My Credit Union Mortgage Rates, Fees & Info

,

LEI: 254900WAOJC0EM7P8C35

Tax ID: 41-0824021

5 stars - Updated: 2/19/24 - out of 5 stars, based on 11 reviews

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

Jump to:

Mortgage Data

Review & Overview

My Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. My Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, and Faribault among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

My Credit Union has an above average approval rate when compared to the average across all lenders. My 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.

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
30 Year Conventional Purchase 5.75% 2/19/24
30 Year Conventional Refi 5.53% 2/19/24
30 Year Cash-out Refi 5.48% 2/19/24
15 Year Conventional Purchase 5.47% 2/19/24
15 Year Conventional Refi 5.20% 2/19/24
15 Year Cash-out Refi 5.20% 2/19/24
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.

My Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from My 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

124

Origination Dollar Volume (All Markets)

$31,640,000

Relative Rate

My Credit Union's average 30 year fixed mortgage rate was 4.47%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.29%.

Relative Fees (Closing Costs)

My Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,768.

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 $4,750.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 112 $28,580,000 $255,179 $3,514 4.23%
Outside of Metro Areas 9 $1,945,000 $216,111 $3,327 4.04%
Brainerd, MN (FHA|USDA|VA) 2 $750,000 $375,000 $4,555 4.06%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $365,000 $365,000 $4,800 5.38%
My Credit Union's top markets include Minneapolis, Brainerd, and Faribault among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MY Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Farmers & Merchants Savings Bank
    Similarity Rank: 384
    Cf Bank
    Similarity Rank: 777
    MY Credit Union
    Similarity Rank: 800
    Liberty Bank Minnesota
    Similarity Rank: 930
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    South Metro Federal Credit Union
    Similarity Rank: 1047
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1248
    Bank Midwest
    Similarity Rank: 1566
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1620
    Coulee Bank
    Similarity Rank: 1771

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 124 $31,640,000 $255,161 $3,527 4.22%

    For 2022, My Credit Union's most frequently originated type of loan was Conventional, with 124 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 62 $19,420,000 $313,226 $4,118 4.78%
    Cash Out Refi 51 $10,555,000 $206,961 $3,012 3.68%
    Refi 11 $1,665,000 $151,364 $2,594 3.59%

    For 2022, My Credit Union's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Cash Out Refi, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 90 $25,400,000 $282,222 $3,768 4.47%
    15 Year 22 $3,700,000 $168,182 $2,796 3.46%
    20 Year 11 $2,455,000 $223,182 $3,158 3.68%
    10 Year 1 $85,000 $85,000 $2,065 4.25%

    For 2022, My Credit Union's most frequently cited loan duration was 30 Year, with 90 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 64 $15,500,000 $242,188
    $<1k 38 $5,390,000 $141,842
    $2k-3k 17 $7,715,000 $453,824
    $3k-4k 5 $3,035,000 $607,000

    My Credit Union's average total fees were $3,768, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 49 $12,845,000 $262,143
    5-6% 27 $7,235,000 $267,963
    4-5% 23 $5,505,000 $239,348
    2.5-3% 16 $3,850,000 $240,625
    6-7% 9 $2,205,000 $245,000

    During 2022, My Credit Union's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 3-4%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 52 $15,210,000 $292,500 $3,801 4.25%
    $100k-200k 44 $6,550,000 $148,864 $2,769 4.25%
    $400k-600k 14 $7,120,000 $508,571 $5,399 4.27%
    $100,000 or less 11 $885,000 $80,455 $2,090 3.99%
    $600k-1MM 3 $1,875,000 $625,000 $6,449 3.92%

    2022 saw My Credit Union place emphasis on $200k-400k loans with 52 originations, totaling $15,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $8,015,000 $258,548 $3,519 4.31%
    $75k-100k 24 $5,940,000 $247,500 $3,359 4.26%
    $50k-75k 23 $4,225,000 $183,696 $3,111 4.08%
    $150k-250k 20 $7,880,000 $394,000 $4,693 4.26%
    $50k or less 19 $2,605,000 $137,105 $2,560 4.17%
    $250k+ 7 $2,975,000 $425,000 $4,807 4.20%

    My Credit Union lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $75k-100k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 22 $5,680,000 $258,182 $3,517 4.03%
    20-30% 22 $4,820,000 $219,091 $3,233 3.93%
    <20% 15 $4,055,000 $270,333 $3,579 4.02%
    41% 10 $2,610,000 $261,000 $3,799 4.21%
    40% 7 $1,835,000 $262,143 $3,555 4.21%
    37% 7 $1,815,000 $259,286 $3,782 3.98%
    43% 6 $1,560,000 $260,000 $3,237 3.85%
    38% 6 $1,950,000 $325,000 $4,189 4.08%
    44% 5 $1,155,000 $231,000 $3,350 4.28%
    48% 4 $1,630,000 $407,500 $4,571 4.75%
    49% 4 $1,190,000 $297,500 $4,258 6.22%
    42% 3 $695,000 $231,667 $3,438 4.75%
    45% 3 $585,000 $195,000 $3,143 5.42%
    46% 3 $755,000 $251,667 $3,198 4.79%
    39% 2 $330,000 $165,000 $2,810 3.44%
    36% 2 $200,000 $100,000 $2,295 4.56%
    >60% 2 $260,000 $130,000 $2,306 5.81%
    47% 1 $515,000 $515,000 $5,084 3.00%

    My 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 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $23,360,000 $243,333 $3,461 4.18%
    Black 15 $3,955,000 $263,667 $3,463 4.41%
    Not provided 7 $2,535,000 $362,143 $4,638 4.48%
    Asian 5 $1,605,000 $321,000 $3,539 4.18%
    Other Asian 1 $185,000 $185,000 $3,008 3.75%

    Approval Rates

    Total approvals of all applications
    100.00%

    My Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 124 $31,640,000 $255,161

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    124 $31,640,000 $255,161

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $820,000 $102,500 $2,352 4.13%
    40-60% 26 $4,240,000 $163,077 $2,656 3.71%
    60-80% 37 $10,265,000 $277,432 $3,631 3.95%
    80-100% 51 $16,175,000 $317,157 $4,141 4.71%
    Under 20% 2 $140,000 $70,000 $1,991 3.75%