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 Refi and Cash Out Refi loans. Monterey Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salinas, Santa Cruz, and San Jose 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 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
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Originations
14Origination Dollar Volume (All Markets)
$6,070,000Awards
Monterey Credit Union - 2022
Monterey Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 11 | $5,035,000 | $457,727 | $2,348 | 3.74% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $2,059 | 3.13% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,943 | 3.63% |
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 | 14 | $6,070,000 | $433,571 | $2,278 | 3.64% |
For 2022, Monterey Credit Union's most frequently originated type of loan was Conventional, with 14 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 7 | $3,455,000 | $493,571 | $2,272 | 3.59% |
| Cash Out Refi | 7 | $2,615,000 | $373,571 | $2,284 | 3.70% |
For 2022, Monterey Credit Union's most frequently cited loan purpose was Refi, with 7 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 13 | $5,805,000 | $446,538 | $2,274 | 3.74% |
| 15 Year | 1 | $265,000 | $265,000 | $2,331 | 2.38% |
For 2022, Monterey Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 14 | $6,070,000 | $433,571 |
Monterey Credit Union's average total fees were $2,274, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 11 | $5,015,000 | $455,909 |
| 5-6% | 2 | $790,000 | $395,000 |
| <2.5% | 1 | $265,000 | $265,000 |
During 2022, Monterey Credit Union's average interest rate for loans was 3.74%, while their most frequently originated rate bucket for loans was 3-4%, with 11 originations.
Loan Sizing
2022 saw Monterey Credit Union place emphasis on $600k-1MM loans with 6 originations, totaling $4,170,000 in origination value.
Applicant Income
Monterey Credit Union lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $150k-250k, with 3 originations.
Applicant Debt to Income Ratio
Monterey Credit Union lent most frequently to those with DTI ratios of <20%, with 4 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.61%
Monterey Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination64.29%
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 | 14 | $6,070,000 | $433,571 |