Monterey Credit Union Mortgage Rates, Fees & Info

Monterey, CA

LEI: 25490007ROE3S0978636

Tax ID: 94-6198351

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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 markets by origination volume include: Salinas, San Jose, and Santa Cruz among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Refi 6.01% 4/28/24
    30 Year Cash-out Refi 5.98% 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.

    Monterey Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Monterey 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

    44

    Origination Dollar Volume (All Markets)

    $13,740,000

    Awards

    Monterey Credit Union 30 Year Conventional Loans gold Monterey Credit Union 30 Year Conventional Loans gold
    Show all (2) 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
    SALINAS, CA (FHA|USDA|VA) 39 $11,955,000 $306,538 $1,791 3.17%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 4 $1,670,000 $417,500 $2,017 2.88%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $115,000 $115,000 $1,393 2.38%
    Monterey Credit Union's top markets include Salinas, San Jose, and Santa Cruz among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • 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.

    Monterey Credit Union
    Similarity Rank: 144
    GRANDE HOMES, INC.
    Similarity Rank: 306
    Provident Credit Union
    Similarity Rank: 1488
    Mechanics Bank
    Similarity Rank: 2220
    GOOGAIN, INC.
    Similarity Rank: 2511
    The Loan Store, Inc.
    Similarity Rank: 3072
    BAY
    Similarity Rank: 3096
    LENDERFI, INC.
    Similarity Rank: 3318
    THE GOLDEN 1
    Similarity Rank: 3325
    General Mortgage Capital Corporation
    Similarity Rank: 3379

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $13,740,000 $312,273 $1,802 3.13%

    For 2020, Monterey Credit Union's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 34 $12,510,000 $367,941 $1,912 2.88%
    Home Improvement 4 $340,000 $85,000 $1,374 4.31%
    Other 3 $145,000 $48,333 $1,254 4.83%
    Refi 3 $745,000 $248,333 $1,682 2.67%

    For 2020, Monterey Credit Union's most frequently cited loan purpose was Cash Out Refi, with 34 originations. The 2nd most popular reason was Home Improvement, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 22 $4,090,000 $185,909 $1,605 3.11%
    30 Year 22 $9,650,000 $438,636 $1,999 3.15%

    For 2020, Monterey Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 30 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 44 $13,740,000 $312,273

    Monterey Credit Union's average total fees were $1,999, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 44 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 15 $3,605,000 $240,333
    3-4% 14 $7,170,000 $512,143
    2.5-3% 11 $2,715,000 $246,818
    5-6% 4 $250,000 $62,500

    During 2020, Monterey Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was <2.5%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 12 $1,840,000 $153,333 $1,576 2.84%
    $200k-400k 11 $2,975,000 $270,455 $1,774 2.74%
    $400k-600k 10 $4,830,000 $483,000 $2,112 3.19%
    $100,000 or less 6 $350,000 $58,333 $1,311 4.38%
    $600k-1MM 5 $3,745,000 $749,000 $2,377 3.05%

    2020 saw Monterey Credit Union place emphasis on $100k-200k loans with 12 originations, totaling $1,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 12 $3,600,000 $300,000 $1,733 3.17%
    $150k-250k 10 $4,060,000 $406,000 $1,901 3.49%
    $50k-75k 9 $2,105,000 $233,889 $1,842 2.82%
    $50k or less 5 $765,000 $153,000 $1,576 2.75%
    $250k+ 4 $2,560,000 $640,000 $2,368 3.03%
    $75k-100k 4 $650,000 $162,500 $1,390 3.38%

    Monterey Credit Union lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $150k-250k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $3,710,000 $309,167 $1,698 3.14%
    <20% 10 $2,540,000 $254,000 $1,604 3.60%
    30-36% 4 $1,280,000 $320,000 $1,878 3.19%
    40% 3 $765,000 $255,000 $2,080 3.13%
    38% 3 $655,000 $218,333 $1,624 2.63%
    39% 3 $1,215,000 $405,000 $1,967 2.71%
    37% 2 $1,380,000 $690,000 $2,252 3.31%
    41% 1 $205,000 $205,000 $1,751 2.50%
    43% 1 $165,000 $165,000 $1,815 2.50%
    46% 1 $295,000 $295,000 $1,909 3.25%
    47% 1 $875,000 $875,000 $3,271 3.25%
    49% 1 $245,000 $245,000 $1,884 2.38%
    >60% 1 $155,000 $155,000 $1,393 2.50%

    Monterey Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? <20%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 40 $12,440,000 $311,000 $1,820 3.15%
    Asian 2 $1,010,000 $505,000 $2,121 3.06%
    Not provided 2 $290,000 $145,000 $1,117 2.81%

    Approval Rates

    Total approvals of all applications
    93.44%

    Monterey Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.45%

    Monterey Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 44 $13,740,000 $312,273

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 44 $13,740,000 $312,273

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,445,000 $206,429 $1,643 2.73%
    40-60% 11 $4,695,000 $426,818 $1,942 2.84%
    60-80% 10 $5,150,000 $515,000 $2,082 3.14%
    80-100% 1 $545,000 $545,000 $2,164 3.25%
    Under 20% 12 $1,670,000 $139,167 $1,573 3.23%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Monterey Financial Services LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%