Nizari Progressive Federal Credit Union Mortgage Rates, Fees & Info

SUGAR LAND, TX

LEI: 54930047YAX7UHRKN043

Tax ID: 76-0286049

1 stars - Updated: 3/28/24 - out of 5 stars, based on 9 reviews

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

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Mortgage Data

Review & Overview

Nizari Progressive Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Nizari Progressive Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, Dallas, Austin, Los Angeles, and San Francisco among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Nizari Progressive Federal 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. Nizari Progressive Federal Credit Union is typically a high 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.

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Originations

75

Origination Dollar Volume (All Markets)

$42,745,000

Awards

Nizari Progressive Federal Credit Union 30 Year Conventional Loans silver Nizari Progressive Federal Credit Union 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Nizari Progressive Federal Credit Union's average 30 year fixed mortgage rate was 6.48%.

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

This yields a difference of -0%.

Relative Fees (Closing Costs)

Nizari Progressive Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $15,187.

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
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 47 $25,055,000 $533,085 $15,218 6.53%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 12 $7,400,000 $616,667 $14,735 6.41%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 9 $5,325,000 $591,667 $14,610 6.22%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $19,959 6.13%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $855,000 $855,000 $16,453 6.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $725,000 $725,000 $17,799 6.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $625,000 $625,000 $13,155 5.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $485,000 $485,000 $9,792 7.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $405,000 $405,000 $0 7.00%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $365,000 $365,000 $8,725 5.99%
Nizari Progressive Federal Credit Union's top markets include Houston, Dallas, Austin, Los Angeles, and San Francisco among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Similar Lenders

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

    AMOCO
    Similarity Rank: 258
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 300
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    East West Bank
    Similarity Rank: 703
    COMMUNITY RESOURCE CREDIT UNION
    Similarity Rank: 714
    AAXY L.L.C.
    Similarity Rank: 736
    PRIMEWAY
    Similarity Rank: 1048
    HOMEWAY MORTGAGE LLC
    Similarity Rank: 1050
    FIRST SERVICE Credit Union
    Similarity Rank: 1054

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $42,745,000 $569,933 $14,929 6.47%

    For 2023, Nizari Progressive Federal Credit Union's most frequently originated type of loan was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 63 $37,385,000 $593,413 $15,424 6.46%
    Cash Out Refi 9 $4,415,000 $490,556 $13,342 6.82%
    Refi 3 $945,000 $315,000 $7,270 5.52%

    For 2023, Nizari Progressive Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 68 $39,410,000 $579,559 $15,187 6.48%
    15 Year 3 $2,435,000 $811,667 $16,685 6.50%
    20 Year 3 $695,000 $231,667 $6,211 7.00%
    10 Year 1 $205,000 $205,000 $5,732 3.99%

    For 2023, Nizari Progressive Federal Credit Union's most frequently cited loan duration was 30 Year, with 68 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 50 $35,090,000 $701,800
    $2k-3k 2 $590,000 $295,000
    $4k-5k 2 $450,000 $225,000

    Nizari Progressive Federal Credit Union's average total fees were $15,187, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 50 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 44 $22,450,000 $510,227
    5-6% 22 $14,090,000 $640,455
    7-8% 8 $6,000,000 $750,000
    3-4% 1 $205,000 $205,000

    During 2023, Nizari Progressive Federal Credit Union's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 28 $9,070,000 $323,929 $8,657 6.62%
    $400k-600k 19 $9,635,000 $507,105 $12,749 6.32%
    $600k-1MM 18 $12,820,000 $712,222 $15,983 6.29%
    $1MM+ 8 $10,920,000 $1,365,000 $25,816 6.52%
    $100k-200k 2 $300,000 $150,000 $0 7.00%

    2023 saw Nizari Progressive Federal Credit Union place emphasis on $200k-400k loans with 28 originations, totaling $9,070,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 31 $23,275,000 $750,806 $17,458 6.44%
    $150k-250k 23 $10,445,000 $454,130 $13,210 6.44%
    $100k-150k 16 $7,380,000 $461,250 $12,520 6.48%
    $75k-100k 4 $1,400,000 $350,000 $9,836 6.81%
    $50k-75k 1 $245,000 $245,000 $7,936 6.13%

    Nizari Progressive Federal Credit Union lent most frequently to those with incomes in the $250k+ range, with 31 originations. The second most popular income band? $150k-250k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 12 $5,200,000 $433,333 $12,511 6.45%
    20-30% 10 $3,980,000 $398,000 $10,186 6.24%
    50-60% 10 $5,560,000 $556,000 $13,548 6.47%
    49% 5 $2,425,000 $485,000 $13,910 6.27%
    39% 5 $2,465,000 $493,000 $14,474 6.40%
    <20% 4 $3,980,000 $995,000 $23,947 6.68%
    36% 4 $3,000,000 $750,000 $19,086 6.24%
    47% 4 $2,230,000 $557,500 $15,323 6.63%
    48% 4 $2,400,000 $600,000 $15,253 6.87%
    41% 3 $1,595,000 $531,667 $15,063 6.41%
    43% 3 $2,505,000 $835,000 $19,486 6.96%
    46% 3 $1,345,000 $448,333 $11,488 6.63%
    40% 2 $700,000 $350,000 $0 7.13%
    44% 2 $1,320,000 $660,000 $20,896 6.37%
    45% 1 $1,505,000 $1,505,000 $19,959 6.13%
    42% 1 $1,145,000 $1,145,000 $24,426 5.99%
    38% 1 $845,000 $845,000 $19,475 6.25%
    37% 1 $545,000 $545,000 $11,214 5.99%

    Nizari Progressive Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? 20-30%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 45 $23,925,000 $531,667 $14,900 6.63%
    Asian Indian 13 $8,525,000 $655,769 $14,738 6.14%
    Not provided 14 $8,000,000 $571,429 $14,203 6.17%
    Other Asian 2 $1,670,000 $835,000 $29,391 7.31%
    American Indian 1 $625,000 $625,000 $13,155 5.75%

    Approval Rates

    Total approvals of all applications
    93.18%

    Nizari Progressive Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    52.00%

    Nizari Progressive Federal 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 75 $42,745,000 $569,933

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    75 $42,745,000 $569,933

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $865,000 $288,333 $6,100 6.83%
    40-60% 3 $1,225,000 $408,333 $11,180 5.93%
    60-80% 25 $19,675,000 $787,000 $18,685 6.49%
    80-100% 42 $20,640,000 $491,429 $13,607 6.51%
    Under 20% 2 $340,000 $170,000 $5,732 5.49%