Meritus Federal Credit Union Mortgage Rates, Fees & Info

Lafayette, LA

LEI: 549300333JQWIP8NLK67

Tax ID: 72-0596030

Latest/2023 | 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

    Meritus Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Meritus Federal Credit Union has a high proportion of conventional loans. Their top two markets are Lafayette and Opelousas .

    Meritus Federal 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. Meritus Federal 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 6.19% 11/21/24
    30 Year Conventional Refi 5.58% 11/21/24
    30 Year Cash-out Refi 5.63% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year VA Purchase 6.27% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 4.86% 11/21/24
    15 Year Conventional Refi 5.23% 11/21/24
    15 Year Cash-out Refi 5.23% 11/21/24
    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.

    Meritus Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Meritus Federal 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

    70

    Origination Dollar Volume (All Markets)

    $9,290,000

    Awards

    MERITUS Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) 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
    LAFAYETTE, LA (FHA|USDA|VA) 63 $8,535,000 $135,476 $3,481 4.62%
    Opelousas, LA (FHA|USDA|VA) 7 $755,000 $107,857 $3,220 4.86%
    Meritus Federal Credit Union's top markets include Lafayette and Opelousas among others.

    Their top states include:
  • Louisiana (FHA|USDA|VA)

    • Similar Lenders

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

    MERITUS Federal Credit Union
    Similarity Rank: 58
    Home Bank
    Similarity Rank: 216
    Abbeville Building & Loan (A State-Chartered Savings Bank)
    Similarity Rank: 224
    Pelican State Credit Union
    Similarity Rank: 399
    TIB The Independent Bankersbank
    Similarity Rank: 702
    DSLD MORTGAGE, LLC
    Similarity Rank: 912
    STANDARD MORTGAGE CORPORATION
    Similarity Rank: 1333
    ADVANCIAL
    Similarity Rank: 5236
    Hancock Whitney Bank
    Similarity Rank: 5293
    GMFS LLC
    Similarity Rank: 8736

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 70 $9,290,000 $132,714 $3,455 4.64%

    For 2022, Meritus Federal Credit Union's most frequently originated type of loan was Conventional, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 33 $3,365,000 $101,970 $3,116 4.61%
    Home Purchase 27 $4,145,000 $153,519 $3,983 5.00%
    Refi 10 $1,780,000 $178,000 $3,249 3.77%

    For 2022, Meritus Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 33 originations. The 2nd most popular reason was Home Purchase, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 35 $5,725,000 $163,571 $3,833 4.84%
    15 Year 20 $1,810,000 $90,500 $2,918 4.24%
    20 Year 9 $1,365,000 $151,667 $3,843 4.72%
    10 Year 6 $390,000 $65,000 $2,426 4.71%

    For 2022, Meritus Federal Credit Union's most frequently cited loan duration was 30 Year, with 35 originations. The 2nd most popular length was 15 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 28 $4,130,000 $147,500
    $<1k 25 $1,815,000 $72,600
    $2k-3k 7 $1,625,000 $232,143
    $3k-4k 2 $670,000 $335,000

    Meritus Federal Credit Union's average total fees were $3,833, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 23 $3,205,000 $139,348
    5-6% 16 $1,880,000 $117,500
    4-5% 13 $1,995,000 $153,462
    6-7% 12 $1,640,000 $136,667
    <2.5% 3 $265,000 $88,333
    2.5-3% 3 $305,000 $101,667

    During 2022, Meritus Federal Credit Union's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 3-4%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 33 $4,865,000 $147,424 $3,696 4.41%
    $100,000 or less 26 $1,700,000 $65,385 $2,651 4.75%
    $200k-400k 11 $2,725,000 $247,727 $4,578 5.09%

    2022 saw Meritus Federal Credit Union place emphasis on $100k-200k loans with 33 originations, totaling $4,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 20 $1,850,000 $92,500 $2,819 4.28%
    $50k-75k 14 $1,770,000 $126,429 $3,336 4.45%
    $100k-150k 13 $2,495,000 $191,923 $4,160 5.08%
    $75k-100k 12 $1,520,000 $126,667 $3,469 4.71%
    $150k-250k 9 $1,255,000 $139,444 $3,663 4.82%
    $250k+ 2 $400,000 $200,000 $4,823 5.69%

    Meritus Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 20 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $3,090,000 $140,455 $3,566 4.77%
    30-36% 19 $2,405,000 $126,579 $3,348 4.20%
    <20% 9 $1,105,000 $122,778 $3,607 5.22%
    42% 4 $610,000 $152,500 $3,197 5.34%
    43% 3 $585,000 $195,000 $4,416 5.00%
    41% 2 $160,000 $80,000 $2,380 2.63%
    45% 2 $60,000 $30,000 $2,088 5.63%
    40% 2 $310,000 $155,000 $3,083 4.75%
    50-60% 2 $170,000 $85,000 $3,007 4.94%
    >60% 1 $45,000 $45,000 $2,511 3.50%
    37% 1 $145,000 $145,000 $3,999 3.25%
    44% 1 $165,000 $165,000 $4,190 3.75%
    46% 1 $275,000 $275,000 $5,650 5.25%
    38% 1 $165,000 $165,000 $4,015 5.38%

    Meritus Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 46 $6,210,000 $135,000 $3,407 4.60%
    Black 18 $2,030,000 $112,778 $3,284 4.70%
    Not provided 4 $650,000 $162,500 $4,097 4.66%
    Asian 1 $235,000 $235,000 $5,286 6.38%
    American Indian 1 $165,000 $165,000 $4,190 3.75%

    Approval Rates

    Total approvals of all applications
    72.80%

    Meritus Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.86%

    Meritus Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 70 $9,290,000 $132,714

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    70 $9,290,000 $132,714

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,145,000 $104,091 $3,128 4.42%
    40-60% 10 $1,120,000 $112,000 $3,101 3.94%
    60-80% 25 $4,105,000 $164,200 $3,828 4.48%
    80-100% 16 $2,290,000 $143,125 $3,581 5.06%
    Under 20% 5 $275,000 $55,000 $2,640 5.60%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Mortgage Research Center, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Mortgage Research Center, LLC VA mortgage Trouble during payment process 1 50.0%