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% | 5/4/24 |
| 15 Year Cash-out Refi | 4.57% | 5/4/24 |
| 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
35Origination Dollar Volume (All Markets)
$1,495,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 34 | $1,440,000 | $42,353 | $533 | 3.41% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $550 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $1,495,000 | $42,714 | $534 | 3.43% |
For 2018, Redbrand Credit Union's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 19 | $805,000 | $42,368 | $544 | 3.47% |
| Refi | 13 | $575,000 | $44,231 | $533 | 3.37% |
| Home Improvement | 3 | $115,000 | $38,333 | $466 | 3.42% |
For 2018, Redbrand Credit Union's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 17 | $865,000 | $50,882 | $529 | 3.60% |
| 10 Year | 11 | $425,000 | $38,636 | $535 | 3.30% |
| 5 Year | 7 | $205,000 | $29,286 | $543 | 3.21% |
For 2018, Redbrand Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 10 Year, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 31 | $1,425,000 | $45,968 |
| 2.5-3% | 4 | $70,000 | $17,500 |
During 2018, Redbrand Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 31 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 35 | $1,495,000 | $42,714 | $534 | 3.43% |
2018 saw Redbrand Credit Union place emphasis on $100,000 or less loans with 35 originations, totaling $1,495,000 in origination value.
Applicant Income
Redbrand Credit Union lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
Redbrand Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $1,470,000 | $43,235 | $533 | 3.44% |
| Black | 1 | $25,000 | $25,000 | $571 | 3.00% |
Approval Rates
Total approvals of all applications62.50%
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 | 35 | $1,495,000 | $42,714 |