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

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

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Mortgage Data

  • SimulatedRates™
  • 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, Refi, and Cash Out Refi loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Rockford, Rochelle, Janesville, and Milwaukee among others. We have data for 21 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 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 6.64% 3/19/23
    30 Year Conventional Refi 6.33% 3/19/23
    30 Year Cash-out Refi 6.58% 3/19/23
    30 Year FHA Purchase 6.27% 3/19/23
    15 Year Conventional Purchase 5.88% 3/19/23
    15 Year Conventional Refi 5.83% 3/19/23
    15 Year Cash-out Refi 5.83% 3/19/23
    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.


    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 mortgage rate was 3.13%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.02%.

    Relative Fees (Closing Costs)

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

    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
    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.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Arizona (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: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    Rock Valley Credit Union
    Similarity Rank: 196
    HERITAGE CREDIT UNION
    Similarity Rank: 306
    First Community Credit Union
    Similarity Rank: 552
    SENB Bank
    Similarity Rank: 576
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    First Financial Credit Union
    Similarity Rank: 1090
    The Equitable Bank, S.S.B.
    Similarity Rank: 1166
    FINANCIAL PLUS
    Similarity Rank: 1220

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, First Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 281 originations. The 2nd most popular reason was 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 2021, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 404 originations. The 2nd most popular length was 15 Year, with 140 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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

    First Northern Credit Union's average total fees were $2,800, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.13%, while their most frequently originated rate bucket for loans was 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
    94.88%

    First Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.83%

    First Northern Credit Union has a below 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%