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 and Cash Out Refi loans. Ball State Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Muncie, Indianapolis, New Castle, and Crawfordsville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Ball State Federal Credit Union has an above 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
29Origination Dollar Volume (All Markets)
$3,155,000Awards
BALL STATE FEDERAL CREDIT UNION - 2020
BALL STATE FEDERAL CREDIT UNION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| MUNCIE, IN (FHA|USDA|VA) | 20 | $2,240,000 | $112,000 | $2,361 | 3.52% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 5 | $605,000 | $121,000 | $2,696 | 3.10% |
| Outside of Metro Areas | 2 | $160,000 | $80,000 | $1,573 | 4.31% |
| New Castle, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,611 | 3.63% |
| Crawfordsville, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $267 | 5.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 29 | $3,155,000 | $108,793 | $2,301 | 3.57% |
For 2020, Ball State Federal Credit Union's most frequently originated type of loan was Conventional, with 29 originations.
Loan Reason
For 2020, Ball State Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.
Loan Duration/Length
For 2020, Ball State Federal Credit Union's most frequently cited loan duration was 30 Year, with 14 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 21 | $2,515,000 | $119,762 |
| $<1k | 7 | $335,000 | $47,857 |
| $2k-3k | 1 | $305,000 | $305,000 |
Ball State Federal Credit Union's average total fees were $2,588, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 19 | $2,365,000 | $124,474 |
| 2.5-3% | 4 | $460,000 | $115,000 |
| <2.5% | 2 | $190,000 | $95,000 |
| 4-5% | 2 | $60,000 | $30,000 |
| 5-6% | 2 | $80,000 | $40,000 |
During 2020, Ball State Federal Credit Union's average interest rate for loans was 3.47%, while their most frequently originated rate bucket for loans was 3-4%, with 19 originations.
Loan Sizing
2020 saw Ball State Federal Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $1,100,000 in origination value.
Applicant Income
Ball State Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $75k-100k, 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? <20%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.97%
Ball State Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.66%
Ball State Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 29 | $3,155,000 | $108,793 |