Mutual Savings Credit Union Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 2549008PQJ4J5Z32RI14

Tax ID: 63-0148940

5 stars - Updated: 11/17/24 - out of 5 stars, based on 7 reviews

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

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Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Mutual Savings Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Mutual Savings Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Daphne, Montgomery, Alexander City, and Tuscaloosa among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mutual Savings Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mutual Savings 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.

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    Originations

    54

    Origination Dollar Volume (All Markets)

    $14,080,000

    Awards

    Mutual Savings Credit Union 30 Year Conventional Loans gold Mutual Savings Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Mutual Savings Credit Union's average 30 year fixed mortgage rate was 5.34%.

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

    This yields a difference of -1.14%.

    Relative Fees (Closing Costs)

    Mutual Savings Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,756.

    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
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 38 $10,340,000 $272,105 $3,800 5.65%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $1,380,000 $690,000 $9,002 5.08%
    MONTGOMERY, AL (FHA|USDA|VA) 3 $875,000 $291,667 $3,347 5.53%
    Alexander City, AL (FHA|USDA|VA) 3 $845,000 $281,667 $2,357 5.12%
    TUSCALOOSA, AL (FHA|USDA|VA) 5 $305,000 $61,000 $1,409 5.13%
    Cullman, AL (FHA|USDA|VA) 1 $245,000 $245,000 $4,047 5.40%
    Selma, AL (FHA|USDA|VA) 1 $85,000 $85,000 $1,679 6.50%
    Outside of Metro Areas 1 $5,000 $5,000 $1,393 7.25%
    Mutual Savings Credit Union's top markets include Birmingham, Daphne, Montgomery, Alexander City, and Tuscaloosa among others.

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

    • Similar Lenders

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

    ALABAMA CREDIT UNION
    Similarity Rank: 294
    Liberty Mortgage Corporation
    Similarity Rank: 348
    Mutual Savings Credit Union
    Similarity Rank: 360
    APCO EMPLOYEES
    Similarity Rank: 891
    AMERICA'S FIRST
    Similarity Rank: 1003
    INSPIRE HOME LOANS INC.
    Similarity Rank: 1144
    CHERRY CREEK MORTGAGE, LLC
    Similarity Rank: 1526
    AVADIAN
    Similarity Rank: 1530
    Bryant Bank
    Similarity Rank: 1628
    Raymond James Bank
    Similarity Rank: 1652

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 54 $14,080,000 $260,741 $3,586 5.58%

    For 2023, Mutual Savings Credit Union's most frequently originated type of loan was Conventional, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 23 $5,275,000 $229,348 $2,884 5.61%
    Home Purchase 17 $5,995,000 $352,647 $5,139 5.49%
    Refi 14 $2,810,000 $200,714 $2,855 5.66%

    For 2023, Mutual Savings Credit Union's most frequently cited loan purpose was Cash Out Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 31 $12,035,000 $388,226 $4,756 5.34%
    15 Year 15 $1,455,000 $97,000 $2,444 6.08%
    10 Year 8 $590,000 $73,750 $1,199 5.58%

    For 2023, Mutual Savings Credit Union's most frequently cited loan duration was 30 Year, with 31 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 22 $1,360,000 $61,818
    $2k-3k 10 $3,530,000 $353,000
    $3k-4k 6 $2,690,000 $448,333
    $1k-2k 5 $755,000 $151,000
    $5k+ 4 $3,210,000 $802,500
    $4k-5k 3 $1,935,000 $645,000

    Mutual Savings Credit Union's average total fees were $4,756, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 23 $6,185,000 $268,913
    4-5% 14 $6,050,000 $432,143
    6-7% 11 $955,000 $86,818
    7-8% 5 $425,000 $85,000
    3-4% 1 $465,000 $465,000

    During 2023, Mutual Savings Credit Union's average interest rate for loans was 5.34%, while their most frequently originated rate bucket for loans was 5-6%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,275,000 $51,000 $1,571 6.03%
    $400k-600k 10 $4,720,000 $472,000 $5,212 4.71%
    $200k-400k 9 $2,645,000 $293,889 $4,367 5.66%
    $600k-1MM 5 $3,645,000 $729,000 $7,432 5.11%
    $100k-200k 4 $650,000 $162,500 $3,164 5.60%
    $1MM+ 1 $1,145,000 $1,145,000 $13,165 4.75%

    2023 saw Mutual Savings Credit Union place emphasis on $100,000 or less loans with 25 originations, totaling $1,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 13 $6,975,000 $536,538 $5,517 5.12%
    $100k-150k 10 $2,600,000 $260,000 $4,014 5.59%
    $50k or less 10 $640,000 $64,000 $1,544 5.81%
    $150k-250k 9 $2,355,000 $261,667 $3,815 5.60%
    $50k-75k 7 $485,000 $69,286 $1,895 5.83%
    $75k-100k 5 $1,025,000 $205,000 $3,754 5.97%

    Mutual Savings Credit Union lent most frequently to those with incomes in the $250k+ range, with 13 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 14 $3,260,000 $232,857 $2,839 5.58%
    20-30% 12 $3,110,000 $259,167 $4,221 5.63%
    30-36% 8 $2,870,000 $358,750 $4,798 5.61%
    40% 5 $1,595,000 $319,000 $3,722 4.92%
    46% 3 $675,000 $225,000 $3,269 6.50%
    41% 2 $110,000 $55,000 $1,427 6.00%
    50-60% 2 $130,000 $65,000 $1,461 5.80%
    >60% 2 $190,000 $95,000 $1,831 5.75%
    39% 2 $450,000 $225,000 $3,946 5.83%
    42% 1 $365,000 $365,000 $2,843 6.00%
    37% 1 $465,000 $465,000 $5,837 3.88%
    38% 1 $385,000 $385,000 $4,562 5.75%
    48% 1 $475,000 $475,000 $5,902 4.50%

    Mutual Savings Credit Union lent most frequently to those with DTI ratios of <20%, with 14 originations. The next most common DTI ratio? 20-30%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 43 $11,985,000 $278,721 $3,905 5.49%
    Black 8 $1,060,000 $132,500 $2,064 5.98%
    Not provided 1 $405,000 $405,000 $0 5.40%
    Asian 1 $345,000 $345,000 $5,023 5.10%
    Not applicable 1 $285,000 $285,000 $4,232 7.15%

    Approval Rates

    Total approvals of all applications
    63.81%

    Mutual Savings Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    75.93%

    Mutual Savings Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 54 $14,080,000 $260,741

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    54 $14,080,000 $260,741

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $225,000 $45,000 $1,068 5.82%
    40-60% 10 $3,630,000 $363,000 $4,051 5.20%
    60-80% 18 $3,440,000 $191,111 $3,040 5.64%
    80-100% 18 $6,640,000 $368,889 $5,028 5.60%
    Under 20% 3 $145,000 $48,333 $865 6.03%