Teg Federal Credit Union Mortgage Rates, Fees & Info

Poughkeepsie, NY

LEI: 254900MWCJLSHMSYCL19

Tax ID: 14-6077731

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

447

Origination Dollar Volume (All Markets)

$128,835,000

Awards

TEG Federal Credit Union 30 Year Conventional Loans gold TEG Federal Credit Union 30 Year Conventional Loans bronze TEG Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

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 applications
89.83%

Teg Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
84.00%

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%