Local Government Federal Credit Union Mortgage Rates, Fees & Info

Raleigh, NC

LEI: 549300SJTLYB6ZWKPR88

Tax ID: 56-1362282

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Local Government Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Local Government Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Raleigh, Asheville, Durham, and Winston among others. We have data for 59 markets. (Some data included below & more in-depth data is available with an active subscription.)

Local Government 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. Local Government Federal Credit Union is typically a low 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.

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
Home Equity Line of Credit (HELOC) 4.21% 3/28/24
30 Year Conventional Purchase 6.11% 3/28/24
30 Year Conventional Refi 6.12% 3/28/24
15 Year Conventional Purchase 5.76% 3/28/24
15 Year Conventional Refi 6.02% 3/28/24
15 Year Cash-out Refi 6.02% 3/28/24
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.

Local Government 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 Local Government 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

3,338

Origination Dollar Volume (All Markets)

$407,080,000
Show all (42) 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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 589 $76,595,000 $130,042 $2,473 4.55%
RALEIGH-CARY, NC (FHA|USDA|VA) 324 $49,480,000 $152,716 $2,692 4.57%
Outside of Metro Areas 287 $29,225,000 $101,829 $2,267 4.46%
ASHEVILLE, NC (FHA|USDA|VA) 199 $28,725,000 $144,347 $2,714 4.43%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 160 $23,750,000 $148,438 $2,562 4.52%
WINSTON-SALEM, NC (FHA|USDA|VA) 189 $19,745,000 $104,471 $2,244 4.51%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 184 $19,230,000 $104,511 $2,298 4.48%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 168 $16,740,000 $99,643 $2,325 4.56%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 97 $12,955,000 $133,557 $2,582 4.49%
GREENVILLE, NC (FHA|USDA|VA) 87 $9,645,000 $110,862 $2,380 4.61%
ROCKY MOUNT, NC (FHA|USDA|VA) 95 $9,605,000 $101,105 $2,408 4.61%
WILMINGTON, NC (FHA|USDA|VA) 58 $8,500,000 $146,552 $2,629 4.54%
BURLINGTON, NC (FHA|USDA|VA) 64 $8,310,000 $129,844 $2,572 4.62%
Albemarle, NC (FHA|USDA|VA) 63 $7,725,000 $122,619 $2,698 4.59%
Kill Devil Hills, NC (FHA|USDA|VA) 49 $7,115,000 $145,204 $2,695 4.44%
FAYETTEVILLE, NC (FHA|USDA|VA) 65 $6,685,000 $102,846 $2,440 4.52%
North Wilkesboro, NC (FHA|USDA|VA) 55 $6,265,000 $113,909 $2,167 4.51%
Forest City, NC (FHA|USDA|VA) 52 $5,250,000 $100,962 $2,241 4.50%
Mount Airy, NC (FHA|USDA|VA) 55 $5,205,000 $94,636 $2,136 4.45%
Shelby, NC (FHA|USDA|VA) 43 $4,105,000 $95,465 $2,225 4.57%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 25 $3,635,000 $145,400 $2,727 4.51%
Morehead City, NC (FHA|USDA|VA) 23 $3,605,000 $156,739 $2,422 4.48%
NEW BERN, NC (FHA|USDA|VA) 31 $3,505,000 $113,065 $2,227 4.58%
Washington, NC (FHA|USDA|VA) 33 $3,405,000 $103,182 $2,281 4.59%
Henderson, NC (FHA|USDA|VA) 27 $3,135,000 $116,111 $2,332 4.63%
Marion, NC (FHA|USDA|VA) 23 $2,845,000 $123,696 $2,555 4.52%
Wilson, NC (FHA|USDA|VA) 27 $2,835,000 $105,000 $2,335 4.71%
Kinston, NC (FHA|USDA|VA) 31 $2,715,000 $87,581 $2,190 4.68%
JACKSONVILLE, NC (FHA|USDA|VA) 23 $2,655,000 $115,435 $2,577 4.68%
GOLDSBORO, NC (FHA|USDA|VA) 25 $2,435,000 $97,400 $2,244 4.74%
Elizabeth City, NC (FHA|USDA|VA) 21 $2,245,000 $106,905 $2,397 4.47%
SPARTANBURG, SC (FHA|USDA|VA) 12 $2,230,000 $185,833 $2,959 4.77%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 19 $2,205,000 $116,053 $2,261 4.51%
Cullowhee, NC (FHA|USDA|VA) 13 $2,195,000 $168,846 $2,856 4.49%
Rockingham, NC (FHA|USDA|VA) 21 $2,045,000 $97,381 $2,059 4.67%
Brevard, NC (FHA|USDA|VA) 11 $1,405,000 $127,727 $3,200 4.43%
Roanoke Rapids, NC (FHA|USDA|VA) 21 $1,295,000 $61,667 $1,953 4.56%
Laurinburg, NC (FHA|USDA|VA) 16 $1,080,000 $67,500 $1,748 4.48%
Lumberton, NC (FHA|USDA|VA) 12 $1,040,000 $86,667 $1,718 4.46%
Sanford, NC (FHA|USDA|VA) 8 $990,000 $123,750 $2,193 4.63%
Boone, NC (FHA|USDA|VA) 6 $890,000 $148,333 $1,965 4.10%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $655,000 $218,333 $3,298 4.75%
JOHNSON CITY, TN (FHA|USDA|VA) 3 $475,000 $158,333 $2,804 4.88%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $395,000 $395,000 $4,417 4.63%
COLUMBIA, SC (FHA|USDA|VA) 3 $355,000 $118,333 $2,267 4.46%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $240,000 $120,000 $3,465 4.69%
RICHMOND, VA (FHA|USDA|VA) 1 $195,000 $195,000 $3,090 4.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $3,034 4.88%
Sevierville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $2,854 4.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $180,000 $90,000 $1,909 4.69%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $155,000 $155,000 $2,585 4.88%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $135,000 $135,000 $2,875 3.88%
LYNCHBURG, VA (FHA|USDA|VA) 2 $130,000 $65,000 $0 5.25%
Martinsville, VA (FHA|USDA|VA) 1 $125,000 $125,000 $2,313 4.88%
CLEVELAND, TN (FHA|USDA|VA) 1 $125,000 $125,000 $2,892 4.88%
Gaffney, SC (FHA|USDA|VA) 1 $115,000 $115,000 $2,219 4.88%
Greeneville, TN (FHA|USDA|VA) 1 $85,000 $85,000 $2,046 4.75%
Danville, VA (FHA|USDA|VA) 1 $65,000 $65,000 $1,955 4.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.50%
Local Government Federal Credit Union's top markets include Charlotte, Raleigh, Asheville, Durham, and Winston among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

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

    ABNB Federal Credit Union
    Similarity Rank: 40
    Amerisouth Mortgage Company
    Similarity Rank: 208
    CPM Federal Credit Union
    Similarity Rank: 490
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 666
    EXCITE Credit Union
    Similarity Rank: 738
    Virginia Credit Union, Inc.
    Similarity Rank: 750
    Coastal Carolina National Bank
    Similarity Rank: 756

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,485 $368,905,000 $148,453 $2,439 4.52%
    HELOC 853 $38,175,000 $44,754 n/a 4.55%

    For 2018, Local Government Federal Credit Union's most frequently originated type of loan was Conventional, with 2,485 originations. Their 2nd most popular type was HELOC, with 853 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,777 $277,165,000 $155,974 $2,714 4.65%
    Refi 784 $95,000,000 $121,173 $1,735 4.27%
    Other 450 $20,520,000 $45,600 $1,767 4.49%
    Home Improvement 327 $14,395,000 $44,021 $1,881 4.56%

    For 2018, Local Government Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 1,777 originations. The 2nd most popular reason was Refi, with 784 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,610 $271,710,000 $168,764 $2,635 4.59%
    Other 878 $42,880,000 $48,838 $2,615 4.54%
    15 Year 419 $37,985,000 $90,656 $1,894 4.43%
    20 Year 244 $31,380,000 $128,607 $2,100 4.76%
    10 Year 128 $10,170,000 $79,453 $1,527 3.78%
    30+ year 59 $12,955,000 $219,576 $3,820 4.16%

    For 2018, Local Government Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,610 originations. The 2nd most popular length was Other, with 878 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,232 $259,280,000 $210,455
    $<1k 1,208 $106,000,000 $87,748

    Local Government Federal Credit Union's average total fees were $2,635, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,232 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,570 $328,090,000 $127,661
    3-4% 568 $66,390,000 $116,884
    5-6% 200 $12,600,000 $63,000

    During 2018, Local Government Federal Credit Union's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 4-5%, with 2,570 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,581 $85,145,000 $53,855 $1,794 4.50%
    $100k-200k 1,212 $175,020,000 $144,406 $2,529 4.56%
    $200k-400k 518 $134,500,000 $259,653 $3,125 4.57%
    $400k-600k 26 $11,410,000 $438,846 $3,447 4.32%
    $1MM+ 1 $1,005,000 $1,005,000 $4,882 3.88%

    2018 saw Local Government Federal Credit Union place emphasis on $100,000 or less loans with 1,581 originations, totaling $85,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,049 $121,755,000 $116,068 $2,435 4.53%
    $50k or less 906 $75,120,000 $82,914 $2,089 4.50%
    $75k-100k 654 $90,380,000 $138,196 $2,623 4.60%
    $100k-150k 540 $86,140,000 $159,519 $2,793 4.55%
    $150k-250k 166 $27,550,000 $165,964 $2,840 4.45%
    $250k+ 23 $6,135,000 $266,739 $2,809 4.35%

    Local Government Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,049 originations. The second most popular income band? $50k or less, with 906 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,004 $111,500,000 $111,056 $2,274 4.52%
    30-36% 755 $96,075,000 $127,252 $2,488 4.56%
    <20% 393 $37,355,000 $95,051 $2,098 4.39%
    37% 139 $18,155,000 $130,612 $2,739 4.55%
    40% 137 $18,265,000 $133,321 $2,661 4.58%
    42% 136 $17,240,000 $126,765 $2,538 4.58%
    36% 135 $20,105,000 $148,926 $2,678 4.58%
    38% 132 $16,930,000 $128,258 $2,640 4.63%
    41% 130 $15,990,000 $123,000 $2,703 4.55%
    39% 126 $17,450,000 $138,492 $2,681 4.56%
    43% 63 $9,635,000 $152,937 $2,680 4.55%
    44% 45 $8,145,000 $181,000 $2,805 4.66%
    45% 36 $5,440,000 $151,111 $2,754 4.66%
    46% 25 $3,375,000 $135,000 $2,834 4.55%
    50-60% 24 $3,770,000 $157,083 $2,293 4.36%
    48% 21 $2,805,000 $133,571 $2,973 4.57%
    47% 19 $2,375,000 $125,000 $2,607 4.60%
    49% 12 $1,900,000 $158,333 $3,366 4.44%
    >60% 6 $570,000 $95,000 $2,238 4.52%

    Local Government Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,004 originations. The next most common DTI ratio? 30-36%, with 755 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,734 $329,570,000 $120,545 $2,424 4.51%
    Black 443 $56,135,000 $126,716 $2,494 4.61%
    Not provided 115 $15,805,000 $137,435 $2,530 4.63%
    Asian 20 $2,520,000 $126,000 $2,429 4.53%
    American Indian 18 $1,740,000 $96,667 $2,342 4.62%
    Native Hawaiian or Islander 8 $1,310,000 $163,750 $2,949 4.67%

    Approval Rates

    Total approvals of all applications
    84.60%

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

    Pick Rate

    Approvals leading to origination
    82.17%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,338 $407,080,000 $121,953

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 245 $18,175,000 $74,184
    Single Family (1-4 Units):Site-Built 3,093 $388,905,000 $125,737

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 376 $20,630,000 $54,867 $1,466 4.45%
    40-60% 265 $22,895,000 $86,396 $1,638 4.18%
    60-80% 439 $57,085,000 $130,034 $2,147 4.10%
    80-100% 1,699 $274,435,000 $161,527 $2,616 4.68%
    Over 100% 125 $18,955,000 $151,640 $2,662 4.84%
    Under 20% 434 $13,080,000 $30,138 $984 4.60%