Madison County Federal Credit Union Mortgage Rates, Fees & Info

Anderson, IN

LEI: 25490053IH908EDF8D65

Tax ID: 35-0868126

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Madison County Federal Credit Union is a smaller credit union specializing in Other, Cash Out Refi, and Home Purchase loans. Madison County Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, Marion, Bloomington, and New Castle among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Madison County Federal 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. 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% 4/21/24
    30 Year Conventional Purchase 7.42% 4/21/24
    30 Year Cash-out Refi 6.66% 4/21/24
    30 Year USDA Purchase 6.27% 4/21/24
    15 Year Conventional Purchase 6.47% 4/21/24
    15 Year Conventional Refi 6.65% 4/21/24
    15 Year Cash-out Refi 6.65% 4/21/24
    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

    163

    Origination Dollar Volume (All Markets)

    $11,415,000

    Awards

    Madison County Federal Credit Union 30 Year Conventional Loans silver Madison County Federal Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    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) 152 $10,110,000 $66,513 $2,286 4.87%
    Outside of Metro Areas 3 $455,000 $151,667 $2,783 6.13%
    MUNCIE, IN (FHA|USDA|VA) 4 $450,000 $112,500 $0 4.19%
    Marion, IN (FHA|USDA|VA) 1 $165,000 $165,000 $3,048 7.13%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,400 5.25%
    New Castle, IN (FHA|USDA|VA) 2 $110,000 $55,000 $2,352 3.56%
    Madison County Federal Credit Union's top markets include Indianapolis, Muncie, Marion, Bloomington, and New Castle 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: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    Greenfield Banking Company
    Similarity Rank: 476
    CRANE
    Similarity Rank: 680
    Home Bank SB
    Similarity Rank: 700
    CIBM Bank
    Similarity Rank: 768
    Madison County Federal Credit Union
    Similarity Rank: 804
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1053
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1273
    The Peoples State Bank
    Similarity Rank: 1280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 91 $4,625,000 $50,824 n/a 4.51%
    Conventional 72 $6,790,000 $94,306 $2,320 5.34%

    For 2022, Madison County Federal Credit Union's most frequently originated type of loan was HELOC, with 91 originations. Their 2nd most popular type was Conventional, with 72 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 70 $3,710,000 $53,000 $1,350 5.16%
    Home Improvement 39 $2,175,000 $55,769 $1,802 4.58%
    Cash Out Refi 28 $2,580,000 $92,143 $2,837 4.48%
    Home Purchase 21 $2,615,000 $124,524 $2,524 5.35%
    Refi 4 $260,000 $65,000 $2,569 3.66%
    NA 1 $75,000 $75,000 $2,352 3.13%

    For 2022, Madison County Federal Credit Union's most frequently cited loan purpose was Other, with 70 originations. The 2nd most popular reason was Home Improvement, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 106 $5,760,000 $54,340 $2,223 4.68%
    30 Year 26 $3,400,000 $130,769 $2,673 5.29%
    15 Year 23 $1,835,000 $79,783 $2,272 4.83%
    10 Year 7 $315,000 $45,000 $1,271 6.62%
    Other 1 $105,000 $105,000 $3,019 3.75%

    For 2022, Madison County Federal Credit Union's most frequently cited loan duration was 20 Year, with 106 originations. The 2nd most popular length was 30 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 41 $3,855,000 $94,024
    $1k-2k 31 $2,935,000 $94,677

    Madison County Federal Credit Union's average total fees were $2,673, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 74 $4,470,000 $60,405
    4-5% 32 $2,460,000 $76,875
    6-7% 23 $1,765,000 $76,739
    7-8% 15 $955,000 $63,667
    5-6% 13 $1,365,000 $105,000
    2.5-3% 5 $355,000 $71,000
    Over 8% 1 $45,000 $45,000

    During 2022, Madison County Federal Credit Union's average interest rate for loans was 5.29%, while their most frequently originated rate bucket for loans was 3-4%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 124 $5,650,000 $45,565 $2,087 4.86%
    $100k-200k 34 $4,630,000 $136,176 $2,683 4.94%
    $200k-400k 5 $1,135,000 $227,000 $2,701 4.88%

    2022 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 124 originations, totaling $5,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 46 $3,140,000 $68,261 $2,459 4.54%
    $50k or less 43 $2,375,000 $55,233 $2,514 4.87%
    $100k-150k 35 $2,385,000 $68,143 $1,894 4.97%
    $75k-100k 25 $2,055,000 $82,200 $2,121 5.46%
    $150k-250k 13 $1,315,000 $101,154 $2,873 4.83%
    $250k+ 1 $145,000 $145,000 $0 4.00%

    Madison County Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 46 originations. The second most popular income band? $50k or less, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $3,555,000 $75,638 $2,474 4.82%
    30-36% 39 $2,975,000 $76,282 $2,193 4.90%
    <20% 24 $1,310,000 $54,583 $2,759 4.54%
    42% 5 $375,000 $75,000 $1,410 5.00%
    36% 5 $245,000 $49,000 $2,864 4.85%
    43% 5 $455,000 $91,000 $1,738 5.77%
    44% 5 $525,000 $105,000 $2,821 5.43%
    47% 5 $225,000 $45,000 $3,099 5.35%
    50-60% 4 $130,000 $32,500 $0 4.94%
    41% 4 $280,000 $70,000 $3,048 4.97%
    45% 4 $190,000 $47,500 $0 4.56%
    37% 4 $180,000 $45,000 $2,844 4.56%
    39% 2 $30,000 $15,000 $0 6.37%
    48% 2 $30,000 $15,000 $0 6.00%
    38% 2 $140,000 $70,000 $1,510 5.87%
    40% 1 $135,000 $135,000 $2,573 4.00%
    46% 1 $75,000 $75,000 $0 4.00%
    >60% 1 $135,000 $135,000 $0 4.00%

    Madison County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 130 $9,470,000 $72,846 $2,325 4.79%
    Not provided 24 $1,200,000 $50,000 $0 5.31%
    Black 7 $585,000 $83,571 $2,148 5.18%
    American Indian 2 $160,000 $80,000 $2,820 4.13%

    Approval Rates

    Total approvals of all applications
    90.34%

    Madison County Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.96%

    Madison County Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 163 $11,415,000 $70,031

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    163 $11,415,000 $70,031

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $2,575,000 $57,222 $1,385 4.98%
    40-60% 18 $1,340,000 $74,444 $2,804 4.77%
    60-80% 38 $4,130,000 $108,684 $2,814 4.65%
    80-100% 17 $2,185,000 $128,529 $2,585 5.51%
    Under 20% 45 $1,185,000 $26,333 $307 4.77%