Mid-illini Credit Union Mortgage Rates, Fees & Info
Bloomington, ILLEI: 25490049BUGXLHXJZD76
Tax ID: 37-0904387
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Mortgage Data
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, Chicago, Quincy, and Lincoln among others. We have data for 6 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
51Origination Dollar Volume (All Markets)
$7,335,000Top 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) | 39 | $5,425,000 | $139,103 | $1,610 | 2.52% |
| PEORIA, IL (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $1,796 | 2.56% |
| Outside of Metro Areas | 4 | $490,000 | $122,500 | $1,642 | 3.03% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,669 | 2.88% |
| Quincy, IL-MO (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,010 | 2.88% |
| Lincoln, IL (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,071 | 2.81% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $7,335,000 | $143,824 | $1,713 | 2.59% |
For 2021, Mid-illini Credit Union's most frequently originated type of loan was Conventional, with 51 originations.
Loan Reason
For 2021, Mid-illini Credit Union's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Refi, with 18 originations.
Loan Duration/Length
For 2021, Mid-illini Credit Union's most frequently cited loan duration was 15 Year, with 21 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 | 50 | $7,210,000 | $144,200 |
| $1k-2k | 1 | $125,000 | $125,000 |
Mid-illini Credit Union's average total fees were $2,265, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 50 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 30 | $3,910,000 | $130,333 |
| 2.5-3% | 13 | $2,245,000 | $172,692 |
| 3-4% | 7 | $1,055,000 | $150,714 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2021, Mid-illini Credit Union's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was <2.5%, with 30 originations.
Loan Sizing
2021 saw Mid-illini Credit Union place emphasis on $100k-200k loans with 28 originations, totaling $3,990,000 in origination value.
Applicant Income
Mid-illini Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $75k-100k, with 12 originations.
Applicant Debt to Income Ratio
Mid-illini Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.19%
Mid-illini Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.27%
Mid-illini Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 51 | $7,335,000 | $143,824 |