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 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 Hudson among others. We have data for 10 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 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.

    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% 5/4/24
    30 Year Conventional Refi 6.81% 5/4/24
    30 Year Cash-out Refi 6.81% 5/4/24
    15 Year Conventional Purchase 6.17% 5/4/24
    15 Year Conventional Refi 6.53% 5/4/24
    15 Year Cash-out Refi 6.53% 5/4/24
    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

    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

    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) 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.

    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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    MID-HUDSON VALLEY
    Similarity Rank: 640
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    CCFCU FUNDING, LLC
    Similarity Rank: 672
    The First National Bank of Long Island
    Similarity Rank: 748
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    Walden Savings Bank
    Similarity Rank: 1030
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 447 $128,835,000 $288,221 $3,058 3.17%

    For 2021, Teg Federal Credit Union's most frequently originated type of loan was Conventional, with 447 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Teg Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 249 originations. The 2nd most popular reason was 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 2021, Teg Federal Credit Union's most frequently cited loan duration was 30 Year, with 336 originations. The 2nd most popular length was 15 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 428 $121,640,000 $284,206

    Teg Federal Credit Union's average total fees were $3,232, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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
    89.69%

    Teg Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.12%

    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%