Members 1st Credit Union Mortgage Rates, Fees & Info
Redding, CALEI: 5493006MW6O2CE88BD43
Tax ID: 94-0362026
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Mortgage Data
Review & Overview
Members 1st Credit Union is a smaller credit union specializing in Cash Out Refi and Other loans. Members 1st Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Redding, Chico, Red Bluff, and Eureka among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Members 1st Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Members 1st Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.28% | 11/21/24 |
| 30 Year Conventional Refi | 5.59% | 11/21/24 |
| 30 Year Cash-out Refi | 5.65% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 4.92% | 11/21/24 |
| 15 Year Cash-out Refi | 4.92% | 11/21/24 |
| 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. | ||
Members 1st Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Members 1st 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
50Origination Dollar Volume (All Markets)
$5,900,000Relative Rate
Members 1st Credit Union's average 30 year fixed mortgage rate was
6.7%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.22%.
Relative Fees (Closing Costs)
Members 1st Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,000.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top 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 |
|---|---|---|---|---|---|
| REDDING, CA (FHA|USDA|VA) | 38 | $4,630,000 | $121,842 | $2,431 | 8.02% |
| CHICO, CA (FHA|USDA|VA) | 7 | $765,000 | $109,286 | $2,463 | 7.99% |
| Red Bluff, CA (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $430 | 8.08% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,479 | 5.74% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $430 | 9.24% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 50 | $5,900,000 | $118,000 | $2,286 | 8.00% |
For 2023, Members 1st Credit Union's most frequently originated type of loan was Conventional, with 50 originations.
Loan Reason
For 2023, Members 1st Credit Union's most frequently cited loan purpose was Cash Out Refi, with 23 originations. The 2nd most popular reason was Home Improvement, with 17 originations.
Loan Duration/Length
For 2023, Members 1st Credit Union's most frequently cited loan duration was 20 Year, with 35 originations. The 2nd most popular length was 30 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $45,000 | $45,000 |
| $1k-2k | 1 | $255,000 | $255,000 |
| $3k-4k | 1 | $785,000 | $785,000 |
| $4k-5k | 1 | $905,000 | $905,000 |
| $5k+ | 1 | $325,000 | $325,000 |
Members 1st Credit Union's average total fees were $4,000, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 27 | $1,945,000 | $72,037 |
| 7-8% | 11 | $1,235,000 | $112,273 |
| 6-7% | 9 | $2,315,000 | $257,222 |
| 5-6% | 2 | $350,000 | $175,000 |
| <2.5% | 1 | $55,000 | $55,000 |
During 2023, Members 1st Credit Union's average interest rate for loans was 6.70%, while their most frequently originated rate bucket for loans was Over 8%, with 27 originations.
Loan Sizing
2023 saw Members 1st Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,370,000 in origination value.
Applicant Income
Members 1st Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 12 originations.
Applicant Debt to Income Ratio
Members 1st Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.00%
Members 1st Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination70.00%
Members 1st Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 50 | $5,900,000 | $118,000 |