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 Home Purchase and Refi loans. Mid-illini Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Pontiac, Peoria, and Champaign 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 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
20Origination Dollar Volume (All Markets)
$2,100,000Top 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) | 12 | $1,040,000 | $86,667 | $1,652 | 4.48% |
| Pontiac, IL (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $2,331 | 4.66% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,215 | 6.00% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,142 | 6.00% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $2,401 | 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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 20 | $2,100,000 | $105,000 | $1,906 | 4.90% |
For 2022, Mid-illini Credit Union's most frequently originated type of loan was Conventional, with 20 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 8 | $1,110,000 | $138,750 | $2,416 | 5.44% |
| Refi | 6 | $590,000 | $98,333 | $1,535 | 4.73% |
| Cash Out Refi | 6 | $400,000 | $66,667 | $1,597 | 4.34% |
For 2022, Mid-illini Credit Union's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
For 2022, Mid-illini Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 15 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $2,100,000 | $105,000 |
Mid-illini Credit Union's average total fees were $2,225, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
During 2022, Mid-illini Credit Union's average interest rate for loans was 5.78%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
2022 saw Mid-illini Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $705,000 in origination value.
Applicant Income
Mid-illini Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k or less, with 5 originations.
Applicant Debt to Income Ratio
Mid-illini Credit Union lent most frequently to those with DTI ratios of <20%, with 7 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.86%
Mid-illini Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
Mid-illini Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 20 | $2,100,000 | $105,000 |