The Family Credit Union Mortgage Rates, Fees & Info

Davenport, IA

LEI: 549300TRBLKWZO8LPT76

Tax ID: 42-6061556

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

Jump to:

  • 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

    The Family Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. The Family Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Davenport, Muscatine, Des Moines, and Clinton among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Family Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Family 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
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 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.

    The Family Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Family 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

    186

    Origination Dollar Volume (All Markets)

    $13,970,000

    Awards

    THE FAMILY CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) 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
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 140 $11,160,000 $79,714 $1,020 4.61%
    Muscatine, IA (FHA|USDA|VA) 18 $1,240,000 $68,889 $1,126 4.26%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 22 $1,180,000 $53,636 $738 5.14%
    Outside of Metro Areas 4 $270,000 $67,500 $1,701 4.90%
    Clinton, IA (FHA|USDA|VA) 2 $120,000 $60,000 $961 5.17%
    The Family Credit Union's top markets include Davenport, Muscatine, Des Moines, and Clinton among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

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

    R.I.A. Federal Credit Union
    Similarity Rank: 120
    THE FAMILY CREDIT UNION
    Similarity Rank: 125
    ASCENTRA
    Similarity Rank: 156
    VERIDIAN CREDIT UNION
    Similarity Rank: 230
    GREENSTATE CREDIT UNION
    Similarity Rank: 406
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 510
    RUHL MORTGAGE, LLC
    Similarity Rank: 608
    Farmers & Mechanics Bank
    Similarity Rank: 702
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 795
    Fortress Bank
    Similarity Rank: 1200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $13,970,000 $75,108 $1,010 4.65%

    For 2018, The Family Credit Union's most frequently originated type of loan was Conventional, with 186 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 68 $2,530,000 $37,206 $103 4.82%
    Home Purchase 45 $5,515,000 $122,556 $1,926 4.50%
    Cash Out Refi 34 $4,120,000 $121,176 $1,885 4.49%
    Home Improvement 25 $675,000 $27,000 $109 4.81%
    Refi 14 $1,130,000 $80,714 $1,953 4.38%

    For 2018, The Family Credit Union's most frequently cited loan purpose was Other, with 68 originations. The 2nd most popular reason was Home Purchase, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 65 $5,135,000 $79,000 $1,259 4.61%
    30 Year 35 $5,275,000 $150,714 $2,042 4.63%
    10 Year 33 $1,495,000 $45,303 $396 4.95%
    5 Year 32 $820,000 $25,625 $95 4.29%
    Other 13 $405,000 $31,154 $194 5.05%
    20 Year 8 $840,000 $105,000 $1,935 4.56%

    For 2018, The Family Credit Union's most frequently cited loan duration was 15 Year, with 65 originations. The 2nd most popular length was 30 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 78 $8,500,000 $108,974
    $1k-2k 15 $2,265,000 $151,000

    The Family Credit Union's average total fees were $2,042, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 76 $7,620,000 $100,263
    3-4% 59 $4,555,000 $77,203
    6-7% 16 $600,000 $37,500
    5-6% 14 $670,000 $47,857
    2.5-3% 13 $285,000 $21,923
    7-8% 5 $145,000 $29,000
    Over 8% 3 $95,000 $31,667

    During 2018, The Family Credit Union's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 141 $6,235,000 $44,220 $731 4.71%
    $100k-200k 33 $4,445,000 $134,697 $1,797 4.50%
    $200k-400k 12 $3,290,000 $274,167 $2,156 4.31%

    2018 saw The Family Credit Union place emphasis on $100,000 or less loans with 141 originations, totaling $6,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 58 $3,090,000 $53,276 $1,042 4.74%
    $100k-150k 44 $4,420,000 $100,455 $1,057 4.50%
    $50k-75k 41 $2,595,000 $63,293 $934 4.90%
    $75k-100k 35 $2,775,000 $79,286 $1,016 4.42%
    $150k-250k 7 $1,055,000 $150,714 $1,004 4.58%
    $250k+ 1 $35,000 $35,000 $134 3.99%

    The Family Credit Union lent most frequently to those with incomes in the $50k or less range, with 58 originations. The second most popular income band? $100k-150k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $4,025,000 $73,182 $1,140 4.66%
    30-36% 33 $2,775,000 $84,091 $1,094 4.64%
    <20% 32 $1,680,000 $52,500 $479 4.42%
    43% 11 $765,000 $69,545 $1,350 4.84%
    42% 8 $580,000 $72,500 $1,296 4.27%
    38% 7 $1,125,000 $160,714 $1,642 4.51%
    40% 6 $550,000 $91,667 $1,427 5.46%
    37% 6 $620,000 $103,333 $1,351 4.28%
    36% 6 $530,000 $88,333 $1,657 5.38%
    39% 5 $665,000 $133,000 $1,417 3.93%
    41% 4 $130,000 $32,500 $502 4.11%
    44% 3 $275,000 $91,667 $629 5.81%
    45% 3 $65,000 $21,667 $97 4.68%
    47% 3 $85,000 $28,333 $126 6.00%
    50-60% 3 $75,000 $25,000 $89 5.14%
    >60% 1 $25,000 $25,000 $89 3.29%

    The Family Credit Union lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 165 $12,705,000 $77,000 $1,055 4.59%
    Not applicable 8 $380,000 $47,500 $331 5.23%
    Asian 3 $335,000 $111,667 $1,403 4.01%
    Black 7 $335,000 $47,857 $776 5.75%
    American Indian 2 $120,000 $60,000 $769 4.87%
    Not provided 1 $95,000 $95,000 $89 3.99%

    Approval Rates

    Total approvals of all applications
    94.20%

    The Family Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.56%

    The Family Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 186 $13,970,000 $75,108

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $140,000 $70,000
    Single Family (1-4 Units):Site-Built 184 $13,830,000 $75,163

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $1,110,000 $37,000 $162 5.09%
    40-60% 25 $1,445,000 $57,800 $951 4.56%
    60-80% 43 $4,265,000 $99,186 $1,533 4.57%
    80-100% 47 $6,285,000 $133,723 $1,882 4.45%
    Under 20% 41 $865,000 $21,098 $101 4.69%