Interra Credit Union Mortgage Rates, Fees & Info
GOSHEN, INLEI: 5493004HIVU0YCM5QS92
Tax ID: 35-1082578
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Mortgage Data
Review & Overview
Interra Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Interra Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Interra Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Interra 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 8.16% | 3/19/23 |
| 30 Year Conventional Purchase | 6.44% | 3/19/23 |
| 30 Year Conventional Refi | 6.41% | 3/19/23 |
| 30 Year Cash-out Refi | 6.41% | 3/19/23 |
| 15 Year Conventional Purchase | 6.05% | 3/19/23 |
| 15 Year Conventional Refi | 6.14% | 3/19/23 |
| 15 Year Cash-out Refi | 6.14% | 3/19/23 |
| 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. | ||
Originations
1,641Origination Dollar Volume (All Markets)
$251,475,000Awards
INTERRA CREDIT UNION - 2021
INTERRA CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Interra Credit Union's average 30 year fixed mortgage rate was
3.3%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
Interra Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,671.
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 $4,750.
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 |
|---|---|---|---|---|---|
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1,010 | $143,890,000 | $142,465 | $2,594 | 3.58% |
| Outside of Metro Areas | 234 | $49,750,000 | $212,607 | $2,762 | 3.52% |
| Warsaw, IN (FHA|USDA|VA) | 133 | $18,755,000 | $141,015 | $2,413 | 3.62% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 89 | $12,185,000 | $136,910 | $2,644 | 3.56% |
| Kendallville, IN (FHA|USDA|VA) | 54 | $8,620,000 | $159,630 | $2,326 | 3.59% |
| Plymouth, IN (FHA|USDA|VA) | 61 | $8,535,000 | $139,918 | $2,293 | 3.56% |
| Sturgis, MI (FHA|USDA|VA) | 23 | $3,965,000 | $172,391 | $3,089 | 3.34% |
| FORT WAYNE, IN (FHA|USDA|VA) | 8 | $1,310,000 | $163,750 | $2,611 | 3.25% |
| Angola, IN (FHA|USDA|VA) | 8 | $930,000 | $116,250 | $2,509 | 3.59% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $2,344 | 3.56% |
| Coldwater, MI (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $2,915 | 3.75% |
| Auburn, IN (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $2,210 | 3.75% |
| NILES, MI (FHA|USDA|VA) | 5 | $555,000 | $111,000 | $2,900 | 3.53% |
| Bedford, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $1,822 | 2.88% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,215 | 3.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,197 | 2.88% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 3.50% |
| Richmond, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $1,962 | 3.13% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against INTERRA CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 72
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Similarity Rank: 621
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 988 | $203,140,000 | $205,607 | $2,597 | 3.17% |
| HELOC | 653 | $48,335,000 | $74,020 | n/a | 4.17% |
For 2021, Interra Credit Union's most frequently originated type of loan was Conventional, with 988 originations. Their 2nd most popular type was HELOC, with 653 originations.
Loan Reason
For 2021, Interra Credit Union's most frequently cited loan purpose was Home Purchase, with 458 originations. The 2nd most popular reason was Refi, with 456 originations.
Loan Duration/Length
For 2021, Interra Credit Union's most frequently cited loan duration was 30 Year, with 606 originations. The 2nd most popular length was 5 Year, with 379 originations.
Origination Fees/Closing Costs
Interra Credit Union's average total fees were $2,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 632 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 759 | $142,615,000 | $187,899 |
| 4-5% | 386 | $31,200,000 | $80,829 |
| 2.5-3% | 368 | $63,620,000 | $172,880 |
| <2.5% | 82 | $11,890,000 | $145,000 |
| 5-6% | 46 | $2,150,000 | $46,739 |
During 2021, Interra Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 759 originations.
Loan Sizing
2021 saw Interra Credit Union place emphasis on $100,000 or less loans with 673 originations, totaling $35,125,000 in origination value.
Applicant Income
Interra Credit Union lent most frequently to those with incomes in the $50k-75k range, with 497 originations. The second most popular income band? $50k or less, with 365 originations.
Applicant Debt to Income Ratio
Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 463 originations. The next most common DTI ratio? <20%, with 343 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.21%
Interra Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.59%
Interra Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,641 | $251,475,000 | $153,245 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| INTERNATIONAL CITY MORTGAGE | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |