Scott Credit Union Mortgage Rates, Fees & Info

Edwardsville, IL

LEI: 5493000D7DINI9PZN749

Tax ID: 37-0732817

5 stars - out of 5 stars, based on 26 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Scott Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Scott Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: St. Louis, Chicago, Carbondale, Cape Girardeau, and Tampa among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Scott Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Scott 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 6.64% 3/28/23
    30 Year Conventional Refi 6.46% 3/28/23
    30 Year Cash-out Refi 6.38% 3/28/23
    30 Year FHA Purchase 6.86% 3/28/23
    30 Year FHA Refi 6.47% 3/28/23
    30 Year VA Purchase 5.88% 3/28/23
    30 Year VA Refi 6.13% 3/28/23
    30 Year USDA Purchase 6.27% 3/28/23
    15 Year Conventional Purchase 6.06% 3/28/23
    15 Year Conventional Refi 6.06% 3/28/23
    15 Year Cash-out Refi 6.06% 3/28/23
    15 Year VA Purchase 5.92% 3/28/23
    15 Year VA Refi 5.68% 3/28/23
    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.


    Originations

    663

    Origination Dollar Volume (All Markets)

    $118,535,000
    Show all (9) awards

    Relative Rate

    Scott Credit Union's average 30 year fixed mortgage rate was 4.95%.

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

    This yields a difference of 0.19%.

    Relative Fees (Closing Costs)

    Scott Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,792.

    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
    ST. LOUIS, MO-IL (FHA|USDA|VA) 568 $99,640,000 $175,423 $2,483 4.80%
    Outside of Metro Areas 37 $6,135,000 $165,811 $2,840 4.92%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 14 $3,660,000 $261,429 $4,552 3.89%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 5 $1,035,000 $207,000 $2,787 4.30%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 3 $805,000 $268,333 $4,348 5.21%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $730,000 $365,000 $3,317 3.25%
    Farmington, MO (FHA|USDA|VA) 3 $625,000 $208,333 $2,442 3.83%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $555,000 $555,000 $2,314 5.25%
    Freeport, IL (FHA|USDA|VA) 1 $525,000 $525,000 $2,388 3.50%
    Mount Vernon, IL (FHA|USDA|VA) 4 $510,000 $127,500 $1,687 5.19%
    Taylorville, IL (FHA|USDA|VA) 3 $445,000 $148,333 $2,057 5.33%
    Sikeston, MO (FHA|USDA|VA) 2 $410,000 $205,000 $2,376 3.88%
    Centralia, IL (FHA|USDA|VA) 3 $385,000 $128,333 $2,233 4.50%
    SPRINGFIELD, IL (FHA|USDA|VA) 3 $335,000 $111,667 $1,995 5.00%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $325,000 $325,000 $1,930 6.63%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,768 4.88%
    ALEXANDRIA, LA (FHA|USDA|VA) 1 $295,000 $295,000 $3,060 4.75%
    SPRINGFIELD, MO (FHA|USDA|VA) 2 $260,000 $130,000 $2,331 4.06%
    DECATUR, IL (FHA|USDA|VA) 1 $255,000 $255,000 $2,709 5.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $245,000 $245,000 $2,952 5.88%
    Rolla, MO (FHA|USDA|VA) 1 $225,000 $225,000 $2,497 5.13%
    KANKAKEE, IL (FHA|USDA|VA) 1 $225,000 $225,000 $3,514 5.38%
    TOPEKA, KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,005 7.38%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,843 4.50%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,340 3.50%
    Effingham, IL (FHA|USDA|VA) 1 $85,000 $85,000 $1,988 4.12%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $75,000 $75,000 $2,875 4.75%
    Scott Credit Union's top markets include St. Louis, Chicago, Carbondale, Cape Girardeau, and Tampa among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    D.W. BROWN MORTGAGE CORP.
    Similarity Rank: 209
    Town & Country Bank
    Similarity Rank: 328
    Ozarks Federal Savings and Loan Association
    Similarity Rank: 518
    JERSEY STATE BANK
    Similarity Rank: 580
    U S WIDE FINANCIAL LLC
    Similarity Rank: 720
    First National Bank of Waterloo
    Similarity Rank: 804
    ALLTRU Federal Credit Union
    Similarity Rank: 884
    HNB National Bank
    Similarity Rank: 980
    WEST COMMUNITY
    Similarity Rank: 1164
    United Bank of Union
    Similarity Rank: 1197

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 595 $102,715,000 $172,630 $2,215 4.82%
    FHA 35 $6,645,000 $189,857 $5,940 4.65%
    VA 33 $9,175,000 $278,030 $4,791 4.23%

    For 2022, Scott Credit Union's most frequently originated type of loan was Conventional, with 595 originations. Their 2nd most popular type was FHA, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 427 $84,615,000 $198,162 $2,829 5.08%
    Refi 182 $27,950,000 $153,571 $2,045 3.96%
    Cash Out Refi 50 $5,630,000 $112,600 $2,051 5.18%
    Other 3 $235,000 $78,333 $165 6.00%
    Home Improvement 1 $105,000 $105,000 $1,569 3.13%

    For 2022, Scott Credit Union's most frequently cited loan purpose was Home Purchase, with 427 originations. The 2nd most popular reason was Refi, with 182 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 482 $96,060,000 $199,295 $2,792 4.95%
    15 Year 90 $11,770,000 $130,778 $1,941 3.66%
    20 Year 61 $7,845,000 $128,607 $1,593 5.22%
    10 Year 19 $1,655,000 $87,105 $1,738 3.95%
    3 Year 8 $390,000 $48,750 $1,991 5.62%
    Other 1 $395,000 $395,000 $0 5.38%
    30+ year 1 $395,000 $395,000 $7,476 6.63%
    5 Year 1 $25,000 $25,000 $0 4.75%

    For 2022, Scott Credit Union's most frequently cited loan duration was 30 Year, with 482 originations. The 2nd most popular length was 15 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 608 $109,130,000 $179,490
    $1k-2k 21 $4,875,000 $232,143
    $3k-4k 6 $2,050,000 $341,667
    $2k-3k 5 $1,045,000 $209,000
    $4k-5k 1 $185,000 $185,000

    Scott Credit Union's average total fees were $2,792, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 608 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 188 $33,190,000 $176,543
    3-4% 152 $27,880,000 $183,421
    4-5% 138 $27,890,000 $202,101
    6-7% 86 $13,880,000 $161,395
    2.5-3% 44 $8,260,000 $187,727
    <2.5% 30 $4,880,000 $162,667
    7-8% 20 $2,190,000 $109,500
    Over 8% 5 $365,000 $73,000

    During 2022, Scott Credit Union's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 5-6%, with 188 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 262 $37,620,000 $143,588 $2,393 4.55%
    $200k-400k 188 $49,940,000 $265,638 $3,144 4.81%
    $100,000 or less 178 $11,810,000 $66,348 $1,955 5.12%
    $400k-600k 27 $12,205,000 $452,037 $3,262 4.80%
    $600k-1MM 5 $3,675,000 $735,000 $2,677 4.35%
    $1MM+ 3 $3,285,000 $1,095,000 $4,918 3.46%

    2022 saw Scott Credit Union place emphasis on $100k-200k loans with 262 originations, totaling $37,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 159 $21,515,000 $135,314 $2,427 4.83%
    $100k-150k 158 $32,970,000 $208,671 $2,703 4.87%
    $75k-100k 128 $22,180,000 $173,281 $2,632 4.71%
    $50k or less 118 $13,810,000 $117,034 $2,480 4.64%
    $150k-250k 82 $22,410,000 $273,293 $2,619 4.85%
    $250k+ 16 $5,210,000 $325,625 $2,138 4.54%

    Scott Credit Union lent most frequently to those with incomes in the $50k-75k range, with 159 originations. The second most popular income band? $100k-150k, with 158 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 145 $25,835,000 $178,172 $2,508 4.61%
    30-36% 136 $22,970,000 $168,897 $2,318 4.87%
    <20% 53 $7,275,000 $137,264 $2,177 4.27%
    41% 30 $4,710,000 $157,000 $2,526 5.07%
    42% 28 $4,100,000 $146,429 $1,977 4.92%
    37% 28 $4,770,000 $170,357 $2,735 5.13%
    44% 28 $4,440,000 $158,571 $2,557 5.13%
    36% 26 $4,010,000 $154,231 $2,301 4.95%
    38% 25 $3,885,000 $155,400 $2,554 5.10%
    43% 25 $5,095,000 $203,800 $2,424 5.23%
    45% 22 $4,490,000 $204,091 $2,824 4.39%
    40% 21 $3,975,000 $189,286 $2,752 4.78%
    39% 19 $3,085,000 $162,368 $2,661 4.67%
    48% 18 $5,180,000 $287,778 $3,016 4.97%
    50-60% 17 $4,175,000 $245,588 $5,339 4.80%
    49% 15 $3,255,000 $217,000 $2,334 4.81%
    47% 14 $3,140,000 $224,286 $2,696 4.76%
    46% 8 $1,410,000 $176,250 $2,274 4.23%

    Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 145 originations. The next most common DTI ratio? 30-36%, with 136 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 516 $90,610,000 $175,601 $2,478 4.74%
    Black 72 $14,080,000 $195,556 $3,258 5.04%
    Not provided 65 $11,425,000 $175,769 $2,438 4.80%
    Asian 4 $840,000 $210,000 $2,032 3.97%
    American Indian 4 $790,000 $197,500 $2,536 4.31%
    Asian Indian 1 $735,000 $735,000 $2,128 5.25%
    Not applicable 1 $55,000 $55,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    90.18%

    Scott Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.67%

    Scott Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 663 $118,535,000 $178,786

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    663 $118,535,000 $178,786

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $2,975,000 $80,405 $1,533 5.21%
    40-60% 57 $8,315,000 $145,877 $2,080 3.74%
    60-80% 175 $31,445,000 $179,686 $2,222 4.31%
    80-100% 367 $73,475,000 $200,204 $2,839 5.03%
    Over 100% 4 $1,090,000 $272,500 $10,688 4.94%
    Under 20% 23 $1,235,000 $53,696 $388 6.15%