Star Choice Credit Union Mortgage Rates, Fees & Info

Bloomington, MN

LEI: 2549003VS9H74R09MO48

Tax ID: 41-0415875

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
  • 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 and Home Purchase loans. Star Choice Credit Union has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

    Star Choice 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    15 Year Conventional Refi 5.55% 12/16/24
    15 Year Cash-out Refi 5.55% 12/16/24
    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.

    Star Choice Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Star Choice 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

    50

    Origination Dollar Volume (All Markets)

    $6,430,000

    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) 49 $6,335,000 $129,286 $672 4.38%
    Outside of Metro Areas 1 $95,000 $95,000 $200 6.00%
    Star Choice Credit Union's top markets include and Minneapolis among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 50 $6,430,000 $128,600 $662 4.41%

    For 2018, Star Choice Credit Union's most frequently originated type of loan was Conventional, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 25 $3,255,000 $130,200 $485 4.21%
    Home Purchase 9 $1,685,000 $187,222 $1,641 4.08%
    Other 7 $355,000 $50,714 $323 5.54%
    Cash Out Refi 5 $1,055,000 $211,000 $714 4.20%
    Home Improvement 4 $80,000 $20,000 $295 4.69%

    For 2018, Star Choice Credit Union's most frequently cited loan purpose was Refi, with 25 originations. The 2nd most popular reason was Home Purchase, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 25 $3,495,000 $139,800 $773 4.31%
    15 Year 14 $2,180,000 $155,714 $701 4.71%
    5 Year 8 $390,000 $48,750 $280 4.25%
    20 Year 2 $350,000 $175,000 $757 4.13%
    Other 1 $15,000 $15,000 $415 4.50%

    For 2018, Star Choice Credit Union's most frequently cited loan duration was 10 Year, with 25 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 48 $5,950,000 $123,958

    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 48 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 21 $3,175,000 $151,190
    4-5% 18 $2,370,000 $131,667
    5-6% 7 $665,000 $95,000
    2.5-3% 3 $205,000 $68,333
    7-8% 1 $15,000 $15,000

    During 2018, Star Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,040,000 $52,000 $355 4.63%
    $100k-200k 20 $2,720,000 $136,000 $663 4.23%
    $200k-400k 10 $2,670,000 $267,000 $1,340 4.35%

    2018 saw Star Choice Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 14 $2,170,000 $155,000 $786 4.34%
    $100k-150k 11 $995,000 $90,455 $585 4.32%
    $50k-75k 11 $1,245,000 $113,182 $735 4.60%
    $150k-250k 6 $850,000 $141,667 $651 4.38%
    $50k or less 6 $1,010,000 $168,333 $561 4.25%
    $250k+ 2 $160,000 $80,000 $244 5.00%

    Star Choice Credit Union lent most frequently to those with incomes in the $75k-100k range, with 14 originations. The second most popular income band? $100k-150k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $1,630,000 $116,429 $651 4.09%
    <20% 9 $915,000 $101,667 $471 4.36%
    50-60% 6 $940,000 $156,667 $722 5.00%
    30-36% 5 $505,000 $101,000 $485 4.91%
    >60% 4 $930,000 $232,500 $816 4.00%
    42% 3 $355,000 $118,333 $915 5.00%
    38% 2 $220,000 $110,000 $1,007 4.63%
    47% 2 $330,000 $165,000 $504 4.63%
    37% 2 $210,000 $105,000 $532 3.50%
    39% 1 $245,000 $245,000 $1,881 4.00%
    41% 1 $35,000 $35,000 $338 5.00%
    36% 1 $115,000 $115,000 $650 4.00%

    Star Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? <20%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $3,275,000 $112,931 $473 4.36%
    Asian 11 $1,585,000 $144,091 $1,092 4.18%
    Black 7 $945,000 $135,000 $841 4.54%
    Other Asian 2 $610,000 $305,000 $1,011 4.13%
    Not provided 1 $15,000 $15,000 $230 8.00%

    Approval Rates

    Total approvals of all applications
    87.50%

    Star Choice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.00%

    Star Choice Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 50 $6,430,000 $128,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 50 $6,430,000 $128,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $300,000 $75,000 $261 3.75%
    40-60% 4 $480,000 $120,000 $762 5.13%
    60-80% 15 $2,525,000 $168,333 $780 4.12%
    80-100% 3 $575,000 $191,667 $998 4.58%
    Under 20% 7 $185,000 $26,429 $333 5.33%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Seterus, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 10 3.7%
    Seterus, Inc. Conventional home mortgage Closing on a mortgage 8 3.0%
    Seterus, Inc. Conventional home mortgage Incorrect information on your report 2 0.7%
    Seterus, Inc. Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 2 0.7%
    Seterus, Inc. Conventional home mortgage Struggling to pay mortgage 70 26.0%
    Seterus, Inc. Conventional home mortgage Trouble during payment process 114 42.4%
    Seterus, Inc. FHA mortgage Closing on a mortgage 4 1.5%
    Seterus, Inc. FHA mortgage Struggling to pay mortgage 10 3.7%
    Seterus, Inc. FHA mortgage Trouble during payment process 9 3.3%
    Seterus, Inc. Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.4%
    Seterus, Inc. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 0.4%
    Seterus, Inc. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.4%
    Seterus, Inc. Other type of mortgage Incorrect information on your report 2 0.7%
    Seterus, Inc. Other type of mortgage Struggling to pay mortgage 17 6.3%
    Seterus, Inc. Other type of mortgage Trouble during payment process 18 6.7%