Northern Star Credit Union Mortgage Rates, Fees & Info
Portsmouth, VALEI: 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 Refi loans. Northern Star Credit Union has an average proportion of conventional loans. Northern Star Credit Union has an average proportion of conventional loans. Their top (well, only) market is Virginia Beach.Northern Star Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
10Origination Dollar Volume (All Markets)
$390,000Top 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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 4.13% |
| Outside of Metro Areas | 8 | $80,000 | $10,000 | $0 | 8.41% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $80,000 | $10,000 | $0 | 8.41% |
| HELOC | 1 | $255,000 | $255,000 | n/a | 3.25% |
| Conventional | 1 | $55,000 | $55,000 | $0 | 5.00% |
For 2020, Northern Star Credit Union's most frequently originated type of loan was Conventional, with 8 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 9 | $135,000 | $15,000 | $0 | 8.03% |
| Refi | 1 | $255,000 | $255,000 | $0 | 3.25% |
For 2020, Northern Star Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
For 2020, Northern Star Credit Union's most frequently cited loan duration was 1 Year, with 3 originations. The 2nd most popular length was 3 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 4 | $310,000 | $77,500 |
| Over 8% | 4 | $20,000 | $5,000 |
| <2.5% | 1 | $5,000 | $5,000 |
| 4-5% | 1 | $55,000 | $55,000 |
During 2020, Northern Star Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 9 | $135,000 | $15,000 | $0 | 8.03% |
| $200k-400k | 1 | $255,000 | $255,000 | $0 | 3.25% |
2020 saw Northern Star Credit Union place emphasis on $100,000 or less loans with 9 originations, totaling $135,000 in origination value.
Applicant Income
Northern Star Credit Union lent most frequently to those with incomes in the $50k or less range, with 4 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 1 | $255,000 | $255,000 | $0 | 3.25% |
| 20-30% | 1 | $55,000 | $55,000 | $0 | 5.00% |
Northern Star Credit Union lent most frequently to those with DTI ratios of <20%, with 1 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $275,000 | $55,000 | $0 | 7.25% |
| Black | 5 | $115,000 | $23,000 | $0 | 7.86% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 10 | $390,000 | $39,000 |