Directions Credit Union Mortgage Rates, Fees & Info

Toledo, OH

LEI: 254900UHFHT3IWKY8K19

Tax ID: 34-4475249

5 stars - Updated: 12/9/24 - out of 5 stars, based on 27 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Directions Credit Union is a smaller credit union specializing in Home Purchase loans. Directions Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Toledo, Monroe, Mansfield, Ashland, and Columbus among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)

Directions Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Directions 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.31% 12/9/24
30 Year Conventional Purchase 7.31% 12/9/24
30 Year Conventional Refi 8.32% 12/9/24
30 Year Cash-out Refi 7.19% 12/9/24
15 Year Conventional Purchase 6.30% 12/9/24
15 Year Conventional Refi 6.70% 12/9/24
15 Year Cash-out Refi 6.70% 12/9/24
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.

Directions Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Directions 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

731

Origination Dollar Volume (All Markets)

$102,745,000

Awards

Directions Credit Union 30 Year Conventional Loans silver Directions Credit Union 30 Year Conventional Loans bronze Directions Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Directions Credit Union's average 30 year fixed mortgage rate was 6.57%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.09%.

Relative Fees (Closing Costs)

Directions Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $901.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
TOLEDO, OH (FHA|USDA|VA) 419 $60,935,000 $145,430 $807 7.20%
MONROE, MI (FHA|USDA|VA) 105 $17,465,000 $166,333 $1,057 7.38%
MANSFIELD, OH (FHA|USDA|VA) 89 $6,445,000 $72,416 $413 7.52%
Ashland, OH (FHA|USDA|VA) 33 $2,625,000 $79,545 $560 7.70%
COLUMBUS, OH (FHA|USDA|VA) 8 $1,710,000 $213,750 $1,428 6.89%
Wooster, OH (FHA|USDA|VA) 15 $1,465,000 $97,667 $720 7.22%
Adrian, MI (FHA|USDA|VA) 5 $1,075,000 $215,000 $0 6.75%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 7.13%
Norwalk, OH (FHA|USDA|VA) 16 $990,000 $61,875 $0 7.20%
JACKSON, MI (FHA|USDA|VA) 2 $770,000 $385,000 $0 6.88%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $665,000 $221,667 $0 6.58%
Outside of Metro Areas 5 $625,000 $125,000 $107 7.43%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $545,000 $545,000 $0 6.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $515,000 $515,000 $0 6.75%
TUCSON, AZ (FHA|USDA|VA) 1 $475,000 $475,000 $0 7.38%
HARRISONBURG, VA (FHA|USDA|VA) 1 $465,000 $465,000 $2,835 7.53%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $455,000 $455,000 $0 6.75%
Angola, IN (FHA|USDA|VA) 1 $425,000 $425,000 $0 6.75%
Hillsdale, MI (FHA|USDA|VA) 1 $425,000 $425,000 $0 7.00%
Findlay, OH (FHA|USDA|VA) 2 $410,000 $205,000 $1,322 7.06%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $365,000 $365,000 $0 6.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $355,000 $355,000 $3,939 5.88%
FORT WAYNE, IN (FHA|USDA|VA) 1 $325,000 $325,000 $0 6.75%
CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $310,000 $155,000 $948 6.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,217 7.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,771 7.25%
BELLINGHAM, WA (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.38%
New Philadelphia-Dover, OH (FHA|USDA|VA) 4 $250,000 $62,500 $123 7.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.75%
THE VILLAGES, FL (FHA|USDA|VA) 1 $175,000 $175,000 $1,538 6.50%
Coldwater, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.13%
Sandusky, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $100,000 $50,000 $0 7.88%
Tiffin, OH (FHA|USDA|VA) 2 $90,000 $45,000 $0 6.63%
Bucyrus-Galion, OH (FHA|USDA|VA) 1 $35,000 $35,000 $320 8.75%
Directions Credit Union's top markets include Toledo, Monroe, Mansfield, Ashland, and Columbus among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Directions 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 406 $85,470,000 $210,517 $783 6.94%
    HELOC 325 $17,275,000 $53,154 n/a 7.70%

    For 2023, Directions Credit Union's most frequently originated type of loan was Conventional, with 406 originations. Their 2nd most popular type was HELOC, with 325 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 325 $80,915,000 $248,969 $916 6.57%
    Home Improvement 190 $10,210,000 $53,737 $271 7.79%
    Other 162 $7,580,000 $46,790 $291 7.99%
    Refi 54 $4,040,000 $74,815 $176 7.56%

    For 2023, Directions Credit Union's most frequently cited loan purpose was Home Purchase, with 325 originations. The 2nd most popular reason was Home Improvement, with 190 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 400 $20,580,000 $51,450 $287 7.86%
    30 Year 296 $75,730,000 $255,845 $901 6.57%
    15 Year 21 $3,775,000 $179,762 $1,029 6.40%
    20 Year 12 $2,370,000 $197,500 $638 6.36%
    5 Year 2 $290,000 $145,000 $0 7.88%

    For 2023, Directions Credit Union's most frequently cited loan duration was 10 Year, with 400 originations. The 2nd most popular length was 30 Year, with 296 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 382 $76,520,000 $200,314
    $1k-2k 16 $7,260,000 $453,750

    Directions Credit Union's average total fees were $901, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 382 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 366 $35,400,000 $96,721
    6-7% 212 $42,850,000 $202,123
    Over 8% 75 $3,465,000 $46,200
    5-6% 74 $20,000,000 $270,270
    4-5% 3 $45,000 $15,000
    3-4% 1 $985,000 $985,000

    During 2023, Directions Credit Union's average interest rate for loans was 6.57%, while their most frequently originated rate bucket for loans was 7-8%, with 366 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 415 $19,915,000 $47,988 $435 7.70%
    $100k-200k 155 $21,255,000 $137,129 $670 6.89%
    $200k-400k 96 $27,020,000 $281,458 $649 6.60%
    $400k-600k 50 $23,500,000 $470,000 $1,981 6.52%
    $600k-1MM 14 $10,050,000 $717,857 $1,481 6.28%
    $1MM+ 1 $1,005,000 $1,005,000 $0 7.13%

    2023 saw Directions Credit Union place emphasis on $100,000 or less loans with 415 originations, totaling $19,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 171 $23,665,000 $138,392 $714 7.41%
    $50k-75k 161 $13,595,000 $84,441 $684 7.27%
    $75k-100k 148 $19,150,000 $129,392 $567 7.20%
    $150k-250k 125 $27,655,000 $221,240 $1,198 7.31%
    $50k or less 90 $5,240,000 $58,222 $498 7.18%
    $250k+ 27 $12,645,000 $468,333 $1,400 6.87%

    Directions Credit Union lent most frequently to those with incomes in the $100k-150k range, with 171 originations. The second most popular income band? $50k-75k, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 171 $25,605,000 $149,737 $822 7.08%
    30-36% 151 $23,185,000 $153,543 $882 7.22%
    <20% 72 $10,920,000 $151,667 $514 7.02%
    41% 41 $4,685,000 $114,268 $865 7.38%
    42% 40 $3,700,000 $92,500 $317 7.75%
    43% 38 $4,440,000 $116,842 $1,478 7.55%
    38% 33 $6,535,000 $198,030 $451 7.17%
    40% 31 $3,385,000 $109,194 $504 7.58%
    44% 29 $2,765,000 $95,345 $1,450 7.66%
    36% 27 $4,475,000 $165,741 $1,047 7.00%
    37% 26 $3,650,000 $140,385 $765 7.38%
    39% 20 $1,810,000 $90,500 $646 7.59%
    45% 15 $1,455,000 $97,000 $738 7.94%
    46% 9 $805,000 $89,444 $674 7.31%
    47% 8 $1,350,000 $168,750 $861 7.25%
    >60% 6 $780,000 $130,000 $1,385 7.38%
    48% 4 $1,070,000 $267,500 $1,466 7.03%
    50-60% 4 $720,000 $180,000 $0 6.72%
    49% 2 $410,000 $205,000 $0 7.31%

    Directions Credit Union lent most frequently to those with DTI ratios of 20-30%, with 171 originations. The next most common DTI ratio? 30-36%, with 151 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 646 $91,440,000 $141,548 $802 7.28%
    Not provided 49 $4,375,000 $89,286 $648 7.44%
    Asian 10 $2,970,000 $297,000 $248 6.26%
    Asian Indian 5 $2,805,000 $561,000 $1,708 6.50%
    Black 19 $935,000 $49,211 $94 7.55%
    American Indian 2 $220,000 $110,000 $0 6.94%

    Approval Rates

    Total approvals of all applications
    77.43%

    Directions Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    93.43%

    Directions Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $85,000 $85,000
    500.0 1 $155,000 $155,000
    NA 729 $102,505,000 $140,610

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    731 $102,745,000 $140,554

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 175 $11,295,000 $64,543 $339 7.82%
    40-60% 58 $9,000,000 $155,172 $547 6.95%
    60-80% 101 $22,765,000 $225,396 $908 6.63%
    80-100% 197 $52,235,000 $265,152 $969 6.59%
    Under 20% 200 $7,450,000 $37,250 $279 7.89%