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 Refi loans. Jefferson Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Crestview, Jasper, and Daphne 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
26Origination Dollar Volume (All Markets)
$3,780,000Top 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) | 23 | $3,575,000 | $155,435 | $3,668 | 3.43% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,458 | 3.05% |
| Jasper, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,415 | 3.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,425 | 3.65% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $3,730,000 | $155,417 | $3,555 | 3.35% |
| HELOC | 2 | $50,000 | $25,000 | n/a | 4.13% |
For 2021, Jefferson Credit Union's most frequently originated type of loan was Conventional, with 24 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 22 | $3,120,000 | $141,818 | $3,412 | 3.41% |
| Home Purchase | 3 | $605,000 | $201,667 | $4,889 | 3.33% |
| Other | 1 | $55,000 | $55,000 | $2,425 | 3.65% |
For 2021, Jefferson Credit Union's most frequently cited loan purpose was Refi, with 22 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 13 | $2,805,000 | $215,769 | $4,339 | 3.51% |
| 10 Year | 7 | $555,000 | $79,286 | $2,633 | 3.25% |
| 15 Year | 6 | $420,000 | $70,000 | $2,620 | 3.38% |
For 2021, Jefferson Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 10 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 12 | $700,000 | $58,333 |
| $1k-2k | 5 | $665,000 | $133,000 |
| $2k-3k | 4 | $880,000 | $220,000 |
| $4k-5k | 2 | $830,000 | $415,000 |
| $5k+ | 1 | $655,000 | $655,000 |
Jefferson Credit Union's average total fees were $4,339, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 11 | $1,895,000 | $172,273 |
| 2.5-3% | 9 | $875,000 | $97,222 |
| 4-5% | 5 | $945,000 | $189,000 |
| 5-6% | 1 | $65,000 | $65,000 |
During 2021, Jefferson Credit Union's average interest rate for loans was 3.51%, while their most frequently originated rate bucket for loans was 3-4%, with 11 originations.
Loan Sizing
2021 saw Jefferson Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $750,000 in origination value.
Applicant Income
Jefferson Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Jefferson Credit Union lent most frequently to those with DTI ratios of <20%, with 10 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 14 | $2,240,000 | $160,000 | $3,695 | 3.24% |
| Black | 12 | $1,540,000 | $128,333 | $3,359 | 3.61% |
Approval Rates
Total approvals of all applications85.00%
Jefferson Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination69.23%
Jefferson 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 | 26 | $3,780,000 | $145,385 |