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

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  • 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 Refi, Cash Out Refi, and Home Purchase loans. The Family Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Davenport, Muscatine, Des Moines, Galesburg, and St. Louis among others. We have data for 10 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.68% 4/28/24
    15 Year Cash-out Refi 5.68% 4/28/24
    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.

    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

    263

    Origination Dollar Volume (All Markets)

    $28,315,000

    Awards

    THE FAMILY CREDIT UNION 30 Year Conventional Loans silver
    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) 197 $22,785,000 $115,660 $1,405 3.47%
    Muscatine, IA (FHA|USDA|VA) 19 $1,535,000 $80,789 $1,108 3.96%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 25 $1,275,000 $51,000 $896 4.71%
    Outside of Metro Areas 10 $890,000 $89,000 $1,761 3.32%
    Galesburg, IL (FHA|USDA|VA) 3 $475,000 $158,333 $1,466 2.94%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $400,000 $200,000 $2,038 2.75%
    Sterling, IL (FHA|USDA|VA) 3 $345,000 $115,000 $928 4.72%
    Clinton, IA (FHA|USDA|VA) 2 $280,000 $140,000 $1,965 2.85%
    IOWA CITY, IA (FHA|USDA|VA) 1 $275,000 $275,000 $1,884 2.50%
    AMES, IA (FHA|USDA|VA) 1 $55,000 $55,000 $199 5.25%
    The Family Credit Union's top markets include Davenport, Muscatine, Des Moines, Galesburg, and St. Louis among others.

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

    Collins Community Credit Union
    Similarity Rank: 42
    R.I.A. Federal Credit Union
    Similarity Rank: 126
    CBI Bank & Trust
    Similarity Rank: 264
    THE FAMILY CREDIT UNION
    Similarity Rank: 350
    ASCENTRA
    Similarity Rank: 374
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 374
    GAS AND ELECTRIC CREDIT UNION
    Similarity Rank: 414
    Fortress Bank
    Similarity Rank: 486
    Farmers & Mechanics Bank
    Similarity Rank: 748
    RUHL MORTGAGE, LLC
    Similarity Rank: 858

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 262 $27,930,000 $106,603 $1,348 3.62%
    USDA 1 $385,000 $385,000 $2,029 2.88%

    For 2020, The Family Credit Union's most frequently originated type of loan was Conventional, with 262 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 71 $9,705,000 $136,690 $1,911 2.88%
    Cash Out Refi 69 $9,255,000 $134,130 $1,814 2.89%
    Home Improvement 49 $1,935,000 $39,490 $169 4.87%
    Home Purchase 38 $5,760,000 $151,579 $2,020 3.22%
    Other 36 $1,660,000 $46,111 $165 5.17%

    For 2020, The Family Credit Union's most frequently cited loan purpose was Refi, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 118 $13,360,000 $113,220 $1,412 3.31%
    30 Year 62 $10,250,000 $165,323 $2,175 3.24%
    10 Year 40 $2,380,000 $59,500 $696 4.37%
    5 Year 28 $950,000 $33,929 $169 4.48%
    Other 8 $490,000 $61,250 $633 4.90%
    20 Year 7 $885,000 $126,429 $2,119 2.95%

    For 2020, The Family Credit Union's most frequently cited loan duration was 15 Year, with 118 originations. The 2nd most popular length was 30 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 252 $26,400,000 $104,762
    $1k-2k 11 $1,915,000 $174,091

    The Family Credit Union's average total fees were $2,175, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 252 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 89 $12,035,000 $135,225
    3-4% 68 $6,160,000 $90,588
    2.5-3% 38 $6,790,000 $178,684
    4-5% 31 $1,955,000 $63,065
    5-6% 18 $710,000 $39,444
    6-7% 9 $335,000 $37,222
    Over 8% 6 $170,000 $28,333
    7-8% 4 $160,000 $40,000

    During 2020, The Family Credit Union's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was <2.5%, with 89 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 156 $8,040,000 $51,538 $911 4.10%
    $100k-200k 65 $8,925,000 $137,308 $1,898 3.01%
    $200k-400k 40 $10,450,000 $261,250 $1,906 2.75%
    $400k-600k 2 $900,000 $450,000 $6,609 2.88%

    2020 saw The Family Credit Union place emphasis on $100,000 or less loans with 156 originations, totaling $8,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 66 $6,220,000 $94,242 $1,393 3.41%
    $50k or less 66 $3,730,000 $56,515 $1,029 3.94%
    $100k-150k 56 $7,230,000 $129,107 $1,459 3.67%
    $75k-100k 48 $4,840,000 $100,833 $1,255 3.72%
    $150k-250k 22 $4,920,000 $223,636 $2,116 3.07%
    $250k+ 5 $1,375,000 $275,000 $1,569 2.87%

    The Family Credit Union lent most frequently to those with incomes in the $50k-75k range, with 66 originations. The second most popular income band? $50k or less, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 72 $7,550,000 $104,861 $1,218 3.63%
    <20% 58 $5,420,000 $93,448 $1,218 3.53%
    30-36% 57 $5,795,000 $101,667 $1,378 3.54%
    42% 16 $2,250,000 $140,625 $1,380 3.75%
    37% 14 $1,470,000 $105,000 $1,668 3.47%
    38% 9 $1,535,000 $170,556 $1,638 3.33%
    39% 6 $280,000 $46,667 $1,175 4.94%
    36% 6 $810,000 $135,000 $1,943 3.72%
    43% 5 $605,000 $121,000 $2,762 4.87%
    41% 5 $855,000 $171,000 $1,834 2.59%
    44% 3 $245,000 $81,667 $682 4.23%
    49% 2 $450,000 $225,000 $2,216 3.63%
    50-60% 2 $340,000 $170,000 $125 3.20%
    46% 2 $210,000 $105,000 $982 3.88%
    45% 2 $210,000 $105,000 $1,004 3.50%
    48% 1 $75,000 $75,000 $1,758 2.50%
    40% 1 $115,000 $115,000 $2,027 2.88%
    >60% 1 $65,000 $65,000 $1,696 3.00%

    The Family Credit Union lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? <20%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 218 $23,320,000 $106,972 $1,347 3.64%
    Not provided 29 $3,935,000 $135,690 $1,596 2.99%
    Asian 5 $345,000 $69,000 $1,635 3.21%
    American Indian 2 $340,000 $170,000 $2,068 3.01%
    Black 5 $215,000 $43,000 $480 4.15%
    Not applicable 4 $160,000 $40,000 $188 7.01%

    Approval Rates

    Total approvals of all applications
    97.43%

    The Family Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.79%

    The Family Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    154.0 1 $55,000 $55,000
    NA 262 $28,260,000 $107,863

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 263 $28,315,000 $107,662

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $2,685,000 $72,568 $711 4.35%
    40-60% 56 $4,940,000 $88,214 $1,334 3.24%
    60-80% 92 $12,990,000 $141,196 $1,672 3.17%
    80-100% 44 $6,890,000 $156,591 $2,124 3.38%
    Under 20% 33 $795,000 $24,091 $162 4.82%