Madison County Federal Credit Union Mortgage Rates, Fees & Info

Anderson, IN

LEI: 25490053IH908EDF8D65

Tax ID: 35-0868126

5 stars - Updated: 3/27/24 - out of 5 stars, based on 11 reviews

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

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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% 3/27/24
30 Year Conventional Purchase 7.42% 3/27/24
30 Year Cash-out Refi 6.66% 3/27/24
30 Year USDA Purchase 6.27% 3/27/24
15 Year Conventional Purchase 6.47% 3/27/24
15 Year Conventional Refi 6.65% 3/27/24
15 Year Cash-out Refi 6.65% 3/27/24
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






Your Estimates

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

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

122

Origination Dollar Volume (All Markets)

$6,480,000

Relative 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 $4,750.

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%
Madison County Federal Credit Union's top markets include Indianapolis, Muncie, Kokomo, and Marion among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • 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.

    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 651
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1020
    Jackson County Bank
    Similarity Rank: 1064
    CRANE
    Similarity Rank: 1134
    Community First Bank of Indiana
    Similarity Rank: 1287
    Stock Yards Bank & Trust Company
    Similarity Rank: 1472
    First Internet Bank of Indiana
    Similarity Rank: 1500
    Centra Credit Union
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 56 $2,770,000 $49,464 $160 7.27%
    Other 49 $2,405,000 $49,082 $0 6.93%
    Refi 8 $410,000 $51,250 $0 6.24%
    Cash Out Refi 7 $475,000 $67,857 $859 6.37%
    Home Purchase 2 $420,000 $210,000 $3,260 7.81%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 47 $2,395,000 $50,957 $0 6.08%
    20 Year 41 $2,395,000 $58,415 $0 8.01%
    10 Year 22 $650,000 $29,545 $1 6.72%
    30 Year 5 $805,000 $161,000 $3,144 7.95%
    15 Year 4 $170,000 $42,500 $720 9.31%
    5 Year 3 $65,000 $21,667 $0 5.99%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 106 $4,300,000 $40,566 $80 6.97%
    $100k-200k 14 $1,760,000 $125,714 $1,002 7.30%
    $200k-400k 2 $420,000 $210,000 $3,260 7.81%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 35 $2,095,000 $59,857 $491 7.42%
    $50k or less 33 $1,235,000 $37,424 $127 6.81%
    $75k-100k 24 $1,280,000 $53,333 $0 6.43%
    $100k-150k 23 $1,285,000 $55,870 $286 7.44%
    $150k-250k 5 $455,000 $91,000 $0 5.99%
    $250k+ 2 $130,000 $65,000 $0 8.38%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $1,275,000 $51,000 $165 6.72%
    30-36% 22 $1,020,000 $46,364 $0 7.43%
    <20% 21 $925,000 $44,048 $192 6.77%
    50-60% 11 $735,000 $66,818 $451 7.35%
    43% 5 $335,000 $67,000 $4 7.09%
    40% 4 $200,000 $50,000 $720 6.65%
    36% 4 $220,000 $55,000 $0 5.99%
    44% 4 $190,000 $47,500 $1,062 7.03%
    42% 3 $145,000 $48,333 $0 6.74%
    37% 3 $345,000 $115,000 $2,912 7.25%
    38% 3 $155,000 $51,667 $0 7.32%
    47% 3 $165,000 $55,000 $0 6.74%
    48% 3 $175,000 $58,333 $0 9.33%
    46% 2 $90,000 $45,000 $0 5.99%
    39% 2 $90,000 $45,000 $0 6.88%
    >60% 2 $120,000 $60,000 $0 7.13%
    41% 2 $90,000 $45,000 $0 7.00%
    49% 1 $35,000 $35,000 $0 5.99%
    45% 1 $55,000 $55,000 $0 9.99%

    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 applications
    86.86%

    Madison County Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.43%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    122 $6,480,000 $53,115

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $2,285,000 $58,590 $116 6.95%
    40-60% 11 $865,000 $78,636 $0 6.79%
    60-80% 11 $1,135,000 $103,182 $1,314 7.94%
    80-100% 3 $485,000 $161,667 $2,173 7.21%
    Under 20% 58 $1,710,000 $29,483 $0 6.93%