Interra Credit Union Mortgage Rates, Fees & Info

GOSHEN, IN

LEI: 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 7.66% 10/31/24
30 Year Conventional Purchase 6.48% 10/31/24
30 Year Conventional Refi 6.16% 10/31/24
30 Year Cash-out Refi 6.16% 10/31/24
15 Year Conventional Purchase 6.20% 10/31/24
15 Year Conventional Refi 6.09% 10/31/24
15 Year Cash-out Refi 6.09% 10/31/24
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

1,641

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

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%
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)
  • Similar Lenders

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    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 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

    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 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

    Origination Fee/Closing Cost 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 20 $4,960,000 $248,000
    $5k+ 9 $3,655,000 $406,111
    $4k-5k 6 $2,160,000 $360,000

    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

    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
    88.21%

    Interra Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.59%

    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

    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%