Premier Credit Union Mortgage Rates, Fees & Info

Des Moines, IA

LEI: 2549004WBDC394DA3W87

Tax ID: 42-0127275

5 stars - Updated: 7/14/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Premier Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Premier Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Des Moines, Ames, Mason City, Pella, and Waterloo among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Premier 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. Premier 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.39% 7/14/24
30 Year Conventional Refi 6.96% 7/14/24
30 Year Cash-out Refi 6.58% 7/14/24
15 Year Conventional Purchase 5.35% 7/14/24
15 Year Conventional Refi 5.63% 7/14/24
15 Year Cash-out Refi 5.63% 7/14/24
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.

Premier Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Premier 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

649

Origination Dollar Volume (All Markets)

$67,175,000

Awards

Premier Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Premier Credit Union's average 30 year fixed mortgage rate was 7.41%.

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

This yields a difference of 0.93%.

Relative Fees (Closing Costs)

Premier Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,573.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 528 $56,450,000 $106,913 $4,531 7.35%
AMES, IA (FHA|USDA|VA) 49 $4,995,000 $101,939 $4,456 7.34%
Outside of Metro Areas 67 $4,365,000 $65,149 $4,506 7.34%
Mason City, IA (FHA|USDA|VA) 2 $670,000 $335,000 $4,136 6.63%
Pella, IA (FHA|USDA|VA) 1 $425,000 $425,000 $3,306 5.75%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $205,000 $205,000 $5,079 5.50%
IOWA CITY, IA (FHA|USDA|VA) 1 $65,000 $65,000 $3,914 8.00%
Premier Credit Union's top markets include Des Moines, Ames, Mason City, Pella, and Waterloo among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Premier 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
    HELOC 394 $39,690,000 $100,736 n/a 7.58%
    Conventional 253 $27,415,000 $108,360 $4,490 6.99%
    FHA 1 $45,000 $45,000 $0 7.00%
    FHA 1 $25,000 $25,000 $0 6.50%

    For 2023, Premier Credit Union's most frequently originated type of loan was HELOC, with 394 originations. Their 2nd most popular type was Conventional, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 436 $40,910,000 $93,830 $0 7.48%
    Home Improvement 135 $8,245,000 $61,074 $0 7.41%
    Home Purchase 58 $14,760,000 $254,483 $4,495 6.45%
    Cash Out Refi 17 $2,625,000 $154,412 $4,483 6.51%
    Refi 3 $635,000 $211,667 $4,397 6.75%

    For 2023, Premier Credit Union's most frequently cited loan purpose was Other, with 436 originations. The 2nd most popular reason was Home Improvement, with 135 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 460 $55,780,000 $121,261 $4,573 7.41%
    10 Year 48 $2,110,000 $43,958 $3,423 7.20%
    20 Year 44 $3,410,000 $77,500 $3,686 8.36%
    5 Year 39 $1,915,000 $49,103 $0 5.97%
    15 Year 32 $2,380,000 $74,375 $4,207 7.37%
    Other 26 $1,580,000 $60,769 $3,597 6.68%

    For 2023, Premier Credit Union's most frequently cited loan duration was 30 Year, with 460 originations. The 2nd most popular length was 10 Year, with 48 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 29 $6,505,000 $224,310
    $2k-3k 21 $2,735,000 $130,238
    $3k-4k 16 $4,010,000 $250,625
    $4k-5k 5 $1,625,000 $325,000
    $5k+ 5 $2,345,000 $469,000
    $<1k 1 $415,000 $415,000

    Premier Credit Union's average total fees were $4,573, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 357 $35,355,000 $99,034
    6-7% 196 $19,540,000 $99,694
    5-6% 45 $8,635,000 $191,889
    Over 8% 42 $2,630,000 $62,619
    4-5% 9 $1,015,000 $112,778

    During 2023, Premier Credit Union's average interest rate for loans was 7.41%, while their most frequently originated rate bucket for loans was 7-8%, with 357 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 443 $21,665,000 $48,905 $3,807 7.41%
    $100k-200k 112 $15,820,000 $141,250 $4,239 7.39%
    $200k-400k 76 $20,730,000 $272,763 $4,948 6.99%
    $400k-600k 15 $6,835,000 $455,667 $4,250 6.95%
    $600k-1MM 3 $2,125,000 $708,333 $6,661 6.21%

    2023 saw Premier Credit Union place emphasis on $100,000 or less loans with 443 originations, totaling $21,665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 205 $20,875,000 $101,829 $4,671 7.41%
    $150k-250k 148 $18,190,000 $122,905 $4,153 7.34%
    $75k-100k 111 $9,825,000 $88,514 $4,534 7.36%
    $50k-75k 84 $5,070,000 $60,357 $3,995 7.32%
    $250k+ 52 $10,250,000 $197,115 $5,054 7.24%
    $50k or less 46 $2,760,000 $60,000 $4,492 7.17%

    Premier Credit Union lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $150k-250k, with 148 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 209 $20,935,000 $100,167 $4,194 7.36%
    30-36% 129 $10,795,000 $83,682 $4,685 7.47%
    <20% 79 $8,085,000 $102,342 $4,214 7.26%
    44% 27 $3,235,000 $119,815 $4,158 7.57%
    41% 25 $2,875,000 $115,000 $3,507 7.34%
    36% 24 $1,900,000 $79,167 $4,583 7.08%
    39% 24 $2,120,000 $88,333 $4,976 7.14%
    37% 24 $2,230,000 $92,917 $4,340 7.27%
    40% 23 $2,195,000 $95,435 $3,501 7.43%
    38% 23 $2,745,000 $119,348 $4,548 7.23%
    42% 13 $1,245,000 $95,769 $0 7.62%
    43% 13 $1,495,000 $115,000 $3,699 7.69%
    50-60% 13 $3,795,000 $291,923 $5,192 6.34%
    45% 7 $675,000 $96,429 $0 8.29%
    46% 6 $700,000 $116,667 $3,937 7.29%
    49% 5 $1,155,000 $231,000 $6,518 6.85%
    48% 2 $560,000 $280,000 $4,158 6.38%
    >60% 2 $290,000 $145,000 $5,377 6.63%
    47% 1 $145,000 $145,000 $0 7.50%

    Premier Credit Union lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 129 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 557 $55,975,000 $100,494 $4,501 7.36%
    Not provided 58 $8,330,000 $143,621 $4,380 7.17%
    Black 19 $1,745,000 $91,842 $4,912 7.41%
    Asian 13 $1,005,000 $77,308 $0 7.27%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 7.75%
    American Indian 1 $55,000 $55,000 $0 7.75%

    Approval Rates

    Total approvals of all applications
    93.42%

    Premier Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.66%

    Premier Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 572 $49,540,000 $86,608
    NA 77 $17,635,000 $229,026

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    649 $67,175,000 $103,505

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 169 $17,445,000 $103,225 $4,281 7.48%
    40-60% 25 $2,985,000 $119,400 $4,047 7.59%
    60-80% 50 $11,040,000 $220,800 $4,273 6.99%
    80-100% 44 $12,490,000 $283,864 $4,773 6.47%
    Under 20% 302 $13,380,000 $44,305 $0 7.35%