Leaders Credit Union Mortgage Rates, Fees & Info

Jackson, TN

LEI: 254900FJRICL380R4T46

Tax ID: 62-0681671

5 stars - Updated: 6/23/24 - out of 5 stars, based on 32 reviews

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

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Mortgage Data

Review & Overview

Leaders Credit Union is a smaller credit union specializing in Home Purchase loans. Leaders Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Jackson, Dyersburg, Memphis, Union City, and Martin among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Leaders 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. Leaders 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.

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
Home Equity Line of Credit (HELOC) 6.27% 6/23/24
30 Year Conventional Purchase 5.97% 6/23/24
30 Year Conventional Refi 6.82% 6/23/24
30 Year Cash-out Refi 7.01% 6/23/24
30 Year FHA Purchase 7.53% 6/23/24
30 Year FHA Refi 7.32% 6/23/24
30 Year VA Purchase 6.45% 6/23/24
30 Year USDA Purchase 6.95% 6/23/24
30 Year USDA Refi 6.27% 6/23/24
15 Year Conventional Purchase 6.71% 6/23/24
15 Year Conventional Refi 6.76% 6/23/24
15 Year Cash-out Refi 6.76% 6/23/24
15 Year FHA Purchase 5.68% 6/23/24
15 Year FHA Refi 5.68% 6/23/24
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.

Leaders Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Leaders 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

1,030

Origination Dollar Volume (All Markets)

$151,810,000
Show all (19) awards

Relative Rate

Leaders Credit Union's average 30 year fixed mortgage rate was 5.73%.

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

This yields a difference of -0.75%.

Relative Fees (Closing Costs)

Leaders Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,542.

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
JACKSON, TN (FHA|USDA|VA) 589 $87,385,000 $148,362 $3,257 7.56%
Dyersburg, TN (FHA|USDA|VA) 128 $14,200,000 $110,938 $2,973 5.93%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 76 $14,000,000 $184,211 $4,188 7.77%
Outside of Metro Areas 96 $12,650,000 $131,771 $2,889 6.56%
Union City, TN (FHA|USDA|VA) 51 $5,755,000 $112,843 $3,154 7.17%
Martin, TN (FHA|USDA|VA) 34 $4,240,000 $124,706 $2,841 7.41%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 12 $3,310,000 $275,833 $5,096 7.04%
Paris, TN (FHA|USDA|VA) 5 $1,655,000 $331,000 $5,663 7.27%
Brownsville, TN (FHA|USDA|VA) 15 $1,495,000 $99,667 $3,291 7.98%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $1,070,000 $535,000 $5,405 6.56%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $605,000 $605,000 $4,597 6.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $555,000 $555,000 $11,917 6.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $535,000 $535,000 $3,691 7.63%
Tullahoma-Manchester, TN (FHA|USDA|VA) 3 $495,000 $165,000 $6,375 4.79%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $455,000 $455,000 $9,244 6.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $455,000 $455,000 $3,695 7.49%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $395,000 $395,000 $1,984 6.99%
JONESBORO, AR (FHA|USDA|VA) 1 $395,000 $395,000 $5,398 7.63%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $390,000 $195,000 $1,058 10.34%
KNOXVILLE, TN (FHA|USDA|VA) 2 $350,000 $175,000 $2,944 7.81%
ALBANY, GA (FHA|USDA|VA) 1 $295,000 $295,000 $5,333 6.63%
Richmond-Berea, KY (FHA|USDA|VA) 1 $235,000 $235,000 $3,470 6.88%
Mount Vernon, IL (FHA|USDA|VA) 1 $225,000 $225,000 $125 6.75%
PITTSBURGH, PA (FHA|USDA|VA) 1 $195,000 $195,000 $3,127 6.88%
Campbellsville, KY (FHA|USDA|VA) 1 $195,000 $195,000 $3,943 6.25%
Corinth, MS (FHA|USDA|VA) 1 $145,000 $145,000 $7,061 7.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $105,000 $105,000 $175 5.75%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $25,000 $25,000 $0 11.25%
Leaders Credit Union's top markets include Jackson, Dyersburg, Memphis, Union City, and Martin among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Leaders 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 530 $90,770,000 $171,264 $2,402 6.37%
    HELOC 285 $18,805,000 $65,982 n/a 9.40%
    FHA 128 $25,470,000 $198,984 $5,680 6.60%
    USDA 65 $10,515,000 $161,769 $4,171 6.35%
    VA 22 $6,250,000 $284,091 $7,093 6.67%

    For 2023, Leaders Credit Union's most frequently originated type of loan was Conventional, with 530 originations. Their 2nd most popular type was HELOC, with 285 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 602 $115,750,000 $192,276 $3,368 5.93%
    Home Improvement 170 $10,800,000 $63,529 $0 9.20%
    Refi 149 $17,955,000 $120,503 $3,025 8.52%
    Other 102 $6,790,000 $66,569 $0 9.76%
    Cash Out Refi 7 $515,000 $73,571 $2,016 8.70%

    For 2023, Leaders Credit Union's most frequently cited loan purpose was Home Purchase, with 602 originations. The 2nd most popular reason was Home Improvement, with 170 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 586 $107,230,000 $182,986 $3,542 5.73%
    Other 349 $22,175,000 $63,539 $891 9.62%
    10 Year 71 $17,665,000 $248,803 $3,209 7.86%
    15 Year 18 $3,700,000 $205,556 $3,928 7.73%
    20 Year 3 $215,000 $71,667 $2,178 8.13%
    5 Year 2 $440,000 $220,000 $0 6.59%
    3 Year 1 $385,000 $385,000 $2,727 7.24%

    For 2023, Leaders Credit Union's most frequently cited loan duration was 30 Year, with 586 originations. The 2nd most popular length was Other, with 349 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 393 $57,655,000 $146,705
    $1k-2k 192 $38,800,000 $202,083
    $2k-3k 69 $11,985,000 $173,696
    $3k-4k 39 $8,815,000 $226,026
    $5k+ 21 $7,125,000 $339,286
    $4k-5k 15 $4,445,000 $296,333

    Leaders Credit Union's average total fees were $3,542, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 393 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 344 $28,120,000 $81,744
    7-8% 246 $50,960,000 $207,154
    6-7% 242 $52,820,000 $218,264
    5-6% 110 $19,250,000 $175,000
    <2.5% 86 $430,000 $5,000
    2.5-3% 2 $230,000 $115,000

    During 2023, Leaders Credit Union's average interest rate for loans was 5.73%, while their most frequently originated rate bucket for loans was Over 8%, with 344 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 465 $20,265,000 $43,581 $1,340 7.44%
    $100k-200k 277 $40,675,000 $146,841 $3,398 7.07%
    $200k-400k 235 $64,565,000 $274,745 $4,779 7.07%
    $400k-600k 46 $21,450,000 $466,304 $5,555 7.09%
    $600k-1MM 7 $4,855,000 $693,571 $4,103 6.96%

    2023 saw Leaders Credit Union place emphasis on $100,000 or less loans with 465 originations, totaling $20,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 253 $26,405,000 $104,368 $2,800 6.30%
    $100k-150k 220 $36,740,000 $167,000 $4,036 8.11%
    $75k-100k 214 $30,860,000 $144,206 $3,435 7.45%
    $50k or less 166 $12,970,000 $78,133 $2,676 6.33%
    $150k-250k 129 $30,815,000 $238,876 $3,804 7.96%
    $250k+ 48 $14,020,000 $292,083 $3,966 8.50%

    Leaders Credit Union lent most frequently to those with incomes in the $50k-75k range, with 253 originations. The second most popular income band? $100k-150k, with 220 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 247 $33,795,000 $136,822 $3,230 7.53%
    30-36% 196 $31,080,000 $158,571 $3,503 7.76%
    <20% 142 $8,620,000 $60,704 $1,161 4.14%
    39% 49 $7,235,000 $147,653 $2,969 7.88%
    42% 46 $8,370,000 $181,957 $3,663 8.37%
    36% 44 $6,470,000 $147,045 $3,062 8.22%
    37% 42 $7,120,000 $169,524 $4,099 7.95%
    40% 41 $5,055,000 $123,293 $3,766 7.67%
    41% 40 $5,890,000 $147,250 $4,088 8.02%
    38% 37 $6,345,000 $171,486 $3,650 7.33%
    44% 35 $7,045,000 $201,286 $5,220 7.48%
    43% 25 $5,105,000 $204,200 $5,197 8.12%
    50-60% 20 $4,130,000 $206,500 $4,802 7.78%
    45% 17 $4,125,000 $242,647 $4,551 7.45%
    47% 15 $3,015,000 $201,000 $1,806 7.61%
    49% 14 $3,430,000 $245,000 $3,786 7.53%
    46% 11 $2,585,000 $235,000 $3,280 7.58%
    48% 9 $2,395,000 $266,111 $4,912 7.17%

    Leaders Credit Union lent most frequently to those with DTI ratios of 20-30%, with 247 originations. The next most common DTI ratio? 30-36%, with 196 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 781 $123,925,000 $158,675 $3,264 7.01%
    Black 114 $13,630,000 $119,561 $3,234 6.80%
    Not provided 124 $11,680,000 $94,194 $4,145 9.07%
    Asian 9 $2,325,000 $258,333 $2,898 7.35%
    Native Hawaiian or Islander 2 $250,000 $125,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    78.10%

    Leaders Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.53%

    Leaders Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,030 $151,810,000 $147,388

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,030 $151,810,000 $147,388

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 188 $14,280,000 $75,957 $1,929 9.17%
    40-60% 90 $14,170,000 $157,444 $3,903 7.63%
    60-80% 128 $27,100,000 $211,719 $3,895 7.14%
    80-100% 370 $87,870,000 $237,486 $4,225 6.84%
    Over 100% 5 $1,385,000 $277,000 $9,980 6.90%
    Under 20% 249 $7,005,000 $28,133 $301 6.30%