Redbrand Credit Union Mortgage Rates, Fees & Info
Bartonville, ILLEI: 5493006EB8YM4CB8V697
Tax ID: 37-0693937
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Mortgage Data
Review & Overview
Redbrand Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Redbrand Credit Union has a high proportion of conventional loans. Their top (well, only) market is Peoria.Redbrand Credit Union has a below average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 4.57% | 11/17/24 |
| 15 Year Cash-out Refi | 4.57% | 11/17/24 |
| 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. | ||
Redbrand Credit Union Mortgage Calculator
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Originations
23Origination Dollar Volume (All Markets)
$1,405,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 23 | $1,405,000 | $61,087 | $587 | 6.07% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 23 | $1,405,000 | $61,087 | $587 | 6.07% |
For 2023, Redbrand Credit Union's most frequently originated type of loan was Conventional, with 23 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 15 | $795,000 | $53,000 | $581 | 6.10% |
| Refi | 8 | $610,000 | $76,250 | $599 | 6.00% |
For 2023, Redbrand Credit Union's most frequently cited loan purpose was Cash Out Refi, with 15 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
For 2023, Redbrand Credit Union's most frequently cited loan duration was 10 Year, with 8 originations. The 2nd most popular length was 5 Year, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 18 | $1,150,000 | $63,889 |
| 6-7% | 5 | $255,000 | $51,000 |
During 2023, Redbrand Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 18 | $790,000 | $43,889 | $585 | 6.06% |
| $100k-200k | 5 | $615,000 | $123,000 | $596 | 6.10% |
2023 saw Redbrand Credit Union place emphasis on $100,000 or less loans with 18 originations, totaling $790,000 in origination value.
Applicant Income
Redbrand Credit Union lent most frequently to those with incomes in the $75k-100k range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Redbrand Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 20 | $1,280,000 | $64,000 | $585 | 6.10% |
| Black | 3 | $125,000 | $41,667 | $601 | 5.83% |
Approval Rates
Total approvals of all applications51.11%
Redbrand Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23 | $1,405,000 | $61,087 |