Eco Credit Union Mortgage Rates, Fees & Info
Birmingham, ALLEI: 254900QWNWNPOWGOC273
Tax ID: 63-0288906
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Mortgage Data
Review & Overview
Eco Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Eco Credit Union has a high proportion of conventional loans. Their top two markets are Birmingham and Tuscaloosa .Eco Credit Union has an above average approval rate when compared to the average across all lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 4/16/25 |
| 30 Year Cash-out Refi | 6.72% | 4/16/25 |
| 15 Year Conventional Purchase | 6.00% | 4/16/25 |
| 15 Year Conventional Refi | 6.00% | 4/16/25 |
| 15 Year Cash-out Refi | 6.00% | 4/16/25 |
| 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. | ||
Eco Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Eco 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
45Origination Dollar Volume (All Markets)
$3,945,000Relative Rate
Eco Credit Union's average 30 year fixed mortgage rate was
6.56%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.01%.
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 |
|---|---|---|---|---|---|
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 42 | $3,690,000 | $87,857 | $0 | 7.45% |
| Outside of Metro Areas | 2 | $200,000 | $100,000 | $0 | 7.50% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Eco Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $3,730,000 | $93,250 | $0 | 7.34% |
| HELOC | 5 | $215,000 | $43,000 | n/a | 8.30% |
For 2024, Eco Credit Union's most frequently originated type of loan was Conventional, with 40 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
For 2024, Eco Credit Union's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
For 2024, Eco Credit Union's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was 30 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 25 | $1,425,000 | $57,000 |
| 6-7% | 10 | $1,430,000 | $143,000 |
| Over 8% | 6 | $280,000 | $46,667 |
| 5-6% | 4 | $810,000 | $202,500 |
During 2024, Eco Credit Union's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 7-8%, with 25 originations.
Loan Sizing
2024 saw Eco Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,390,000 in origination value.
Applicant Income
Eco Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $75k-100k, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 24 | $1,930,000 | $80,417 | $0 | 7.46% |
Eco Credit Union lent most frequently to those with DTI ratios of <20%, with 24 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 39 | $3,575,000 | $91,667 | $0 | 7.47% |
| Black | 6 | $370,000 | $61,667 | $0 | 7.33% |
Approval Rates
Total approvals of all applications100.00%
Eco Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $3,945,000 | $87,667 |