Scott Credit Union Mortgage Rates, Fees & Info

Edwardsville, IL

LEI: 5493000D7DINI9PZN749

Tax ID: 37-0732817

5 stars - Updated: 12/16/24 - out of 5 stars, based on 29 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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 loans. Scott Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: St. Louis, Chicago, Tampa, Cape Girardeau, and Mount Vernon among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Scott Credit Union has an 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 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
    30 Year Conventional Purchase 6.64% 12/16/24
    30 Year Conventional Refi 6.46% 12/16/24
    30 Year Cash-out Refi 6.38% 12/16/24
    30 Year FHA Purchase 6.86% 12/16/24
    30 Year FHA Refi 6.47% 12/16/24
    30 Year VA Purchase 5.88% 12/16/24
    30 Year VA Refi 6.13% 12/16/24
    30 Year USDA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.06% 12/16/24
    15 Year Conventional Refi 6.06% 12/16/24
    15 Year Cash-out Refi 6.06% 12/16/24
    15 Year VA Purchase 5.92% 12/16/24
    15 Year VA Refi 5.68% 12/16/24
    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.

    Scott Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Scott 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

    863

    Origination Dollar Volume (All Markets)

    $112,135,000
    Show all (9) awards

    Relative Rate

    Scott Credit Union's average 30 year fixed mortgage rate was 6.69%.

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

    This yields a difference of 0.21%.

    Relative Fees (Closing Costs)

    Scott Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,796.

    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
    ST. LOUIS, MO-IL (FHA|USDA|VA) 764 $97,260,000 $127,304 $2,434 7.07%
    Outside of Metro Areas 47 $5,845,000 $124,362 $2,396 6.99%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $2,185,000 $198,636 $3,652 7.17%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,340,000 $670,000 $5,238 6.38%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 5 $605,000 $121,000 $2,801 6.70%
    Mount Vernon, IL (FHA|USDA|VA) 4 $590,000 $147,500 $1,178 7.19%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $455,000 $455,000 $2,366 6.75%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 5 $405,000 $81,000 $2,164 7.32%
    DECATUR, IL (FHA|USDA|VA) 1 $345,000 $345,000 $2,149 6.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $345,000 $345,000 $3,888 6.88%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $335,000 $335,000 $3,784 6.13%
    SPRINGFIELD, IL (FHA|USDA|VA) 4 $320,000 $80,000 $1,027 8.03%
    Farmington, MO (FHA|USDA|VA) 1 $295,000 $295,000 $14,328 6.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,695 6.63%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $265,000 $265,000 $1,891 6.50%
    Altus, OK (FHA|USDA|VA) 1 $235,000 $235,000 $3,745 6.50%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $225,000 $225,000 $2,171 6.63%
    COLUMBUS, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,181 6.13%
    Charleston-Mattoon, IL (FHA|USDA|VA) 2 $190,000 $95,000 $1,107 8.00%
    Centralia, IL (FHA|USDA|VA) 3 $115,000 $38,333 $300 8.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,816 6.75%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    Rolla, MO (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
    DANVILLE, IL (FHA|USDA|VA) 1 $35,000 $35,000 $2,219 6.00%
    Effingham, IL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
    Pontiac, IL (FHA|USDA|VA) 1 $25,000 $25,000 $300 8.00%
    Scott Credit Union's top markets include St. Louis, Chicago, Tampa, Cape Girardeau, and Mount Vernon among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • South Carolina (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.

    Ozarks Federal Savings and Loan Association
    Similarity Rank: 96
    1ST MIDAMERICA
    Similarity Rank: 286
    CNB Bank And Trust, N.A.
    Similarity Rank: 323
    FIRST COMMUNITY
    Similarity Rank: 336
    First National Bank of Waterloo
    Similarity Rank: 340
    United Bank of Union
    Similarity Rank: 360
    VANTAGE Credit Union
    Similarity Rank: 371
    Bank of Hillsboro
    Similarity Rank: 459
    ALLIANCE CREDIT UNION
    Similarity Rank: 520
    ALLTRU Federal Credit Union
    Similarity Rank: 573

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 416 $24,220,000 $58,221 n/a 7.18%
    Conventional 409 $79,385,000 $194,095 $2,183 7.03%
    FHA 23 $3,855,000 $167,609 $5,406 6.31%
    VA 15 $4,675,000 $311,667 $5,537 6.00%

    For 2023, Scott Credit Union's most frequently originated type of loan was HELOC, with 416 originations. Their 2nd most popular type was Conventional, with 409 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 325 $69,925,000 $215,154 $2,879 6.69%
    Home Improvement 238 $14,570,000 $61,218 $0 6.96%
    Other 150 $7,640,000 $50,933 $0 7.56%
    Cash Out Refi 81 $9,585,000 $118,333 $1,199 7.98%
    Refi 69 $10,415,000 $150,942 $1,638 7.04%

    For 2023, Scott Credit Union's most frequently cited loan purpose was Home Purchase, with 325 originations. The 2nd most popular reason was Home Improvement, with 238 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 414 $24,440,000 $59,034 $0 7.17%
    30 Year 357 $76,085,000 $213,123 $2,796 6.69%
    20 Year 46 $3,930,000 $85,435 $543 8.96%
    15 Year 25 $3,355,000 $134,200 $1,963 6.64%
    10 Year 13 $705,000 $54,231 $671 7.98%
    30+ year 6 $3,480,000 $580,000 $0 7.17%
    3 Year 2 $140,000 $70,000 $1,984 7.50%

    For 2023, Scott Credit Union's most frequently cited loan duration was Other, with 414 originations. The 2nd most popular length was 30 Year, with 357 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 408 $76,940,000 $188,578
    $1k-2k 26 $5,630,000 $216,538
    $2k-3k 5 $1,465,000 $293,000
    $3k-4k 3 $1,045,000 $348,333
    $5k+ 3 $2,725,000 $908,333

    Scott Credit Union's average total fees were $2,796, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 408 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 268 $56,910,000 $212,351
    Over 8% 267 $15,955,000 $59,757
    4-5% 114 $6,870,000 $60,263
    7-8% 106 $18,220,000 $171,887
    5-6% 95 $13,465,000 $141,737
    3-4% 13 $715,000 $55,000

    During 2023, Scott Credit Union's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 6-7%, with 268 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 494 $25,050,000 $50,709 $1,568 7.30%
    $100k-200k 195 $27,365,000 $140,333 $2,507 6.84%
    $200k-400k 140 $39,590,000 $282,786 $3,024 6.70%
    $400k-600k 22 $9,840,000 $447,273 $2,798 6.50%
    $600k-1MM 9 $6,495,000 $721,667 $6,176 6.21%
    $1MM+ 3 $3,795,000 $1,265,000 $3,714 6.67%

    2023 saw Scott Credit Union place emphasis on $100,000 or less loans with 494 originations, totaling $25,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 247 $31,795,000 $128,725 $2,369 7.22%
    $150k-250k 165 $25,525,000 $154,697 $2,412 7.30%
    $75k-100k 151 $15,795,000 $104,603 $2,168 7.10%
    $50k-75k 148 $15,070,000 $101,824 $2,687 6.79%
    $50k or less 93 $7,335,000 $78,871 $2,454 6.63%
    $250k+ 47 $15,525,000 $330,319 $3,521 6.82%

    Scott Credit Union lent most frequently to those with incomes in the $100k-150k range, with 247 originations. The second most popular income band? $150k-250k, with 165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 210 $23,500,000 $111,905 $2,393 7.04%
    30-36% 186 $21,950,000 $118,011 $2,185 7.16%
    <20% 74 $7,320,000 $98,919 $2,235 6.93%
    40% 44 $6,200,000 $140,909 $1,846 7.45%
    42% 42 $4,980,000 $118,571 $2,866 7.19%
    44% 41 $6,555,000 $159,878 $2,963 6.94%
    43% 41 $4,855,000 $118,415 $2,496 6.63%
    37% 39 $6,335,000 $162,436 $3,450 6.64%
    39% 32 $4,220,000 $131,875 $2,109 7.26%
    38% 28 $3,490,000 $124,643 $1,922 7.50%
    41% 28 $3,970,000 $141,786 $2,503 6.96%
    36% 23 $3,465,000 $150,652 $2,044 7.66%
    45% 20 $3,680,000 $184,000 $2,812 6.90%
    46% 15 $3,035,000 $202,333 $2,715 6.43%
    47% 14 $2,740,000 $195,714 $2,782 7.17%
    48% 9 $1,635,000 $181,667 $3,082 6.83%
    49% 9 $2,855,000 $317,222 $2,428 7.11%
    50-60% 8 $1,350,000 $168,750 $4,682 6.76%

    Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 210 originations. The next most common DTI ratio? 30-36%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 710 $90,230,000 $127,085 $2,364 7.11%
    Black 75 $10,585,000 $141,133 $3,129 6.91%
    Not provided 63 $9,875,000 $156,746 $2,685 6.84%
    Asian 8 $750,000 $93,750 $2,361 6.89%
    American Indian 5 $345,000 $69,000 $2,981 7.00%
    Native Hawaiian or Islander 1 $315,000 $315,000 $2,448 6.63%
    Chinese 1 $35,000 $35,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    71.91%

    Scott Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.59%

    Scott Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 863 $112,135,000 $129,936

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    863 $112,135,000 $129,936

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 202 $14,790,000 $73,218 $999 7.50%
    40-60% 67 $8,495,000 $126,791 $1,973 6.88%
    60-80% 106 $24,700,000 $233,019 $2,461 6.63%
    80-100% 246 $53,770,000 $218,577 $2,897 6.74%
    Over 100% 2 $590,000 $295,000 $11,746 6.06%
    Under 20% 240 $9,790,000 $40,792 $490 7.29%