Hometown Credit Union Mortgage Rates, Fees & Info
Kulm, NDLEI: 549300SI84V60XS2R422
Tax ID: 45-0278490
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Mortgage Data
Review & Overview
Hometown Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Hometown Credit Union has a high proportion of conventional loans. Their top two markets are Bismarck and Jamestown .Hometown Credit Union has an average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 6.74% | 11/22/24 |
| 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. | ||
Hometown 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
31Origination Dollar Volume (All Markets)
$2,955,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 15 | $2,155,000 | $143,667 | $1,669 | 6.99% |
| BISMARCK, ND (FHA|USDA|VA) | 15 | $755,000 | $50,333 | $1,102 | 8.40% |
| Jamestown, ND (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,365 | 6.94% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,955,000 | $95,323 | $1,385 | 7.67% |
For 2023, Hometown Credit Union's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
For 2023, Hometown Credit Union's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 5 Year | 22 | $1,710,000 | $77,727 | $1,178 | 7.84% |
| 15 Year | 9 | $1,245,000 | $138,333 | $1,892 | 7.24% |
For 2023, Hometown Credit Union's most frequently cited loan duration was 5 Year, with 22 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $1,140,000 | $51,818 |
| $1k-2k | 8 | $1,550,000 | $193,750 |
| $2k-3k | 1 | $265,000 | $265,000 |
Hometown Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 13 | $645,000 | $49,615 |
| 7-8% | 10 | $1,410,000 | $141,000 |
| 6-7% | 7 | $885,000 | $126,429 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2023, Hometown Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 13 originations.
Loan Sizing
2023 saw Hometown Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $870,000 in origination value.
Applicant Income
Hometown Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 8 originations.
Applicant Debt to Income Ratio
Hometown Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $2,810,000 | $93,667 | $1,361 | 7.65% |
| Not provided | 1 | $145,000 | $145,000 | $2,114 | 8.17% |
Approval Rates
Total approvals of all applications88.57%
Hometown Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $2,955,000 | $95,323 |