Black Hills Federal Credit Union Mortgage Rates, Fees & Info
Rapid City, SDLEI: 549300M2Z8GR3VL0QQ74
Tax ID: 46-0235529
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Mortgage Data
Review & Overview
Black Hills Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Black Hills Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Rapid City, Sioux Falls, Spearfish, Pierre, and Gillette among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)Black Hills Federal 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. Black Hills Federal Credit Union is typically an average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 9/25/23 |
| 30 Year Conventional Purchase | 5.84% | 9/25/23 |
| 30 Year Conventional Refi | 5.98% | 9/25/23 |
| 30 Year Cash-out Refi | 5.86% | 9/25/23 |
| 30 Year FHA Purchase | 7.44% | 9/25/23 |
| 30 Year VA Purchase | 6.00% | 9/25/23 |
| 30 Year VA Refi | 6.07% | 9/25/23 |
| 30 Year USDA Purchase | 6.81% | 9/25/23 |
| 15 Year Conventional Purchase | 6.63% | 9/25/23 |
| 15 Year Conventional Refi | 6.39% | 9/25/23 |
| 15 Year Cash-out Refi | 6.39% | 9/25/23 |
| 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. | ||
Black Hills Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,237Origination Dollar Volume (All Markets)
$264,275,000Awards
BLACK HILLS FEDERAL CREDIT UNION - 2022
BLACK HILLS FEDERAL CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Black Hills Federal Credit Union's average 30 year fixed mortgage rate was
3.93%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.83%.
Relative Fees (Closing Costs)
Black Hills Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,944.
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 |
|---|---|---|---|---|---|
| RAPID CITY, SD (FHA|USDA|VA) | 757 | $136,855,000 | $180,786 | $5,820 | 4.27% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 147 | $51,035,000 | $347,177 | $6,274 | 3.81% |
| Outside of Metro Areas | 149 | $31,095,000 | $208,691 | $6,037 | 4.45% |
| Spearfish, SD (FHA|USDA|VA) | 108 | $28,110,000 | $260,278 | $6,957 | 4.54% |
| Pierre, SD (FHA|USDA|VA) | 34 | $5,400,000 | $158,824 | $5,563 | 4.68% |
| Gillette, WY (FHA|USDA|VA) | 7 | $1,965,000 | $280,714 | $12,198 | 4.04% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 4 | $1,870,000 | $467,500 | $8,466 | 3.84% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $6,379 | 4.80% |
| Brookings, SD (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $5,070 | 2.67% |
| Watertown, SD (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $5,990 | 3.12% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $12,045 | 2.99% |
| Mitchell, SD (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $4,412 | 3.54% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $10,415 | 2.75% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $4,293 | 2.50% |
| Vermillion, SD (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $4,343 | 3.92% |
| Huron, SD (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $7,815 | 2.75% |
| AMES, IA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,154 | 2.99% |
| Jacksonville, TX (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,480 | 4.99% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,659 | 3.88% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,452 | 2.99% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,870 | 5.50% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,056 | 5.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.75% |
| Yankton, SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,933 | 4.13% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,873 | 4.75% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,216 | 4.38% |
| POCATELLO, ID (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,706 | 3.12% |
Similar Lenders
We use machine learning to identify the top lenders compared against BLACK HILLS FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, Black Hills Federal Credit Union's most frequently originated type of loan was Conventional, with 731 originations. Their 2nd most popular type was HELOC, with 470 originations.
Loan Reason
For 2022, Black Hills Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 484 originations. The 2nd most popular reason was Home Purchase, with 465 originations.
Loan Duration/Length
For 2022, Black Hills Federal Credit Union's most frequently cited loan duration was Other, with 485 originations. The 2nd most popular length was 30 Year, with 482 originations.
Origination Fees/Closing Costs
Black Hills Federal Credit Union's average total fees were $5,944, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 185 originations.
Interest Rates
During 2022, Black Hills Federal Credit Union's average interest rate for loans was 3.93%, while their most frequently originated rate bucket for loans was 3-4%, with 440 originations.
Loan Sizing
2022 saw Black Hills Federal Credit Union place emphasis on $100,000 or less loans with 450 originations, totaling $24,210,000 in origination value.
Applicant Income
Black Hills Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 334 originations. The second most popular income band? $50k-75k, with 264 originations.
Applicant Debt to Income Ratio
Black Hills Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 260 originations. The next most common DTI ratio? 30-36%, with 230 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.56%
Black Hills Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.33%
Black Hills Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,237 | $264,275,000 | $213,642 |