Interra Credit Union Mortgage Rates, Fees & Info

GOSHEN, IN

LEI: 5493004HIVU0YCM5QS92

Tax ID: 35-1082578

5 stars - Updated: 5/27/24 - out of 5 stars, based on 33 reviews

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

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Mortgage Data

Review & Overview

Interra Credit Union is a smaller credit union specializing in Home Purchase loans. Interra Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, Warsaw, Kendallville, South Bend, and Plymouth among others. We have data for 24 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 a below 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 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.

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
Home Equity Line of Credit (HELOC) 7.66% 5/27/24
30 Year Conventional Purchase 6.48% 5/27/24
30 Year Conventional Refi 6.16% 5/27/24
30 Year Cash-out Refi 6.16% 5/27/24
15 Year Conventional Purchase 6.20% 5/27/24
15 Year Conventional Refi 6.09% 5/27/24
15 Year Cash-out Refi 6.09% 5/27/24
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.

Interra Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Interra 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

1,081

Origination Dollar Volume (All Markets)

$153,195,000
Show all (10) awards

Relative Rate

Interra Credit Union's average 30 year fixed mortgage rate was 6.42%.

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

This yields a difference of -0.06%.

Relative Fees (Closing Costs)

Interra Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,983.

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
ELKHART-GOSHEN, IN (FHA|USDA|VA) 605 $79,415,000 $131,264 $2,612 7.68%
Outside of Metro Areas 200 $35,190,000 $175,950 $3,414 7.20%
Warsaw, IN (FHA|USDA|VA) 85 $10,745,000 $126,412 $2,663 7.66%
Kendallville, IN (FHA|USDA|VA) 47 $6,875,000 $146,277 $3,126 7.28%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 56 $6,540,000 $116,786 $2,505 7.75%
Plymouth, IN (FHA|USDA|VA) 36 $5,980,000 $166,111 $3,065 7.27%
Sturgis, MI (FHA|USDA|VA) 19 $2,495,000 $131,316 $2,957 7.20%
FORT WAYNE, IN (FHA|USDA|VA) 11 $1,585,000 $144,091 $2,570 7.48%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,125,000 $375,000 $4,467 6.42%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $495,000 $495,000 $6,816 5.88%
Angola, IN (FHA|USDA|VA) 3 $455,000 $151,667 $3,444 7.42%
GREELEY, CO (FHA|USDA|VA) 1 $385,000 $385,000 $5,959 6.88%
Auburn, IN (FHA|USDA|VA) 3 $295,000 $98,333 $4,605 7.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,579 6.88%
JACKSON, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,490 5.88%
Huntington, IN (FHA|USDA|VA) 1 $225,000 $225,000 $1,799 7.25%
Arcadia, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,505 6.75%
Defiance, OH (FHA|USDA|VA) 1 $135,000 $135,000 $2,789 6.38%
NILES, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,537 6.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $125,000 $125,000 $3,232 5.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.25%
Muscatine, IA (FHA|USDA|VA) 1 $105,000 $105,000 $2,349 7.25%
Coldwater, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
Palatka, FL (FHA|USDA|VA) 1 $25,000 $25,000 $1,476 4.25%
Interra Credit Union's top markets include Elkhart, Warsaw, Kendallville, South Bend, and Plymouth among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • 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.

    Crossroads Bank
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    INTERRA CREDIT UNION
    Similarity Rank: 600

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 604 $43,370,000 $71,805 n/a 8.40%
    Conventional 477 $109,825,000 $230,241 $2,895 6.44%

    For 2023, Interra Credit Union's most frequently originated type of loan was HELOC, with 604 originations. Their 2nd most popular type was Conventional, with 477 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 393 $92,305,000 $234,873 $2,916 6.59%
    Home Improvement 267 $18,885,000 $70,730 $2,626 8.32%
    Refi 179 $16,665,000 $93,101 $3,364 8.16%
    Other 163 $11,265,000 $69,110 $0 8.43%
    Cash Out Refi 79 $14,075,000 $178,165 $2,756 6.27%

    For 2023, Interra Credit Union's most frequently cited loan purpose was Home Purchase, with 393 originations. The 2nd most popular reason was Home Improvement, with 267 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 528 $38,010,000 $71,989 $0 8.41%
    30 Year 372 $90,560,000 $243,441 $2,983 6.42%
    15 Year 53 $9,375,000 $176,887 $2,476 5.69%
    5 Year 48 $3,350,000 $69,792 $0 8.69%
    20 Year 42 $7,630,000 $181,667 $1,947 7.10%
    10 Year 32 $2,960,000 $92,500 $0 7.73%
    1 Year 3 $605,000 $201,667 $0 9.00%
    3 Year 3 $705,000 $235,000 $0 8.50%

    For 2023, Interra Credit Union's most frequently cited loan duration was Other, with 528 originations. The 2nd most popular length was 30 Year, with 372 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 286 $56,800,000 $198,601
    $1k-2k 79 $17,855,000 $226,013
    $2k-3k 44 $15,600,000 $354,545
    $3k-4k 9 $3,635,000 $403,889
    $5k+ 9 $3,795,000 $421,667
    $4k-5k 6 $2,180,000 $363,333

    Interra Credit Union's average total fees were $2,983, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 286 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 490 $35,240,000 $71,918
    7-8% 219 $30,365,000 $138,653
    6-7% 205 $48,775,000 $237,927
    5-6% 149 $34,655,000 $232,584
    4-5% 18 $4,160,000 $231,111

    During 2023, Interra Credit Union's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was Over 8%, with 490 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 556 $27,710,000 $49,838 $2,152 8.13%
    $100k-200k 253 $36,915,000 $145,909 $2,349 7.07%
    $200k-400k 215 $59,145,000 $275,093 $3,133 6.88%
    $400k-600k 47 $21,695,000 $461,596 $4,795 6.16%
    $600k-1MM 9 $6,675,000 $741,667 $4,451 6.43%
    $1MM+ 1 $1,055,000 $1,055,000 $6,078 6.13%

    2023 saw Interra Credit Union place emphasis on $100,000 or less loans with 556 originations, totaling $27,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 315 $35,695,000 $113,317 $2,544 7.49%
    $75k-100k 263 $37,245,000 $141,616 $3,194 7.68%
    $100k-150k 185 $33,945,000 $183,486 $3,461 7.51%
    $50k or less 145 $11,815,000 $81,483 $2,308 7.43%
    $150k-250k 101 $18,405,000 $182,228 $3,370 7.62%
    $250k+ 18 $6,330,000 $351,667 $3,349 6.97%

    Interra Credit Union lent most frequently to those with incomes in the $50k-75k range, with 315 originations. The second most popular income band? $75k-100k, with 263 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 237 $25,715,000 $108,502 $2,555 7.50%
    30-36% 185 $24,385,000 $131,811 $2,317 7.51%
    <20% 147 $14,315,000 $97,381 $2,649 7.68%
    39% 48 $7,950,000 $165,625 $2,738 7.40%
    44% 41 $6,145,000 $149,878 $3,344 7.74%
    37% 40 $5,820,000 $145,500 $2,797 7.55%
    40% 37 $5,375,000 $145,270 $2,647 7.61%
    42% 35 $6,105,000 $174,429 $3,614 7.69%
    36% 35 $4,285,000 $122,429 $2,720 7.54%
    49% 33 $5,055,000 $153,182 $4,201 8.11%
    46% 30 $5,390,000 $179,667 $3,847 7.42%
    38% 29 $5,555,000 $191,552 $3,565 7.15%
    41% 27 $3,805,000 $140,926 $3,123 7.50%
    45% 26 $4,780,000 $183,846 $3,718 7.31%
    43% 24 $4,250,000 $177,083 $2,590 7.52%
    48% 24 $4,930,000 $205,417 $4,267 7.38%
    47% 21 $5,285,000 $251,667 $4,075 7.20%
    50-60% 15 $3,615,000 $241,000 $4,022 7.23%
    >60% 3 $475,000 $158,333 $2,088 7.54%

    Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 237 originations. The next most common DTI ratio? 30-36%, with 185 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 928 $135,170,000 $145,657 $2,904 7.45%
    Not provided 102 $8,540,000 $83,725 $2,176 8.20%
    Not applicable 33 $7,875,000 $238,636 $0 7.42%
    Asian 7 $1,045,000 $149,286 $4,368 7.25%
    American Indian 6 $360,000 $60,000 $0 8.42%
    Black 5 $205,000 $41,000 $0 8.45%

    Approval Rates

    Total approvals of all applications
    83.32%

    Interra Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.79%

    Interra Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,081 $153,195,000 $141,716

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,081 $153,195,000 $141,716

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 269 $26,625,000 $98,978 $2,551 7.91%
    40-60% 130 $22,710,000 $174,692 $2,965 7.24%
    60-80% 181 $44,565,000 $246,215 $3,171 6.63%
    80-100% 173 $41,855,000 $241,936 $2,747 6.62%
    Over 100% 3 $1,855,000 $618,333 $0 6.88%
    Under 20% 325 $15,585,000 $47,954 $2,001 8.33%