Credit Union 1 Mortgage Rates, Fees & Info

Rantoul, IL

LEI: 5493005T71YXBHEO2093

Tax ID: 37-0767435

5 stars - Updated: 6/16/24 - out of 5 stars, based on 23 reviews

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

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Mortgage Data

Review & Overview

Credit Union 1 is a smaller credit union specializing in Cash Out Refi loans. Credit Union 1 has an average proportion of conventional loans. Their top markets by origination volume include: Chicago, Atlanta, Las Vegas, Springfield, and Seattle among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

Credit Union 1 has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Credit Union 1 is typically an average 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 relatively high 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
30 Year Conventional Purchase 6.55% 6/16/24
30 Year Conventional Refi 6.36% 6/16/24
30 Year Cash-out Refi 6.46% 6/16/24
15 Year Conventional Purchase 6.13% 6/16/24
15 Year Conventional Refi 5.68% 6/16/24
15 Year Cash-out Refi 5.68% 6/16/24
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.

Credit Union 1 Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Credit Union 1. 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

531

Origination Dollar Volume (All Markets)

$68,355,000

Relative Rate

Credit Union 1's average 30 year fixed mortgage rate was 6.86%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.38%.

Relative Fees (Closing Costs)

Credit Union 1's average total fees/closing costs for a 30 year fixed rate mortgage were $5,732.

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 $9,089.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 381 $45,445,000 $119,278 $5,998 8.96%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 60 $9,590,000 $159,833 $6,207 8.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 37 $5,265,000 $142,297 $2,752 9.40%
SPRINGFIELD, IL (FHA|USDA|VA) 13 $1,895,000 $145,769 $3,888 8.77%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 8.50%
RENO, NV (FHA|USDA|VA) 1 $885,000 $885,000 $0 9.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 7 $745,000 $106,429 $3,725 9.84%
Outside of Metro Areas 6 $500,000 $83,333 $3,119 8.96%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 4 $460,000 $115,000 $3,566 8.34%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $305,000 $305,000 $0 9.00%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $305,000 $305,000 $0 9.25%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,918 6.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 11.00%
ROCKFORD, IL (FHA|USDA|VA) 1 $155,000 $155,000 $0 9.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 9.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 9.50%
BLOOMINGTON, IL (FHA|USDA|VA) 2 $120,000 $60,000 $0 9.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 8.75%
Macomb, IL (FHA|USDA|VA) 3 $115,000 $38,333 $0 9.17%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $110,000 $55,000 $0 9.00%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $75,000 $75,000 $3,175 5.75%
DANVILLE, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.00%
Jacksonville, IL (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.50%
Ottawa, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 11.50%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.00%
Credit Union 1's top markets include Chicago, Atlanta, Las Vegas, Springfield, and Seattle among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Credit Union 1 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Liberty Bank for Savings
    Similarity Rank: 279
    CLARK COUNTY CREDIT UNION
    Similarity Rank: 330
    East West Bank
    Similarity Rank: 333
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    Mutual Savings Bank
    Similarity Rank: 460
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    Greenfield Banking Company
    Similarity Rank: 581

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 473 $53,255,000 $112,590 n/a 9.23%
    Conventional 58 $15,100,000 $260,345 $5,573 6.83%

    For 2023, Credit Union 1's most frequently originated type of loan was HELOC, with 473 originations. Their 2nd most popular type was Conventional, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 419 $48,945,000 $116,814 $3,506 9.15%
    Home Purchase 47 $13,295,000 $282,872 $6,078 6.89%
    Refi 40 $3,850,000 $96,250 $0 9.49%
    Home Improvement 25 $2,265,000 $90,600 $0 8.94%

    For 2023, Credit Union 1's most frequently cited loan purpose was Cash Out Refi, with 419 originations. The 2nd most popular reason was Home Purchase, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 465 $52,105,000 $112,054 $0 9.21%
    30 Year 54 $14,690,000 $272,037 $5,732 6.86%
    15 Year 9 $1,315,000 $146,111 $3,652 9.24%
    Other 2 $190,000 $95,000 $0 9.50%
    10 Year 1 $55,000 $55,000 $3,040 5.63%

    For 2023, Credit Union 1's most frequently cited loan duration was 20 Year, with 465 originations. The 2nd most popular length was 30 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 38 $10,040,000 $264,211
    $2k-3k 10 $2,260,000 $226,000
    $5k+ 5 $1,785,000 $357,000
    $3k-4k 2 $420,000 $210,000
    $4k-5k 1 $275,000 $275,000

    Credit Union 1's average total fees were $5,732, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 438 $48,430,000 $110,571
    7-8% 52 $9,080,000 $174,615
    6-7% 37 $10,545,000 $285,000
    5-6% 4 $300,000 $75,000

    During 2023, Credit Union 1's average interest rate for loans was 6.86%, while their most frequently originated rate bucket for loans was Over 8%, with 438 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 302 $16,450,000 $54,470 $3,984 9.30%
    $100k-200k 124 $16,540,000 $133,387 $4,961 8.72%
    $200k-400k 83 $21,645,000 $260,783 $6,008 8.33%
    $400k-600k 14 $6,710,000 $479,286 $6,898 8.01%
    $600k-1MM 6 $4,720,000 $786,667 $3,144 8.73%
    $1MM+ 2 $2,290,000 $1,145,000 $7,994 7.56%

    2023 saw Credit Union 1 place emphasis on $100,000 or less loans with 302 originations, totaling $16,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 144 $15,660,000 $108,750 $5,883 8.94%
    $150k-250k 111 $17,915,000 $161,396 $4,891 9.05%
    $50k-75k 86 $5,970,000 $69,419 $4,993 8.94%
    $75k-100k 85 $8,575,000 $100,882 $5,398 8.84%
    $250k+ 70 $18,480,000 $264,000 $8,131 8.99%
    $50k or less 33 $1,645,000 $49,848 $3,868 9.16%

    Credit Union 1 lent most frequently to those with incomes in the $100k-150k range, with 144 originations. The second most popular income band? $150k-250k, with 111 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 78 $7,730,000 $99,103 $5,400 9.00%
    20-30% 75 $10,435,000 $139,133 $6,359 8.81%
    49% 63 $8,625,000 $136,905 $7,798 8.72%
    42% 47 $5,135,000 $109,255 $5,743 9.56%
    38% 30 $4,340,000 $144,667 $6,033 8.88%
    43% 28 $3,430,000 $122,500 $4,337 9.04%
    40% 27 $3,745,000 $138,704 $4,821 9.50%
    44% 26 $2,150,000 $82,692 $0 9.58%
    37% 24 $4,740,000 $197,500 $4,215 9.04%
    <20% 21 $2,735,000 $130,238 $6,495 8.57%
    39% 20 $2,360,000 $118,000 $2,898 8.89%
    48% 19 $3,815,000 $200,789 $4,571 8.47%
    36% 18 $1,930,000 $107,222 $0 9.22%
    41% 17 $1,935,000 $113,824 $4,608 9.26%
    45% 15 $1,575,000 $105,000 $4,553 8.17%
    47% 14 $2,320,000 $165,714 $5,052 8.32%
    46% 9 $1,355,000 $150,556 $6,158 8.64%

    Credit Union 1 lent most frequently to those with DTI ratios of 30-36%, with 78 originations. The next most common DTI ratio? 20-30%, with 75 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 286 $35,640,000 $124,615 $4,678 9.10%
    Not provided 116 $14,480,000 $124,828 $5,176 8.82%
    Black 98 $13,020,000 $132,857 $6,510 8.67%
    Asian 23 $4,435,000 $192,826 $4,421 9.15%
    Other Pacific Islander 1 $225,000 $225,000 $0 9.00%
    American Indian 3 $195,000 $65,000 $0 10.08%
    Asian Indian 1 $175,000 $175,000 $0 8.00%
    Native Hawaiian or Islander 2 $130,000 $65,000 $0 9.88%
    Other Asian 1 $55,000 $55,000 $0 9.25%

    Approval Rates

    Total approvals of all applications
    60.59%

    Credit Union 1 has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    14.12%

    Credit Union 1 has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 531 $68,355,000 $128,729

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    531 $68,355,000 $128,729

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 177 $22,385,000 $126,469 $3,803 9.15%
    40-60% 39 $7,345,000 $188,333 $4,674 8.68%
    60-80% 27 $6,185,000 $229,074 $5,960 8.07%
    80-100% 40 $13,100,000 $327,500 $5,891 7.05%
    Under 20% 248 $19,340,000 $77,984 $3,040 9.29%