Star Choice Credit Union Mortgage Rates, Fees & Info

Bloomington, MN

LEI: 2549003VS9H74R09MO48

Tax ID: 41-0415875

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

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

    Star Choice Credit Union is a smaller credit union specializing in Refi loans. Star Choice Credit Union has a high proportion of conventional loans. Their top two markets are Minneapolis and Brainerd .

    Star Choice 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.

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    Originations

    64

    Origination Dollar Volume (All Markets)

    $8,700,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 62 $8,510,000 $137,258 $513 3.00%
    Brainerd, MN (FHA|USDA|VA) 1 $155,000 $155,000 $577 2.75%
    Outside of Metro Areas 1 $35,000 $35,000 $0 2.75%
    Star Choice Credit Union's top markets include Minneapolis and Brainerd among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 64 $8,700,000 $135,938 $506 2.99%

    For 2021, Star Choice Credit Union's most frequently originated type of loan was Conventional, with 64 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 36 $5,980,000 $166,111 $430 2.86%
    Other 15 $1,065,000 $71,000 $313 3.08%
    Home Improvement 8 $530,000 $66,250 $370 3.41%
    Home Purchase 3 $775,000 $258,333 $2,752 2.96%
    Cash Out Refi 2 $350,000 $175,000 $502 3.06%

    For 2021, Star Choice Credit Union's most frequently cited loan purpose was Refi, with 36 originations. The 2nd most popular reason was Other, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 29 $3,205,000 $110,517 $518 2.90%
    10 Year 13 $1,415,000 $108,846 $421 3.12%
    20 Year 10 $2,020,000 $202,000 $539 2.90%
    5 Year 6 $630,000 $105,000 $742 3.08%
    Other 5 $1,405,000 $281,000 $389 3.12%
    3 Year 1 $25,000 $25,000 $120 3.75%

    For 2021, Star Choice Credit Union's most frequently cited loan duration was 15 Year, with 29 originations. The 2nd most popular length was 10 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $8,700,000 $135,938

    Star Choice Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 21 $2,805,000 $133,571
    3-4% 19 $2,465,000 $129,737
    <2.5% 18 $2,230,000 $123,889
    4-5% 6 $1,200,000 $200,000

    During 2021, Star Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 28 $1,440,000 $51,429 $376 3.04%
    $100k-200k 23 $3,195,000 $138,913 $499 2.96%
    $200k-400k 11 $2,785,000 $253,182 $703 2.77%
    $400k-600k 1 $405,000 $405,000 $2,623 3.75%
    $600k-1MM 1 $875,000 $875,000 $35 4.13%

    2021 saw Star Choice Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 15 $2,045,000 $136,333 $462 2.50%
    $100k-150k 14 $1,350,000 $96,429 $440 3.30%
    $150k-250k 10 $1,550,000 $155,000 $491 2.98%
    $50k-75k 10 $1,920,000 $192,000 $549 3.06%
    $75k-100k 9 $1,295,000 $143,889 $547 3.15%
    $50k or less 5 $515,000 $103,000 $771 3.02%

    Star Choice Credit Union lent most frequently to those with incomes in the $250k+ range, with 15 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 15 $1,815,000 $121,000 $403 3.02%
    20-30% 14 $1,750,000 $125,000 $625 2.96%
    46% 6 $420,000 $70,000 $332 2.81%
    30-36% 6 $790,000 $131,667 $461 3.00%
    45% 5 $535,000 $107,000 $459 2.48%
    48% 3 $535,000 $178,333 $306 2.62%
    42% 3 $345,000 $115,000 $1,097 3.38%
    39% 3 $625,000 $208,333 $1,267 3.13%
    >60% 2 $900,000 $450,000 $78 3.94%
    44% 2 $90,000 $45,000 $468 3.44%
    49% 2 $390,000 $195,000 $223 3.50%
    40% 1 $225,000 $225,000 $415 3.13%
    38% 1 $135,000 $135,000 $0 2.75%
    47% 1 $145,000 $145,000 $586 2.25%

    Star Choice Credit Union lent most frequently to those with DTI ratios of <20%, with 15 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 49 $6,925,000 $141,327 $548 3.09%
    Black 8 $630,000 $78,750 $295 2.31%
    Asian 4 $610,000 $152,500 $306 2.94%
    American Indian 1 $315,000 $315,000 $1,004 3.38%
    Not provided 2 $220,000 $110,000 $473 3.13%

    Approval Rates

    Total approvals of all applications
    94.12%

    Star Choice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.00%

    Star Choice Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 64 $8,700,000 $135,938

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    64 $8,700,000 $135,938

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,110,000 $111,000 $456 3.10%
    40-60% 18 $2,620,000 $145,556 $715 2.88%
    60-80% 18 $2,930,000 $162,778 $391 2.66%
    80-100% 4 $1,550,000 $387,500 $1,170 3.00%
    Under 20% 14 $490,000 $35,000 $232 3.48%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Seterus, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%