Black Hills Federal Credit Union Mortgage Rates, Fees & Info

Rapid City, SD

LEI: 549300M2Z8GR3VL0QQ74

Tax ID: 46-0235529

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
  • 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

    Black Hills Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Black Hills Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Rapid City, Spearfish, Sioux Falls, Pierre, and Phoenix among others. We have data for 22 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 12/16/24
    30 Year Conventional Purchase 5.84% 12/16/24
    30 Year Conventional Refi 5.98% 12/16/24
    30 Year Cash-out Refi 5.86% 12/16/24
    30 Year FHA Purchase 7.44% 12/16/24
    30 Year VA Purchase 6.00% 12/16/24
    30 Year VA Refi 6.07% 12/16/24
    30 Year USDA Purchase 6.81% 12/16/24
    15 Year Conventional Purchase 6.63% 12/16/24
    15 Year Conventional Refi 6.39% 12/16/24
    15 Year Cash-out Refi 6.39% 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.

    Black Hills Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Black Hills Federal 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

    602

    Origination Dollar Volume (All Markets)

    $110,090,000
    Show all (8) 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
    RAPID CITY, SD (FHA|USDA|VA) 366 $63,270,000 $172,869 $4,455 4.42%
    Spearfish, SD (FHA|USDA|VA) 68 $14,970,000 $220,147 $4,593 4.32%
    Outside of Metro Areas 80 $13,460,000 $168,250 $4,178 4.56%
    SIOUX FALLS, SD (FHA|USDA|VA) 52 $11,340,000 $218,077 $4,830 4.23%
    Pierre, SD (FHA|USDA|VA) 15 $3,105,000 $207,000 $4,845 4.27%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $645,000 $215,000 $5,551 4.42%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.50%
    Yankton, SD (FHA|USDA|VA) 1 $295,000 $295,000 $13,176 4.13%
    LINCOLN, NE (FHA|USDA|VA) 1 $285,000 $285,000 $6,070 4.75%
    Brookings, SD (FHA|USDA|VA) 2 $280,000 $140,000 $3,685 4.38%
    BILLINGS, MT (FHA|USDA|VA) 1 $275,000 $275,000 $6,610 4.63%
    MISSOULA, MT (FHA|USDA|VA) 1 $245,000 $245,000 $5,196 4.75%
    Gillette, WY (FHA|USDA|VA) 2 $230,000 $115,000 $3,003 4.25%
    Mitchell, SD (FHA|USDA|VA) 1 $225,000 $225,000 $3,494 3.75%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $175,000 $175,000 $4,197 4.88%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,482 4.50%
    Cañon City, CO (FHA|USDA|VA) 1 $155,000 $155,000 $3,559 4.25%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,927 4.25%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $115,000 $115,000 $3,909 3.13%
    DALTON, GA (FHA|USDA|VA) 1 $105,000 $105,000 $4,814 3.99%
    Huron, SD (FHA|USDA|VA) 1 $95,000 $95,000 $3,080 4.50%
    PEORIA, IL (FHA|USDA|VA) 1 $95,000 $95,000 $3,413 4.50%
    Black Hills Federal Credit Union's top markets include Rapid City, Spearfish, Sioux Falls, Pierre, and Phoenix among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • 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.

    SERVICE FIRST FEDERAL CREDIT UNION
    Similarity Rank: 380
    SIOUX FALLS
    Similarity Rank: 385
    Black Hills Community Bank
    Similarity Rank: 406
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 429
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 530
    Dacotah Bank
    Similarity Rank: 609
    First Dakota National Bank
    Similarity Rank: 644
    BANKWEST, INC.
    Similarity Rank: 1026
    First PREMIER Bank
    Similarity Rank: 1064
    Reliabank Dakota
    Similarity Rank: 1088

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 556 $100,560,000 $180,863 $4,381 4.43%
    VA 43 $9,015,000 $209,651 $5,734 4.10%
    USDA 3 $515,000 $171,667 $5,567 3.88%

    For 2018, Black Hills Federal Credit Union's most frequently originated type of loan was Conventional, with 556 originations. Their 2nd most popular type was VA, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 363 $76,045,000 $209,490 $5,008 4.35%
    Cash Out Refi 96 $16,410,000 $170,938 $4,479 4.29%
    Home Improvement 89 $10,925,000 $122,753 $3,163 4.70%
    Refi 53 $6,555,000 $123,679 $3,240 4.51%
    Other 1 $155,000 $155,000 $2,895 4.25%

    For 2018, Black Hills Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 363 originations. The 2nd most popular reason was Cash Out Refi, with 96 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 428 $89,300,000 $208,645 $5,141 4.36%
    15 Year 84 $11,160,000 $132,857 $3,401 4.43%
    10 Year 34 $2,860,000 $84,118 $2,048 4.81%
    5 Year 26 $1,100,000 $42,308 $810 4.13%
    20 Year 20 $4,150,000 $207,500 $4,282 4.93%
    Other 7 $535,000 $76,429 $463 4.74%
    30+ year 3 $985,000 $328,333 $8,933 4.20%

    For 2018, Black Hills Federal Credit Union's most frequently cited loan duration was 30 Year, with 428 originations. The 2nd most popular length was 15 Year, with 84 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 221 $28,505,000 $128,982
    $2k-3k 196 $38,600,000 $196,939
    $3k-4k 63 $17,125,000 $271,825
    $<1k 61 $3,735,000 $61,230
    $4k-5k 33 $12,105,000 $366,818
    $5k+ 13 $6,855,000 $527,308

    Black Hills Federal Credit Union's average total fees were $5,141, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 221 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 328 $65,740,000 $200,427
    3-4% 203 $37,055,000 $182,537
    5-6% 53 $5,645,000 $106,509
    2.5-3% 8 $1,030,000 $128,750
    6-7% 8 $550,000 $68,750
    7-8% 1 $45,000 $45,000
    Over 8% 1 $25,000 $25,000

    During 2018, Black Hills Federal Credit Union's average interest rate for loans was 4.36%, while their most frequently originated rate bucket for loans was 4-5%, with 328 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 251 $37,375,000 $148,904 $4,261 4.36%
    $200k-400k 193 $51,395,000 $266,295 $5,935 4.30%
    $100,000 or less 132 $7,850,000 $59,470 $1,967 4.67%
    $400k-600k 22 $10,390,000 $472,273 $8,381 4.24%
    $600k-1MM 4 $3,080,000 $770,000 $12,817 4.66%

    2018 saw Black Hills Federal Credit Union place emphasis on $100k-200k loans with 251 originations, totaling $37,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 177 $28,425,000 $160,593 $4,474 4.40%
    $75k-100k 133 $25,095,000 $188,684 $4,540 4.36%
    $50k or less 129 $14,385,000 $111,512 $3,377 4.45%
    $100k-150k 106 $25,610,000 $241,604 $5,165 4.48%
    $150k-250k 46 $13,410,000 $291,522 $5,669 4.21%
    $250k+ 9 $2,775,000 $308,333 $5,607 4.44%

    Black Hills Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 177 originations. The second most popular income band? $75k-100k, with 133 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 149 $23,475,000 $157,550 $4,146 4.54%
    20-30% 109 $19,145,000 $175,642 $4,347 4.27%
    <20% 48 $8,800,000 $183,333 $4,058 4.45%
    41% 28 $5,640,000 $201,429 $4,958 4.29%
    36% 27 $5,835,000 $216,111 $4,848 4.25%
    40% 25 $4,175,000 $167,000 $4,612 4.34%
    37% 23 $4,655,000 $202,391 $4,872 4.52%
    42% 21 $4,935,000 $235,000 $5,213 4.46%
    38% 21 $4,735,000 $225,476 $4,957 4.35%
    39% 21 $3,035,000 $144,524 $3,900 4.55%
    43% 21 $4,525,000 $215,476 $5,374 4.28%
    44% 20 $4,540,000 $227,000 $4,738 4.41%
    45% 17 $3,825,000 $225,000 $5,849 4.15%
    46% 16 $3,180,000 $198,750 $4,579 4.24%
    48% 14 $3,170,000 $226,429 $5,502 4.33%
    49% 13 $2,255,000 $173,462 $4,529 4.24%
    50-60% 10 $1,520,000 $152,000 $4,088 4.81%
    47% 9 $1,435,000 $159,444 $3,627 3.86%
    >60% 6 $680,000 $113,333 $1,265 5.29%

    Black Hills Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 149 originations. The next most common DTI ratio? 20-30%, with 109 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 553 $101,055,000 $182,740 $4,475 4.40%
    Not provided 18 $3,770,000 $209,444 $4,871 4.56%
    American Indian 17 $2,435,000 $143,235 $4,106 4.43%
    Black 5 $1,125,000 $225,000 $5,692 4.40%
    Asian 6 $1,110,000 $185,000 $4,481 4.27%
    Not applicable 2 $390,000 $195,000 $0 5.63%
    Native Hawaiian or Islander 1 $205,000 $205,000 $4,403 4.63%

    Approval Rates

    Total approvals of all applications
    83.47%

    Black Hills Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.61%

    Black Hills Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 602 $110,090,000 $182,874

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,580,000 $395,000
    Single Family (1-4 Units):Manufactured 21 $3,065,000 $145,952
    Single Family (1-4 Units):Site-Built 577 $105,445,000 $182,747

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $3,625,000 $103,571 $2,567 4.30%
    40-60% 75 $10,175,000 $135,667 $3,528 4.20%
    60-80% 185 $37,665,000 $203,595 $4,593 4.45%
    80-100% 261 $55,205,000 $211,513 $5,284 4.36%
    Over 100% 11 $2,275,000 $206,818 $8,074 4.15%
    Under 20% 32 $830,000 $25,938 $487 5.19%