Jefferson Credit Union Mortgage Rates, Fees & Info
Birmingham, ALLEI: 2549008W3O3PXWF90U35
Tax ID: 63-0390327
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Mortgage Data
Review & Overview
Jefferson Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Jefferson Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Talladega, Florence, and Tuscaloosa among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Jefferson 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. Jefferson 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Jefferson Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
14Origination Dollar Volume (All Markets)
$1,310,000Relative Rate
Jefferson Credit Union's average 30 year fixed mortgage rate was
7.14%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.66%.
Relative Fees (Closing Costs)
Jefferson Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,190.
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) | 10 | $890,000 | $89,000 | $3,339 | 8.22% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $2,894 | 6.95% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 8.00% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Jefferson Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 294
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $1,090,000 | $136,250 | $3,190 | 7.45% |
| HELOC | 6 | $220,000 | $36,667 | n/a | 8.88% |
For 2023, Jefferson Credit Union's most frequently originated type of loan was Conventional, with 8 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
For 2023, Jefferson Credit Union's most frequently cited loan purpose was Home Purchase, with 5 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 6 | $220,000 | $36,667 | $0 | 8.88% |
| 30 Year | 6 | $840,000 | $140,000 | $3,190 | 7.14% |
| Other | 2 | $250,000 | $125,000 | $0 | 8.38% |
For 2023, Jefferson Credit Union's most frequently cited loan duration was 15 Year, with 6 originations. The 2nd most popular length was 30 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 3 | $465,000 | $155,000 |
| $<1k | 2 | $110,000 | $55,000 |
| $2k-3k | 1 | $265,000 | $265,000 |
Jefferson Credit Union's average total fees were $3,190, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 6 | $280,000 | $46,667 |
| 7-8% | 5 | $895,000 | $179,000 |
| 6-7% | 3 | $135,000 | $45,000 |
During 2023, Jefferson Credit Union's average interest rate for loans was 7.14%, while their most frequently originated rate bucket for loans was Over 8%, with 6 originations.
Loan Sizing
2023 saw Jefferson Credit Union place emphasis on $100,000 or less loans with 9 originations, totaling $415,000 in origination value.
Applicant Income
Jefferson Credit Union lent most frequently to those with incomes in the $75k-100k range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Jefferson Credit Union lent most frequently to those with DTI ratios of <20%, with 4 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 7 | $705,000 | $100,714 | $3,461 | 8.71% |
| White | 7 | $605,000 | $86,429 | $3,055 | 7.41% |
Approval Rates
Total approvals of all applications77.78%
Jefferson Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination71.43%
Jefferson Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2430.07 | 1 | $85,000 | $85,000 |
| 4468.0 | 1 | $165,000 | $165,000 |
| NA | 12 | $1,060,000 | $88,333 |