True North Federal Credit Union Mortgage Rates, Fees & Info

Juneau, AK

LEI: 549300QWJ0FR6RCHNK90

Tax ID: 92-0035331

5 stars - Updated: 3/27/24 - out of 5 stars, based on 9 reviews

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

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Mortgage Data

Review & Overview

True North Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. True North Federal Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top two markets are Juneau and Anchorage .

True North Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. True North 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 relatively high 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 6.51% 3/27/24
30 Year Conventional Refi 6.46% 3/27/24
30 Year Cash-out Refi 6.27% 3/27/24
30 Year FHA Purchase 6.83% 3/27/24
30 Year VA Purchase 5.66% 3/27/24
30 Year VA Refi 6.27% 3/27/24
30 Year USDA Purchase 6.62% 3/27/24
15 Year Conventional Purchase 6.17% 3/27/24
15 Year Conventional Refi 6.09% 3/27/24
15 Year Cash-out Refi 6.09% 3/27/24
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.

True North 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 True North 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

75

Origination Dollar Volume (All Markets)

$9,405,000

Awards

TRUE NORTH FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

True North Federal Credit Union's average 30 year fixed mortgage rate was 6.55%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.07%.

Relative Fees (Closing Costs)

True North Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,222.

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
Juneau, AK (FHA|USDA|VA) 49 $6,695,000 $136,633 $3,432 6.58%
ANCHORAGE, AK (FHA|USDA|VA) 22 $2,090,000 $95,000 $1,831 6.49%
Outside of Metro Areas 4 $620,000 $155,000 $3,331 7.22%
True North Federal Credit Union's top markets include Juneau and Anchorage among others.

Their top states include:
  • Alaska (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against TRUE NORTH FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    TRUE NORTH FEDERAL CREDIT UNION
    Similarity Rank: 12
    Alaska USA Federal Credit Union
    Similarity Rank: 363
    PENNYMAC LOAN SERVICES, LLC
    Similarity Rank: 1766
    CORNERSTONE HOME LENDING, INC.
    Similarity Rank: 2366
    MOVEMENT MORTGAGE, LLC
    Similarity Rank: 6264
    NEWREZ LLC
    Similarity Rank: 7479
    QUICKEN LOANS, LLC
    Similarity Rank: 9280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 72 $8,410,000 $116,806 $2,482 6.61%
    FHA 2 $810,000 $405,000 $15,904 5.75%
    USDA 1 $185,000 $185,000 $8,148 6.75%

    For 2023, True North Federal Credit Union's most frequently originated type of loan was Conventional, with 72 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 55 $4,475,000 $81,364 $1,533 6.58%
    Home Purchase 17 $4,225,000 $248,529 $7,524 6.50%
    Refi 3 $705,000 $235,000 $6,055 7.33%

    For 2023, True North Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Home Purchase, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 49 $3,835,000 $78,265 $1,409 6.59%
    30 Year 19 $5,245,000 $276,053 $7,222 6.55%
    10 Year 5 $175,000 $35,000 $700 6.25%
    Other 2 $150,000 $75,000 $0 7.69%

    For 2023, True North Federal Credit Union's most frequently cited loan duration was 15 Year, with 49 originations. The 2nd most popular length was 30 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 40 $2,140,000 $53,500
    $1k-2k 18 $2,230,000 $123,889
    $2k-3k 7 $1,645,000 $235,000
    $3k-4k 5 $1,395,000 $279,000
    $5k+ 3 $1,205,000 $401,667
    $4k-5k 2 $790,000 $395,000

    True North Federal Credit Union's average total fees were $7,222, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 40 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 52 $5,490,000 $105,577
    5-6% 12 $1,900,000 $158,333
    7-8% 10 $1,690,000 $169,000
    Over 8% 1 $325,000 $325,000

    During 2023, True North Federal Credit Union's average interest rate for loans was 6.55%, while their most frequently originated rate bucket for loans was 6-7%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 40 $2,130,000 $53,250 $1,106 6.52%
    $100k-200k 21 $2,775,000 $132,143 $2,634 6.85%
    $200k-400k 11 $3,105,000 $282,273 $7,101 6.32%
    $400k-600k 3 $1,395,000 $465,000 $12,378 6.63%

    2023 saw True North Federal Credit Union place emphasis on $100,000 or less loans with 40 originations, totaling $2,130,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 23 $2,485,000 $108,043 $2,221 6.60%
    $50k-75k 16 $1,870,000 $116,875 $2,458 6.44%
    $150k-250k 15 $2,085,000 $139,000 $2,870 6.81%
    $75k-100k 13 $2,365,000 $181,923 $6,072 6.43%
    $50k or less 7 $445,000 $63,571 $1,392 6.70%
    $250k+ 1 $155,000 $155,000 $2,709 6.75%

    True North Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $50k-75k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 12 $900,000 $75,000 $1,403 6.69%
    20-30% 8 $790,000 $98,750 $3,383 6.94%
    30-36% 8 $1,660,000 $207,500 $4,808 6.14%
    44% 7 $775,000 $110,714 $2,154 6.66%
    42% 5 $295,000 $59,000 $1,100 6.70%
    40% 5 $415,000 $83,000 $1,854 6.63%
    47% 5 $1,195,000 $239,000 $6,746 6.35%
    49% 4 $810,000 $202,500 $5,250 6.53%
    36% 4 $530,000 $132,500 $2,806 6.75%
    45% 3 $345,000 $115,000 $2,690 6.67%
    39% 3 $585,000 $195,000 $4,829 6.38%
    48% 2 $190,000 $95,000 $1,687 6.75%
    46% 2 $200,000 $100,000 $1,533 5.88%
    <20% 2 $50,000 $25,000 $450 7.13%
    43% 2 $70,000 $35,000 $756 6.00%
    41% 2 $150,000 $75,000 $1,066 6.63%
    38% 1 $445,000 $445,000 $8,489 7.25%

    True North Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 12 originations. The next most common DTI ratio? 20-30%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $6,050,000 $126,042 $2,768 6.60%
    Not provided 9 $995,000 $110,556 $3,320 6.64%
    American Indian 7 $965,000 $137,857 $3,384 6.79%
    Asian 7 $775,000 $110,714 $2,399 6.46%
    Native Hawaiian or Islander 1 $385,000 $385,000 $12,131 6.00%
    Black 2 $180,000 $90,000 $1,365 6.25%
    Filipino 1 $55,000 $55,000 $1,209 6.50%

    Approval Rates

    Total approvals of all applications
    67.12%

    True North Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    69.33%

    True North 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
    1580.0 1 $105,000 $105,000
    2267.0 1 $165,000 $165,000
    950.0 1 $45,000 $45,000
    NA 72 $9,090,000 $126,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    75 $9,405,000 $125,400

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,285,000 $98,846 $1,569 6.56%
    40-60% 5 $855,000 $171,000 $3,402 6.78%
    60-80% 6 $1,700,000 $283,333 $7,150 6.38%
    80-100% 13 $3,375,000 $259,615 $7,776 6.75%
    Under 20% 38 $2,190,000 $57,632 $1,165 6.55%