Mid-illini Credit Union Mortgage Rates, Fees & Info
Bloomington, ILLEI: 25490049BUGXLHXJZD76
Tax ID: 37-0904387
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Mid-illini Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Mid-illini Credit Union has a high proportion of conventional loans. Their top two markets are Bloomington and Chicago .Mid-illini 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. Mid-illini 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 relatively high 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 Purchase | 6.72% | 12/16/24 |
| 30 Year Conventional Refi | 6.52% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.96% | 12/16/24 |
| 15 Year Conventional Refi | 5.95% | 12/16/24 |
| 15 Year Cash-out Refi | 5.95% | 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. | ||
Mid-illini Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Mid-illini 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
8Origination Dollar Volume (All Markets)
$820,000Relative Rate
Mid-illini Credit Union's average 30 year fixed mortgage rate was
7.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.96%.
Relative Fees (Closing Costs)
Mid-illini Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,092.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| BLOOMINGTON, IL (FHA|USDA|VA) | 7 | $605,000 | $86,429 | $2,251 | 8.73% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,429 | 7.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Mid-Illini Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 203
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Similarity Rank: 350
Similarity Rank: 387
Similarity Rank: 555
Similarity Rank: 594
Similarity Rank: 1008
Similarity Rank: 2728
Similarity Rank: 2754
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $820,000 | $102,500 | $2,273 | 8.58% |
For 2023, Mid-illini Credit Union's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
For 2023, Mid-illini Credit Union's most frequently cited loan purpose was Cash Out Refi, with 4 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 4 | $220,000 | $55,000 | $1,853 | 9.91% |
| 20 Year | 2 | $290,000 | $145,000 | $2,296 | 7.06% |
| 30 Year | 2 | $310,000 | $155,000 | $3,092 | 7.44% |
For 2023, Mid-illini Credit Union's most frequently cited loan duration was 15 Year, with 4 originations. The 2nd most popular length was 20 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 8 | $820,000 | $102,500 |
Mid-illini Credit Union's average total fees were $3,092, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 3 | $305,000 | $101,667 |
| 7-8% | 3 | $395,000 | $131,667 |
| Over 8% | 2 | $120,000 | $60,000 |
During 2023, Mid-illini Credit Union's average interest rate for loans was 7.44%, while their most frequently originated rate bucket for loans was 6-7%, with 3 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 6 | $400,000 | $66,667 | $2,349 | 9.02% |
| $200k-400k | 2 | $420,000 | $210,000 | $2,048 | 7.25% |
2023 saw Mid-illini Credit Union place emphasis on $100,000 or less loans with 6 originations, totaling $400,000 in origination value.
Applicant Income
Mid-illini Credit Union lent most frequently to those with incomes in the $50k or less range, with 3 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
Mid-illini Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 39%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 6 | $700,000 | $116,667 | $2,365 | 7.08% |
| Black | 2 | $120,000 | $60,000 | $1,999 | 13.07% |
Approval Rates
Total approvals of all applications91.67%
Mid-illini Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination75.00%
Mid-illini Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 8 | $820,000 | $102,500 |