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 loans. Northern Star Credit Union has a high 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

15

Origination Dollar Volume (All Markets)

$195,000

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $105,000 $35,000 $0 2.83%
Outside of Metro Areas 12 $90,000 $7,500 $0 11.14%
Northern Star Credit Union's top markets include and Virginia Beach among others.

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 14 $140,000 $10,000 $0 9.93%
    HELOC 1 $55,000 $55,000 n/a 3.25%

    For 2021, Northern Star Credit Union's most frequently originated type of loan was Conventional, with 14 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 15 $195,000 $13,000 $0 9.48%

    For 2021, Northern Star Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    3 Year 6 $30,000 $5,000 $0 11.66%
    Other 5 $45,000 $9,000 $0 12.15%
    5 Year 3 $65,000 $21,667 $0 2.77%
    20 Year 1 $55,000 $55,000 $0 3.25%

    For 2021, Northern Star Credit Union's most frequently cited loan duration was 3 Year, with 6 originations. The 2nd most popular length was Other, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 10 $60,000 $6,000
    <2.5% 2 $40,000 $20,000
    3-4% 2 $70,000 $35,000
    2.5-3% 1 $25,000 $25,000

    During 2021, Northern Star Credit Union's average interest rate for loans was 0.00%, 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 15 $195,000 $13,000 $0 9.48%

    2021 saw Northern Star Credit Union place emphasis on $100,000 or less loans with 15 originations, totaling $195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 6 $80,000 $13,333 $0 11.70%
    $50k or less 6 $70,000 $11,667 $0 9.01%
    $100k-150k 2 $40,000 $20,000 $0 2.50%
    $75k-100k 1 $5,000 $5,000 $0 12.99%

    Northern Star Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $50k or less, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    37% 1 $25,000 $25,000 $0 2.50%
    38% 1 $25,000 $25,000 $0 2.75%
    48% 1 $55,000 $55,000 $0 3.25%

    Northern Star Credit Union lent most frequently to those with DTI ratios of 37%, with 1 originations. The next most common DTI ratio? 38%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 10 $150,000 $15,000 $0 9.09%
    White 5 $45,000 $9,000 $0 10.26%

    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 15 $195,000 $13,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    15 $195,000 $13,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $25,000 $25,000 $0 2.75%
    40-60% 1 $55,000 $55,000 $0 3.25%
    Under 20% 1 $25,000 $25,000 $0 2.50%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 1 100.0%