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

Review & Overview

Star Choice Credit Union is a smaller credit union specializing in Refi and Cash Out Refi 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 above 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.

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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

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$4,190,000

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)	46	$4,190,000	$91,087	$401	4.70%

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	46	$4,190,000	$91,087	$401	4.70%

For 2019, Star Choice Credit Union's most frequently originated type of loan was Conventional, with 46 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	17	$2,015,000	$118,529	$353	3.82%
Other	11	$685,000	$62,273	$358	5.75%
Home Improvement	8	$280,000	$35,000	$261	5.53%
Cash Out Refi	8	$960,000	$120,000	$528	4.19%
Home Purchase	2	$250,000	$125,000	$1,055	5.13%

For 2019, Star Choice Credit Union's most frequently cited loan purpose was Refi, with 17 originations. The 2nd most popular reason was Other, with 11 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	23	$3,305,000	$143,696	$529	4.71%
10 Year	15	$695,000	$46,333	$311	5.03%
5 Year	7	$165,000	$23,571	$238	4.21%
3 Year	1	$25,000	$25,000	$196	3.00%

For 2019, Star Choice Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 15 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	44	$3,890,000	$88,409

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 44 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	17	$2,345,000	$137,941
4-5%	11	$765,000	$69,545
5-6%	11	$835,000	$75,909
6-7%	4	$190,000	$47,500
2.5-3%	2	$30,000	$15,000
7-8%	1	$25,000	$25,000

During 2019, 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 17 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	32	$1,450,000	$45,313	$296	4.90%
$100k-200k	9	$1,395,000	$155,000	$804	4.31%
$200k-400k	5	$1,345,000	$269,000	$311	4.15%

2019 saw Star Choice Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,450,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	15	$1,495,000	$99,667	$377	4.77%
$50k-75k	10	$990,000	$99,000	$559	4.40%
$50k or less	8	$550,000	$68,750	$365	4.15%
$75k-100k	7	$475,000	$67,857	$392	5.43%
$150k-250k	6	$680,000	$113,333	$258	4.92%

Star Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 10 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	13	$1,065,000	$81,923	$366	4.77%
<20%	12	$820,000	$68,333	$290	4.19%
30-36%	10	$1,110,000	$111,000	$578	4.48%
46%	3	$145,000	$48,333	$392	5.33%
50-60%	3	$355,000	$118,333	$650	5.33%
>60%	1	$265,000	$265,000	$0	5.50%
39%	1	$55,000	$55,000	$138	5.50%
41%	1	$25,000	$25,000	$391	7.25%
43%	1	$255,000	$255,000	$545	4.00%
47%	1	$95,000	$95,000	$0	5.00%

Star Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 12 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	41	$3,805,000	$92,805	$370	4.68%
Black	4	$210,000	$52,500	$346	5.19%
Asian	1	$175,000	$175,000	$1,824	3.75%

Approval Rates

Total approvals of all applications
93.51%

Star Choice Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
43.48%

Star Choice 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	46	$4,190,000	$91,087

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	46	$4,190,000	$91,087

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	12	$1,060,000	$88,333	$373	4.85%
40-60%	4	$430,000	$107,500	$382	4.13%
60-80%	8	$1,510,000	$188,750	$529	4.09%
80-100%	3	$595,000	$198,333	$1,051	3.92%
Under 20%	19	$595,000	$31,316	$280	5.11%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
Storehouse Mortgage, LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%