Municipal Credit Union Mortgage Rates, Fees & Info

New York, NY

LEI: 2549006T9J2DMLJVRS64

Tax ID: 13-5261470

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

    Municipal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, Kingston, Philadelphia, and Albany among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Municipal 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. Municipal Credit Union is typically an average 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 5.48% 11/21/24
    30 Year Conventional Refi 5.30% 11/21/24
    30 Year Cash-out Refi 5.40% 11/21/24
    15 Year Conventional Purchase 5.87% 11/21/24
    15 Year Conventional Refi 4.95% 11/21/24
    15 Year Cash-out Refi 4.95% 11/21/24
    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.

    Municipal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Municipal 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

    1,175

    Origination Dollar Volume (All Markets)

    $286,955,000
    Show all (5) 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,093 $270,585,000 $247,562 $2,871 4.33%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 45 $9,035,000 $200,778 $2,774 4.51%
    KINGSTON, NY (FHA|USDA|VA) 5 $1,515,000 $303,000 $2,714 3.65%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $1,380,000 $345,000 $5,323 3.97%
    Outside of Metro Areas 10 $1,220,000 $122,000 $2,060 4.58%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 5 $1,215,000 $243,000 $4,115 4.55%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $805,000 $268,333 $4,440 5.21%
    ROCHESTER, NY (FHA|USDA|VA) 3 $495,000 $165,000 $2,021 3.96%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $320,000 $160,000 $3,700 4.44%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 2 $210,000 $105,000 $3,313 5.13%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $105,000 $105,000 $95 7.00%
    Hudson, NY (FHA|USDA|VA) 1 $45,000 $45,000 $95 5.50%
    Gloversville, NY (FHA|USDA|VA) 1 $25,000 $25,000 $95 3.25%
    Municipal Credit Union's top markets include New York, Poughkeepsie, Kingston, Philadelphia, and Albany among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Municipal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    Walden Savings Bank
    Similarity Rank: 143
    CCFCU FUNDING, LLC
    Similarity Rank: 168
    N C P D Federal Credit Union
    Similarity Rank: 201
    Rhinebeck Bank
    Similarity Rank: 357
    MID-HUDSON VALLEY
    Similarity Rank: 364
    TEG Federal Credit Union
    Similarity Rank: 455

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 959 $262,415,000 $273,634 $2,870 4.07%
    HELOC 216 $24,540,000 $113,611 n/a 5.56%

    For 2022, Municipal Credit Union's most frequently originated type of loan was Conventional, with 959 originations. Their 2nd most popular type was HELOC, with 216 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 362 $39,760,000 $109,834 $183 4.64%
    Home Purchase 338 $141,250,000 $417,899 $4,890 4.23%
    Other 220 $22,230,000 $101,045 $114 4.89%
    Cash Out Refi 170 $61,120,000 $359,529 $4,702 3.49%
    Refi 85 $22,595,000 $265,824 $3,147 3.79%

    For 2022, Municipal Credit Union's most frequently cited loan purpose was Home Improvement, with 362 originations. The 2nd most popular reason was Home Purchase, with 338 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 695 $220,825,000 $317,734 $4,887 4.50%
    15 Year 170 $31,200,000 $183,529 $1,175 3.44%
    20 Year 168 $23,510,000 $139,940 $1,022 4.96%
    10 Year 139 $10,715,000 $77,086 $288 3.93%
    Other 3 $705,000 $235,000 $0 3.71%

    For 2022, Municipal Credit Union's most frequently cited loan duration was 30 Year, with 695 originations. The 2nd most popular length was 15 Year, with 170 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 930 $252,610,000 $271,624
    $5k+ 16 $6,710,000 $419,375
    $4k-5k 7 $2,145,000 $306,429
    $3k-4k 2 $410,000 $205,000
    $2k-3k 1 $105,000 $105,000

    Municipal Credit Union's average total fees were $4,887, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 930 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 519 $149,245,000 $287,563
    4-5% 249 $63,155,000 $253,635
    5-6% 179 $35,945,000 $200,810
    6-7% 77 $8,075,000 $104,870
    <2.5% 64 $12,250,000 $191,406
    2.5-3% 46 $14,310,000 $311,087
    7-8% 32 $3,320,000 $103,750
    Over 8% 9 $655,000 $72,778

    During 2022, Municipal Credit Union's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 3-4%, with 519 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 352 $20,950,000 $59,517 $304 4.83%
    $200k-400k 277 $81,515,000 $294,278 $3,880 3.91%
    $100k-200k 270 $35,690,000 $132,185 $1,396 4.59%
    $400k-600k 208 $101,660,000 $488,750 $5,113 3.87%
    $600k-1MM 66 $44,910,000 $680,455 $5,592 4.00%
    $1MM+ 2 $2,230,000 $1,115,000 $7,771 4.81%

    2022 saw Municipal Credit Union place emphasis on $100,000 or less loans with 352 originations, totaling $20,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 443 $103,185,000 $232,923 $2,787 4.44%
    $150k-250k 362 $99,090,000 $273,729 $2,922 4.42%
    $75k-100k 194 $42,740,000 $220,309 $3,051 4.07%
    $50k-75k 86 $13,620,000 $158,372 $2,501 4.08%
    $250k+ 80 $26,930,000 $336,625 $3,140 4.48%
    $50k or less 9 $1,085,000 $120,556 $2,412 3.93%

    Municipal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 443 originations. The second most popular income band? $150k-250k, with 362 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 243 $57,475,000 $236,523 $2,780 4.23%
    30-36% 241 $57,495,000 $238,568 $2,673 4.35%
    <20% 64 $13,060,000 $204,063 $2,920 3.98%
    43% 63 $13,285,000 $210,873 $1,630 4.40%
    44% 57 $11,905,000 $208,860 $1,541 4.58%
    42% 49 $11,725,000 $239,286 $2,695 4.63%
    39% 45 $11,255,000 $250,111 $3,091 4.67%
    41% 45 $9,475,000 $210,556 $2,911 4.37%
    40% 44 $9,790,000 $222,500 $2,306 4.70%
    45% 42 $8,390,000 $199,762 $2,158 4.81%
    36% 36 $7,940,000 $220,556 $3,077 4.74%
    46% 34 $8,170,000 $240,294 $3,119 4.34%
    37% 34 $7,480,000 $220,000 $2,539 4.34%
    38% 21 $4,665,000 $222,143 $2,399 4.58%
    48% 20 $6,420,000 $321,000 $3,492 4.33%
    47% 17 $5,255,000 $309,118 $3,324 4.06%
    49% 16 $4,320,000 $270,000 $3,924 4.16%
    50-60% 12 $3,940,000 $328,333 $3,921 3.69%
    >60% 4 $1,040,000 $260,000 $5,057 3.81%

    Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 243 originations. The next most common DTI ratio? 30-36%, with 241 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 386 $103,000,000 $266,839 $3,365 4.23%
    White 292 $83,340,000 $285,411 $3,007 4.27%
    Not provided 390 $65,190,000 $167,154 $1,707 4.56%
    Asian 46 $14,650,000 $318,478 $3,485 4.21%
    Other Asian 14 $5,620,000 $401,429 $4,978 4.12%
    Asian Indian 16 $4,460,000 $278,750 $2,359 4.02%
    American Indian 11 $3,575,000 $325,000 $3,419 4.23%
    Other Pacific Islander 9 $2,875,000 $319,444 $5,674 3.82%
    Filipino 5 $1,845,000 $369,000 $3,662 3.95%
    Chinese 3 $1,725,000 $575,000 $5,064 5.00%
    Not applicable 2 $420,000 $210,000 $3,640 4.38%
    Native Hawaiian or Islander 1 $255,000 $255,000 $4,135 2.88%

    Approval Rates

    Total approvals of all applications
    73.71%

    Municipal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    44.26%

    Municipal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,175 $286,955,000 $244,217

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,175 $286,955,000 $244,217

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 153 $30,545,000 $199,641 $1,716 4.15%
    40-60% 118 $40,330,000 $341,780 $4,069 3.59%
    60-80% 227 $95,575,000 $421,035 $4,810 3.94%
    80-100% 177 $77,855,000 $439,859 $4,964 4.23%
    Over 100% 1 $305,000 $305,000 $3,310 5.38%
    Under 20% 499 $42,345,000 $84,860 $410 4.80%