Madison County Federal Credit Union Mortgage Rates, Fees & Info
Anderson, INLEI: 25490053IH908EDF8D65
Tax ID: 35-0868126
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Mortgage Data
Review & Overview
Madison County Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Madison County Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, Kokomo, and Marion among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Madison County Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Madison County Federal 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.20% | 12/3/24 |
| 30 Year Conventional Purchase | 7.42% | 12/3/24 |
| 30 Year Cash-out Refi | 6.66% | 12/3/24 |
| 30 Year USDA Purchase | 6.27% | 12/3/24 |
| 15 Year Conventional Purchase | 6.47% | 12/3/24 |
| 15 Year Conventional Refi | 6.65% | 12/3/24 |
| 15 Year Cash-out Refi | 6.65% | 12/3/24 |
| 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. | ||
Madison County Federal Credit Union Mortgage Calculator
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This is not an official calculator from Madison County Federal 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
122Origination Dollar Volume (All Markets)
$6,480,000Relative Rate
Madison County Federal Credit Union's average 30 year fixed mortgage rate was
7.95%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.47%.
Relative Fees (Closing Costs)
Madison County Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,144.
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 |
|---|---|---|---|---|---|
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 114 | $5,940,000 | $52,105 | $202 | 7.04% |
| MUNCIE, IN (FHA|USDA|VA) | 6 | $390,000 | $65,000 | $576 | 6.76% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.50% |
| Marion, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against Madison County Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 460
Similarity Rank: 581
Similarity Rank: 651
Similarity Rank: 1020
Similarity Rank: 1064
Similarity Rank: 1134
Similarity Rank: 1287
Similarity Rank: 1472
Similarity Rank: 1500
Similarity Rank: 1763
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 84 | $4,260,000 | $50,714 | $222 | 6.65% |
| HELOC | 38 | $2,220,000 | $58,421 | n/a | 7.85% |
For 2023, Madison County Federal Credit Union's most frequently originated type of loan was Conventional, with 84 originations. Their 2nd most popular type was HELOC, with 38 originations.
Loan Reason
For 2023, Madison County Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 56 originations. The 2nd most popular reason was Other, with 49 originations.
Loan Duration/Length
For 2023, Madison County Federal Credit Union's most frequently cited loan duration was Other, with 47 originations. The 2nd most popular length was 20 Year, with 41 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 79 | $3,455,000 | $43,734 |
| $1k-2k | 5 | $805,000 | $161,000 |
Madison County Federal Credit Union's average total fees were $3,144, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 79 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 67 | $2,915,000 | $43,507 |
| Over 8% | 27 | $1,585,000 | $58,704 |
| 7-8% | 23 | $1,715,000 | $74,565 |
| 6-7% | 5 | $265,000 | $53,000 |
During 2023, Madison County Federal Credit Union's average interest rate for loans was 7.95%, while their most frequently originated rate bucket for loans was 5-6%, with 67 originations.
Loan Sizing
2023 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 106 originations, totaling $4,300,000 in origination value.
Applicant Income
Madison County Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $50k or less, with 33 originations.
Applicant Debt to Income Ratio
Madison County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 22 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 113 | $6,165,000 | $54,558 | $239 | 7.01% |
| Black | 6 | $210,000 | $35,000 | $0 | 7.32% |
| Not provided | 3 | $105,000 | $35,000 | $0 | 6.67% |
Approval Rates
Total approvals of all applications86.86%
Madison County Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.43%
Madison County Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 122 | $6,480,000 | $53,115 |