/30/23
    15 Year Conventional Purchase 6.24% 11/30/23
    15 Year Conventional Refi 5.94% 11/30/23
    15 Year Cash-out Refi 5.94% 11/30/23
    15 Year VA Purchase 5.68% 11/30/23
    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.

    First Northern Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Northern 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

    336

    Origination Dollar Volume (All Markets)

    $48,190,000

    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 mortgage rate was 5.2%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.44%.

    Relative Fees (Closing Costs)

    First Northern Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,210.

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

    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
    ROCKFORD, IL (FHA|USDA|VA) 186 $26,500,000 $142,473 $2,435 5.39%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 118 $15,640,000 $132,542 $2,129 5.53%
    Rochelle, IL (FHA|USDA|VA) 12 $1,600,000 $133,333 $2,150 5.21%
    Outside of Metro Areas 2 $630,000 $315,000 $6,418 5.06%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $565,000 $565,000 $4,011 3.88%
    Ottawa, IL (FHA|USDA|VA) 2 $490,000 $245,000 $2,576 4.69%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $340,000 $170,000 $3,714 5.25%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $315,000 $315,000 $3,641 3.25%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $3,121 4.00%
    Whitewater, WI (FHA|USDA|VA) 1 $265,000 $265,000 $2,181 4.13%
    Sturgis, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,830 7.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $245,000 $245,000 $2,212 4.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,170 6.38%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $215,000 $215,000 $2,731 2.75%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,396 5.00%
    Ashtabula, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,009 5.13%
    Freeport, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,912 6.00%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $75,000 $75,000 $2,207 3.75%
    KANKAKEE, IL (FHA|USDA|VA) 1 $55,000 $55,000 $932 4.29%
    Galesburg, IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,094 7.13%
    First Northern Credit Union's top markets include Rockford, Chicago, Rochelle, Hilton Head Island, and Ottawa among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST NORTHERN Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
    Similarity Rank: 30
    Liberty Bank for Savings
    Similarity Rank: 153
    Rock Valley Credit Union
    Similarity Rank: 343
    SENB Bank
    Similarity Rank: 368
    First Community Credit Union
    Similarity Rank: 460
    The Equitable Bank, S.S.B.
    Similarity Rank: 636
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 840
    DuPage Credit Union
    Similarity Rank: 933
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 936
    Providence Bank & Trust
    Similarity Rank: 1144

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 336 $48,190,000 $143,423 $2,363 5.40%

    For 2022, First Northern Credit Union's most frequently originated type of loan was Conventional, with 336 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 189 $36,575,000 $193,519 $3,376 5.18%
    Other 49 $2,235,000 $45,612 $727 6.15%
    Home Improvement 44 $2,120,000 $48,182 $654 6.15%
    Cash Out Refi 40 $5,030,000 $125,750 $1,683 5.12%
    Refi 14 $2,230,000 $159,286 $1,714 4.13%

    For 2022, First Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Other, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 203 $38,595,000 $190,123 $3,210 5.20%
    15 Year 54 $5,480,000 $101,481 $1,493 5.61%
    10 Year 43 $2,025,000 $47,093 $703 5.98%
    5 Year 25 $875,000 $35,000 $659 5.34%
    Other 7 $365,000 $52,143 $1,075 7.08%
    20 Year 4 $850,000 $212,500 $1,835 4.19%

    For 2022, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 203 originations. The 2nd most popular length was 15 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 211 $39,085,000 $185,237
    $1k-2k 11 $1,825,000 $165,909
    $2k-3k 5 $995,000 $199,000
    $5k+ 3 $1,165,000 $388,333
    $3k-4k 1 $135,000 $135,000

    First Northern Credit Union's average total fees were $3,210, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 211 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 123 $16,565,000 $134,675
    6-7% 67 $7,695,000 $114,851
    4-5% 60 $9,740,000 $162,333
    3-4% 57 $11,265,000 $197,632
    7-8% 13 $1,835,000 $141,154
    Over 8% 11 $375,000 $34,091
    2.5-3% 5 $715,000 $143,000

    During 2022, First Northern Credit Union's average interest rate for loans was 5.20%, while their most frequently originated rate bucket for loans was 5-6%, with 123 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 154 $8,350,000 $54,221 $1,389 5.90%
    $100k-200k 98 $14,440,000 $147,347 $2,924 4.96%
    $200k-400k 72 $19,270,000 $267,639 $3,301 4.92%
    $400k-600k 10 $4,850,000 $485,000 $4,928 5.59%
    $600k-1MM 2 $1,280,000 $640,000 $3,250 5.00%

    2022 saw First Northern Credit Union place emphasis on $100,000 or less loans with 154 originations, totaling $8,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 86 $13,980,000 $162,558 $2,299 5.52%
    $75k-100k 68 $10,020,000 $147,353 $2,432 5.33%
    $50k-75k 63 $7,045,000 $111,825 $2,138 5.17%
    $150k-250k 56 $8,680,000 $155,000 $2,371 5.72%
    $50k or less 35 $3,515,000 $100,429 $2,802 5.28%
    $250k+ 28 $4,950,000 $176,786 $2,328 5.26%

    First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 86 originations. The second most popular income band? $75k-100k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $10,435,000 $117,247 $2,094 5.39%
    30-36% 83 $10,265,000 $123,675 $2,257 5.65%
    <20% 26 $3,710,000 $142,692 $1,862 5.24%
    38% 19 $3,275,000 $172,368 $2,230 5.00%
    40% 16 $2,600,000 $162,500 $2,602 5.29%
    37% 13 $1,685,000 $129,615 $2,238 5.86%
    41% 11 $2,525,000 $229,545 $2,652 5.52%
    42% 11 $2,295,000 $208,636 $3,330 5.63%
    36% 10 $1,160,000 $116,000 $1,595 6.47%
    49% 10 $2,070,000 $207,000 $3,124 4.98%
    39% 10 $1,130,000 $113,000 $2,310 5.22%
    47% 9 $1,625,000 $180,556 $4,482 4.92%
    43% 8 $1,460,000 $182,500 $2,477 4.38%
    44% 7 $915,000 $130,714 $2,773 5.64%
    45% 5 $1,135,000 $227,000 $2,855 5.73%
    46% 5 $1,005,000 $201,000 $3,365 3.80%
    48% 4 $900,000 $225,000 $2,969 4.56%

    First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 253 $34,505,000 $136,383 $2,219 5.38%
    Not provided 40 $6,430,000 $160,750 $2,719 5.42%
    Black 26 $3,830,000 $147,308 $2,583 5.53%
    Asian 12 $2,170,000 $180,833 $2,857 5.24%
    Asian Indian 4 $980,000 $245,000 $4,831 5.81%
    Filipino 1 $275,000 $275,000 $2,932 5.88%

    Approval Rates

    Total approvals of all applications
    89.52%

    First Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.51%

    First Northern Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 336 $48,190,000 $143,423

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    336 $48,190,000 $143,423

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $1,975,000 $63,710 $947 6.01%
    40-60% 23 $3,495,000 $151,957 $2,320 4.84%
    60-80% 94 $16,100,000 $171,277 $3,027 5.09%
    80-100% 109 $23,395,000 $214,633 $3,391 5.11%
    Under 20% 79 $3,225,000 $40,823 $721 6.09%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%