Credit Union 1 Mortgage Rates, Fees & Info

Rantoul, IL

LEI: 5493005T71YXBHEO2093

Tax ID: 37-0767435

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Mortgage Data

Review & Overview

Credit Union 1 is a smaller credit union specializing in Refi and Cash Out Refi loans. Credit Union 1 has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, Las Vegas, Indianapolis, Champaign, and Springfield among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Credit Union 1 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. Credit Union 1 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
30 Year Conventional Purchase 6.55% 3/28/24
30 Year Conventional Refi 6.36% 3/28/24
30 Year Cash-out Refi 6.46% 3/28/24
15 Year Conventional Purchase 6.13% 3/28/24
15 Year Conventional Refi 5.68% 3/28/24
15 Year Cash-out Refi 5.68% 3/28/24
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

1,135

Origination Dollar Volume (All Markets)

$282,545,000

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) 741 $174,735,000 $235,810 $3,408 3.09%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 292 $92,010,000 $315,103 $3,685 3.18%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 29 $4,285,000 $147,759 $3,373 3.13%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 13 $3,065,000 $235,769 $3,257 3.03%
SPRINGFIELD, IL (FHA|USDA|VA) 22 $2,750,000 $125,000 $3,235 3.16%
Outside of Metro Areas 9 $1,175,000 $130,556 $3,182 3.15%
Charleston-Mattoon, IL (FHA|USDA|VA) 7 $735,000 $105,000 $3,044 2.86%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $720,000 $360,000 $3,094 3.06%
DANVILLE, IL (FHA|USDA|VA) 7 $675,000 $96,429 $3,074 2.86%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $425,000 $425,000 $3,500 2.50%
Ottawa, IL (FHA|USDA|VA) 2 $370,000 $185,000 $3,647 3.19%
Warsaw, IN (FHA|USDA|VA) 2 $360,000 $180,000 $2,968 3.38%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $285,000 $285,000 $3,798 2.63%
KANKAKEE, IL (FHA|USDA|VA) 1 $245,000 $245,000 $3,053 3.25%
ROCKFORD, IL (FHA|USDA|VA) 2 $180,000 $90,000 $2,455 3.81%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,788 3.00%
Taylorville, IL (FHA|USDA|VA) 1 $155,000 $155,000 $3,436 3.88%
Effingham, IL (FHA|USDA|VA) 1 $125,000 $125,000 $3,133 2.88%
DECATUR, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,944 3.00%
Credit Union 1's top markets include Chicago, Las Vegas, Indianapolis, Champaign, and Springfield among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Indiana (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.

    Liberty Bank for Savings
    Similarity Rank: 312
    Glenview State Bank
    Similarity Rank: 312
    Independent Federal Credit Union
    Similarity Rank: 441
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    Security Federal Savings Bank
    Similarity Rank: 750
    The Equitable Bank, S.S.B.
    Similarity Rank: 820
    RUHL MORTGAGE, LLC
    Similarity Rank: 988

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,130 $281,930,000 $249,496 $3,459 3.11%
    FHA 3 $385,000 $128,333 $4,891 3.83%
    VA 2 $230,000 $115,000 $3,791 3.56%

    For 2020, Credit Union 1's most frequently originated type of loan was Conventional, with 1,130 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 530 $125,380,000 $236,566 $2,979 2.96%
    Cash Out Refi 416 $111,330,000 $267,620 $3,317 3.26%
    Home Purchase 189 $45,835,000 $242,513 $5,144 3.23%

    For 2020, Credit Union 1's most frequently cited loan purpose was Refi, with 530 originations. The 2nd most popular reason was Cash Out Refi, with 416 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 706 $193,520,000 $274,108 $3,697 3.28%
    15 Year 276 $59,630,000 $216,051 $3,136 2.75%
    20 Year 112 $23,020,000 $205,536 $2,987 3.11%
    10 Year 41 $6,375,000 $155,488 $2,947 2.82%

    For 2020, Credit Union 1's most frequently cited loan duration was 30 Year, with 706 originations. The 2nd most popular length was 15 Year, with 276 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,055 $255,895,000 $242,555
    $2k-3k 38 $8,140,000 $214,211
    $5k+ 26 $15,050,000 $578,846
    $3k-4k 10 $2,290,000 $229,000
    $<1k 3 $405,000 $135,000
    $4k-5k 3 $765,000 $255,000

    Credit Union 1's average total fees were $3,697, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,055 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 536 $152,980,000 $285,410
    2.5-3% 456 $100,570,000 $220,548
    <2.5% 115 $23,245,000 $202,130
    4-5% 26 $5,320,000 $204,615
    5-6% 2 $430,000 $215,000

    During 2020, Credit Union 1's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 536 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 459 $69,325,000 $151,035 $3,213 3.08%
    $200k-400k 429 $117,565,000 $274,044 $3,468 3.11%
    $100,000 or less 114 $8,650,000 $75,877 $3,255 3.07%
    $400k-600k 74 $36,020,000 $486,757 $3,680 3.14%
    $600k-1MM 48 $35,440,000 $738,333 $5,192 3.52%
    $1MM+ 11 $15,545,000 $1,413,182 $6,889 3.57%

    2020 saw Credit Union 1 place emphasis on $100k-200k loans with 459 originations, totaling $69,325,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 299 $71,225,000 $238,211 $3,491 3.09%
    $75k-100k 237 $47,905,000 $202,131 $3,328 3.06%
    $50k-75k 236 $38,700,000 $163,983 $3,313 3.14%
    $150k-250k 158 $55,910,000 $353,861 $3,507 3.08%
    $50k or less 115 $15,615,000 $135,783 $3,183 3.14%
    $250k+ 74 $49,990,000 $675,541 $4,694 3.36%

    Credit Union 1 lent most frequently to those with incomes in the $100k-150k range, with 299 originations. The second most popular income band? $75k-100k, with 237 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 311 $74,705,000 $240,209 $3,300 3.06%
    30-36% 227 $61,655,000 $271,608 $3,608 3.14%
    <20% 114 $23,780,000 $208,596 $3,353 2.99%
    40% 46 $10,820,000 $235,217 $3,328 3.15%
    41% 45 $10,535,000 $234,111 $3,765 3.09%
    43% 43 $10,935,000 $254,302 $3,312 3.26%
    36% 42 $10,640,000 $253,333 $3,366 3.17%
    38% 40 $11,950,000 $298,750 $3,279 3.21%
    42% 39 $9,115,000 $233,718 $3,597 3.22%
    37% 38 $9,900,000 $260,526 $3,456 3.21%
    39% 35 $11,035,000 $315,286 $3,320 3.13%
    44% 34 $8,130,000 $239,118 $4,005 3.14%
    46% 30 $7,470,000 $249,000 $3,894 3.11%
    48% 28 $5,330,000 $190,357 $3,560 3.15%
    45% 23 $6,535,000 $284,130 $3,480 3.14%
    49% 19 $4,605,000 $242,368 $3,005 3.14%
    47% 17 $3,895,000 $229,118 $4,076 3.10%
    50-60% 4 $1,510,000 $377,500 $4,779 3.75%

    Credit Union 1 lent most frequently to those with DTI ratios of 20-30%, with 311 originations. The next most common DTI ratio? 30-36%, with 227 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 627 $163,295,000 $260,439 $3,413 3.11%
    Not provided 171 $41,135,000 $240,556 $3,499 3.09%
    Black 212 $40,210,000 $189,670 $3,464 3.20%
    Asian 83 $27,045,000 $325,843 $3,767 3.08%
    Asian Indian 11 $3,285,000 $298,636 $3,853 2.97%
    American Indian 14 $2,230,000 $159,286 $3,429 3.13%
    Filipino 9 $1,945,000 $216,111 $3,080 2.76%
    Other Asian 3 $1,465,000 $488,333 $3,264 3.17%
    Native Hawaiian or Islander 2 $880,000 $440,000 $3,768 3.56%
    Chinese 2 $670,000 $335,000 $3,499 2.69%
    Other Pacific Islander 1 $385,000 $385,000 $3,549 3.00%

    Approval Rates

    Total approvals of all applications
    71.45%

    Credit Union 1 has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    62.20%

    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 1,135 $282,545,000 $248,938

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,135 $282,545,000 $248,938

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $6,815,000 $123,909 $2,990 2.92%
    40-60% 189 $34,395,000 $181,984 $2,936 2.94%
    60-80% 553 $149,555,000 $270,443 $3,371 3.14%
    80-100% 331 $91,145,000 $275,363 $4,011 3.21%
    Under 20% 7 $635,000 $90,714 $2,880 2.98%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Credit Plus Inc Conventional home mortgage Improper use of your report 1 50.0%
    Credit Plus Inc FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%