Independent Federal Credit Union Mortgage Rates, Fees & Info

Anderson, IN

LEI: 254900PEMVJN4DS4MS43

Tax ID: 35-0896445

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

Jump to:

  • 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

    Independent Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Independent Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, and Huntington among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Independent 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. Independent 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 6.48% 12/16/24
    30 Year Conventional Refi 6.47% 12/16/24
    30 Year Cash-out Refi 6.04% 12/16/24
    15 Year Conventional Purchase 6.14% 12/16/24
    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.

    Independent 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 Independent 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

    24

    Origination Dollar Volume (All Markets)

    $2,160,000

    Awards

    Independent Federal Credit Union 30 Year Conventional Loans gold Independent Federal Credit Union 30 Year Conventional Loans gold
    Show all (2) 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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 20 $1,800,000 $90,000 $2,134 4.99%
    MUNCIE, IN (FHA|USDA|VA) 3 $225,000 $75,000 $1,874 5.75%
    Huntington, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,169 5.50%
    Independent Federal Credit Union's top markets include Indianapolis, Muncie, and Huntington among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    Greenfield Banking Company
    Similarity Rank: 476
    CRANE
    Similarity Rank: 680
    Home Bank SB
    Similarity Rank: 700
    CIBM Bank
    Similarity Rank: 768
    Madison County Federal Credit Union
    Similarity Rank: 804
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1053
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1273
    The Peoples State Bank
    Similarity Rank: 1280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 24 $2,160,000 $90,000 $2,103 5.11%

    For 2022, Independent Federal Credit Union's most frequently originated type of loan was Conventional, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 10 $870,000 $87,000 $2,671 4.81%
    Home Purchase 7 $915,000 $130,714 $2,151 5.71%
    Other 4 $210,000 $52,500 $1,133 4.50%
    Home Improvement 3 $165,000 $55,000 $1,389 5.50%

    For 2022, Independent Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 10 originations. The 2nd most popular reason was Home Purchase, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $1,870,000 $103,889 $2,465 5.15%
    15 Year 3 $135,000 $45,000 $888 5.67%
    10 Year 2 $80,000 $40,000 $1,114 4.50%
    5 Year 1 $75,000 $75,000 $1,204 4.00%

    For 2022, Independent Federal Credit Union's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $2,160,000 $90,000

    Independent Federal Credit Union's average total fees were $2,465, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 9 $865,000 $96,111
    4-5% 6 $380,000 $63,333
    3-4% 5 $575,000 $115,000
    6-7% 4 $340,000 $85,000

    During 2022, Independent Federal Credit Union's average interest rate for loans was 5.15%, while their most frequently originated rate bucket for loans was 5-6%, with 9 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $935,000 $62,333 $1,922 5.01%
    $100k-200k 8 $990,000 $123,750 $2,386 5.50%
    $200k-400k 1 $235,000 $235,000 $2,542 3.50%

    2022 saw Independent Federal Credit Union place emphasis on $100,000 or less loans with 15 originations, totaling $935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 9 $975,000 $108,333 $2,324 5.21%
    $50k or less 9 $655,000 $72,778 $1,934 5.18%
    $75k-100k 5 $455,000 $91,000 $2,189 5.03%
    $100k-150k 1 $75,000 $75,000 $1,204 4.00%

    Independent Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $50k or less, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 7 $745,000 $106,429 $2,181 5.50%
    <20% 6 $390,000 $65,000 $2,182 4.33%
    30-36% 4 $450,000 $112,500 $2,030 5.06%
    37% 2 $170,000 $85,000 $2,484 5.44%
    43% 1 $115,000 $115,000 $2,033 6.63%
    47% 1 $25,000 $25,000 $534 7.00%
    38% 1 $125,000 $125,000 $2,753 3.88%
    40% 1 $85,000 $85,000 $2,600 4.50%
    41% 1 $55,000 $55,000 $1,099 5.00%

    Independent Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? <20%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 21 $1,995,000 $95,000 $2,100 5.15%
    Black 2 $100,000 $50,000 $1,834 5.44%
    Not provided 1 $65,000 $65,000 $2,696 3.50%

    Approval Rates

    Total approvals of all applications
    93.10%

    Independent Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    Independent Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 24 $2,160,000 $90,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    24 $2,160,000 $90,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $60,000 $30,000 $854 5.75%
    40-60% 8 $600,000 $75,000 $2,089 4.27%
    60-80% 8 $830,000 $103,750 $2,223 5.33%
    80-100% 6 $670,000 $111,667 $2,377 5.73%