Premier Credit Union Mortgage Rates, Fees & Info
Des Moines, IALEI: 2549004WBDC394DA3W87
Tax ID: 42-0127275
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Mortgage Data
Review & Overview
Premier Credit Union is a smaller credit union specializing in Cash Out Refi 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.) Their top markets by origination volume include: Des Moines, Ames, Pella, Marshalltown, and Mason City 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 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 | 6.39% | 5/4/24 |
| 30 Year Conventional Refi | 6.96% | 5/4/24 |
| 30 Year Cash-out Refi | 6.58% | 5/4/24 |
| 15 Year Conventional Purchase | 5.35% | 5/4/24 |
| 15 Year Conventional Refi | 5.63% | 5/4/24 |
| 15 Year Cash-out Refi | 5.63% | 5/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
300Origination Dollar Volume (All Markets)
$32,480,000Awards
Premier Credit Union - 2019
Premier Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 255 | $26,325,000 | $103,235 | $3,792 | 3.68% |
| AMES, IA (FHA|USDA|VA) | 28 | $4,720,000 | $168,571 | $2,617 | 3.85% |
| Outside of Metro Areas | 11 | $855,000 | $77,727 | $2,512 | 3.56% |
| Pella, IA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $5,417 | 3.00% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,537 | 4.88% |
| Mason City, IA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
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.
Similarity Rank: 63
Similarity Rank: 145
Similarity Rank: 255
Similarity Rank: 322
Similarity Rank: 380
Similarity Rank: 388
Similarity Rank: 574
Similarity Rank: 640
Similarity Rank: 640
Similarity Rank: 1008
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 298 | $32,300,000 | $108,389 | $3,565 | 3.71% |
| FHA | 2 | $180,000 | $90,000 | $0 | 0.00% |
For 2019, Premier Credit Union's most frequently originated type of loan was Conventional, with 298 originations. Their 2nd most popular type was FHA, with 2 originations.
Loan Reason
For 2019, Premier Credit Union's most frequently cited loan purpose was Cash Out Refi, with 116 originations. The 2nd most popular reason was Other, with 81 originations.
Loan Duration/Length
For 2019, Premier Credit Union's most frequently cited loan duration was 10 Year, with 74 originations. The 2nd most popular length was 15 Year, with 65 originations.
Origination Fees/Closing Costs
Premier Credit Union's average total fees were $3,556, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 65 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 77 | $16,505,000 | $214,351 |
| 4-5% | 23 | $4,265,000 | $185,435 |
| 2.5-3% | 12 | $2,270,000 | $189,167 |
| 5-6% | 2 | $270,000 | $135,000 |
During 2019, Premier Credit Union's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 3-4%, with 77 originations.
Loan Sizing
2019 saw Premier Credit Union place emphasis on $100,000 or less loans with 181 originations, totaling $7,545,000 in origination value.
Applicant Income
Premier Credit Union lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $150k-250k, with 68 originations.
Applicant Debt to Income Ratio
Premier Credit Union lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 72 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.68%
Premier Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.00%
Premier Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 300 | $32,480,000 | $108,267 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 300 | $32,480,000 | $108,267 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Premier Lending, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |