Teg Federal Credit Union Mortgage Rates, Fees & Info
Poughkeepsie, NYLEI: 254900MWCJLSHMSYCL19
Tax ID: 14-6077731
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Teg Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Teg Federal Credit Union has a high proportion of conventional loans. Their top markets include Poughkeepsie, Kingston, New York, Bridgeport, and Hudson among others. Teg Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Teg Federal Credit Union is typically a low fee lendor.Originations
447Origination Dollar Volume (All Markets)
$128,835,000Awards
TEG Federal Credit Union - 2021
TEG Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Teg Federal Credit Union's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Teg Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,232.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 383 | $109,655,000 | $286,305 | $3,033 | 3.17% |
| KINGSTON, NY (FHA|USDA|VA) | 31 | $8,375,000 | $270,161 | $2,757 | 3.16% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 16 | $6,520,000 | $407,500 | $4,100 | 3.23% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 5 | $1,815,000 | $363,000 | $3,327 | 3.10% |
| Hudson, NY (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $3,223 | 3.46% |
| Outside of Metro Areas | 4 | $700,000 | $175,000 | $2,775 | 3.19% |
| GLENS FALLS, NY (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $5,715 | 2.69% |
| Torrington, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,254 | 2.63% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,772 | 2.75% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,782 | 3.13% |
Teg Federal Credit Union's top markets include Poughkeepsie, Kingston, New York, Bridgeport, and Hudson among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 447 | $128,835,000 | $288,221 | $3,058 | 3.17% |
For the 2021 period, Teg Federal Credit Union's most frequently originated loan type of loans were Conventional, with 447 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 249 | $80,795,000 | $324,478 | $3,568 | 3.13% |
| Refi | 97 | $23,635,000 | $243,660 | $2,471 | 2.95% |
| Cash Out Refi | 93 | $23,585,000 | $253,602 | $2,520 | 3.21% |
| Other | 8 | $820,000 | $102,500 | $798 | 6.60% |
For the 2021, Teg Federal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 249 originations. The 2nd most popular reason of loans were Refi, with 97 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 336 | $102,010,000 | $303,601 | $3,232 | 3.11% |
| 15 Year | 85 | $21,345,000 | $251,118 | $2,549 | 3.26% |
| 20 Year | 17 | $3,595,000 | $211,471 | $2,443 | 3.03% |
| 10 Year | 6 | $830,000 | $138,333 | $1,314 | 4.51% |
| 30+ year | 2 | $990,000 | $495,000 | $3,893 | 3.50% |
| Other | 1 | $65,000 | $65,000 | $0 | 8.00% |
For the 2021, Teg Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 336 originations. The 2nd most popular length of loans were 15 Year, with 85 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 428 | $121,640,000 | $284,206 |
$3,232 of loans were Teg Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 428 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 199 | $62,325,000 | $313,191 |
| 2.5-3% | 197 | $53,625,000 | $272,208 |
| <2.5% | 27 | $6,765,000 | $250,556 |
| 4-5% | 15 | $5,305,000 | $353,667 |
| 5-6% | 3 | $285,000 | $95,000 |
| 7-8% | 3 | $155,000 | $51,667 |
| Over 8% | 2 | $80,000 | $40,000 |
During 2021, Teg Federal Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 199 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 257 | $72,245,000 | $281,109 | $3,057 | 3.06% |
| $100k-200k | 89 | $13,875,000 | $155,899 | $2,560 | 3.05% |
| $400k-600k | 72 | $33,570,000 | $466,250 | $3,698 | 3.21% |
| $100,000 or less | 18 | $1,140,000 | $63,333 | $1,861 | 4.75% |
| $600k-1MM | 10 | $6,680,000 | $668,000 | $5,327 | 3.78% |
| $1MM+ | 1 | $1,325,000 | $1,325,000 | $9,698 | 3.38% |
2021 saw Teg Federal Credit Union place emphasis on $200k-400k loans with 257 originations, totaling $72,245,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 131 | $38,715,000 | $295,534 | $3,109 | 3.06% |
| $150k-250k | 98 | $34,730,000 | $354,388 | $3,183 | 3.14% |
| $75k-100k | 76 | $17,900,000 | $235,526 | $2,923 | 3.18% |
| $50k-75k | 70 | $14,030,000 | $200,429 | $2,855 | 3.19% |
| $250k+ | 34 | $13,990,000 | $411,471 | $3,297 | 3.08% |
| $50k or less | 22 | $3,180,000 | $144,545 | $2,952 | 3.13% |
Teg Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 131 originations. The second most popular income band? $150k-250k, with 98 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 124 | $36,090,000 | $291,048 | $3,180 | 3.14% |
| 20-30% | 84 | $23,520,000 | $280,000 | $2,897 | 3.07% |
| <20% | 47 | $12,925,000 | $275,000 | $2,738 | 2.99% |
| 37% | 18 | $4,360,000 | $242,222 | $2,810 | 3.15% |
| 42% | 17 | $4,585,000 | $269,706 | $3,419 | 2.98% |
| 36% | 17 | $5,285,000 | $310,882 | $2,765 | 3.47% |
| 39% | 17 | $4,335,000 | $255,000 | $3,010 | 3.73% |
| 43% | 13 | $4,825,000 | $371,154 | $3,863 | 3.17% |
| 38% | 13 | $3,295,000 | $253,462 | $2,777 | 3.19% |
| 41% | 13 | $3,455,000 | $265,769 | $2,507 | 2.94% |
| 49% | 10 | $2,580,000 | $258,000 | $3,584 | 3.06% |
| 44% | 10 | $3,090,000 | $309,000 | $3,515 | 3.34% |
| 48% | 10 | $2,800,000 | $280,000 | $3,861 | 3.13% |
| 40% | 10 | $3,290,000 | $329,000 | $3,287 | 3.16% |
| 45% | 9 | $2,645,000 | $293,889 | $2,709 | 2.97% |
| 46% | 9 | $2,465,000 | $273,889 | $2,747 | 3.08% |
| 47% | 6 | $1,690,000 | $281,667 | $3,150 | 2.79% |
| 50-60% | 1 | $305,000 | $305,000 | $2,719 | 3.00% |
Teg Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 124 originations. The next most common DTI ratio? 20-30%, with 84 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 330 | $92,540,000 | $280,424 | $2,952 | 3.13% |
| Not provided | 51 | $13,655,000 | $267,745 | $2,987 | 3.23% |
| Black | 32 | $9,840,000 | $307,500 | $3,730 | 3.03% |
| Not applicable | 14 | $5,600,000 | $400,000 | $0 | 4.25% |
| Asian | 7 | $2,795,000 | $399,286 | $4,911 | 3.23% |
| American Indian | 7 | $2,265,000 | $323,571 | $3,433 | 3.04% |
| Other Asian | 3 | $1,175,000 | $391,667 | $3,263 | 3.29% |
| Filipino | 1 | $445,000 | $445,000 | $4,031 | 3.00% |
| Other Pacific Islander | 1 | $355,000 | $355,000 | $5,213 | 3.50% |
| Asian Indian | 1 | $165,000 | $165,000 | $2,202 | 2.88% |
Approval Rates
Total approvals of all applications89.83%
Teg Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.00%
Teg Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 447 | $128,835,000 | $288,221 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 447 | $128,835,000 | $288,221 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 13 | $2,385,000 | $183,462 | $2,106 | 3.41% |
| 40-60% | 59 | $12,525,000 | $212,288 | $2,450 | 2.98% |
| 60-80% | 191 | $57,475,000 | $300,916 | $3,052 | 3.17% |
| 80-100% | 174 | $55,680,000 | $320,000 | $3,431 | 3.07% |
| Under 20% | 9 | $475,000 | $52,778 | $1,066 | 5.83% |
