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 Refi and Home Purchase loans. Eco Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Anniston, Tuscaloosa, and Cullman among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Eco Credit Union has an above average approval rate when compared to the average across all lenders. Eco 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Eco Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
19Origination Dollar Volume (All Markets)
$2,835,000Top 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) | 15 | $2,065,000 | $137,667 | $3,565 | 3.77% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,250 | 3.80% |
| Outside of Metro Areas | 1 | $155,000 | $155,000 | $3,212 | 3.50% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,494 | 4.25% |
| Cullman, AL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,774 | 4.10% |
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 | 19 | $2,835,000 | $149,211 | $3,590 | 3.80% |
For 2020, Eco Credit Union's most frequently originated type of loan was Conventional, with 19 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 14 | $1,920,000 | $137,143 | $3,158 | 3.80% |
| Home Purchase | 5 | $915,000 | $183,000 | $4,798 | 3.80% |
For 2020, Eco Credit Union's most frequently cited loan purpose was Refi, with 14 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2020, Eco Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 6 | $780,000 | $130,000 |
| $1k-2k | 5 | $285,000 | $57,000 |
| $2k-3k | 5 | $585,000 | $117,000 |
| $4k-5k | 2 | $610,000 | $305,000 |
| $5k+ | 1 | $575,000 | $575,000 |
Eco Credit Union's average total fees were $4,068, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $2,130,000 | $177,500 |
| 4-5% | 7 | $705,000 | $100,714 |
During 2020, Eco Credit Union's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 12 originations.
Loan Sizing
2020 saw Eco Credit Union place emphasis on $100,000 or less loans with 9 originations, totaling $595,000 in origination value.
Applicant Income
Eco Credit Union lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Eco Credit Union lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17 | $2,675,000 | $157,353 | $3,646 | 3.79% |
| Black | 2 | $160,000 | $80,000 | $3,108 | 3.88% |
Approval Rates
Total approvals of all applications90.48%
Eco Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 19 | $2,835,000 | $149,211 |