Champion Credit Union Mortgage Rates, Fees & Info

Canton, NC

LEI: 25490080ZZ98MNHU5R63

Tax ID: 56-0172675

5 stars - Updated: 3/28/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Champion Credit Union is a smaller credit union specializing in Home Purchase loans. Champion Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Asheville, Cullowhee, Brevard, Forest City, and Marion among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Champion 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. Champion 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 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.82% 3/28/24
30 Year Conventional Refi 5.27% 3/28/24
30 Year Cash-out Refi 5.51% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.00% 3/28/24
15 Year Conventional Refi 7.11% 3/28/24
15 Year Cash-out Refi 7.11% 3/28/24
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.

Champion Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Champion 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

182

Origination Dollar Volume (All Markets)

$52,420,000

Awards

Champion Credit Union 30 Year Conventional Loans silver Champion Credit Union 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Champion Credit Union's average 30 year fixed mortgage rate was 6.16%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.32%.

Relative Fees (Closing Costs)

Champion Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,819.

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
ASHEVILLE, NC (FHA|USDA|VA) 155 $45,035,000 $290,548 $5,648 6.24%
Cullowhee, NC (FHA|USDA|VA) 8 $2,430,000 $303,750 $6,423 5.84%
Brevard, NC (FHA|USDA|VA) 6 $1,520,000 $253,333 $5,986 6.71%
Forest City, NC (FHA|USDA|VA) 4 $1,250,000 $312,500 $6,141 5.38%
Outside of Metro Areas 4 $920,000 $230,000 $4,903 5.94%
Marion, NC (FHA|USDA|VA) 2 $400,000 $200,000 $3,877 5.94%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $385,000 $385,000 $8,194 6.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $275,000 $275,000 $6,334 5.63%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,160 7.00%
Champion Credit Union's top markets include Asheville, Cullowhee, Brevard, Forest City, and Marion among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    Telco Community Credit Union
    Similarity Rank: 288
    Champion Credit Union
    Similarity Rank: 306
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    Similarity Rank: 1078
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 182 $52,420,000 $288,022 $5,674 6.21%

    For 2023, Champion Credit Union's most frequently originated type of loan was Conventional, with 182 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 140 $44,270,000 $316,214 $5,975 6.03%
    Home Improvement 15 $2,625,000 $175,000 $4,483 6.72%
    Other 13 $2,725,000 $209,615 $4,745 6.59%
    Cash Out Refi 11 $2,065,000 $187,727 $4,659 7.30%
    Refi 3 $735,000 $245,000 $5,406 6.54%

    For 2023, Champion Credit Union's most frequently cited loan purpose was Home Purchase, with 140 originations. The 2nd most popular reason was Home Improvement, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 171 $51,345,000 $300,263 $5,819 6.16%
    15 Year 7 $685,000 $97,857 $3,489 7.29%
    20 Year 3 $315,000 $105,000 $3,617 6.54%
    10 Year 1 $75,000 $75,000 $3,147 7.13%

    For 2023, Champion Credit Union's most frequently cited loan duration was 30 Year, with 171 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 48 $15,170,000 $316,042
    $4k-5k 46 $20,450,000 $444,565
    $2k-3k 35 $6,775,000 $193,571
    $1k-2k 28 $3,040,000 $108,571
    $<1k 15 $3,315,000 $221,000
    $5k+ 1 $685,000 $685,000

    Champion Credit Union's average total fees were $5,819, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 48 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 84 $22,150,000 $263,690
    5-6% 42 $14,210,000 $338,333
    4-5% 32 $12,130,000 $379,063
    7-8% 18 $3,170,000 $176,111
    Over 8% 6 $760,000 $126,667

    During 2023, Champion Credit Union's average interest rate for loans was 6.16%, while their most frequently originated rate bucket for loans was 6-7%, with 84 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 89 $26,865,000 $301,854 $6,017 6.07%
    $100k-200k 47 $7,155,000 $152,234 $4,268 6.72%
    $400k-600k 26 $11,910,000 $458,077 $7,508 5.79%
    $100,000 or less 12 $930,000 $77,500 $3,344 6.82%
    $600k-1MM 8 $5,560,000 $695,000 $7,941 5.30%

    2023 saw Champion Credit Union place emphasis on $200k-400k loans with 89 originations, totaling $26,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 54 $16,640,000 $308,148 $6,210 6.17%
    $75k-100k 44 $11,970,000 $272,045 $5,490 6.27%
    $50k-75k 40 $7,270,000 $181,750 $4,639 6.34%
    $150k-250k 18 $7,320,000 $406,667 $6,485 5.92%
    $250k+ 14 $7,490,000 $535,000 $7,601 5.98%
    $50k or less 12 $1,730,000 $144,167 $3,957 6.42%

    Champion Credit Union lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $75k-100k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 48 $12,210,000 $254,375 $5,281 6.39%
    30-36% 46 $14,140,000 $307,391 $5,747 6.04%
    <20% 18 $5,530,000 $307,222 $5,793 6.28%
    37% 10 $2,820,000 $282,000 $5,945 6.04%
    40% 8 $2,320,000 $290,000 $5,771 6.27%
    43% 7 $2,205,000 $315,000 $5,316 5.86%
    36% 7 $1,945,000 $277,857 $6,169 6.70%
    38% 7 $2,625,000 $375,000 $6,661 5.46%
    44% 7 $1,775,000 $253,571 $5,459 6.39%
    42% 6 $2,090,000 $348,333 $6,438 5.50%
    39% 6 $1,920,000 $320,000 $6,709 5.96%
    45% 4 $1,110,000 $277,500 $5,759 6.53%
    47% 3 $585,000 $195,000 $4,018 7.13%
    41% 2 $500,000 $250,000 $6,031 7.81%
    46% 1 $265,000 $265,000 $6,374 7.00%
    48% 1 $185,000 $185,000 $3,171 6.00%
    >60% 1 $195,000 $195,000 $3,948 6.13%

    Champion Credit Union lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 163 $46,385,000 $284,571 $5,599 6.19%
    Not provided 10 $3,040,000 $304,000 $6,203 6.36%
    Asian 3 $1,155,000 $385,000 $7,018 6.00%
    American Indian 2 $810,000 $405,000 $6,780 6.19%
    Black 3 $775,000 $258,333 $5,850 7.21%
    Japanese 1 $255,000 $255,000 $6,182 5.99%

    Approval Rates

    Total approvals of all applications
    92.38%

    Champion Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    47.25%

    Champion 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 182 $52,420,000 $288,022

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    182 $52,420,000 $288,022

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,680,000 $105,000 $3,797 6.95%
    40-60% 19 $4,695,000 $247,105 $4,874 6.67%
    60-80% 24 $6,210,000 $258,750 $5,023 6.45%
    80-100% 114 $37,530,000 $329,211 $6,230 6.01%
    Over 100% 7 $2,195,000 $313,571 $6,187 5.82%
    Under 20% 2 $110,000 $55,000 $3,016 6.06%