United Business & Industry Fcu Mortgage Rates, Fees & Info
PLAINVILLE, CTLEI: 5493006IZV5N1QXJNG33
Tax ID: 06-0669735
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Mortgage Data
Review & Overview
United Business & Industry Fcu is a smaller credit union specializing in Home Improvement, Refi, and Other loans. United Business & Industry Fcu has a high proportion of conventional loans.United Business & Industry Fcu has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 8.41% | 4/5/25 |
| 15 Year Cash-out Refi | 8.41% | 4/5/25 |
| 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. | ||
United Business & Industry Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
31Origination Dollar Volume (All Markets)
$2,205,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 31 | $2,205,000 | $71,129 | $10 | 7.64% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,205,000 | $71,129 | $10 | 7.64% |
For 2024, United Business & Industry Fcu's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
For 2024, United Business & Industry Fcu's most frequently cited loan purpose was Home Improvement, with 12 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
For 2024, United Business & Industry Fcu's most frequently cited loan duration was 10 Year, with 12 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 31 | $2,205,000 | $71,129 |
United Business & Industry Fcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 14 | $1,190,000 | $85,000 |
| Over 8% | 12 | $810,000 | $67,500 |
| 5-6% | 3 | $95,000 | $31,667 |
| 7-8% | 2 | $110,000 | $55,000 |
During 2024, United Business & Industry Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 14 originations.
Loan Sizing
2024 saw United Business & Industry Fcu place emphasis on $100,000 or less loans with 23 originations, totaling $1,075,000 in origination value.
Applicant Income
United Business & Industry Fcu lent most frequently to those with incomes in the $150k-250k range, with 7 originations. The second most popular income band? $50k-75k, with 7 originations.
Applicant Debt to Income Ratio
United Business & Industry Fcu lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.18%
United Business & Industry Fcu has an average approval rate.
Pick Rate
Approvals leading to origination90.32%
United Business & Industry Fcu has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $2,205,000 | $71,129 |