Miami Postal Service Credit Union Mortgage Rates, Fees & Info
Miami, FLLEI: 254900FB4VEI37KZPQ74
Tax ID: 59-0359710
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Mortgage Data
Review & Overview
Miami Postal Service Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Miami Postal Service Credit Union has a high proportion of conventional loans. Their top two markets are Miami and Port St. Lucie .Miami Postal Service 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.36% | 4/22/24 |
| 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. | ||
Miami Postal Service 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
84Origination Dollar Volume (All Markets)
$9,570,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 83 | $9,535,000 | $114,880 | $0 | 4.02% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.90% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 47 | $6,415,000 | $136,489 | n/a | 3.16% |
| Conventional | 37 | $3,155,000 | $85,270 | $0 | 5.07% |
For 2023, Miami Postal Service Credit Union's most frequently originated type of loan was HELOC, with 47 originations. Their 2nd most popular type was Conventional, with 37 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 49 | $5,805,000 | $118,469 | $0 | 3.78% |
| Other | 29 | $2,955,000 | $101,897 | $0 | 4.39% |
| Refi | 6 | $810,000 | $135,000 | $0 | 3.95% |
For 2023, Miami Postal Service Credit Union's most frequently cited loan purpose was Home Improvement, with 49 originations. The 2nd most popular reason was Other, with 29 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 43 | $5,925,000 | $137,791 | $0 | 2.90% |
| 10 Year | 32 | $3,070,000 | $95,938 | $0 | 5.34% |
| Other | 9 | $575,000 | $63,889 | $0 | 4.50% |
For 2023, Miami Postal Service Credit Union's most frequently cited loan duration was 15 Year, with 43 originations. The 2nd most popular length was 10 Year, with 32 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $145,000 | $145,000 |
Miami Postal Service Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 43 | $5,925,000 | $137,791 |
| 5-6% | 32 | $3,070,000 | $95,938 |
| 4-5% | 9 | $575,000 | $63,889 |
During 2023, Miami Postal Service Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 43 originations.
Loan Sizing
2023 saw Miami Postal Service Credit Union place emphasis on $100,000 or less loans with 39 originations, totaling $2,285,000 in origination value.
Applicant Income
Miami Postal Service Credit Union lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $50k-75k, with 17 originations.
Applicant Debt to Income Ratio
Miami Postal Service Credit Union lent most frequently to those with DTI ratios of 30-36%, with 19 originations. The next most common DTI ratio? <20%, with 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications69.88%
Miami Postal Service Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination61.90%
Miami Postal Service 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 |
|---|---|---|---|
| 0.0 | 2 | $120,000 | $60,000 |
| NA | 82 | $9,450,000 | $115,244 |