Chiphone Federal Credit Union Mortgage Rates, Fees & Info

ELKHART, IN

LEI: 254900JJ3E56IV4SHM86

Tax ID: 35-0863286

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Chiphone Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Chiphone Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, South Bend, Warsaw, Niles, and Kendallville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Chiphone Federal 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. Chiphone Federal 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.53% 5/13/24
    30 Year Conventional Refi 6.45% 5/13/24
    30 Year Cash-out Refi 6.92% 5/13/24
    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.

    Chiphone Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Chiphone Federal 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

    27

    Origination Dollar Volume (All Markets)

    $2,465,000

    Awards

    Chiphone Federal Credit Union 30 Year Conventional Loans silver
    Show all (1) awards

    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
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 18 $1,670,000 $92,778 $2,277 4.71%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $410,000 $102,500 $2,285 4.62%
    Warsaw, IN (FHA|USDA|VA) 2 $160,000 $80,000 $2,350 4.94%
    NILES, MI (FHA|USDA|VA) 2 $150,000 $75,000 $2,420 4.69%
    Kendallville, IN (FHA|USDA|VA) 1 $75,000 $75,000 $2,164 4.75%
    Chiphone Federal Credit Union's top markets include Elkhart, South Bend, Warsaw, Niles, and Kendallville among others.

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

    • Similar Lenders

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

    INTERRA CREDIT UNION
    Similarity Rank: 160
    First State Bank of Middlebury
    Similarity Rank: 162
    TEACHERS CREDIT UNION
    Similarity Rank: 294
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 385
    MutualBank
    Similarity Rank: 672
    Lake City Bank
    Similarity Rank: 814
    First Federal Savings Bank
    Similarity Rank: 884
    1st Source Bank
    Similarity Rank: 950
    Notre Dame Federal Credit Union Corporation
    Similarity Rank: 1025
    Centier Bank
    Similarity Rank: 1314

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 27 $2,465,000 $91,296 $2,290 4.72%

    For 2018, Chiphone Federal Credit Union's most frequently originated type of loan was Conventional, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 10 $1,240,000 $124,000 $2,159 4.61%
    Cash Out Refi 8 $620,000 $77,500 $2,420 4.80%
    Refi 5 $415,000 $83,000 $2,330 4.78%
    Home Improvement 2 $110,000 $55,000 $2,304 4.88%
    Other 2 $80,000 $40,000 $2,308 4.63%

    For 2018, Chiphone Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 14 $1,560,000 $111,429 $2,262 4.77%
    15 Year 7 $505,000 $72,143 $2,356 4.64%
    20 Year 5 $345,000 $69,000 $2,262 4.67%
    10 Year 1 $55,000 $55,000 $2,352 4.75%

    For 2018, Chiphone Federal Credit Union's most frequently cited loan duration was 30 Year, with 14 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 27 $2,465,000 $91,296

    Chiphone Federal Credit Union's average total fees were $2,262, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 23 $2,085,000 $90,652
    5-6% 3 $255,000 $85,000
    3-4% 1 $125,000 $125,000

    During 2018, Chiphone Federal Credit Union's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $860,000 $53,750 $2,261 4.69%
    $100k-200k 9 $1,105,000 $122,778 $2,339 4.79%
    $200k-400k 2 $500,000 $250,000 $2,301 4.63%

    2018 saw Chiphone Federal Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 9 $685,000 $76,111 $2,287 4.73%
    $50k or less 9 $455,000 $50,556 $2,272 4.74%
    $100k-150k 5 $665,000 $133,000 $2,393 4.55%
    $75k-100k 4 $660,000 $165,000 $2,207 4.84%

    Chiphone Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $50k or less, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 13 $1,075,000 $82,692 $2,295 4.68%
    <20% 4 $300,000 $75,000 $2,296 4.63%
    30-36% 4 $370,000 $92,500 $2,241 4.81%
    38% 2 $230,000 $115,000 $2,483 4.69%
    40% 2 $200,000 $100,000 $2,151 4.56%
    44% 2 $290,000 $145,000 $2,285 5.13%

    Chiphone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 24 $2,040,000 $85,000 $2,287 4.68%
    Black 3 $425,000 $141,667 $2,314 5.00%

    Approval Rates

    Total approvals of all applications
    88.57%

    Chiphone Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.89%

    Chiphone Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 27 $2,465,000 $91,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $255,000 $85,000
    Single Family (1-4 Units):Site-Built 24 $2,210,000 $92,083

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $180,000 $45,000 $2,258 4.50%
    40-60% 4 $160,000 $40,000 $2,343 4.72%
    60-80% 9 $825,000 $91,667 $2,339 4.87%
    80-100% 10 $1,300,000 $130,000 $2,236 4.66%