First Northern Credit Union Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300LI5KT42YX5L588

Tax ID: 36-2009178

5 stars - Updated: 11/17/24 - out of 5 stars, based on 18 reviews

Latest/2023 | 2022 Data | 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
  • 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, Charlotte, and Boulder among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Northern 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. 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% 11/17/24
    30 Year Conventional Refi 6.62% 11/17/24
    30 Year Cash-out Refi 6.90% 11/17/24
    30 Year FHA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 6.24% 11/17/24
    15 Year Conventional Refi 5.94% 11/17/24
    15 Year Cash-out Refi 5.94% 11/17/24
    15 Year VA Purchase 5.68% 11/17/24
    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.

    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

    335

    Origination Dollar Volume (All Markets)

    $42,885,000

    Awards

    FIRST NORTHERN Credit Union 30 Year Conventional Loans silver 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 6.94%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.46%.

    Relative Fees (Closing Costs)

    First Northern Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,440.

    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 $9,089.

    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) 184 $20,990,000 $114,076 $2,143 7.11%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 116 $15,610,000 $134,569 $1,885 7.21%
    Rochelle, IL (FHA|USDA|VA) 14 $2,750,000 $196,429 $2,310 7.09%
    Outside of Metro Areas 5 $665,000 $133,000 $1,543 7.18%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $405,000 $405,000 $4,287 7.50%
    BOULDER, CO (FHA|USDA|VA) 1 $325,000 $325,000 $6,252 8.13%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $3,666 8.13%
    OCALA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $8,026 8.13%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,412 7.63%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $3,277 6.13%
    NILES, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,821 6.88%
    Freeport, IL (FHA|USDA|VA) 3 $185,000 $61,667 $1,262 6.91%
    Dixon, IL (FHA|USDA|VA) 2 $170,000 $85,000 $1,760 6.87%
    Sterling, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,963 7.00%
    TERRE HAUTE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $4,794 8.13%
    Baraboo, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,826 6.13%
    KANKAKEE, IL (FHA|USDA|VA) 1 $85,000 $85,000 $828 9.24%
    First Northern Credit Union's top markets include Rockford, Chicago, Rochelle, Charlotte, and Boulder among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Colorado (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: 46
    First Community Credit Union
    Similarity Rank: 102
    The First National Bank and Trust Company
    Similarity Rank: 120
    Rock Valley Credit Union
    Similarity Rank: 120
    Central Bank Illinois
    Similarity Rank: 126
    Stillman Bank
    Similarity Rank: 228
    Liberty Bank for Savings
    Similarity Rank: 279
    NORTHWEST BANK OF ROCKFORD
    Similarity Rank: 280
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 335 $42,885,000 $128,015 $2,094 7.16%

    For 2023, First Northern Credit Union's most frequently originated type of loan was Conventional, with 335 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $32,895,000 $187,971 $3,429 6.93%
    Other 83 $4,255,000 $51,265 $496 7.40%
    Home Improvement 59 $2,985,000 $50,593 $550 7.43%
    Cash Out Refi 13 $1,645,000 $126,538 $1,424 7.42%
    Refi 5 $1,105,000 $221,000 $1,851 7.03%

    For 2023, First Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Other, with 83 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 175 $33,325,000 $190,429 $3,440 6.94%
    10 Year 69 $3,565,000 $51,667 $510 7.37%
    15 Year 59 $4,615,000 $78,220 $730 7.50%
    5 Year 25 $785,000 $31,400 $489 6.99%
    Other 5 $265,000 $53,000 $964 8.94%
    20 Year 2 $330,000 $165,000 $2,083 6.75%

    For 2023, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 175 originations. The 2nd most popular length was 10 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 116 $23,940,000 $206,379
    $1k-2k 58 $9,090,000 $156,724
    $3k-4k 3 $615,000 $205,000
    $4k-5k 2 $630,000 $315,000
    $5k+ 1 $185,000 $185,000

    First Northern Credit Union's average total fees were $3,440, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 148 $20,860,000 $140,946
    7-8% 136 $16,170,000 $118,897
    Over 8% 36 $3,840,000 $106,667
    5-6% 15 $2,015,000 $134,333

    During 2023, First Northern Credit Union's average interest rate for loans was 6.94%, while their most frequently originated rate bucket for loans was 6-7%, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 170 $8,800,000 $51,765 $945 7.37%
    $100k-200k 100 $14,610,000 $146,100 $2,974 6.84%
    $200k-400k 56 $14,520,000 $259,286 $3,619 7.11%
    $400k-600k 6 $2,820,000 $470,000 $4,060 6.79%
    $600k-1MM 3 $2,135,000 $711,667 $5,462 7.25%

    2023 saw First Northern Credit Union place emphasis on $100,000 or less loans with 170 originations, totaling $8,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 90 $11,200,000 $124,444 $1,881 7.37%
    $50k-75k 70 $8,510,000 $121,571 $2,463 6.94%
    $150k-250k 64 $10,240,000 $160,000 $1,971 7.31%
    $75k-100k 52 $5,770,000 $110,962 $1,645 7.13%
    $50k or less 34 $2,790,000 $82,059 $2,388 6.74%
    $250k+ 24 $4,290,000 $178,750 $2,685 7.24%

    First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $50k-75k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 98 $11,350,000 $115,816 $1,829 7.12%
    30-36% 89 $10,965,000 $123,202 $2,129 7.23%
    <20% 28 $2,330,000 $83,214 $1,418 7.06%
    39% 15 $1,515,000 $101,000 $1,690 7.75%
    43% 12 $2,530,000 $210,833 $2,737 6.79%
    38% 12 $2,010,000 $167,500 $2,329 7.15%
    41% 11 $1,265,000 $115,000 $1,864 6.82%
    42% 10 $1,230,000 $123,000 $2,228 7.38%
    36% 10 $1,090,000 $109,000 $2,136 7.44%
    40% 10 $1,830,000 $183,000 $2,668 7.14%
    44% 10 $1,810,000 $181,000 $3,012 6.85%
    37% 9 $945,000 $105,000 $2,605 7.37%
    48% 6 $1,350,000 $225,000 $3,028 6.92%
    49% 5 $985,000 $197,000 $3,155 6.85%
    46% 4 $750,000 $187,500 $2,355 7.09%
    45% 3 $695,000 $231,667 $4,413 6.88%
    >60% 2 $110,000 $55,000 $1,523 7.31%
    47% 1 $125,000 $125,000 $2,884 6.25%

    First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 89 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 245 $30,555,000 $124,714 $1,954 7.17%
    Not provided 53 $8,425,000 $158,962 $3,156 6.97%
    Black 28 $2,440,000 $87,143 $1,039 7.40%
    Asian 7 $1,075,000 $153,571 $2,418 6.99%
    Asian Indian 2 $390,000 $195,000 $4,672 7.56%

    Approval Rates

    Total approvals of all applications
    90.36%

    First Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.34%

    First Northern Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 335 $42,885,000 $128,015

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    335 $42,885,000 $128,015

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $3,255,000 $72,333 $702 7.54%
    40-60% 16 $1,720,000 $107,500 $1,705 6.64%
    60-80% 64 $12,600,000 $196,875 $3,420 7.01%
    80-100% 106 $20,580,000 $194,151 $3,489 6.92%
    Under 20% 104 $4,730,000 $45,481 $518 7.40%