Local Government Federal Credit Union Mortgage Rates, Fees & Info

Raleigh, NC

LEI: 549300SJTLYB6ZWKPR88

Tax ID: 56-1362282

5 stars - out of 5 stars, based on 76 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Local Government Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Local Government Federal Credit Union has a high proportion of conventional loans. Their top markets include Charlotte, Raleigh, Asheville, Winston, and Greensboro among others. Local Government Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Local Government Federal Credit Union is typically an average fee lendor.


Originations

5,807

Origination Dollar Volume (All Markets)

$874,055,000
Show all (5) awards

Relative Rate

Local Government Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.32%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.17%.

Relative Fees

Local Government Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,779.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1,023 $168,645,000 $164,853 $3,636 3.11%
RALEIGH-CARY, NC (FHA|USDA|VA) 512 $93,220,000 $182,070 $3,851 3.09%
Outside of Metro Areas 490 $63,960,000 $130,531 $3,259 3.18%
ASHEVILLE, NC (FHA|USDA|VA) 289 $51,745,000 $179,048 $3,851 3.13%
WINSTON-SALEM, NC (FHA|USDA|VA) 366 $50,440,000 $137,814 $3,263 3.14%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 327 $44,295,000 $135,459 $3,255 3.14%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 354 $43,150,000 $121,893 $3,075 3.11%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 188 $31,850,000 $169,415 $3,766 3.08%
GREENVILLE, NC (FHA|USDA|VA) 197 $26,055,000 $132,259 $3,186 3.19%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 141 $24,595,000 $174,433 $3,695 3.10%
FAYETTEVILLE, NC (FHA|USDA|VA) 132 $19,850,000 $150,379 $3,653 3.13%
Albemarle, NC (FHA|USDA|VA) 121 $18,775,000 $155,165 $3,491 3.28%
ROCKY MOUNT, NC (FHA|USDA|VA) 143 $18,425,000 $128,846 $3,159 3.22%
WILMINGTON, NC (FHA|USDA|VA) 125 $17,985,000 $143,880 $3,720 3.08%
Kill Devil Hills, NC (FHA|USDA|VA) 81 $17,515,000 $216,235 $4,132 3.11%
Forest City, NC (FHA|USDA|VA) 114 $14,610,000 $128,158 $3,194 3.15%
BURLINGTON, NC (FHA|USDA|VA) 87 $14,465,000 $166,264 $3,631 3.13%
GOLDSBORO, NC (FHA|USDA|VA) 83 $12,175,000 $146,687 $3,376 3.22%
North Wilkesboro, NC (FHA|USDA|VA) 87 $12,175,000 $139,943 $3,151 3.15%
Shelby, NC (FHA|USDA|VA) 81 $10,575,000 $130,556 $3,294 3.12%
NEW BERN, NC (FHA|USDA|VA) 68 $8,920,000 $131,176 $3,114 3.22%
Mount Airy, NC (FHA|USDA|VA) 80 $8,450,000 $105,625 $2,714 3.08%
Wilson, NC (FHA|USDA|VA) 55 $8,295,000 $150,818 $3,373 3.27%
Morehead City, NC (FHA|USDA|VA) 50 $7,470,000 $149,400 $3,604 3.11%
JACKSONVILLE, NC (FHA|USDA|VA) 40 $6,790,000 $169,750 $3,627 3.28%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 44 $6,580,000 $149,545 $3,789 3.08%
Washington, NC (FHA|USDA|VA) 55 $6,405,000 $116,455 $3,217 3.05%
Cullowhee, NC (FHA|USDA|VA) 34 $6,080,000 $178,824 $3,945 3.15%
Marion, NC (FHA|USDA|VA) 35 $5,455,000 $155,857 $3,470 3.20%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 52 $5,430,000 $104,423 $2,893 3.07%
Elizabeth City, NC (FHA|USDA|VA) 34 $5,110,000 $150,294 $3,499 3.18%
Kinston, NC (FHA|USDA|VA) 42 $4,970,000 $118,333 $3,161 3.17%
Boone, NC (FHA|USDA|VA) 21 $4,175,000 $198,810 $3,864 3.15%
Henderson, NC (FHA|USDA|VA) 29 $3,955,000 $136,379 $3,265 3.29%
Sanford, NC (FHA|USDA|VA) 30 $3,920,000 $130,667 $3,259 3.06%
Brevard, NC (FHA|USDA|VA) 22 $3,150,000 $143,182 $3,561 3.05%
Rockingham, NC (FHA|USDA|VA) 32 $3,140,000 $98,125 $2,884 3.42%
Roanoke Rapids, NC (FHA|USDA|VA) 27 $3,075,000 $113,889 $3,091 3.25%
Lumberton, NC (FHA|USDA|VA) 26 $2,510,000 $96,538 $2,834 3.11%
Laurinburg, NC (FHA|USDA|VA) 23 $2,305,000 $100,217 $2,732 3.20%
SPARTANBURG, SC (FHA|USDA|VA) 11 $2,205,000 $200,455 $4,044 3.17%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $2,075,000 $296,429 $5,211 3.22%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 8 $1,850,000 $231,250 $4,185 3.52%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 5 $1,415,000 $283,000 $4,617 3.29%
RICHMOND, VA (FHA|USDA|VA) 2 $770,000 $385,000 $5,048 3.10%
JOHNSON CITY, TN (FHA|USDA|VA) 4 $760,000 $190,000 $3,914 3.19%
COLUMBIA, SC (FHA|USDA|VA) 3 $655,000 $218,333 $4,013 3.49%
Danville, VA (FHA|USDA|VA) 5 $655,000 $131,000 $3,599 3.18%
Martinsville, VA (FHA|USDA|VA) 4 $420,000 $105,000 $2,660 3.15%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $385,000 $385,000 $4,967 4.38%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $315,000 $315,000 $5,572 3.25%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $295,000 $295,000 $5,599 2.75%
CLEVELAND, TN (FHA|USDA|VA) 2 $260,000 $130,000 $3,379 3.05%
KNOXVILLE, TN (FHA|USDA|VA) 1 $215,000 $215,000 $4,197 3.15%
Orangeburg, SC (FHA|USDA|VA) 2 $190,000 $95,000 $2,674 3.38%
MORRISTOWN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,125 3.15%
Crossville, TN (FHA|USDA|VA) 1 $135,000 $135,000 $3,014 3.15%
Greenwood, SC (FHA|USDA|VA) 2 $120,000 $60,000 $2,278 3.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $115,000 $115,000 $2,716 3.50%
FLORENCE, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.38%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $85,000 $85,000 $2,200 3.15%
Greeneville, TN (FHA|USDA|VA) 1 $75,000 $75,000 $2,113 3.75%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.75%
Bennettsville, SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 2.75%

Local Government Federal Credit Union's top markets include Charlotte, Raleigh, Asheville, Winston, and Greensboro among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,807 $874,055,000 $150,517 $3,462 3.14%

For the 2021 period, Local Government Federal Credit Union's most frequently originated loan type of loans were Conventional, with 5,807 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 2,574 $429,450,000 $166,841 $3,329 3.13%
Home Purchase 2,003 $375,535,000 $187,486 $3,653 3.36%
Home Improvement 652 $36,820,000 $56,472 $2,914 2.78%
Other 578 $32,250,000 $55,796 $2,827 2.78%

For the 2021, Local Government Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 2,574 originations. The 2nd most popular reason of loans were Home Purchase, with 2,003 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,598 $531,450,000 $204,561 $3,779 3.32%
Other 1,359 $80,595,000 $59,305 $4,236 2.76%
20 Year 827 $134,875,000 $163,089 $3,167 3.25%
15 Year 752 $84,080,000 $111,809 $2,665 3.12%
10 Year 185 $16,565,000 $89,541 $2,233 2.84%
30+ year 86 $26,490,000 $308,023 $5,407 3.28%

For the 2021, Local Government Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 2,598 originations. The 2nd most popular length of loans were Other, with 1,359 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,594 $219,270,000 $137,560
$2k-3k 1,410 $315,740,000 $223,929
$3k-4k 806 $200,820,000 $249,156
$<1k 560 $42,260,000 $75,464
$5k+ 31 $15,085,000 $486,613

$3,779 of loans were Local Government Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,594 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,977 $568,695,000 $191,030
2.5-3% 2,601 $266,105,000 $102,309
4-5% 229 $39,255,000 $171,419

During 2021, Local Government Federal Credit Union's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 2,977 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 2,202 $321,900,000 $146,185 $3,151 3.25%
$100,000 or less 2,066 $117,740,000 $56,989 $2,212 2.93%
$200k-400k 1,423 $378,185,000 $265,766 $4,503 3.26%
$400k-600k 100 $44,460,000 $444,600 $5,394 3.23%
$600k-1MM 15 $10,515,000 $701,000 $5,686 3.21%
$1MM+ 1 $1,255,000 $1,255,000 $5,787 3.25%

2021 saw Local Government Federal Credit Union place emphasis on $100k-200k loans with 2,202 originations, totaling $321,900,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,667 $229,545,000 $137,699 $3,308 3.16%
$50k or less 1,268 $134,820,000 $106,325 $2,829 3.20%
$75k-100k 1,229 $200,675,000 $163,283 $3,689 3.14%
$100k-150k 1,140 $203,400,000 $178,421 $3,964 3.08%
$150k-250k 420 $83,630,000 $199,119 $4,364 3.02%
$250k+ 71 $19,695,000 $277,394 $4,870 2.97%

Local Government Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,667 originations. The second most popular income band? $50k or less, with 1,268 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,639 $244,065,000 $148,911 $3,384 3.15%
30-36% 1,293 $203,365,000 $157,282 $3,542 3.16%
<20% 664 $80,360,000 $121,024 $2,973 3.07%
42% 282 $38,660,000 $137,092 $3,634 3.07%
41% 261 $41,475,000 $158,908 $3,725 3.12%
40% 256 $40,030,000 $156,367 $3,643 3.14%
37% 228 $36,310,000 $159,254 $3,528 3.17%
38% 218 $32,640,000 $149,725 $3,462 3.19%
36% 210 $34,590,000 $164,714 $3,671 3.14%
39% 204 $30,870,000 $151,324 $3,690 3.11%
43% 114 $18,600,000 $163,158 $3,644 3.17%
44% 95 $15,645,000 $164,684 $3,697 3.23%
45% 69 $12,005,000 $173,986 $3,742 3.17%
50-60% 65 $13,165,000 $202,538 $3,658 3.21%
46% 51 $7,105,000 $139,314 $3,626 3.08%
49% 45 $6,735,000 $149,667 $3,848 3.05%
47% 44 $6,080,000 $138,182 $3,561 3.03%
48% 40 $7,280,000 $182,000 $3,830 3.18%
>60% 28 $5,050,000 $180,357 $3,346 3.08%

Local Government Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,639 originations. The next most common DTI ratio? 30-36%, with 1,293 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,304 $635,000,000 $147,537 $3,431 3.13%
Black 965 $151,065,000 $156,544 $3,538 3.18%
Not provided 432 $72,310,000 $167,384 $3,600 3.15%
American Indian 58 $7,790,000 $134,310 $3,252 3.07%
Asian 22 $3,950,000 $179,545 $3,608 3.29%
Other Pacific Islander 9 $1,865,000 $207,222 $3,762 3.10%
Native Hawaiian 8 $1,260,000 $157,500 $3,599 3.28%
Other Asian 4 $400,000 $100,000 $4,818 2.88%
Asian Indian 3 $285,000 $95,000 $3,038 2.88%
Native Hawiian 1 $95,000 $95,000 $0 2.75%
Samoan 1 $35,000 $35,000 $0 2.75%

Approval Rates

Total approvals of all applications
84.88%

Local Government Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
81.67%

Local Government Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 5,807 $874,055,000 $150,517

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,807 $874,055,000 $150,517

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 632 $46,090,000 $72,927 $2,164 2.83%
40-60% 721 $90,005,000 $124,834 $2,784 3.06%
60-80% 1,260 $228,680,000 $181,492 $3,497 3.16%
80-100% 2,302 $461,100,000 $200,304 $3,752 3.36%
Over 100% 101 $16,695,000 $165,297 $3,397 3.43%
Under 20% 791 $31,485,000 $39,804 $2,018 2.75%