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% | 11/23/24 |
| 15 Year Cash-out Refi | 4.57% | 11/23/24 |
| 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
26Origination Dollar Volume (All Markets)
$1,140,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 25 | $1,125,000 | $45,000 | $557 | 3.63% |
| Outside of Metro Areas | 1 | $15,000 | $15,000 | $706 | 3.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $1,140,000 | $43,846 | $563 | 3.62% |
For 2019, Redbrand Credit Union's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 14 | $580,000 | $41,429 | $583 | 3.76% |
| Refi | 10 | $510,000 | $51,000 | $536 | 3.49% |
| Home Improvement | 2 | $50,000 | $25,000 | $553 | 3.25% |
For 2019, Redbrand Credit Union's most frequently cited loan purpose was Cash Out Refi, with 14 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
For 2019, Redbrand Credit Union's most frequently cited loan duration was 10 Year, with 14 originations. The 2nd most popular length was 15 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 15 | $785,000 | $52,333 |
| 4-5% | 7 | $285,000 | $40,714 |
| 2.5-3% | 4 | $70,000 | $17,500 |
During 2019, 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 15 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 24 | $900,000 | $37,500 | $563 | 3.64% |
| $100k-200k | 2 | $240,000 | $120,000 | $557 | 3.35% |
2019 saw Redbrand Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $900,000 in origination value.
Applicant Income
Redbrand Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $50k or less, with 9 originations.
Applicant Debt to Income Ratio
Redbrand Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 25 | $1,075,000 | $43,000 | $562 | 3.58% |
| Black | 1 | $65,000 | $65,000 | $573 | 4.60% |
Approval Rates
Total approvals of all applications64.58%
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 | 26 | $1,140,000 | $43,846 |