Interra Credit Union Mortgage Rates, Fees & Info

GOSHEN, IN

LEI: 5493004HIVU0YCM5QS92

Tax ID: 35-1082578

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others. We have data for 16 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% 4/21/24
    30 Year Conventional Purchase 6.48% 4/21/24
    30 Year Conventional Refi 6.16% 4/21/24
    30 Year Cash-out Refi 6.16% 4/21/24
    15 Year Conventional Purchase 6.20% 4/21/24
    15 Year Conventional Refi 6.09% 4/21/24
    15 Year Cash-out Refi 6.09% 4/21/24
    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

    1,228

    Origination Dollar Volume (All Markets)

    $155,280,000
    Show all (10) 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) 807 $96,635,000 $119,746 $2,100 4.98%
    Outside of Metro Areas 167 $24,185,000 $144,820 $2,146 5.04%
    Warsaw, IN (FHA|USDA|VA) 88 $11,480,000 $130,455 $2,056 4.92%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 60 $9,570,000 $159,500 $2,578 5.03%
    Kendallville, IN (FHA|USDA|VA) 36 $4,340,000 $120,556 $2,055 4.91%
    Plymouth, IN (FHA|USDA|VA) 33 $3,865,000 $117,121 $1,882 4.98%
    Sturgis, MI (FHA|USDA|VA) 20 $2,410,000 $120,500 $2,429 5.09%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $685,000 $228,333 $1,890 4.29%
    FORT WAYNE, IN (FHA|USDA|VA) 5 $575,000 $115,000 $1,874 4.91%
    NILES, MI (FHA|USDA|VA) 1 $385,000 $385,000 $2,683 3.63%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $325,000 $325,000 $3,203 4.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 5.50%
    Bluffton, IN (FHA|USDA|VA) 3 $285,000 $95,000 $1,781 4.96%
    Angola, IN (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.60%
    Wabash, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,336 4.50%
    Coldwater, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.43%
    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)
  • Kentucky (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.

    The Garrett State Bank
    Similarity Rank: 80
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 90
    ProFed Federal Credit Union
    Similarity Rank: 133
    SUMMIT MORTGAGE, INC.
    Similarity Rank: 216
    Three Rivers Federal Credit Union
    Similarity Rank: 341
    First Federal Savings Bank
    Similarity Rank: 425
    VAN DYK MORTGAGE CORPORATION
    Similarity Rank: 462
    First State Bank of Middlebury
    Similarity Rank: 549
    INTERRA CREDIT UNION
    Similarity Rank: 608
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 1015

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 631 $115,405,000 $182,892 $2,121 4.62%
    HELOC 595 $39,515,000 $66,412 n/a 5.37%
    USDA 2 $360,000 $180,000 $3,876 5.31%

    For 2018, Interra Credit Union's most frequently originated type of loan was Conventional, with 631 originations. Their 2nd most popular type was HELOC, with 595 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 562 $99,660,000 $177,331 $2,159 4.79%
    Home Improvement 203 $12,145,000 $59,828 $2,442 5.32%
    Other 183 $9,415,000 $51,448 $0 5.48%
    Refi 176 $18,000,000 $102,273 $2,042 4.97%
    Cash Out Refi 104 $16,060,000 $154,423 $1,992 4.55%

    For 2018, Interra Credit Union's most frequently cited loan purpose was Home Purchase, with 562 originations. The 2nd most popular reason was Home Improvement, with 203 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 428 $80,360,000 $187,757 $2,045 4.61%
    5 Year 400 $22,650,000 $56,625 $0 5.59%
    10 Year 226 $21,980,000 $97,257 $1,813 4.87%
    15 Year 96 $12,590,000 $131,146 $1,874 4.66%
    Other 48 $13,240,000 $275,833 $3,532 4.42%
    20 Year 25 $3,935,000 $157,400 $1,980 4.99%
    3 Year 3 $185,000 $61,667 $0 5.92%
    1 Year 2 $340,000 $170,000 $0 5.60%

    For 2018, Interra Credit Union's most frequently cited loan duration was 30 Year, with 428 originations. The 2nd most popular length was 5 Year, with 400 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 519 $91,565,000 $176,426
    $1k-2k 45 $7,725,000 $171,667
    $2k-3k 17 $5,755,000 $338,529
    $3k-4k 7 $2,785,000 $397,857

    Interra Credit Union's average total fees were $2,045, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 519 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 542 $89,260,000 $164,686
    5-6% 487 $38,935,000 $79,949
    3-4% 125 $22,255,000 $178,040
    6-7% 73 $4,735,000 $64,863
    7-8% 1 $95,000 $95,000

    During 2018, Interra Credit Union's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 542 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 610 $29,470,000 $48,311 $1,874 5.27%
    $100k-200k 371 $53,095,000 $143,113 $1,934 4.76%
    $200k-400k 222 $59,840,000 $269,550 $2,446 4.62%
    $400k-600k 21 $9,745,000 $464,048 $3,184 4.65%
    $600k-1MM 3 $1,975,000 $658,333 $4,879 5.00%
    $1MM+ 1 $1,155,000 $1,155,000 $0 4.63%

    2018 saw Interra Credit Union place emphasis on $100,000 or less loans with 610 originations, totaling $29,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 371 $43,395,000 $116,968 $2,037 4.94%
    $75k-100k 297 $39,765,000 $133,889 $2,153 4.97%
    $50k or less 279 $23,925,000 $85,753 $1,901 4.94%
    $100k-150k 164 $24,540,000 $149,634 $2,578 5.11%
    $150k-250k 55 $11,965,000 $217,545 $2,940 4.94%
    $250k+ 13 $3,315,000 $255,000 $3,728 5.12%

    Interra Credit Union lent most frequently to those with incomes in the $50k-75k range, with 371 originations. The second most popular income band? $75k-100k, with 297 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 317 $35,885,000 $113,202 $2,070 4.96%
    <20% 215 $20,665,000 $96,116 $1,912 5.04%
    30-36% 199 $25,615,000 $128,719 $2,193 4.99%
    42% 76 $8,450,000 $111,184 $2,162 5.08%
    39% 65 $10,095,000 $155,308 $2,051 4.94%
    37% 57 $7,715,000 $135,351 $2,184 4.94%
    41% 56 $8,370,000 $149,464 $2,289 4.88%
    38% 47 $7,455,000 $158,617 $2,524 4.94%
    40% 45 $6,455,000 $143,444 $2,228 5.04%
    36% 36 $6,040,000 $167,778 $2,201 5.01%
    43% 5 $345,000 $69,000 $2,481 5.20%
    50-60% 4 $530,000 $132,500 $1,830 5.40%
    >60% 1 $195,000 $195,000 $2,596 3.75%
    44% 1 $65,000 $65,000 $0 5.25%
    45% 1 $75,000 $75,000 $0 5.25%
    47% 1 $495,000 $495,000 $2,096 3.88%

    Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 317 originations. The next most common DTI ratio? <20%, with 215 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,189 $148,725,000 $125,084 $2,129 4.97%
    Not applicable 19 $4,325,000 $227,632 $0 6.08%
    Not provided 10 $1,210,000 $121,000 $2,068 4.71%
    Other Asian 1 $415,000 $415,000 $3,201 4.13%
    Black 4 $270,000 $67,500 $1,628 4.81%
    American Indian 3 $265,000 $88,333 $1,739 5.09%
    Asian 1 $55,000 $55,000 $0 5.34%
    Native Hawaiian or Islander 1 $15,000 $15,000 $0 5.54%

    Approval Rates

    Total approvals of all applications
    83.58%

    Interra Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    94.71%

    Interra Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,228 $155,280,000 $126,450

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,520,000 $760,000
    Single Family (1-4 Units):Manufactured 34 $2,440,000 $71,765
    Single Family (1-4 Units):Site-Built 1,192 $151,320,000 $126,946

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 182 $12,840,000 $70,549 $2,071 5.21%
    40-60% 124 $15,790,000 $127,339 $2,171 4.78%
    60-80% 274 $53,340,000 $194,672 $2,201 4.73%
    80-100% 284 $52,170,000 $183,697 $2,059 4.84%
    Over 100% 13 $2,925,000 $225,000 $0 6.08%
    Under 20% 295 $9,565,000 $32,424 $1,906 5.45%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    INTERCONTINENTAL CAPITAL GROUP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    INTERCONTINENTAL CAPITAL GROUP Conventional home mortgage Closing on a mortgage 1 25.0%
    INTERCONTINENTAL CAPITAL GROUP FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    INTERCONTINENTAL CAPITAL GROUP FHA mortgage Closing on a mortgage 1 25.0%