First Northern Credit Union Mortgage Rates, Fees & Info
Chicago, ILLEI: 549300LI5KT42YX5L588
Tax ID: 36-2009178
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Mortgage Data
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 6.75% | 10/31/24 |
30 Year Conventional Refi | 6.62% | 10/31/24 |
30 Year Cash-out Refi | 6.90% | 10/31/24 |
30 Year FHA Purchase | 6.27% | 10/31/24 |
15 Year Conventional Purchase | 6.24% | 10/31/24 |
15 Year Conventional Refi | 5.94% | 10/31/24 |
15 Year Cash-out Refi | 5.94% | 10/31/24 |
15 Year VA Purchase | 5.68% | 10/31/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
643Origination Dollar Volume (All Markets)
$118,335,000FIRST NORTHERN Credit Union - 2021
FIRST NORTHERN Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 45
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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
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
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
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
2021 saw First Northern Credit Union place emphasis on $100k-200k loans with 251 originations, totaling $36,295,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications94.88%
First Northern Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination83.83%
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 |
LTV Distribution
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% |