Teg Federal Credit Union Mortgage Rates, Fees & Info

Poughkeepsie, NY

LEI: 254900MWCJLSHMSYCL19

Tax ID: 14-6077731

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

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  • 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

    Teg Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Teg Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Poughkeepsie, Kingston, New York, Bridgeport, and Glens Falls among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Teg Federal Credit Union has an above 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 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 6.67% 11/22/24
    30 Year Conventional Refi 6.81% 11/22/24
    30 Year Cash-out Refi 6.81% 11/22/24
    15 Year Conventional Purchase 6.17% 11/22/24
    15 Year Conventional Refi 6.53% 11/22/24
    15 Year Cash-out Refi 6.53% 11/22/24
    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.

    Teg 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 Teg 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

    520

    Origination Dollar Volume (All Markets)

    $135,210,000
    Show all (7) 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
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 445 $115,325,000 $259,157 $2,851 3.16%
    KINGSTON, NY (FHA|USDA|VA) 39 $9,095,000 $233,205 $2,803 3.04%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 22 $8,140,000 $370,000 $3,056 2.92%
    Outside of Metro Areas 7 $1,155,000 $165,000 $2,986 3.11%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $355,000 $355,000 $4,322 2.75%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $235,000 $235,000 $2,643 3.25%
    Oneonta, NY (FHA|USDA|VA) 1 $235,000 $235,000 $3,933 2.63%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $225,000 $225,000 $5,449 3.13%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $175,000 $175,000 $2,499 2.38%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $145,000 $145,000 $1,600 3.25%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $125,000 $125,000 $2,664 3.00%
    Teg Federal Credit Union's top markets include Poughkeepsie, Kingston, New York, Bridgeport, and Glens Falls among others.

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

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    Hanover Community Bank
    Similarity Rank: 727
    Roselle Bank
    Similarity Rank: 796
    TEG Federal Credit Union
    Similarity Rank: 935
    MID-HUDSON VALLEY
    Similarity Rank: 981
    Poli Mortgage Group, Inc.
    Similarity Rank: 1012

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 520 $135,210,000 $260,019 $2,864 3.14%

    For 2020, Teg Federal Credit Union's most frequently originated type of loan was Conventional, with 520 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 236 $63,310,000 $268,263 $3,430 3.10%
    Refi 203 $52,955,000 $260,862 $2,397 2.97%
    Cash Out Refi 69 $16,225,000 $235,145 $2,386 3.39%
    Home Improvement 6 $2,010,000 $335,000 $0 5.50%
    Other 6 $710,000 $118,333 $1,261 4.85%

    For 2020, Teg Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 236 originations. The 2nd most popular reason was Refi, with 203 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 362 $98,960,000 $273,370 $3,085 3.08%
    15 Year 122 $27,760,000 $227,541 $2,333 3.18%
    20 Year 23 $5,705,000 $248,043 $2,421 2.86%
    10 Year 6 $650,000 $108,333 $755 4.29%
    Other 6 $1,800,000 $300,000 $2,618 5.29%
    1 Year 1 $335,000 $335,000 $0 4.25%

    For 2020, Teg Federal Credit Union's most frequently cited loan duration was 30 Year, with 362 originations. The 2nd most popular length was 15 Year, with 122 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 499 $128,745,000 $258,006

    Teg Federal Credit Union's average total fees were $3,085, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 499 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 267 $71,715,000 $268,596
    3-4% 141 $37,535,000 $266,206
    <2.5% 63 $15,165,000 $240,714
    4-5% 31 $7,775,000 $250,806
    5-6% 10 $2,020,000 $202,000
    Over 8% 4 $330,000 $82,500
    6-7% 3 $605,000 $201,667
    7-8% 1 $65,000 $65,000

    During 2020, Teg Federal Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 267 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 296 $83,050,000 $280,574 $2,891 3.00%
    $100k-200k 138 $21,640,000 $156,812 $2,568 3.22%
    $400k-600k 49 $23,015,000 $469,694 $3,659 3.04%
    $100,000 or less 29 $2,215,000 $76,379 $2,194 4.18%
    $600k-1MM 8 $5,290,000 $661,250 $5,010 3.67%

    2020 saw Teg Federal Credit Union place emphasis on $200k-400k loans with 296 originations, totaling $83,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 150 $38,590,000 $257,267 $2,706 3.06%
    $75k-100k 110 $24,610,000 $223,727 $2,838 3.16%
    $150k-250k 107 $35,385,000 $330,701 $3,009 3.00%
    $50k-75k 77 $14,555,000 $189,026 $2,833 3.02%
    $250k+ 35 $13,375,000 $382,143 $3,301 2.99%
    $50k or less 20 $2,230,000 $111,500 $2,778 3.21%

    Teg Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 150 originations. The second most popular income band? $75k-100k, with 110 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 133 $34,615,000 $260,263 $2,816 3.00%
    30-36% 101 $28,175,000 $278,960 $2,908 3.07%
    <20% 92 $22,080,000 $240,000 $2,843 3.02%
    41% 19 $4,685,000 $246,579 $2,654 3.07%
    37% 18 $4,780,000 $265,556 $2,560 3.10%
    39% 18 $3,750,000 $208,333 $2,901 3.28%
    43% 17 $5,345,000 $314,412 $3,064 3.04%
    36% 17 $4,855,000 $285,588 $2,723 2.95%
    42% 15 $3,635,000 $242,333 $2,936 3.50%
    38% 14 $3,140,000 $224,286 $2,488 3.27%
    44% 10 $3,030,000 $303,000 $3,176 3.05%
    45% 10 $2,150,000 $215,000 $3,311 3.33%
    46% 10 $2,330,000 $233,000 $2,823 3.05%
    40% 10 $2,310,000 $231,000 $2,816 3.00%
    50-60% 5 $1,425,000 $285,000 $4,764 2.65%
    47% 4 $910,000 $227,500 $2,657 3.31%
    48% 4 $1,060,000 $265,000 $2,537 2.78%
    49% 2 $470,000 $235,000 $3,796 3.06%

    Teg Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 399 $100,925,000 $252,945 $2,795 3.07%
    Not provided 59 $15,875,000 $269,068 $2,918 2.95%
    Black 25 $7,065,000 $282,600 $3,570 3.26%
    Not applicable 20 $6,350,000 $317,500 $0 4.86%
    Asian 13 $3,985,000 $306,538 $3,455 3.28%
    American Indian 2 $660,000 $330,000 $2,987 2.81%
    Native Hawaiian or Islander 1 $255,000 $255,000 $1,968 3.00%
    Asian Indian 1 $95,000 $95,000 $2,534 3.13%

    Approval Rates

    Total approvals of all applications
    91.99%

    Teg Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.58%

    Teg Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 520 $135,210,000 $260,019

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,615,000 $538,333
    Single Family (1-4 Units):Site-Built 517 $133,595,000 $258,404

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,460,000 $123,000 $2,131 3.57%
    40-60% 75 $14,525,000 $193,667 $2,518 2.99%
    60-80% 243 $66,415,000 $273,313 $2,765 3.15%
    80-100% 177 $51,585,000 $291,441 $3,289 3.01%
    Under 20% 5 $225,000 $45,000 $0 7.25%