Redbrand Credit Union Mortgage Rates, Fees & Info
Bartonville, ILLEI: 5493006EB8YM4CB8V697
Tax ID: 37-0693937
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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. They have an above average pick rate when compared to similar lenders.
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 |
|---|---|---|
| 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
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Redbrand Credit Union. 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
25Origination Dollar Volume (All Markets)
$1,555,000Top 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 |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 25 | $1,555,000 | $62,200 | $575 | 3.87% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 25 | $1,555,000 | $62,200 | $575 | 3.87% |
For 2020, Redbrand Credit Union's most frequently originated type of loan was Conventional, with 25 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 16 | $1,020,000 | $63,750 | $572 | 3.87% |
| Refi | 8 | $460,000 | $57,500 | $585 | 3.83% |
| Home Improvement | 1 | $75,000 | $75,000 | $563 | 4.35% |
For 2020, Redbrand Credit Union's most frequently cited loan purpose was Cash Out Refi, with 16 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
For 2020, Redbrand Credit Union's most frequently cited loan duration was 15 Year, with 11 originations. The 2nd most popular length was 10 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $610,000 | $50,833 |
| 4-5% | 10 | $720,000 | $72,000 |
| 2.5-3% | 2 | $160,000 | $80,000 |
| <2.5% | 1 | $65,000 | $65,000 |
During 2020, 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 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 22 | $1,180,000 | $53,636 | $574 | 3.83% |
| $100k-200k | 3 | $375,000 | $125,000 | $583 | 4.17% |
2020 saw Redbrand Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $1,180,000 in origination value.
Applicant Income
Redbrand Credit Union lent most frequently to those with incomes in the $50k or less range, with 11 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Redbrand Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 25 | $1,555,000 | $62,200 | $575 | 3.87% |
Approval Rates
Total approvals of all applications63.46%
Redbrand Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination96.00%
Redbrand Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $1,555,000 | $62,200 |