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, Refi, and Cash Out Refi loans. Interra Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Elkhart, Plymouth, Warsaw, South Bend, and Kendallville among others. We have data for 22 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.

    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% 12/16/24
    30 Year Conventional Purchase 6.48% 12/16/24
    30 Year Conventional Refi 6.16% 12/16/24
    30 Year Cash-out Refi 6.16% 12/16/24
    15 Year Conventional Purchase 6.20% 12/16/24
    15 Year Conventional Refi 6.09% 12/16/24
    15 Year Cash-out Refi 6.09% 12/16/24
    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

    1,674

    Origination Dollar Volume (All Markets)

    $278,660,000
    Show all (5) 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) 1,082 $166,940,000 $154,288 $2,323 3.67%
    Outside of Metro Areas 213 $39,635,000 $186,080 $2,210 3.67%
    Plymouth, IN (FHA|USDA|VA) 52 $19,440,000 $373,846 $2,364 3.65%
    Warsaw, IN (FHA|USDA|VA) 117 $17,025,000 $145,513 $2,328 3.69%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 95 $16,455,000 $173,211 $2,338 3.57%
    Kendallville, IN (FHA|USDA|VA) 60 $9,930,000 $165,500 $2,221 3.66%
    Sturgis, MI (FHA|USDA|VA) 24 $4,370,000 $182,083 $2,699 3.83%
    Huntington, IN (FHA|USDA|VA) 2 $1,300,000 $650,000 $3,660 3.44%
    FORT WAYNE, IN (FHA|USDA|VA) 12 $1,280,000 $106,667 $2,111 3.64%
    Angola, IN (FHA|USDA|VA) 5 $715,000 $143,000 $2,112 3.40%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $355,000 $355,000 $2,805 3.25%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $2,271 2.75%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,236 2.50%
    KOKOMO, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,271 3.38%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,244 3.25%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $95,000 $95,000 $1,862 3.13%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $95,000 $95,000 $1,751 3.00%
    Wabash, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,647 3.25%
    NILES, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.00%
    Logansport, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.50%
    Peru, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.50%
    Interra Credit Union's top markets include Elkhart, Plymouth, Warsaw, South Bend, and Kendallville among others.

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

    Chiphone Federal Credit Union
    Similarity Rank: 96
    ProFed Federal Credit Union
    Similarity Rank: 168
    Kellogg Community Credit Union
    Similarity Rank: 204
    Circle Federal Credit Union
    Similarity Rank: 240
    OMNI Community Credit Union
    Similarity Rank: 304
    BEACON CREDIT UNION
    Similarity Rank: 429
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 624
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION
    Similarity Rank: 846
    First Federal Savings Bank
    Similarity Rank: 891
    OAK MORTGAGE, LLC
    Similarity Rank: 1092

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,087 $235,845,000 $216,969 $2,309 3.29%
    HELOC 587 $42,815,000 $72,939 n/a 4.35%

    For 2020, Interra Credit Union's most frequently originated type of loan was Conventional, with 1,087 originations. Their 2nd most popular type was HELOC, with 587 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 498 $116,570,000 $234,076 $2,473 3.65%
    Refi 436 $68,780,000 $157,752 $2,127 3.44%
    Cash Out Refi 339 $69,695,000 $205,590 $2,296 3.18%
    Home Improvement 252 $14,590,000 $57,897 $2,415 4.32%
    Other 149 $9,025,000 $60,570 $0 4.37%

    For 2020, Interra Credit Union's most frequently cited loan purpose was Home Purchase, with 498 originations. The 2nd most popular reason was Refi, with 436 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 650 $148,500,000 $228,462 $2,375 3.38%
    5 Year 315 $19,715,000 $62,587 $0 4.73%
    10 Year 287 $35,645,000 $124,199 $1,927 3.89%
    15 Year 225 $34,125,000 $151,667 $2,207 3.01%
    20 Year 190 $38,300,000 $201,579 $2,162 3.29%
    30+ year 3 $775,000 $258,333 $4,245 3.50%
    Other 3 $1,505,000 $501,667 $0 4.71%
    1 Year 1 $95,000 $95,000 $0 5.14%

    For 2020, Interra Credit Union's most frequently cited loan duration was 30 Year, with 650 originations. The 2nd most popular length was 5 Year, with 315 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 905 $180,255,000 $199,177
    $1k-2k 115 $27,065,000 $235,348
    $2k-3k 14 $3,210,000 $229,286
    $3k-4k 2 $460,000 $230,000
    $4k-5k 1 $255,000 $255,000
    $5k+ 1 $485,000 $485,000

    Interra Credit Union's average total fees were $2,375, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 905 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 866 $160,640,000 $185,497
    4-5% 370 $44,440,000 $120,108
    2.5-3% 318 $61,990,000 $194,937
    5-6% 74 $4,640,000 $62,703
    <2.5% 42 $6,760,000 $160,952
    6-7% 4 $190,000 $47,500

    During 2020, Interra Credit Union's average interest rate for loans was 3.38%, while their most frequently originated rate bucket for loans was 3-4%, with 866 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 631 $33,345,000 $52,845 $2,067 4.08%
    $100k-200k 555 $79,655,000 $143,523 $2,179 3.46%
    $200k-400k 421 $114,535,000 $272,055 $2,430 3.35%
    $400k-600k 53 $25,265,000 $476,698 $2,986 3.26%
    $600k-1MM 9 $6,925,000 $769,444 $4,147 3.85%
    $1MM+ 5 $18,935,000 $3,787,000 $5,048 3.98%

    2020 saw Interra Credit Union place emphasis on $100,000 or less loans with 631 originations, totaling $33,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 583 $88,025,000 $150,986 $2,258 3.65%
    $50k or less 348 $34,760,000 $99,885 $2,153 3.64%
    $75k-100k 326 $54,480,000 $167,117 $2,367 3.67%
    $100k-150k 212 $38,350,000 $180,896 $2,525 3.68%
    $150k-250k 95 $23,485,000 $247,211 $3,062 3.71%
    $250k+ 31 $12,245,000 $395,000 $2,626 3.19%

    Interra Credit Union lent most frequently to those with incomes in the $50k-75k range, with 583 originations. The second most popular income band? $50k or less, with 348 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 469 $67,405,000 $143,721 $2,240 3.57%
    30-36% 350 $62,710,000 $179,171 $2,351 3.54%
    <20% 340 $40,220,000 $118,294 $2,219 3.86%
    42% 71 $10,105,000 $142,324 $2,401 3.76%
    39% 64 $11,860,000 $185,313 $2,446 3.63%
    41% 56 $9,550,000 $170,536 $2,340 3.70%
    40% 55 $8,675,000 $157,727 $2,232 3.62%
    37% 55 $10,745,000 $195,364 $2,606 3.66%
    38% 51 $8,445,000 $165,588 $2,287 3.53%
    36% 40 $7,380,000 $184,500 $2,305 3.50%
    50-60% 17 $5,165,000 $303,824 $2,552 3.53%
    44% 13 $3,225,000 $248,077 $2,368 3.43%
    43% 13 $2,445,000 $188,077 $2,410 3.28%
    47% 8 $1,780,000 $222,500 $2,377 3.50%
    45% 7 $1,235,000 $176,429 $1,883 3.57%
    48% 6 $1,590,000 $265,000 $2,507 3.46%
    46% 4 $660,000 $165,000 $2,075 3.75%
    49% 3 $1,005,000 $335,000 $2,856 3.75%
    >60% 1 $115,000 $115,000 $1,431 2.75%

    Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 469 originations. The next most common DTI ratio? 30-36%, with 350 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,576 $250,380,000 $158,871 $2,314 3.65%
    Not applicable 27 $19,225,000 $712,037 $0 4.63%
    Not provided 52 $7,420,000 $142,692 $2,250 3.64%
    Black 10 $900,000 $90,000 $2,030 3.79%
    Asian 4 $460,000 $115,000 $2,411 3.81%
    American Indian 3 $205,000 $68,333 $1,455 4.29%
    Native Hawaiian or Islander 2 $70,000 $35,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    86.23%

    Interra Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.94%

    Interra Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,674 $278,660,000 $166,464

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $845,000 $845,000
    Multifamily:Site-Built 6 $16,900,000 $2,816,667
    Single Family (1-4 Units):Manufactured 63 $6,395,000 $101,508
    Single Family (1-4 Units):Site-Built 1,604 $254,520,000 $158,678

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 242 $21,340,000 $88,182 $2,161 4.02%
    40-60% 270 $40,520,000 $150,074 $2,228 3.49%
    60-80% 497 $103,975,000 $209,205 $2,303 3.36%
    80-100% 381 $88,265,000 $231,667 $2,388 3.46%
    Over 100% 14 $14,690,000 $1,049,286 $0 4.48%
    Under 20% 270 $9,870,000 $36,556 $2,213 4.31%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    INTERFIRST MORTGAGE COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 57.1%
    INTERFIRST MORTGAGE COMPANY Conventional home mortgage Closing on a mortgage 1 14.3%
    INTERFIRST MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 2 28.6%