South Metro Federal Credit Union Mortgage Rates, Fees & Info

Prior Lake, MN

LEI: 254900NRU0TO5WZHHH62

Tax ID: 41-1761070

5 stars - Updated: 11/17/24 - out of 5 stars, based on 9 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    South Metro Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. South Metro Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Omaha, Ann Arbor, Hutchinson, and Albert Lea among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    South Metro 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. South Metro 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 11.34% 11/17/24
    30 Year Conventional Refi 11.03% 11/17/24
    30 Year Cash-out Refi 10.83% 11/17/24
    15 Year Conventional Purchase 10.76% 11/17/24
    15 Year Conventional Refi 5.68% 11/17/24
    15 Year Cash-out Refi 5.68% 11/17/24
    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.

    South Metro 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 South Metro 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

    75

    Origination Dollar Volume (All Markets)

    $8,585,000
    Show all (6) awards

    Relative Rate

    South Metro Federal Credit Union's average 30 year fixed mortgage rate was 5.97%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.51%.

    Relative Fees (Closing Costs)

    South Metro Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,946.

    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 $9,089.

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 36 $4,410,000 $122,500 $2,017 5.67%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 26 $2,700,000 $103,846 $2,778 5.50%
    ANN ARBOR, MI (FHA|USDA|VA) 11 $1,335,000 $121,364 $3,549 5.67%
    Hutchinson, MN (FHA|USDA|VA) 1 $75,000 $75,000 $786 6.99%
    Albert Lea, MN (FHA|USDA|VA) 1 $65,000 $65,000 $786 9.24%
    South Metro Federal Credit Union's top markets include Minneapolis, Omaha, Ann Arbor, Hutchinson, and Albert Lea among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    METRO CU
    Similarity Rank: 56
    South Metro Federal Credit Union
    Similarity Rank: 130
    Cobalt Credit Union
    Similarity Rank: 192
    MY Credit Union
    Similarity Rank: 225
    FOUR POINTS
    Similarity Rank: 240
    CENTRIS FEDERAL CREDIT UNION
    Similarity Rank: 243
    First State Bank
    Similarity Rank: 396
    Cornerstone State Bank
    Similarity Rank: 456
    Exchange Bank
    Similarity Rank: 510
    Central National Bank
    Similarity Rank: 550

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $8,585,000 $114,467 $2,502 5.68%

    For 2023, South Metro Federal Credit Union's most frequently originated type of loan was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 53 $5,765,000 $108,774 $2,879 5.56%
    Cash Out Refi 11 $1,875,000 $170,455 $2,285 5.09%
    Other 10 $860,000 $86,000 $649 6.97%
    Refi 1 $85,000 $85,000 $2,678 5.38%

    For 2023, South Metro Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 53 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 39 $4,395,000 $112,692 $2,946 5.97%
    5 Year 14 $1,470,000 $105,000 $2,585 4.46%
    10 Year 9 $715,000 $79,444 $1,521 6.33%
    15 Year 8 $700,000 $87,500 $1,348 6.51%
    Other 5 $1,305,000 $261,000 $0 4.40%

    For 2023, South Metro Federal Credit Union's most frequently cited loan duration was 30 Year, with 39 originations. The 2nd most popular length was 5 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 28 $2,280,000 $81,429
    $2k-3k 28 $3,470,000 $123,929
    $<1k 13 $1,555,000 $119,615
    $3k-4k 5 $1,215,000 $243,000

    South Metro Federal Credit Union's average total fees were $2,946, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 34 $3,530,000 $103,824
    5-6% 16 $1,910,000 $119,375
    4-5% 14 $2,120,000 $151,429
    3-4% 5 $545,000 $109,000
    7-8% 3 $265,000 $88,333
    Over 8% 2 $150,000 $75,000

    During 2023, South Metro Federal Credit Union's average interest rate for loans was 5.97%, while their most frequently originated rate bucket for loans was 6-7%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 35 $2,435,000 $69,571 $2,082 5.98%
    $100k-200k 35 $4,605,000 $131,571 $2,910 5.51%
    $200k-400k 4 $1,090,000 $272,500 $2,894 4.65%
    $400k-600k 1 $455,000 $455,000 $0 5.50%

    2023 saw South Metro Federal Credit Union place emphasis on $100,000 or less loans with 35 originations, totaling $2,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 19 $2,125,000 $111,842 $2,774 5.44%
    $100k-150k 16 $2,040,000 $127,500 $2,386 5.97%
    $75k-100k 13 $1,215,000 $93,462 $2,043 5.89%
    $150k-250k 11 $1,465,000 $133,182 $2,480 5.82%
    $50k or less 9 $865,000 $96,111 $2,812 5.74%
    $250k+ 7 $875,000 $125,000 $2,365 4.87%

    South Metro Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $100k-150k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $1,715,000 $100,882 $2,586 5.71%
    30-36% 14 $1,350,000 $96,429 $2,326 5.73%
    <20% 8 $660,000 $82,500 $2,545 4.88%
    44% 6 $780,000 $130,000 $3,321 5.79%
    40% 5 $705,000 $141,000 $2,832 6.10%
    36% 4 $510,000 $127,500 $2,872 5.25%
    43% 4 $530,000 $132,500 $3,148 4.69%
    39% 4 $490,000 $122,500 $1,948 6.56%
    37% 3 $695,000 $231,667 $913 6.08%
    38% 2 $390,000 $195,000 $2,494 5.56%
    41% 2 $120,000 $60,000 $1,649 6.56%
    45% 2 $200,000 $100,000 $2,521 5.00%
    46% 2 $260,000 $130,000 $2,577 5.00%
    42% 1 $85,000 $85,000 $569 9.00%
    50-60% 1 $95,000 $95,000 $2,353 6.13%

    South Metro Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 65 $7,285,000 $112,077 $2,442 5.62%
    Not provided 5 $545,000 $109,000 $2,686 6.75%
    Korean 1 $365,000 $365,000 $5,097 5.38%
    Asian 2 $230,000 $115,000 $2,057 5.31%
    Asian Indian 1 $135,000 $135,000 $3,289 5.63%
    Black 1 $25,000 $25,000 $2,596 5.38%

    Approval Rates

    Total approvals of all applications
    93.79%

    South Metro Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.67%

    South Metro Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 75 $8,585,000 $114,467

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    75 $8,585,000 $114,467

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,005,000 $111,667 $1,407 6.25%
    40-60% 4 $520,000 $130,000 $2,233 4.38%
    60-80% 16 $2,000,000 $125,000 $3,031 5.51%
    80-100% 39 $4,705,000 $120,641 $2,935 5.57%
    Under 20% 7 $355,000 $50,714 $635 6.67%