First Northern Credit Union Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300LI5KT42YX5L588

Tax ID: 36-2009178

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 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, Sterling, Freeport, and Davenport among others. We have data for 9 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 an above 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 6.75% 4/18/24
    30 Year Conventional Refi 6.62% 4/18/24
    30 Year Cash-out Refi 6.90% 4/18/24
    30 Year FHA Purchase 6.27% 4/18/24
    15 Year Conventional Purchase 6.24% 4/18/24
    15 Year Conventional Refi 5.94% 4/18/24
    15 Year Cash-out Refi 5.94% 4/18/24
    15 Year VA Purchase 5.68% 4/18/24
    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

    252

    Origination Dollar Volume (All Markets)

    $35,340,000

    Awards

    FIRST NORTHERN Credit Union 30 Year Conventional Loans silver FIRST NORTHERN Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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) 124 $20,840,000 $168,065 $2,322 5.25%
    ROCKFORD, IL (FHA|USDA|VA) 119 $13,655,000 $114,748 $1,805 4.94%
    Sterling, IL (FHA|USDA|VA) 2 $270,000 $135,000 $846 5.43%
    Freeport, IL (FHA|USDA|VA) 2 $250,000 $125,000 $1,726 4.56%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,073 4.00%
    Outside of Metro Areas 1 $75,000 $75,000 $1,869 4.88%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $55,000 $55,000 $1,666 4.00%
    Rochelle, IL (FHA|USDA|VA) 1 $35,000 $35,000 $130 3.99%
    KANKAKEE, IL (FHA|USDA|VA) 1 $25,000 $25,000 $685 8.74%
    First Northern Credit Union's top markets include Chicago, Rockford, Sterling, Freeport, and Davenport among others.

    Their top states include:
  • Illinois (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.

    UNITED
    Similarity Rank: 28
    Rock Valley Credit Union
    Similarity Rank: 30
    Liberty Bank for Savings
    Similarity Rank: 104
    The First National Bank and Trust Company
    Similarity Rank: 187
    Merchants Bank
    Similarity Rank: 290
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    TECH Credit Union
    Similarity Rank: 759
    DuPage Credit Union
    Similarity Rank: 852
    First Financial Credit Union
    Similarity Rank: 870

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 252 $35,340,000 $140,238 $2,042 5.10%

    For 2018, First Northern Credit Union's most frequently originated type of loan was Conventional, with 252 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $24,685,000 $185,602 $3,066 4.61%
    Cash Out Refi 95 $7,455,000 $78,474 $749 5.98%
    Refi 24 $3,200,000 $133,333 $1,579 4.32%

    For 2018, First Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 135 $25,055,000 $185,593 $2,782 4.69%
    15 Year 46 $5,560,000 $120,870 $1,798 4.96%
    10 Year 23 $1,935,000 $84,130 $884 5.96%
    5 Year 23 $745,000 $32,391 $303 5.09%
    Other 15 $735,000 $49,000 $388 8.30%
    20 Year 10 $1,310,000 $131,000 $2,239 4.51%

    For 2018, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was 15 Year, with 46 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 173 $29,925,000 $172,977
    $1k-2k 1 $175,000 $175,000
    $3k-4k 1 $405,000 $405,000

    First Northern Credit Union's average total fees were $2,782, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 173 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 158 $25,870,000 $163,734
    5-6% 41 $3,855,000 $94,024
    3-4% 23 $3,885,000 $168,913
    Over 8% 18 $510,000 $28,333
    6-7% 7 $1,025,000 $146,429
    7-8% 5 $195,000 $39,000

    During 2018, First Northern Credit Union's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 158 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 113 $5,725,000 $50,664 $1,176 5.65%
    $100k-200k 85 $12,365,000 $145,471 $2,185 4.68%
    $200k-400k 45 $12,575,000 $279,444 $3,557 4.59%
    $400k-600k 6 $2,660,000 $443,333 $3,253 4.84%
    $600k-1MM 3 $2,015,000 $671,667 $5,166 4.42%

    2018 saw First Northern Credit Union place emphasis on $100,000 or less loans with 113 originations, totaling $5,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 69 $10,095,000 $146,304 $2,084 5.02%
    $75k-100k 48 $5,800,000 $120,833 $2,063 5.10%
    $50k-75k 44 $4,610,000 $104,773 $1,691 5.16%
    $150k-250k 41 $8,515,000 $207,683 $2,219 5.03%
    $50k or less 40 $3,100,000 $77,500 $1,722 5.37%
    $250k+ 10 $3,220,000 $322,000 $3,592 4.56%

    First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 69 originations. The second most popular income band? $75k-100k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 80 $10,590,000 $132,375 $1,887 5.11%
    30-36% 58 $9,200,000 $158,621 $2,200 5.16%
    <20% 21 $2,545,000 $121,190 $1,802 4.83%
    38% 15 $2,145,000 $143,000 $2,119 5.20%
    41% 12 $2,170,000 $180,833 $2,016 5.14%
    40% 9 $845,000 $93,889 $1,753 5.62%
    42% 8 $1,020,000 $127,500 $2,437 5.91%
    39% 8 $1,320,000 $165,000 $2,517 5.18%
    46% 7 $875,000 $125,000 $2,726 4.39%
    47% 6 $780,000 $130,000 $2,401 4.88%
    43% 6 $940,000 $156,667 $1,930 4.48%
    49% 6 $1,160,000 $193,333 $2,329 4.69%
    37% 5 $665,000 $133,000 $2,206 5.05%
    36% 5 $345,000 $69,000 $647 5.52%
    45% 2 $200,000 $100,000 $1,965 4.94%
    44% 2 $290,000 $145,000 $2,733 4.44%
    50-60% 1 $175,000 $175,000 $1,486 4.88%
    >60% 1 $75,000 $75,000 $2,212 4.75%

    First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 80 originations. The next most common DTI ratio? 30-36%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 202 $27,760,000 $137,426 $1,997 5.03%
    Black 28 $3,200,000 $114,286 $1,981 5.60%
    Asian 13 $2,785,000 $214,231 $3,031 4.57%
    Not provided 8 $1,360,000 $170,000 $1,553 5.98%
    American Indian 1 $235,000 $235,000 $3,606 4.75%

    Approval Rates

    Total approvals of all applications
    93.20%

    First Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.67%

    First Northern Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 252 $35,340,000 $140,238

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 252 $35,340,000 $140,238

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $2,845,000 $105,370 $1,282 5.47%
    40-60% 22 $3,410,000 $155,000 $2,019 5.02%
    60-80% 58 $9,460,000 $163,103 $2,395 4.65%
    80-100% 99 $18,205,000 $183,889 $2,849 4.60%
    Under 20% 46 $1,420,000 $30,870 $368 6.55%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%