Educational Employees Credit Union Mortgage Rates, Fees & Info

Fresno, CA

LEI: 2549004OC91L41W9XR37

Tax ID: 94-1031345

5 stars - Updated: 12/16/24 - out of 5 stars, based on 32 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Educational Employees Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Educational Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Fresno, Visalia, Madera, San Luis Obispo, and Hanford among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Educational Employees Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Educational Employees 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.

    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 5.43% 12/16/24
    30 Year Conventional Refi 5.81% 12/16/24
    30 Year Cash-out Refi 6.45% 12/16/24
    15 Year Conventional Purchase 4.58% 12/16/24
    15 Year Conventional Refi 5.71% 12/16/24
    15 Year Cash-out Refi 5.71% 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.

    Educational Employees Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Educational Employees 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

    1,022

    Origination Dollar Volume (All Markets)

    $165,100,000
    Show all (12) awards

    Relative Rate

    Educational Employees Credit Union's average 30 year fixed mortgage rate was 5.85%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.63%.

    Relative Fees (Closing Costs)

    Educational Employees Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,693.

    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
    FRESNO, CA (FHA|USDA|VA) 640 $102,160,000 $159,625 $1,894 6.48%
    VISALIA, CA (FHA|USDA|VA) 150 $17,530,000 $116,867 $1,464 6.56%
    MADERA, CA (FHA|USDA|VA) 73 $11,465,000 $157,055 $1,855 6.59%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 17 $6,955,000 $409,118 $2,481 6.15%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 43 $5,565,000 $129,419 $1,936 6.51%
    MERCED, CA (FHA|USDA|VA) 28 $5,090,000 $181,786 $2,113 6.45%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 12 $2,520,000 $210,000 $3,142 6.71%
    MODESTO, CA (FHA|USDA|VA) 8 $1,990,000 $248,750 $1,586 5.98%
    STOCKTON, CA (FHA|USDA|VA) 5 $1,935,000 $387,000 $2,928 6.20%
    BAKERSFIELD, CA (FHA|USDA|VA) 12 $1,850,000 $154,167 $2,170 6.27%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $1,725,000 $246,429 $2,983 6.73%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $1,515,000 $216,429 $2,930 6.04%
    VALLEJO, CA (FHA|USDA|VA) 2 $1,230,000 $615,000 $4,881 6.38%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $1,015,000 $338,333 $4,219 5.92%
    SALINAS, CA (FHA|USDA|VA) 3 $555,000 $185,000 $1,266 6.58%
    Outside of Metro Areas 3 $545,000 $181,667 $3,730 5.92%
    CHICO, CA (FHA|USDA|VA) 2 $530,000 $265,000 $1,975 6.69%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $390,000 $195,000 $2,604 5.88%
    Sonora, CA (FHA|USDA|VA) 2 $330,000 $165,000 $2,191 6.56%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.50%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.75%
    Educational Employees Credit Union's top markets include Fresno, Visalia, Madera, San Luis Obispo, and Hanford among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Educational Employees Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ALTITUDE FINANCIAL CORPORATION
    Similarity Rank: 135
    Noble Federal Credit Union
    Similarity Rank: 176
    KD CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 242
    Educational Employees Credit Union
    Similarity Rank: 264
    SESLOC
    Similarity Rank: 429
    SCENIC OAKS FUNDING, INC.
    Similarity Rank: 522
    CENTRAL COAST LENDING, INC.
    Similarity Rank: 660
    MID-VALLEY SERVICES, INC.
    Similarity Rank: 804
    DIGNIFIED HOME LOANS, LLC
    Similarity Rank: 1254
    COASTAL FUNDING SLC, INC.
    Similarity Rank: 1368

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 677 $60,305,000 $89,077 n/a 6.75%
    Conventional 345 $104,795,000 $303,754 $1,952 5.97%

    For 2023, Educational Employees Credit Union's most frequently originated type of loan was HELOC, with 677 originations. Their 2nd most popular type was Conventional, with 345 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 446 $42,060,000 $94,305 $1,353 6.77%
    Other 247 $20,155,000 $81,599 $140 6.70%
    Home Purchase 187 $81,085,000 $433,610 $2,933 5.85%
    Refi 141 $21,585,000 $153,085 $873 6.06%
    Cash Out Refi 1 $215,000 $215,000 $1,678 5.50%

    For 2023, Educational Employees Credit Union's most frequently cited loan purpose was Home Improvement, with 446 originations. The 2nd most popular reason was Other, with 247 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 677 $60,305,000 $89,077 $0 6.75%
    30 Year 216 $89,150,000 $412,731 $2,693 5.85%
    15 Year 107 $11,855,000 $110,794 $534 6.28%
    10 Year 12 $1,590,000 $132,500 $1,733 5.38%
    20 Year 10 $2,200,000 $220,000 $2,203 5.84%

    For 2023, Educational Employees Credit Union's most frequently cited loan duration was Other, with 677 originations. The 2nd most popular length was 30 Year, with 216 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 329 $100,135,000 $304,362
    $1k-2k 3 $715,000 $238,333
    $3k-4k 2 $1,020,000 $510,000

    Educational Employees Credit Union's average total fees were $2,693, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 329 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 396 $49,470,000 $124,924
    7-8% 304 $27,280,000 $89,737
    5-6% 288 $84,080,000 $291,944
    4-5% 32 $4,140,000 $129,375
    3-4% 2 $130,000 $65,000

    During 2023, Educational Employees Credit Union's average interest rate for loans was 5.85%, while their most frequently originated rate bucket for loans was 6-7%, with 396 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 518 $29,010,000 $56,004 $526 6.69%
    $100k-200k 219 $29,155,000 $133,128 $1,214 6.52%
    $200k-400k 187 $49,005,000 $262,059 $2,302 6.26%
    $400k-600k 63 $30,745,000 $488,016 $2,844 5.81%
    $600k-1MM 31 $22,845,000 $736,935 $3,508 5.72%
    $1MM+ 4 $4,340,000 $1,085,000 $3,644 5.72%

    2023 saw Educational Employees Credit Union place emphasis on $100,000 or less loans with 518 originations, totaling $29,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 356 $59,080,000 $165,955 $2,077 6.55%
    $100k-150k 301 $40,705,000 $135,233 $1,870 6.45%
    $250k+ 181 $48,295,000 $266,823 $2,481 6.45%
    $75k-100k 104 $10,670,000 $102,596 $1,525 6.51%
    $50k-75k 54 $4,420,000 $81,852 $1,318 6.37%
    $50k or less 22 $1,560,000 $70,909 $1,702 6.53%

    Educational Employees Credit Union lent most frequently to those with incomes in the $150k-250k range, with 356 originations. The second most popular income band? $100k-150k, with 301 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 344 $56,810,000 $165,145 $1,997 6.55%
    30-36% 235 $39,805,000 $169,383 $1,836 6.40%
    <20% 135 $22,645,000 $167,741 $2,031 6.38%
    37% 56 $8,150,000 $145,536 $2,140 6.66%
    36% 51 $9,225,000 $180,882 $2,026 6.51%
    39% 50 $8,070,000 $161,400 $2,234 6.60%
    38% 42 $5,610,000 $133,571 $1,999 6.55%
    40% 39 $5,035,000 $129,103 $1,360 6.52%
    41% 25 $3,805,000 $152,200 $2,042 6.29%
    42% 22 $3,730,000 $169,545 $1,455 6.41%
    43% 9 $1,115,000 $123,889 $2,882 6.58%
    44% 5 $465,000 $93,000 $0 6.95%
    45% 3 $155,000 $51,667 $0 5.92%
    48% 2 $90,000 $45,000 $0 5.88%
    47% 2 $130,000 $65,000 $0 7.00%
    >60% 1 $105,000 $105,000 $0 6.50%
    46% 1 $155,000 $155,000 $5,564 5.75%

    Educational Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 344 originations. The next most common DTI ratio? 30-36%, with 235 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 471 $79,465,000 $168,715 $1,964 6.50%
    White 464 $70,460,000 $151,853 $1,918 6.47%
    Asian 31 $7,735,000 $249,516 $2,365 6.27%
    Black 16 $1,860,000 $116,250 $1,097 6.46%
    Filipino 9 $1,285,000 $142,778 $2,633 6.86%
    Other Asian 6 $1,170,000 $195,000 $2,651 6.63%
    Asian Indian 5 $1,105,000 $221,000 $3,311 6.75%
    American Indian 13 $1,005,000 $77,308 $1,170 6.91%
    Other Pacific Islander 1 $485,000 $485,000 $1,975 5.88%
    Chinese 1 $205,000 $205,000 $0 7.50%
    3 $165,000 $55,000 $0 6.00%
    Vietnamese 1 $85,000 $85,000 $0 6.50%
    Japanese 1 $75,000 $75,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    45.10%

    Educational Employees Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    81.51%

    Educational Employees Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 11 $2,925,000 $265,909
    NA 1,011 $162,175,000 $160,410

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,022 $165,100,000 $161,546

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 212 $31,350,000 $147,877 $1,326 6.56%
    40-60% 62 $18,220,000 $293,871 $2,234 6.02%
    60-80% 133 $58,105,000 $436,880 $2,720 5.83%
    80-100% 37 $18,215,000 $492,297 $3,129 5.99%
    Under 20% 578 $39,210,000 $67,837 $411 6.69%