Interra Credit Union Mortgage Rates, Fees & Info

GOSHEN, IN

LEI: 5493004HIVU0YCM5QS92

Tax ID: 35-1082578

5 stars - out of 5 stars, based on 41 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others. Interra Credit Union has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Interra Credit Union is typically a low fee lendor.


Originations

1,641

Origination Dollar Volume (All Markets)

$251,475,000

Awards

INTERRA CREDIT UNION 30 Year Conventional Loans silver INTERRA CREDIT UNION 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Interra Credit Union's average 30 year fixed rate mortgage of loans were 3.3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.15%.

Relative Fees

Interra Credit Union's average total fees for a 30 year fixed rate mortgage are $2,671.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

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%

Interra Credit Union's top markets include Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,641 $251,475,000 $153,245 $2,597 3.57%

For the 2021 period, Interra Credit Union's most frequently originated loan type of loans were Conventional, with 1,641 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 458 $106,260,000 $232,009 $2,593 3.47%
Refi 456 $61,650,000 $135,197 $2,538 3.35%
Home Improvement 283 $18,455,000 $65,212 $3,452 4.13%
Cash Out Refi 280 $52,980,000 $189,214 $2,638 3.13%
Other 164 $12,130,000 $73,963 $0 4.22%

For the 2021, Interra Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 458 originations. The 2nd most popular reason of loans were Refi, with 456 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 606 $145,700,000 $240,429 $2,671 3.30%
5 Year 379 $24,965,000 $65,871 $0 4.62%
10 Year 297 $25,695,000 $86,515 $2,256 3.49%
15 Year 235 $31,795,000 $135,298 $2,419 2.83%
20 Year 118 $21,900,000 $185,593 $2,577 3.22%
Other 4 $350,000 $87,500 $0 4.25%
1 Year 1 $805,000 $805,000 $0 3.75%
30+ year 1 $265,000 $265,000 $4,905 4.00%

For the 2021, Interra Credit Union's most frequently cited loan length of loans were 30 Year, with 606 originations. The 2nd most popular length of loans were 5 Year, with 379 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 632 $128,030,000 $202,579
$1k-2k 205 $39,415,000 $192,268
$2k-3k 66 $14,800,000 $224,242
$3k-4k 26 $7,120,000 $273,846
$5k+ 9 $3,655,000 $406,111

$2,671 of loans were Interra Credit Union's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.30%, while their most frequently originated rate bucket of loans were 3-4%, with 759 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 673 $35,125,000 $52,192 $2,242 3.91%
$100k-200k 534 $76,030,000 $142,378 $2,496 3.31%
$200k-400k 353 $96,725,000 $274,008 $2,759 3.36%
$400k-600k 68 $31,950,000 $469,853 $3,220 3.32%
$600k-1MM 10 $7,760,000 $776,000 $3,255 3.44%
$1MM+ 3 $3,885,000 $1,295,000 $6,292 3.63%

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

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 497 $68,845,000 $138,521 $2,478 3.53%
$50k or less 365 $37,175,000 $101,849 $2,496 3.54%
$75k-100k 360 $67,580,000 $187,722 $2,689 3.51%
$100k-150k 236 $41,030,000 $173,856 $2,971 3.68%
$150k-250k 72 $13,670,000 $189,861 $2,490 3.74%
$250k+ 28 $9,190,000 $328,214 $3,551 3.56%

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

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 463 $66,135,000 $142,840 $2,442 3.50%
<20% 343 $41,045,000 $119,665 $2,506 3.68%
30-36% 306 $50,890,000 $166,307 $2,586 3.46%
37% 56 $10,030,000 $179,107 $2,564 3.46%
42% 51 $7,815,000 $153,235 $2,937 3.74%
36% 51 $9,205,000 $180,490 $2,646 3.43%
41% 48 $6,930,000 $144,375 $2,659 3.67%
40% 47 $7,045,000 $149,894 $3,345 3.53%
38% 47 $7,245,000 $154,149 $2,740 3.54%
39% 43 $9,385,000 $218,256 $2,585 3.58%
44% 28 $4,600,000 $164,286 $2,473 3.55%
43% 22 $4,320,000 $196,364 $3,386 3.68%
45% 17 $3,495,000 $205,588 $2,920 3.74%
48% 16 $3,940,000 $246,250 $3,180 3.69%
49% 13 $1,885,000 $145,000 $2,556 3.88%
50-60% 13 $3,395,000 $261,154 $2,893 3.52%
47% 12 $1,420,000 $118,333 $2,381 3.26%
46% 11 $1,865,000 $169,545 $2,460 3.63%
>60% 4 $710,000 $177,500 $4,756 4.06%

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

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,566 $240,320,000 $153,461 $2,601 3.56%
Not applicable 27 $5,715,000 $211,667 $0 3.96%
Not provided 33 $3,675,000 $111,364 $2,562 3.72%
Asian 8 $1,080,000 $135,000 $2,060 3.52%
American Indian 4 $440,000 $110,000 $1,766 3.81%
Black 3 $245,000 $81,667 $2,270 3.79%

Approval Rates

Total approvals of all applications
85.97%

Interra Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
93.05%

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

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,641 $251,475,000 $153,245

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 274 $23,560,000 $85,985 $2,428 3.77%
40-60% 241 $37,245,000 $154,544 $2,538 3.20%
60-80% 458 $96,890,000 $211,550 $2,751 3.26%
80-100% 319 $75,615,000 $237,038 $2,478 3.44%
Over 100% 14 $4,910,000 $350,714 $0 3.96%
Under 20% 335 $13,255,000 $39,567 $2,306 4.19%

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%