Chiphone Federal Credit Union Mortgage Rates, Fees & Info
ELKHART, INLEI: 254900JJ3E56IV4SHM86
Tax ID: 35-0863286
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Mortgage Data
Review & Overview
Chiphone Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Chiphone Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, South Bend, and Plymouth among others. We have data for 4 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
21Origination Dollar Volume (All Markets)
$2,265,000Awards
Chiphone Federal Credit Union - 2019
Chiphone Federal Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 13 | $1,305,000 | $100,385 | $2,293 | 4.56% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 5 | $585,000 | $117,000 | $1,989 | 4.10% |
| Outside of Metro Areas | 2 | $220,000 | $110,000 | $2,488 | 4.88% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,523 | 4.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $2,265,000 | $107,857 | $2,250 | 4.46% |
For 2019, Chiphone Federal Credit Union's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
For 2019, Chiphone Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 8 originations. The 2nd most popular reason was Home Purchase, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 17 | $1,855,000 | $109,118 | $2,190 | 4.58% |
| 15 Year | 3 | $375,000 | $125,000 | $2,543 | 3.96% |
| 20 Year | 1 | $35,000 | $35,000 | $2,404 | 3.88% |
For 2019, Chiphone Federal Credit Union's most frequently cited loan duration was 30 Year, with 17 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 14 | $1,550,000 | $110,714 |
| $<1k | 7 | $715,000 | $102,143 |
Chiphone Federal Credit Union's average total fees were $2,190, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 12 | $1,200,000 | $100,000 |
| 3-4% | 6 | $620,000 | $103,333 |
| 5-6% | 3 | $445,000 | $148,333 |
During 2019, Chiphone Federal Credit Union's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 13 | $1,695,000 | $130,385 | $2,212 | 4.47% |
| $100,000 or less | 8 | $570,000 | $71,250 | $2,313 | 4.43% |
2019 saw Chiphone Federal Credit Union place emphasis on $100k-200k loans with 13 originations, totaling $1,695,000 in origination value.
Applicant Income
Chiphone Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
Chiphone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 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 | 20 | $2,150,000 | $107,500 | $2,245 | 4.45% |
| Black | 1 | $115,000 | $115,000 | $2,348 | 4.50% |
Approval Rates
Total approvals of all applications80.85%
Chiphone Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination47.62%
Chiphone Federal 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 | 21 | $2,265,000 | $107,857 |