Teg Federal Credit Union Mortgage Rates, Fees & Info

Poughkeepsie, NY

LEI: 254900MWCJLSHMSYCL19

Tax ID: 14-6077731

5 stars - out of 5 stars, based on 15 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Teg Federal Credit Union is a smaller credit union specializing in loans. Teg Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Poughkeepsie, Kingston, New York, Hudson, and New Haven among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Teg 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. Teg 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 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
    30 Year Conventional Purchase 6.67% 3/27/23
    30 Year Conventional Refi 6.81% 3/27/23
    30 Year Cash-out Refi 6.81% 3/27/23
    15 Year Conventional Purchase 6.17% 3/27/23
    15 Year Conventional Refi 6.53% 3/27/23
    15 Year Cash-out Refi 6.53% 3/27/23
    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.


    Originations

    238

    Origination Dollar Volume (All Markets)

    $67,700,000

    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 mortgage rate was 5.17%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.41%.

    Relative Fees (Closing Costs)

    Teg Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,459.

    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 $4,750.

    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
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 208 $60,280,000 $289,808 $3,785 5.33%
    KINGSTON, NY (FHA|USDA|VA) 19 $4,835,000 $254,474 $3,823 5.49%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 5 $1,205,000 $241,000 $3,307 4.80%
    Outside of Metro Areas 3 $775,000 $258,333 $3,686 5.63%
    Hudson, NY (FHA|USDA|VA) 1 $325,000 $325,000 $3,982 5.63%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $215,000 $215,000 $7,078 7.38%
    Gloversville, NY (FHA|USDA|VA) 1 $65,000 $65,000 $3,042 4.38%
    Teg Federal Credit Union's top markets include Poughkeepsie, Kingston, New York, Hudson, and New Haven among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 306
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The First National Bank of Long Island
    Similarity Rank: 374
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    U S WIDE FINANCIAL LLC
    Similarity Rank: 624
    CCFCU FUNDING, LLC
    Similarity Rank: 672
    MID-HUDSON VALLEY
    Similarity Rank: 1040
    Ridgewood Savings Bank
    Similarity Rank: 1062
    Poli Mortgage Group, Inc.
    Similarity Rank: 1073

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 238 $67,700,000 $284,454 $3,788 5.35%

    For 2022, Teg Federal Credit Union's most frequently originated type of loan was Conventional, with 238 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 157 $51,895,000 $330,541 $4,763 5.18%
    Cash Out Refi 38 $8,570,000 $225,526 $2,582 5.30%
    Other 16 $1,780,000 $111,250 $466 6.88%
    Refi 15 $4,785,000 $319,000 $3,579 4.50%
    Home Improvement 12 $670,000 $55,833 $0 6.71%

    For 2022, Teg Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 157 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 149 $47,215,000 $316,879 $4,459 5.17%
    15 Year 51 $10,535,000 $206,569 $1,741 5.74%
    30+ year 15 $7,395,000 $493,000 $6,137 4.83%
    10 Year 12 $720,000 $60,000 $346 5.39%
    Other 7 $1,075,000 $153,571 $966 8.04%
    20 Year 3 $735,000 $245,000 $2,594 3.63%
    5 Year 1 $25,000 $25,000 $0 4.75%

    For 2022, Teg Federal Credit Union's most frequently cited loan duration was 30 Year, with 149 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 181 $51,975,000 $287,155

    Teg Federal Credit Union's average total fees were $4,459, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 181 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 74 $22,550,000 $304,730
    4-5% 64 $18,320,000 $286,250
    3-4% 42 $13,430,000 $319,762
    6-7% 38 $10,710,000 $281,842
    7-8% 11 $1,815,000 $165,000
    Over 8% 6 $290,000 $48,333
    2.5-3% 3 $585,000 $195,000

    During 2022, Teg Federal Credit Union's average interest rate for loans was 5.17%, while their most frequently originated rate bucket for loans was 5-6%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 117 $34,045,000 $290,983 $4,275 5.17%
    $400k-600k 41 $19,585,000 $477,683 $5,450 4.94%
    $100,000 or less 36 $1,970,000 $54,722 $456 6.92%
    $100k-200k 34 $5,210,000 $153,235 $3,282 4.85%
    $600k-1MM 10 $6,890,000 $689,000 $6,589 5.06%

    2022 saw Teg Federal Credit Union place emphasis on $200k-400k loans with 117 originations, totaling $34,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 70 $18,130,000 $259,000 $3,358 5.49%
    $150k-250k 59 $20,335,000 $344,661 $4,489 5.17%
    $75k-100k 38 $8,650,000 $227,632 $3,606 5.64%
    $50k-75k 29 $4,935,000 $170,172 $3,589 5.34%
    $250k+ 21 $8,775,000 $417,857 $4,002 5.28%
    $50k or less 3 $385,000 $128,333 $2,792 3.79%

    Teg Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 70 originations. The second most popular income band? $150k-250k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 61 $17,255,000 $282,869 $3,447 5.32%
    20-30% 41 $9,955,000 $242,805 $3,254 4.85%
    39% 13 $4,005,000 $308,077 $4,735 5.44%
    <20% 12 $2,620,000 $218,333 $2,785 5.29%
    42% 10 $3,340,000 $334,000 $4,436 6.06%
    40% 10 $2,900,000 $290,000 $3,742 6.91%
    37% 10 $3,260,000 $326,000 $5,223 5.29%
    41% 9 $3,085,000 $342,778 $5,411 4.60%
    38% 9 $1,885,000 $209,444 $3,002 5.50%
    47% 9 $2,675,000 $297,222 $3,783 4.93%
    36% 8 $1,860,000 $232,500 $3,734 7.48%
    43% 8 $2,300,000 $287,500 $3,997 5.33%
    44% 6 $1,750,000 $291,667 $4,736 5.50%
    45% 6 $1,670,000 $278,333 $3,623 4.90%
    46% 3 $945,000 $315,000 $5,147 4.83%
    49% 3 $965,000 $321,667 $4,405 4.21%
    48% 2 $740,000 $370,000 $5,155 6.31%

    Teg Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 61 originations. The next most common DTI ratio? 20-30%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 153 $41,645,000 $272,190 $3,692 5.27%
    Not provided 41 $11,545,000 $281,585 $3,914 5.57%
    Black 23 $7,015,000 $305,000 $4,062 5.63%
    Not applicable 17 $6,285,000 $369,706 $0 5.18%
    American Indian 2 $550,000 $275,000 $6,130 4.31%
    Vietnamese 1 $395,000 $395,000 $2,852 5.13%
    Asian 1 $265,000 $265,000 $3,154 6.88%

    Approval Rates

    Total approvals of all applications
    87.83%

    Teg Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.41%

    Teg Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 238 $67,700,000 $284,454

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    238 $67,700,000 $284,454

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $1,860,000 $132,857 $2,153 5.67%
    40-60% 25 $6,415,000 $256,600 $3,859 4.45%
    60-80% 87 $29,865,000 $343,276 $4,528 5.01%
    80-100% 83 $28,125,000 $338,855 $4,687 5.31%
    Under 20% 29 $1,435,000 $49,483 $161 7.05%