My Credit Union Mortgage Rates, Fees & Info
,LEI: 254900WAOJC0EM7P8C35
Tax ID: 41-0824021
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Mortgage Data
Review & Overview
My Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. My Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, Faribault, Fergus Falls, and Brainerd among others. We have data for 6 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. 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 | 5.75% | 4/21/24 |
| 30 Year Conventional Refi | 5.53% | 4/21/24 |
| 30 Year Cash-out Refi | 5.48% | 4/21/24 |
| 15 Year Conventional Purchase | 5.47% | 4/21/24 |
| 15 Year Conventional Refi | 5.20% | 4/21/24 |
| 15 Year Cash-out Refi | 5.20% | 4/21/24 |
| 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. | ||
My 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
238Origination Dollar Volume (All Markets)
$58,290,000Top 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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 227 | $56,295,000 | $247,996 | $0 | 3.03% |
| Outside of Metro Areas | 6 | $1,080,000 | $180,000 | $0 | 3.08% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 3.25% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 3.06% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 3.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.88% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 238 | $58,290,000 | $244,916 | $0 | 3.04% |
For 2020, My Credit Union's most frequently originated type of loan was Conventional, with 238 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 182 | $43,180,000 | $237,253 | $0 | 3.00% |
| Home Purchase | 56 | $15,110,000 | $269,821 | $0 | 3.15% |
For 2020, My Credit Union's most frequently cited loan purpose was Refi, with 182 originations. The 2nd most popular reason was Home Purchase, with 56 originations.
Loan Duration/Length
For 2020, My Credit Union's most frequently cited loan duration was 30 Year, with 142 originations. The 2nd most popular length was 15 Year, with 71 originations.
Origination Fees/Closing Costs
My Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 124 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 148 | $32,490,000 | $219,527 |
| 3-4% | 85 | $24,645,000 | $289,941 |
| <2.5% | 5 | $1,155,000 | $231,000 |
During 2020, My Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 148 originations.
Loan Sizing
2020 saw My Credit Union place emphasis on $200k-400k loans with 132 originations, totaling $34,630,000 in origination value.
Applicant Income
My Credit Union lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $75k-100k, with 55 originations.
Applicant Debt to Income Ratio
My Credit Union lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? <20%, with 54 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 222 | $52,610,000 | $236,982 | $0 | 3.04% |
| Black | 12 | $4,800,000 | $400,000 | $0 | 3.03% |
| Asian | 4 | $880,000 | $220,000 | $0 | 3.09% |
Approval Rates
Total approvals of all applications97.14%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 238 | $58,290,000 | $244,916 |