Monterey Credit Union Mortgage Rates, Fees & Info
Monterey, CALEI: 25490007ROE3S0978636
Tax ID: 94-6198351
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Mortgage Data
Review & Overview
Monterey Credit Union is a smaller credit union specializing in Cash Out Refi loans. Monterey Credit Union has a high proportion of conventional loans. Their top (well, only) market is Salinas.Monterey 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. Monterey 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.01% | 4/14/24 |
| 30 Year Cash-out Refi | 5.98% | 4/14/24 |
| 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. | ||
Monterey Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2Origination Dollar Volume (All Markets)
$320,000Relative Rate
Monterey Credit Union's average 30 year fixed mortgage rate was
8.13%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.65%.
Relative Fees (Closing Costs)
Monterey Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,901.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| SALINAS, CA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $1,917 | 6.94% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Monterey Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2 | $320,000 | $160,000 | $1,917 | 6.94% |
For 2023, Monterey Credit Union's most frequently originated type of loan was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 2 | $320,000 | $160,000 | $1,917 | 6.94% |
For 2023, Monterey Credit Union's most frequently cited loan purpose was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 1 | $155,000 | $155,000 | $1,933 | 5.75% |
| 30 Year | 1 | $165,000 | $165,000 | $1,901 | 8.13% |
For 2023, Monterey Credit Union's most frequently cited loan duration was 15 Year, with 1 originations. The 2nd most popular length was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $320,000 | $160,000 |
Monterey Credit Union's average total fees were $1,901, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 1 | $155,000 | $155,000 |
| Over 8% | 1 | $165,000 | $165,000 |
During 2023, Monterey Credit Union's average interest rate for loans was 8.13%, while their most frequently originated rate bucket for loans was 5-6%, with 1 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 2 | $320,000 | $160,000 | $1,917 | 6.94% |
2023 saw Monterey Credit Union place emphasis on $100k-200k loans with 2 originations, totaling $320,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 1 | $155,000 | $155,000 | $1,933 | 5.75% |
| $50k or less | 1 | $165,000 | $165,000 | $1,901 | 8.13% |
Monterey Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1 originations. The second most popular income band? $50k or less, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 41% | 1 | $165,000 | $165,000 | $1,901 | 8.13% |
| 50-60% | 1 | $155,000 | $155,000 | $1,933 | 5.75% |
Monterey Credit Union lent most frequently to those with DTI ratios of 41%, with 1 originations. The next most common DTI ratio? 50-60%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2 | $320,000 | $160,000 | $1,917 | 6.94% |
Approval Rates
Total approvals of all applications100.00%
Monterey 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 origination50.00%
Monterey Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2 | $320,000 | $160,000 |