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 Home Purchase and Refi loans. Eco Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Daphne, Cullman, Tuscaloosa, and Alexander City among others. We have data for 7 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
77Origination Dollar Volume (All Markets)
$11,355,000Awards
Eco Credit Union - 2022
Eco Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 65 | $8,915,000 | $137,154 | $3,596 | 4.09% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $4,272 | 3.25% |
| Cullman, AL (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $3,547 | 4.50% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $4,190 | 3.50% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,507 | 3.10% |
| DECATUR, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,469 | 3.10% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,267 | 6.25% |
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 | 77 | $11,355,000 | $147,468 | $3,651 | 4.05% |
For 2022, Eco Credit Union's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
For 2022, Eco Credit Union's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Cash Out Refi, with 27 originations.
Loan Duration/Length
For 2022, Eco Credit Union's most frequently cited loan duration was 15 Year, with 47 originations. The 2nd most popular length was 30 Year, with 29 originations.
Origination Fees/Closing Costs
Eco Credit Union's average total fees were $4,516, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 44 | $7,140,000 | $162,273 |
| 4-5% | 9 | $1,145,000 | $127,222 |
| 6-7% | 9 | $615,000 | $68,333 |
| 2.5-3% | 8 | $1,910,000 | $238,750 |
| 5-6% | 7 | $545,000 | $77,857 |
During 2022, Eco Credit Union's average interest rate for loans was 3.73%, while their most frequently originated rate bucket for loans was 3-4%, with 44 originations.
Loan Sizing
2022 saw Eco Credit Union place emphasis on $100,000 or less loans with 37 originations, totaling $1,825,000 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? $100k-150k, with 19 originations.
Applicant Debt to Income Ratio
Eco Credit Union lent most frequently to those with DTI ratios of 30-36%, with 22 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.38%
Eco Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 23 | $1,115,000 | $48,478 |
| NA | 54 | $10,240,000 | $189,630 |