Mid-illini Credit Union Mortgage Rates, Fees & Info

Bloomington, IL

LEI: 25490049BUGXLHXJZD76

Tax ID: 37-0904387

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
  • Similar Lenders
  • 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

    Mid-illini Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Mid-illini Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Peoria, Lincoln, Chicago, and Galesburg among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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 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.

    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 6.72% 11/22/24
    30 Year Conventional Refi 6.52% 11/22/24
    30 Year Cash-out Refi 6.27% 11/22/24
    15 Year Conventional Purchase 5.96% 11/22/24
    15 Year Conventional Refi 5.95% 11/22/24
    15 Year Cash-out Refi 5.95% 11/22/24
    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

    64

    Origination Dollar Volume (All Markets)

    $9,300,000

    Awards

    Mid-Illini Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    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) 57 $8,265,000 $145,000 $2,087 3.18%
    PEORIA, IL (FHA|USDA|VA) 3 $565,000 $188,333 $3,516 2.92%
    Lincoln, IL (FHA|USDA|VA) 2 $200,000 $100,000 $2,066 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $185,000 $185,000 $706 3.38%
    Galesburg, IL (FHA|USDA|VA) 1 $85,000 $85,000 $1,812 2.63%
    Mid-illini Credit Union's top markets include Bloomington, Peoria, Lincoln, Chicago, and Galesburg among others.

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

    • 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.

    Prairie State Bank and Trust
    Similarity Rank: 120
    Mid-Illini Credit Union
    Similarity Rank: 205
    ILLINOIS STATE CREDIT UNION
    Similarity Rank: 559
    Morton Community Bank
    Similarity Rank: 714
    Heartland Bank and Trust Company
    Similarity Rank: 795
    INB
    Similarity Rank: 949
    First State Bank
    Similarity Rank: 1326
    Flanagan State Bank
    Similarity Rank: 1344
    IAA Credit Union
    Similarity Rank: 1400
    Marine Bank
    Similarity Rank: 1652

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 64 $9,300,000 $145,313 $2,128 3.16%

    For 2020, Mid-illini 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
    Cash Out Refi 28 $4,290,000 $153,214 $1,797 3.33%
    Refi 25 $3,475,000 $139,000 $2,011 3.02%
    Home Purchase 10 $1,410,000 $141,000 $3,424 2.97%
    NA 1 $125,000 $125,000 $1,339 3.63%

    For 2020, Mid-illini Credit Union's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 24 $3,670,000 $152,917 $1,936 3.53%
    15 Year 22 $3,260,000 $148,182 $2,481 2.83%
    10 Year 9 $1,075,000 $119,444 $1,217 2.90%
    20 Year 8 $1,190,000 $148,750 $2,878 3.37%
    Other 1 $105,000 $105,000 $1,144 2.13%

    For 2020, Mid-illini Credit Union's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 63 $9,165,000 $145,476
    $1k-2k 1 $135,000 $135,000

    Mid-illini Credit Union's average total fees were $1,936, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 63 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 29 $4,725,000 $162,931
    2.5-3% 19 $2,395,000 $126,053
    <2.5% 10 $1,390,000 $139,000
    4-5% 6 $790,000 $131,667

    During 2020, Mid-illini Credit Union's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 3-4%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 35 $4,845,000 $138,429 $2,205 3.09%
    $100,000 or less 17 $1,385,000 $81,471 $1,584 3.17%
    $200k-400k 12 $3,070,000 $255,833 $2,672 3.33%

    2020 saw Mid-illini Credit Union place emphasis on $100k-200k loans with 35 originations, totaling $4,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $2,750,000 $171,875 $1,728 3.15%
    $50k-75k 13 $1,755,000 $135,000 $1,957 3.28%
    $50k or less 12 $1,160,000 $96,667 $1,571 3.45%
    $75k-100k 12 $1,430,000 $119,167 $2,310 2.88%
    $150k-250k 10 $1,880,000 $188,000 $3,195 3.09%
    $250k+ 1 $325,000 $325,000 $4,571 2.38%

    Mid-illini Credit Union lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $2,820,000 $141,000 $1,716 2.85%
    <20% 19 $2,715,000 $142,895 $2,476 3.07%
    30-36% 10 $1,240,000 $124,000 $1,651 3.45%
    39% 2 $270,000 $135,000 $1,355 3.63%
    50-60% 2 $170,000 $85,000 $976 3.69%
    37% 2 $480,000 $240,000 $4,468 3.19%
    38% 2 $290,000 $145,000 $1,241 3.84%
    47% 2 $580,000 $290,000 $5,129 4.16%
    41% 1 $115,000 $115,000 $4,553 2.75%
    42% 1 $255,000 $255,000 $1,344 3.55%
    45% 1 $95,000 $95,000 $1,122 3.13%
    36% 1 $185,000 $185,000 $1,439 3.25%
    40% 1 $85,000 $85,000 $3,486 2.63%

    Mid-illini Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? <20%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 58 $8,030,000 $138,448 $2,038 3.09%
    Asian 4 $960,000 $240,000 $3,185 4.11%
    Black 2 $310,000 $155,000 $2,599 3.19%

    Approval Rates

    Total approvals of all applications
    91.92%

    Mid-illini Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    57.81%

    Mid-illini 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 64 $9,300,000 $145,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 64 $9,300,000 $145,313

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $85,000 $85,000 $939 2.88%
    40-60% 12 $1,620,000 $135,000 $2,118 2.91%
    60-80% 43 $6,145,000 $142,907 $2,016 3.24%
    80-100% 8 $1,450,000 $181,250 $2,889 3.14%