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

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  • 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 Refi and Home Purchase loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Rockford, Rochelle, Freeport, and Whitewater among others. We have data for 18 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% 12/16/24
    30 Year Conventional Refi 6.62% 12/16/24
    30 Year Cash-out Refi 6.90% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.24% 12/16/24
    15 Year Conventional Refi 5.94% 12/16/24
    15 Year Cash-out Refi 5.94% 12/16/24
    15 Year VA Purchase 5.68% 12/16/24
    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

    765

    Origination Dollar Volume (All Markets)

    $149,535,000
    Show all (6) 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) 364 $85,490,000 $234,863 $2,334 3.15%
    ROCKFORD, IL (FHA|USDA|VA) 356 $55,620,000 $156,236 $2,012 3.08%
    Rochelle, IL (FHA|USDA|VA) 14 $2,070,000 $147,857 $1,947 3.39%
    Outside of Metro Areas 7 $1,565,000 $223,571 $1,725 3.20%
    Freeport, IL (FHA|USDA|VA) 4 $830,000 $207,500 $2,160 3.00%
    Whitewater, WI (FHA|USDA|VA) 3 $685,000 $228,333 $1,779 2.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $560,000 $280,000 $2,913 2.69%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $495,000 $495,000 $2,218 2.38%
    KANKAKEE, IL (FHA|USDA|VA) 2 $440,000 $220,000 $2,175 2.56%
    Sterling, IL (FHA|USDA|VA) 2 $430,000 $215,000 $1,815 2.88%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $405,000 $405,000 $2,057 2.63%
    Dixon, IL (FHA|USDA|VA) 2 $370,000 $185,000 $2,064 2.44%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,069 3.00%
    Ottawa, IL (FHA|USDA|VA) 1 $115,000 $115,000 $1,939 3.38%
    PEORIA, IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,919 2.75%
    DECATUR, IL (FHA|USDA|VA) 2 $90,000 $45,000 $432 4.52%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $85,000 $85,000 $1,394 3.13%
    GREEN BAY, WI (FHA|USDA|VA) 1 $65,000 $65,000 $2,136 2.63%
    First Northern Credit Union's top markets include Chicago, Rockford, Rochelle, Freeport, and Whitewater among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Indiana (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: 135
    Glenview State Bank
    Similarity Rank: 312
    Liberty Bank for Savings
    Similarity Rank: 312
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    The Equitable Bank, S.S.B.
    Similarity Rank: 820
    RUHL MORTGAGE, LLC
    Similarity Rank: 988
    United Community Bank
    Similarity Rank: 1360
    NEW FED MORTGAGE, CORP.
    Similarity Rank: 1610
    DuPage Credit Union
    Similarity Rank: 1824

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 765 $149,535,000 $195,471 $2,159 3.11%

    For 2020, First Northern Credit Union's most frequently originated type of loan was Conventional, with 765 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 319 $68,785,000 $215,627 $1,691 2.82%
    Home Purchase 272 $53,300,000 $195,956 $3,173 2.99%
    Cash Out Refi 128 $25,190,000 $196,797 $1,750 3.21%
    Other 30 $1,390,000 $46,333 $559 5.62%
    Home Improvement 16 $870,000 $54,375 $536 5.72%

    For 2020, First Northern Credit Union's most frequently cited loan purpose was Refi, with 319 originations. The 2nd most popular reason was Home Purchase, with 272 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 456 $97,270,000 $213,311 $2,546 3.05%
    15 Year 202 $38,290,000 $189,554 $1,754 2.85%
    10 Year 36 $4,990,000 $138,611 $1,236 3.79%
    20 Year 33 $6,715,000 $203,485 $1,886 2.95%
    5 Year 24 $890,000 $37,083 $480 4.86%
    Other 14 $1,380,000 $98,571 $1,294 4.86%

    For 2020, First Northern Credit Union's most frequently cited loan duration was 30 Year, with 456 originations. The 2nd most popular length was 15 Year, with 202 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 686 $143,320,000 $208,921
    $1k-2k 22 $2,890,000 $131,364
    $2k-3k 1 $115,000 $115,000
    $4k-5k 1 $435,000 $435,000

    First Northern Credit Union's average total fees were $2,546, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 686 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 283 $59,865,000 $211,537
    3-4% 228 $41,400,000 $181,579
    <2.5% 187 $44,345,000 $237,139
    4-5% 31 $2,075,000 $66,935
    5-6% 21 $1,195,000 $56,905
    7-8% 11 $455,000 $41,364
    6-7% 2 $160,000 $80,000
    Over 8% 2 $40,000 $20,000

    During 2020, First Northern Credit Union's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 283 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 285 $41,965,000 $147,246 $2,177 2.98%
    $200k-400k 273 $75,445,000 $276,355 $2,380 2.82%
    $100,000 or less 160 $10,060,000 $62,875 $1,636 3.96%
    $400k-600k 46 $21,460,000 $466,522 $2,556 2.75%
    $600k-1MM 1 $605,000 $605,000 $2,165 3.50%

    2020 saw First Northern Credit Union place emphasis on $100k-200k loans with 285 originations, totaling $41,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 213 $44,415,000 $208,521 $2,089 3.10%
    $150k-250k 153 $39,415,000 $257,614 $2,039 3.05%
    $75k-100k 146 $24,260,000 $166,164 $2,191 3.17%
    $50k-75k 128 $18,440,000 $144,063 $2,357 3.13%
    $50k or less 66 $6,250,000 $94,697 $2,341 3.36%
    $250k+ 59 $16,755,000 $283,983 $2,014 2.90%

    First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 213 originations. The second most popular income band? $150k-250k, with 153 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 270 $53,300,000 $197,407 $2,086 3.11%
    30-36% 129 $25,105,000 $194,612 $2,309 2.99%
    <20% 98 $17,380,000 $177,347 $1,845 3.05%
    42% 28 $5,780,000 $206,429 $2,339 3.51%
    36% 28 $4,730,000 $168,929 $2,183 3.12%
    44% 26 $5,750,000 $221,154 $2,266 3.20%
    43% 24 $4,190,000 $174,583 $2,141 3.34%
    41% 24 $4,140,000 $172,500 $2,019 3.49%
    37% 20 $4,770,000 $238,500 $2,246 3.21%
    38% 19 $3,635,000 $191,316 $2,169 3.13%
    39% 17 $3,435,000 $202,059 $2,994 3.14%
    40% 16 $2,160,000 $135,000 $2,185 3.84%
    49% 16 $3,680,000 $230,000 $2,158 2.79%
    47% 13 $3,075,000 $236,538 $2,468 2.87%
    46% 12 $2,740,000 $228,333 $1,737 2.81%
    45% 12 $2,790,000 $232,500 $2,512 2.71%
    48% 11 $2,435,000 $221,364 $2,812 2.99%
    50-60% 2 $440,000 $220,000 $1,893 3.25%

    First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 270 originations. The next most common DTI ratio? 30-36%, with 129 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 558 $108,010,000 $193,566 $2,056 3.06%
    Not provided 118 $23,740,000 $201,186 $2,438 3.11%
    Black 52 $10,320,000 $198,462 $2,418 3.67%
    Asian 24 $4,970,000 $207,083 $2,517 2.98%
    American Indian 6 $1,620,000 $270,000 $2,897 2.63%
    Asian Indian 5 $805,000 $161,000 $2,604 3.00%
    Native Hawaiian or Islander 1 $45,000 $45,000 $228 4.49%
    Filipino 1 $25,000 $25,000 $103 8.79%

    Approval Rates

    Total approvals of all applications
    96.20%

    First Northern Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.24%

    First Northern Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 765 $149,535,000 $195,471

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 765 $149,535,000 $195,471

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $4,915,000 $114,302 $1,234 3.90%
    40-60% 101 $19,145,000 $189,554 $1,752 2.95%
    60-80% 313 $66,445,000 $212,284 $1,938 2.92%
    80-100% 272 $57,390,000 $210,993 $2,915 2.99%
    Under 20% 36 $1,640,000 $45,556 $620 5.29%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%