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 loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Rockford, Freeport, Pensacola, and Pontiac among others. We have data for 8 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 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% 4/21/24
    30 Year Conventional Refi 6.62% 4/21/24
    30 Year Cash-out Refi 6.90% 4/21/24
    30 Year FHA Purchase 6.27% 4/21/24
    15 Year Conventional Purchase 6.24% 4/21/24
    15 Year Conventional Refi 5.94% 4/21/24
    15 Year Cash-out Refi 5.94% 4/21/24
    15 Year VA Purchase 5.68% 4/21/24
    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

    191

    Origination Dollar Volume (All Markets)

    $26,235,000

    Awards

    FIRST NORTHERN Credit Union 30 Year Conventional Loans bronze FIRST NORTHERN Credit Union 30 Year Conventional Loans bronze
    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) 89 $14,945,000 $167,921 $2,107 5.06%
    ROCKFORD, IL (FHA|USDA|VA) 93 $10,245,000 $110,161 $1,879 4.63%
    Freeport, IL (FHA|USDA|VA) 3 $325,000 $108,333 $1,837 4.13%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,134 3.75%
    Pontiac, IL (FHA|USDA|VA) 2 $180,000 $90,000 $1,993 3.75%
    Ottawa, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,478 4.63%
    Rochelle, IL (FHA|USDA|VA) 1 $65,000 $65,000 $550 5.54%
    KANKAKEE, IL (FHA|USDA|VA) 1 $45,000 $45,000 $767 4.99%
    First Northern Credit Union's top markets include Chicago, Rockford, Freeport, Pensacola, and Pontiac among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (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.

    Rock Valley Credit Union
    Similarity Rank: 14
    First Community Credit Union
    Similarity Rank: 40
    Liberty Bank for Savings
    Similarity Rank: 85
    Merchants Bank
    Similarity Rank: 150
    The First National Bank and Trust Company
    Similarity Rank: 252
    EDUCATORS CREDIT UNION
    Similarity Rank: 352
    Stillman Bank
    Similarity Rank: 480
    UNITED
    Similarity Rank: 498
    Southern Lkaes Credit Union
    Similarity Rank: 513
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 618

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 190 $26,090,000 $137,316 $1,990 4.82%
    HELOC 1 $145,000 $145,000 n/a 4.38%

    For 2019, First Northern Credit Union's most frequently originated type of loan was Conventional, with 190 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 118 $20,320,000 $172,203 $2,686 4.20%
    Other 25 $935,000 $37,400 $474 6.74%
    Cash Out Refi 20 $2,630,000 $131,500 $1,287 4.92%
    Refi 15 $1,835,000 $122,333 $1,355 4.45%
    Home Improvement 13 $515,000 $39,615 $467 6.99%

    For 2019, First Northern Credit Union's most frequently cited loan purpose was Home Purchase, with 118 originations. The 2nd most popular reason was Other, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $17,520,000 $175,200 $2,713 4.40%
    15 Year 43 $5,915,000 $137,558 $1,659 4.43%
    10 Year 15 $645,000 $43,000 $581 6.20%
    5 Year 13 $455,000 $35,000 $490 5.34%
    Other 12 $540,000 $45,000 $543 8.01%
    20 Year 8 $1,160,000 $145,000 $2,191 3.83%

    For 2019, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 15 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 136 $22,910,000 $168,456

    First Northern Credit Union's average total fees were $2,713, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 136 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 102 $15,100,000 $148,039
    3-4% 45 $8,285,000 $184,111
    6-7% 14 $730,000 $52,143
    Over 8% 13 $325,000 $25,000
    5-6% 12 $970,000 $80,833
    2.5-3% 4 $760,000 $190,000
    7-8% 1 $65,000 $65,000

    During 2019, First Northern Credit Union's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 84 $4,450,000 $52,976 $1,186 5.64%
    $100k-200k 65 $8,905,000 $137,000 $2,352 4.17%
    $200k-400k 35 $9,575,000 $273,571 $2,900 4.21%
    $400k-600k 7 $3,305,000 $472,143 $3,603 3.91%

    2019 saw First Northern Credit Union place emphasis on $100,000 or less loans with 84 originations, totaling $4,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 44 $5,870,000 $133,409 $1,722 5.40%
    $75k-100k 41 $5,515,000 $134,512 $1,853 4.68%
    $50k or less 34 $2,720,000 $80,000 $2,116 4.64%
    $150k-250k 33 $6,345,000 $192,273 $2,028 4.70%
    $50k-75k 33 $3,935,000 $119,242 $2,151 4.57%
    $250k+ 6 $1,850,000 $308,333 $3,060 4.44%

    First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $75k-100k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 41 $5,375,000 $131,098 $2,013 5.30%
    20-30% 40 $4,730,000 $118,250 $1,534 5.28%
    <20% 17 $1,925,000 $113,235 $1,771 4.79%
    45% 6 $1,270,000 $211,667 $2,873 4.33%
    41% 6 $1,330,000 $221,667 $2,821 4.54%
    36% 5 $905,000 $181,000 $1,389 5.55%
    39% 5 $855,000 $171,000 $2,194 5.37%
    40% 5 $475,000 $95,000 $1,847 6.24%
    49% 4 $500,000 $125,000 $2,113 4.31%
    42% 4 $790,000 $197,500 $2,714 4.06%
    43% 4 $640,000 $160,000 $2,233 4.19%
    46% 4 $940,000 $235,000 $1,867 4.16%
    38% 3 $225,000 $75,000 $1,492 5.48%
    47% 3 $265,000 $88,333 $2,160 4.83%
    48% 3 $435,000 $145,000 $2,089 4.42%
    44% 3 $135,000 $45,000 $844 5.14%

    First Northern Credit Union lent most frequently to those with DTI ratios of 30-36%, with 41 originations. The next most common DTI ratio? 20-30%, with 40 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 152 $20,690,000 $136,118 $2,009 4.68%
    Black 21 $2,675,000 $127,381 $1,896 5.77%
    Asian 6 $1,150,000 $191,667 $2,127 4.67%
    Native Hawaiian or Islander 2 $820,000 $410,000 $1,991 3.31%
    Not provided 7 $535,000 $76,429 $1,455 5.90%
    American Indian 2 $230,000 $115,000 $2,914 4.25%
    Asian Indian 1 $135,000 $135,000 $2,139 3.13%

    Approval Rates

    Total approvals of all applications
    87.35%

    First Northern Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.91%

    First Northern Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 191 $26,235,000 $137,356

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 191 $26,235,000 $137,356

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,245,000 $73,235 $1,025 5.55%
    40-60% 10 $1,500,000 $150,000 $1,986 4.75%
    60-80% 37 $7,135,000 $192,838 $2,484 4.22%
    80-100% 55 $9,855,000 $179,182 $2,748 4.47%
    Under 20% 34 $1,060,000 $31,176 $465 6.81%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%