Breco Federal Credit Union Mortgage Rates, Fees & Info
Baton Rouge, LALEI: 254900U5VN6O84EWQL12
Tax ID: 72-6019738
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Mortgage Data
Review & Overview
Breco Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Breco Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Baton Rouge.Breco Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Breco 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.82% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| 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. | ||
Breco Federal 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
12Origination Dollar Volume (All Markets)
$1,240,000Top 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 |
|---|---|---|---|---|---|
| BATON ROUGE, LA (FHA|USDA|VA) | 11 | $1,155,000 | $105,000 | $2,569 | 5.32% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $2,121 | 5.95% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $1,240,000 | $103,333 | $2,531 | 5.39% |
For 2021, Breco Federal Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
For 2021, Breco Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Other, with 4 originations.
Loan Duration/Length
For 2021, Breco Federal Credit Union's most frequently cited loan duration was 15 Year, with 7 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $835,000 | $119,286 |
| $1k-2k | 2 | $220,000 | $110,000 |
Breco Federal Credit Union's average total fees were $3,715, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 5 | $385,000 | $77,000 |
| 3-4% | 2 | $190,000 | $95,000 |
| 4-5% | 2 | $110,000 | $55,000 |
| 7-8% | 1 | $85,000 | $85,000 |
During 2021, Breco Federal Credit Union's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 5-6%, with 5 originations.
Loan Sizing
2021 saw Breco Federal Credit Union place emphasis on $100,000 or less loans with 8 originations, totaling $470,000 in origination value.
Applicant Income
Breco Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Breco Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 8 | $930,000 | $116,250 | $2,500 | 5.40% |
| Black | 4 | $310,000 | $77,500 | $2,594 | 5.34% |
Approval Rates
Total approvals of all applications87.50%
Breco Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination25.00%
Breco Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 12 | $1,240,000 | $103,333 |