Scott Credit Union Mortgage Rates, Fees & Info

Edwardsville, IL

LEI: 5493000D7DINI9PZN749

Tax ID: 37-0732817

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Refi and 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, Carbondale, Chicago, Centralia, and Decatur among others. We have data for 19 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 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 6.86% 4/17/25
    30 Year Conventional Refi 6.71% 4/17/25
    30 Year Cash-out Refi 6.79% 4/17/25
    30 Year FHA Purchase 6.83% 4/17/25
    30 Year FHA Refi 6.45% 4/17/25
    30 Year VA Purchase 6.29% 4/17/25
    30 Year VA Refi 5.76% 4/17/25
    15 Year Conventional Purchase 5.96% 4/17/25
    15 Year Conventional Refi 6.04% 4/17/25
    15 Year Cash-out Refi 6.04% 4/17/25
    15 Year VA Purchase 6.00% 4/17/25
    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

    968

    Origination Dollar Volume (All Markets)

    $162,470,000
    Show all (9) awards

    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) 896 $151,510,000 $169,096 $1,935 2.89%
    Outside of Metro Areas 41 $5,325,000 $129,878 $2,008 2.91%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 4 $950,000 $237,500 $3,604 2.72%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $605,000 $201,667 $1,420 2.71%
    Centralia, IL (FHA|USDA|VA) 4 $600,000 $150,000 $2,999 2.78%
    DECATUR, IL (FHA|USDA|VA) 2 $530,000 $265,000 $2,183 3.06%
    Fort Leonard Wood, MO (FHA|USDA|VA) 3 $465,000 $155,000 $2,278 3.92%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $455,000 $455,000 $5,255 3.25%
    SPRINGFIELD, MO (FHA|USDA|VA) 2 $400,000 $200,000 $1,972 3.00%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 2 $250,000 $125,000 $1,971 3.13%
    Mount Vernon, IL (FHA|USDA|VA) 2 $250,000 $125,000 $2,255 2.69%
    Effingham, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,618 3.00%
    Branson, MO (FHA|USDA|VA) 1 $175,000 $175,000 $1,932 2.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,673 3.13%
    Hannibal, MO (FHA|USDA|VA) 1 $155,000 $155,000 $1,675 3.25%
    Mexico, MO (FHA|USDA|VA) 1 $135,000 $135,000 $2,170 2.63%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,255 3.00%
    Farmington, MO (FHA|USDA|VA) 1 $95,000 $95,000 $2,118 2.75%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,276 3.25%
    Scott Credit Union's top markets include St. Louis, Carbondale, Chicago, Centralia, and Decatur among others.

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

    Town & Country Bank
    Similarity Rank: 328
    Ozarks Federal Savings and Loan Association
    Similarity Rank: 370
    CapGrow Home Mortgage, LLC
    Similarity Rank: 552
    D.W. BROWN MORTGAGE CORP.
    Similarity Rank: 627
    JERSEY STATE BANK
    Similarity Rank: 725
    HNB National Bank
    Similarity Rank: 910
    First National Bank of Waterloo
    Similarity Rank: 938
    VANTAGE Credit Union
    Similarity Rank: 1010
    Providence Bank
    Similarity Rank: 1102
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 922 $153,680,000 $166,681 $1,884 2.91%
    VA 30 $6,200,000 $206,667 $2,534 2.56%
    FHA 16 $2,590,000 $161,875 $4,996 2.52%

    For 2021, Scott Credit Union's most frequently originated type of loan was Conventional, with 922 originations. Their 2nd most popular type was VA, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 529 $87,095,000 $164,641 $1,713 2.83%
    Home Purchase 365 $65,015,000 $178,123 $2,343 2.98%
    Cash Out Refi 54 $8,060,000 $149,259 $1,837 2.89%
    Other 20 $2,300,000 $115,000 $1,665 2.88%

    For 2021, Scott Credit Union's most frequently cited loan purpose was Refi, with 529 originations. The 2nd most popular reason was Home Purchase, with 365 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 587 $106,925,000 $182,155 $2,126 3.02%
    15 Year 211 $31,085,000 $147,322 $1,735 2.53%
    20 Year 109 $16,145,000 $148,119 $1,626 3.13%
    10 Year 49 $6,045,000 $123,367 $1,608 2.35%
    Other 11 $2,185,000 $198,636 $1,938 2.73%
    3 Year 1 $85,000 $85,000 $1,813 4.75%

    For 2021, Scott Credit Union's most frequently cited loan duration was 30 Year, with 587 originations. The 2nd most popular length was 15 Year, with 211 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 958 $160,020,000 $167,035
    $1k-2k 8 $1,740,000 $217,500
    $3k-4k 1 $325,000 $325,000
    $5k+ 1 $385,000 $385,000

    Scott Credit Union's average total fees were $2,126, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 958 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 469 $82,255,000 $175,384
    3-4% 256 $44,240,000 $172,813
    <2.5% 228 $35,140,000 $154,123
    6-7% 8 $430,000 $53,750
    5-6% 5 $195,000 $39,000
    4-5% 2 $210,000 $105,000

    During 2021, Scott Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 469 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 468 $69,140,000 $147,735 $1,887 2.86%
    $200k-400k 250 $64,440,000 $257,760 $2,201 2.86%
    $100,000 or less 228 $16,570,000 $72,675 $1,725 2.98%
    $400k-600k 17 $7,885,000 $463,824 $2,541 2.91%
    $600k-1MM 3 $2,135,000 $711,667 $5,707 2.88%
    $1MM+ 2 $2,300,000 $1,150,000 $2,905 2.75%

    2021 saw Scott Credit Union place emphasis on $100k-200k loans with 468 originations, totaling $69,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 230 $32,230,000 $140,130 $1,974 2.87%
    $100k-150k 226 $43,370,000 $191,903 $1,880 2.89%
    $75k-100k 205 $35,545,000 $173,390 $1,968 2.88%
    $50k or less 170 $17,560,000 $103,294 $1,960 2.90%
    $150k-250k 119 $25,955,000 $218,109 $1,927 2.91%
    $250k+ 18 $7,810,000 $433,889 $2,685 3.00%

    Scott Credit Union lent most frequently to those with incomes in the $50k-75k range, with 230 originations. The second most popular income band? $100k-150k, with 226 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 298 $48,110,000 $161,443 $1,863 2.85%
    30-36% 192 $34,710,000 $180,781 $1,995 2.89%
    <20% 114 $16,230,000 $142,368 $1,830 2.82%
    36% 35 $6,425,000 $183,571 $1,940 2.79%
    43% 33 $4,555,000 $138,030 $1,874 3.11%
    37% 30 $5,570,000 $185,667 $1,939 3.01%
    41% 30 $6,000,000 $200,000 $2,343 2.96%
    39% 30 $5,340,000 $178,000 $2,233 2.91%
    44% 27 $4,295,000 $159,074 $1,989 2.94%
    38% 26 $4,540,000 $174,615 $1,945 2.90%
    40% 25 $4,445,000 $177,800 $2,026 3.08%
    42% 24 $4,740,000 $197,500 $2,240 3.05%
    45% 22 $3,540,000 $160,909 $2,024 2.74%
    46% 20 $3,550,000 $177,500 $2,519 2.86%
    48% 15 $2,015,000 $134,333 $1,991 2.87%
    47% 13 $2,695,000 $207,308 $2,186 3.06%
    49% 11 $2,425,000 $220,455 $1,865 3.23%
    50-60% 2 $200,000 $100,000 $2,312 4.25%

    Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 298 originations. The next most common DTI ratio? 30-36%, with 192 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 770 $128,380,000 $166,727 $1,929 2.87%
    Not provided 113 $21,365,000 $189,071 $2,021 2.91%
    Black 75 $11,165,000 $148,867 $2,070 3.03%
    American Indian 3 $665,000 $221,667 $3,710 2.83%
    Asian 3 $385,000 $128,333 $2,054 2.79%
    Not applicable 3 $305,000 $101,667 $1,716 2.79%
    Native Hawaiian or Islander 1 $205,000 $205,000 $2,010 3.00%

    Approval Rates

    Total approvals of all applications
    87.39%

    Scott Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    63.74%

    Scott Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 968 $162,470,000 $167,841

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    968 $162,470,000 $167,841

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $3,120,000 $86,667 $1,533 2.97%
    40-60% 135 $18,975,000 $140,556 $1,624 2.67%
    60-80% 425 $72,605,000 $170,835 $1,886 2.83%
    80-100% 358 $66,770,000 $186,508 $2,207 2.97%
    Over 100% 2 $460,000 $230,000 $10,555 2.56%
    Under 20% 12 $540,000 $45,000 $535 4.84%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    South Carolina State Housing Finance and Development Authority Conventional home mortgage Trouble during payment process 1 50.0%
    South Carolina State Housing Finance and Development Authority FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%