Ball State Federal Credit Union Mortgage Rates, Fees & Info
Muncie, INLEI: 5493006TKVSO2U1KCV06
Tax ID: 35-1047202
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Mortgage Data
Review & Overview
Ball State Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Ball State Federal Credit Union has a high proportion of conventional loans. Their top two markets are Muncie and Indianapolis .Ball State Federal 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. Ball State Federal 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 about average rates.
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Originations
31Origination Dollar Volume (All Markets)
$2,495,000Top 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 |
|---|---|---|---|---|---|
| MUNCIE, IN (FHA|USDA|VA) | 26 | $2,190,000 | $84,231 | $3,118 | 4.66% |
| Outside of Metro Areas | 3 | $175,000 | $58,333 | $2,931 | 4.75% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,633 | 4.12% |
Similar Lenders
We use machine learning to identify the top lenders compared against BALL STATE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 30
Similarity Rank: 75
Similarity Rank: 120
Similarity Rank: 496
Similarity Rank: 530
Similarity Rank: 1859
Similarity Rank: 2211
Similarity Rank: 2289
Similarity Rank: 2530
Similarity Rank: 2660
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,495,000 | $80,484 | $3,125 | 4.63% |
For 2019, Ball State Federal Credit Union's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
For 2019, Ball State Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
For 2019, Ball State Federal Credit Union's most frequently cited loan duration was 30 Year, with 20 originations. The 2nd most popular length was 10 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 12 | $880,000 | $73,333 |
| $2k-3k | 10 | $1,370,000 | $137,000 |
| $<1k | 9 | $245,000 | $27,222 |
Ball State Federal Credit Union's average total fees were $3,152, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 22 | $2,000,000 | $90,909 |
| 3-4% | 5 | $395,000 | $79,000 |
| 5-6% | 3 | $75,000 | $25,000 |
| 6-7% | 1 | $25,000 | $25,000 |
During 2019, Ball State Federal Credit Union's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 22 originations.
Loan Sizing
2019 saw Ball State Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,305,000 in origination value.
Applicant Income
Ball State Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
Ball State Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.10%
Ball State Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination87.10%
Ball State Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 247.0 | 4 | $110,000 | $27,500 |
| 322.0 | 1 | $25,000 | $25,000 |
| 402.0 | 1 | $35,000 | $35,000 |
| 525.0 | 1 | $35,000 | $35,000 |
| 620.0 | 1 | $25,000 | $25,000 |
| 625.0 | 1 | $15,000 | $15,000 |
| NA | 22 | $2,250,000 | $102,273 |