Interra Credit Union Mortgage Rates, Fees & Info

GOSHEN, IN

LEI: 5493004HIVU0YCM5QS92

Tax ID: 35-1082578

5 stars - Updated: 9/18/23 - out of 5 stars, based on 38 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    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, South Bend, Kendallville, and Plymouth among others. We have data for 20 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 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
    Home Equity Line of Credit (HELOC) 7.66% 9/18/23
    30 Year Conventional Purchase 6.48% 9/18/23
    30 Year Conventional Refi 6.16% 9/18/23
    30 Year Cash-out Refi 6.16% 9/18/23
    15 Year Conventional Purchase 6.20% 9/18/23
    15 Year Conventional Refi 6.09% 9/18/23
    15 Year Cash-out Refi 6.09% 9/18/23
    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.

    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

    1,432

    Origination Dollar Volume (All Markets)

    $217,400,000

    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 mortgage rate was 4.88%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.12%.

    Relative Fees (Closing Costs)

    Interra Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,025.

    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) 852 $120,680,000 $141,643 $2,880 5.32%
    Outside of Metro Areas 248 $46,590,000 $187,863 $3,324 5.15%
    Warsaw, IN (FHA|USDA|VA) 114 $16,990,000 $149,035 $2,676 5.25%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 74 $11,430,000 $154,459 $3,199 5.30%
    Kendallville, IN (FHA|USDA|VA) 50 $8,290,000 $165,800 $2,967 5.25%
    Plymouth, IN (FHA|USDA|VA) 45 $5,335,000 $118,556 $2,907 5.10%
    Sturgis, MI (FHA|USDA|VA) 18 $2,460,000 $136,667 $3,360 5.67%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,235,000 $411,667 $5,129 3.92%
    FORT WAYNE, IN (FHA|USDA|VA) 10 $1,120,000 $112,000 $2,495 5.36%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $615,000 $615,000 $6,163 3.75%
    Auburn, IN (FHA|USDA|VA) 2 $510,000 $255,000 $2,649 6.88%
    Jasper, IN (FHA|USDA|VA) 1 $425,000 $425,000 $4,492 3.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $415,000 $138,333 $4,235 4.92%
    Angola, IN (FHA|USDA|VA) 1 $385,000 $385,000 $7,926 5.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $325,000 $65,000 $2,261 5.33%
    Peru, IN (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.75%
    Wabash, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,896 3.25%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,793 5.50%
    Huntington, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.00%
    NILES, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.50%
    Interra Credit Union's top markets include Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others.

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

    ProFed Federal Credit Union
    Similarity Rank: 57
    Chiphone Federal Credit Union
    Similarity Rank: 74
    Crossroads Bank
    Similarity Rank: 105
    BEACON CREDIT UNION
    Similarity Rank: 124
    Kellogg Community Credit Union
    Similarity Rank: 304
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 368
    OMNI Community Credit Union
    Similarity Rank: 368
    MIDWEST AMERICA
    Similarity Rank: 378
    Southern Michigan Bank & Trust
    Similarity Rank: 414
    Circle Federal Credit Union
    Similarity Rank: 504

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 837 $68,825,000 $82,228 n/a 5.61%
    Conventional 595 $148,575,000 $249,706 $3,012 4.81%

    For 2022, Interra Credit Union's most frequently originated type of loan was HELOC, with 837 originations. Their 2nd most popular type was Conventional, with 595 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 458 $117,980,000 $257,598 $3,103 5.10%
    Home Improvement 350 $24,340,000 $69,543 $3,152 5.57%
    Refi 278 $32,370,000 $116,439 $2,813 5.25%
    Other 225 $18,365,000 $81,622 $0 5.66%
    Cash Out Refi 121 $24,345,000 $201,198 $2,815 4.44%

    For 2022, Interra Credit Union's most frequently cited loan purpose was Home Purchase, with 458 originations. The 2nd most popular reason was Home Improvement, with 350 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 550 $40,930,000 $74,418 $0 5.90%
    30 Year 440 $113,990,000 $259,068 $3,025 4.88%
    10 Year 288 $28,050,000 $97,396 $3,592 5.03%
    15 Year 88 $15,550,000 $176,705 $2,719 4.26%
    20 Year 52 $14,520,000 $279,231 $3,103 5.07%
    Other 6 $2,600,000 $433,333 $0 4.83%
    3 Year 4 $620,000 $155,000 $0 4.99%
    1 Year 2 $420,000 $210,000 $0 6.59%
    30+ year 2 $720,000 $360,000 $8,477 4.75%

    For 2022, Interra Credit Union's most frequently cited loan duration was 5 Year, with 550 originations. The 2nd most popular length was 30 Year, with 440 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 288 $63,820,000 $221,597
    $1k-2k 126 $28,720,000 $227,937
    $2k-3k 62 $20,300,000 $327,419
    $3k-4k 25 $8,935,000 $357,400
    $4k-5k 18 $6,510,000 $361,667
    $5k+ 8 $3,490,000 $436,250

    Interra Credit Union's average total fees were $3,025, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 426 $64,290,000 $150,915
    5-6% 284 $48,650,000 $171,303
    3-4% 282 $55,680,000 $197,447
    6-7% 242 $28,120,000 $116,198
    7-8% 142 $11,200,000 $78,873
    2.5-3% 29 $7,345,000 $253,276
    Over 8% 26 $1,960,000 $75,385
    <2.5% 1 $155,000 $155,000

    During 2022, Interra Credit Union's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 4-5%, with 426 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 675 $33,435,000 $49,533 $2,467 5.61%
    $100k-200k 385 $54,115,000 $140,558 $2,415 5.16%
    $200k-400k 279 $76,925,000 $275,717 $3,192 4.85%
    $400k-600k 68 $32,080,000 $471,765 $4,194 4.71%
    $600k-1MM 21 $14,805,000 $705,000 $5,041 4.50%
    $1MM+ 4 $6,040,000 $1,510,000 $6,384 3.75%

    2022 saw Interra Credit Union place emphasis on $100,000 or less loans with 675 originations, totaling $33,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 355 $57,955,000 $163,254 $3,164 5.19%
    $50k-75k 343 $42,035,000 $122,551 $2,629 5.41%
    $100k-150k 306 $50,650,000 $165,523 $3,630 5.33%
    $50k or less 236 $21,800,000 $92,373 $2,370 5.13%
    $150k-250k 86 $21,430,000 $249,186 $3,878 5.24%
    $250k+ 32 $9,350,000 $292,188 $4,220 5.04%

    Interra Credit Union lent most frequently to those with incomes in the $75k-100k range, with 355 originations. The second most popular income band? $50k-75k, with 343 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 354 $45,420,000 $128,305 $2,731 5.16%
    <20% 281 $28,405,000 $101,085 $2,664 5.24%
    30-36% 240 $38,100,000 $158,750 $3,114 5.18%
    42% 51 $9,005,000 $176,569 $2,621 5.22%
    36% 45 $7,445,000 $165,444 $3,086 5.41%
    41% 44 $6,590,000 $149,773 $3,090 5.60%
    43% 39 $6,125,000 $157,051 $3,219 5.43%
    37% 37 $5,865,000 $158,514 $3,167 5.62%
    39% 35 $5,785,000 $165,286 $2,851 5.20%
    40% 34 $7,900,000 $232,353 $3,276 5.25%
    38% 34 $5,810,000 $170,882 $2,863 5.36%
    48% 30 $6,180,000 $206,000 $2,733 5.11%
    46% 28 $7,670,000 $273,929 $4,250 5.27%
    49% 27 $4,155,000 $153,889 $3,178 6.03%
    44% 25 $6,695,000 $267,800 $3,766 5.05%
    45% 25 $2,755,000 $110,200 $2,977 5.27%
    47% 21 $4,785,000 $227,857 $3,810 5.69%
    50-60% 10 $930,000 $93,000 $5,299 5.99%
    >60% 4 $980,000 $245,000 $3,146 5.19%

    Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 354 originations. The next most common DTI ratio? <20%, with 281 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,257 $196,175,000 $156,066 $3,019 5.22%
    Not applicable 46 $11,160,000 $242,609 $0 5.64%
    Not provided 115 $8,755,000 $76,130 $2,515 5.65%
    Black 8 $700,000 $87,500 $2,143 6.36%
    Asian 3 $395,000 $131,667 $3,124 4.38%
    American Indian 2 $170,000 $85,000 $0 5.00%
    Other Pacific Islander 1 $45,000 $45,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    86.17%

    Interra Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.39%

    Interra Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,432 $217,400,000 $151,816

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,432 $217,400,000 $151,816

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 321 $31,715,000 $98,801 $2,849 5.38%
    40-60% 186 $37,540,000 $201,828 $3,210 4.95%
    60-80% 264 $60,930,000 $230,795 $3,089 4.88%
    80-100% 244 $68,320,000 $280,000 $2,902 5.01%
    Over 100% 1 $115,000 $115,000 $0 7.75%
    Under 20% 416 $18,780,000 $45,144 $2,837 5.74%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    INTERFIRST MORTGAGE COMPANY Conventional home mortgage Closing on a mortgage 1 100.0%