Red River Federal Credit Union Mortgage Rates, Fees & Info
Altus, OKLEI: 5493001EYKX1T5YCJ737
Tax ID: 73-0668635
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Mortgage Data
Review & Overview
Red River Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Red River Federal Credit Union has a high proportion of conventional loans. Their top two markets are Altus and Lawton .Red River Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 11/17/24 |
| 30 Year Conventional Refi | 4.08% | 11/17/24 |
| 30 Year Cash-out Refi | 6.22% | 11/17/24 |
| 15 Year Conventional Purchase | 5.41% | 11/17/24 |
| 15 Year Conventional Refi | 5.15% | 11/17/24 |
| 15 Year Cash-out Refi | 5.15% | 11/17/24 |
| 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. | ||
Red River Federal 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
23Origination Dollar Volume (All Markets)
$3,065,000Top 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 |
|---|---|---|---|---|---|
| Altus, OK (FHA|USDA|VA) | 19 | $2,725,000 | $143,421 | $3,704 | 7.79% |
| LAWTON, OK (FHA|USDA|VA) | 4 | $340,000 | $85,000 | $4,397 | 7.80% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 23 | $3,065,000 | $133,261 | $3,935 | 7.79% |
For 2023, Red River Federal Credit Union's most frequently originated type of loan was Conventional, with 23 originations.
Loan Reason
For 2023, Red River Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
For 2023, Red River Federal Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was Other, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $55,000 | $55,000 |
| $1k-2k | 1 | $225,000 | $225,000 |
| $3k-4k | 1 | $395,000 | $395,000 |
Red River Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 10 | $1,570,000 | $157,000 |
| Over 8% | 9 | $405,000 | $45,000 |
| 5-6% | 2 | $640,000 | $320,000 |
| 6-7% | 2 | $450,000 | $225,000 |
During 2023, Red River Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 10 originations.
Loan Sizing
2023 saw Red River Federal Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $505,000 in origination value.
Applicant Income
Red River Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 3 originations. The second most popular income band? $50k or less, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 3 | $515,000 | $171,667 | $3,704 | 7.33% |
| 30-36% | 1 | $225,000 | $225,000 | $4,397 | 6.00% |
Red River Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 14 | $1,770,000 | $126,429 | $0 | 7.92% |
| White | 9 | $1,295,000 | $143,889 | $3,935 | 7.59% |
Approval Rates
Total approvals of all applications70.59%
Red River Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination95.65%
Red River Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23 | $3,065,000 | $133,261 |