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, Tuscaloosa, Huntsville, Talladega, and Albertville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Eco Credit Union has an 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
79Origination Dollar Volume (All Markets)
$12,885,000Top 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) | 66 | $9,890,000 | $149,848 | $3,383 | 3.41% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $3,810 | 3.75% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $7,915 | 3.75% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,429 | 3.00% |
| Albertville, AL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $6,178 | 3.10% |
| Ozark, AL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,990 | 3.75% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,536 | 3.75% |
| Jasper, AL (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $3,368 | 3.17% |
| Cullman, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.25% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $1,600 | 3.00% |
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 | 78 | $12,830,000 | $164,487 | $3,640 | 3.41% |
| HELOC | 1 | $55,000 | $55,000 | n/a | 3.25% |
For 2021, Eco Credit Union's most frequently originated type of loan was Conventional, with 78 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2021, Eco Credit Union's most frequently cited loan purpose was Refi, with 53 originations. The 2nd most popular reason was Home Purchase, with 21 originations.
Loan Duration/Length
For 2021, Eco Credit Union's most frequently cited loan duration was 30 Year, with 42 originations. The 2nd most popular length was 15 Year, with 36 originations.
Origination Fees/Closing Costs
Eco Credit Union's average total fees were $4,066, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 23 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 57 | $9,195,000 | $161,316 |
| 2.5-3% | 17 | $3,065,000 | $180,294 |
| 4-5% | 3 | $525,000 | $175,000 |
| 6-7% | 2 | $100,000 | $50,000 |
During 2021, Eco Credit Union's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 3-4%, with 57 originations.
Loan Sizing
2021 saw Eco Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,430,000 in origination value.
Applicant Income
Eco Credit Union lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $75k-100k, with 17 originations.
Applicant Debt to Income Ratio
Eco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 63 | $10,485,000 | $166,429 | $3,692 | 3.39% |
| Black | 16 | $2,400,000 | $150,000 | $3,442 | 3.51% |
Approval Rates
Total approvals of all applications81.44%
Eco Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 22 | $970,000 | $44,091 |
| NA | 57 | $11,915,000 | $209,035 |