Tradesmen Community Credit Union Mortgage Rates, Fees & Info
Des Moines, IALEI: 254900XRTANBKSC2EB64
Tax ID: 42-0778025
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Mortgage Data
Review & Overview
Tradesmen Community Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Cash Out Refi loans. Tradesmen Community Credit Union has a high proportion of conventional loans. Their top two markets are Des Moines and Ames .Tradesmen Community Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Tradesmen Community 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.73% | 11/22/24 |
| 30 Year Conventional Refi | 7.36% | 11/22/24 |
| 30 Year Cash-out Refi | 6.88% | 11/22/24 |
| 15 Year Conventional Refi | 7.60% | 11/22/24 |
| 15 Year Cash-out Refi | 7.60% | 11/22/24 |
| 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. | ||
Tradesmen Community 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
66Origination Dollar Volume (All Markets)
$4,560,000Top 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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 63 | $4,385,000 | $69,603 | $4,124 | 5.32% |
| AMES, IA (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 4.84% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 3.94% |
Similar Lenders
We use machine learning to identify the top lenders compared against Tradesmen Community 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 | 58 | $3,990,000 | $68,793 | $4,124 | 5.55% |
| HELOC | 8 | $570,000 | $71,250 | n/a | 3.29% |
For 2022, Tradesmen Community Credit Union's most frequently originated type of loan was Conventional, with 58 originations. Their 2nd most popular type was HELOC, with 8 originations.
Loan Reason
For 2022, Tradesmen Community Credit Union's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Refi, with 21 originations.
Loan Duration/Length
For 2022, Tradesmen Community Credit Union's most frequently cited loan duration was 15 Year, with 25 originations. The 2nd most popular length was 5 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 4 | $530,000 | $132,500 |
| $2k-3k | 4 | $520,000 | $130,000 |
| $3k-4k | 2 | $490,000 | $245,000 |
| $4k-5k | 1 | $275,000 | $275,000 |
Tradesmen Community Credit Union's average total fees were $4,177, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4 originations.
Interest Rates
During 2022, Tradesmen Community Credit Union's average interest rate for loans was 5.61%, while their most frequently originated rate bucket for loans was 3-4%, with 20 originations.
Loan Sizing
2022 saw Tradesmen Community Credit Union place emphasis on $100,000 or less loans with 52 originations, totaling $2,230,000 in origination value.
Applicant Income
Tradesmen Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k-75k, with 18 originations.
Applicant Debt to Income Ratio
Tradesmen Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 23 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.22%
Tradesmen Community 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 origination93.94%
Tradesmen Community Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 66 | $4,560,000 | $69,091 |