Northern Star Credit Union Mortgage Rates, Fees & Info

Portsmouth, VA

LEI: 549300Y8MO6UUFA38I79

Tax ID: 54-0316051

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Mortgage Data

Review & Overview

Northern Star Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Northern Star Credit Union has a high proportion of conventional loans. Northern Star Credit Union has a high proportion of conventional loans.

Northern Star Credit Union has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.

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Originations

27

Origination Dollar Volume (All Markets)

$445,000

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
Outside of Metro Areas 27 $445,000 $16,481 $0 7.86%
Northern Star Credit Union's top markets include

Their top states include:
  • Virginia (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 22 $150,000 $6,818 $0 8.42%
    HELOC 3 $75,000 $25,000 n/a 5.50%
    Conventional 2 $220,000 $110,000 $0 5.25%

    For 2019, Northern Star Credit Union's most frequently originated type of loan was Conventional, with 22 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 26 $260,000 $10,000 $0 7.95%
    Home Purchase 1 $185,000 $185,000 $0 5.50%

    For 2019, Northern Star Credit Union's most frequently cited loan purpose was Home Improvement, with 26 originations. The 2nd most popular reason was Home Purchase, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 10 $50,000 $5,000 $0 6.69%
    3 Year 9 $75,000 $8,333 $0 10.51%
    20 Year 3 $75,000 $25,000 $0 5.50%
    1 Year 2 $10,000 $5,000 $0 10.25%
    30 Year 1 $185,000 $185,000 $0 5.50%
    15 Year 1 $35,000 $35,000 $0 5.00%
    5 Year 1 $15,000 $15,000 $0 3.15%

    For 2019, Northern Star Credit Union's most frequently cited loan duration was Other, with 10 originations. The 2nd most popular length was 3 Year, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 10 $70,000 $7,000
    3-4% 7 $45,000 $6,429
    5-6% 5 $265,000 $53,000
    4-5% 3 $55,000 $18,333
    6-7% 1 $5,000 $5,000
    7-8% 1 $5,000 $5,000

    During 2019, Northern Star Credit Union's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was Over 8%, with 10 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 26 $260,000 $10,000 $0 7.95%
    $100k-200k 1 $185,000 $185,000 $0 5.50%

    2019 saw Northern Star Credit Union place emphasis on $100,000 or less loans with 26 originations, totaling $260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 10 $290,000 $29,000 $0 7.76%
    $50k or less 8 $40,000 $5,000 $0 7.62%
    $75k-100k 6 $50,000 $8,333 $0 8.44%
    $100k-150k 3 $65,000 $21,667 $0 7.67%

    Northern Star Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $50k or less, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 3 $245,000 $81,667 $0 5.33%
    20-30% 2 $50,000 $25,000 $0 5.50%

    Northern Star Credit Union lent most frequently to those with DTI ratios of 30-36%, with 3 originations. The next most common DTI ratio? 20-30%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 12 $330,000 $27,500 $0 6.47%
    Black 15 $115,000 $7,667 $0 8.97%

    Approval Rates

    Total approvals of all applications
    100.00%

    Northern Star 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 27 $445,000 $16,481

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 27 $445,000 $16,481

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    80-100% 1 $185,000 $185,000 $0 5.50%
    Under 20% 4 $110,000 $27,500 $0 5.38%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 50.0%
    Northern Trust Company, The Other type of mortgage Improper use of your report 1 25.0%
    Northern Trust Company, The VA mortgage Struggling to pay mortgage 1 25.0%