Southland Credit Union Mortgage Rates, Fees & Info

Los Alamitos, CA

LEI: 5493006YSC5JOGNPMH78

Tax ID: 95-1585409

5 stars - Updated: 12/2/24 - out of 5 stars, based on 16 reviews

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Mortgage Data

Review & Overview

Southland Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Southland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Oxnard, San Luis Obispo, and Vallejo among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southland Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Southland Credit Union is typically an average 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 12/2/24
30 Year Conventional Purchase 6.29% 12/2/24
30 Year Conventional Refi 6.33% 12/2/24
30 Year Cash-out Refi 6.43% 12/2/24
15 Year Conventional Refi 5.95% 12/2/24
15 Year Cash-out Refi 5.95% 12/2/24
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.

Southland Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Southland 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

258

Origination Dollar Volume (All Markets)

$68,680,000

Awards

SOUTHLAND CREDIT UNION 30 Year Conventional Loans gold SOUTHLAND CREDIT UNION 30 Year Conventional Loans gold SOUTHLAND CREDIT UNION 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Southland Credit Union's average 30 year fixed mortgage rate was 5.92%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.56%.

Relative Fees (Closing Costs)

Southland Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,958.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 223 $59,685,000 $267,646 $5,972 8.27%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 26 $3,580,000 $137,692 $4,515 8.92%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $2,235,000 $745,000 $9,051 7.33%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $905,000 $905,000 $7,550 5.13%
VALLEJO, CA (FHA|USDA|VA) 1 $665,000 $665,000 $3,390 5.75%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $645,000 $645,000 $0 8.00%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $405,000 $405,000 $4,899 7.00%
VISALIA, CA (FHA|USDA|VA) 1 $355,000 $355,000 $4,079 6.63%
FRESNO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.75%
Southland Credit Union's top markets include Los Angeles, Riverside, Oxnard, San Luis Obispo, and Vallejo among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against SOUTHLAND CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    LBS FINANCIAL
    Similarity Rank: 258
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351
    ARROWHEAD CENTRAL CREDIT UNION
    Similarity Rank: 477
    ALTURA
    Similarity Rank: 560
    LA Financial Federal Credit Union
    Similarity Rank: 660
    FRONTWAVE
    Similarity Rank: 660
    I.L.W.U. CREDIT UNION
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 207 $30,055,000 $145,193 n/a 8.88%
    Conventional 51 $38,625,000 $757,353 $5,958 5.92%

    For 2023, Southland Credit Union's most frequently originated type of loan was HELOC, with 207 originations. Their 2nd most popular type was Conventional, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 116 $17,060,000 $147,069 $0 8.81%
    Other 72 $10,210,000 $141,806 $0 8.94%
    Home Purchase 46 $30,660,000 $666,522 $7,416 6.92%
    Cash Out Refi 19 $9,525,000 $501,316 $3,501 5.82%
    Refi 5 $1,225,000 $245,000 $0 9.15%

    For 2023, Southland Credit Union's most frequently cited loan purpose was Home Improvement, with 116 originations. The 2nd most popular reason was Other, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 207 $30,055,000 $145,193 $0 8.88%
    30 Year 51 $38,625,000 $757,353 $5,958 5.92%

    For 2023, Southland Credit Union's most frequently cited loan duration was Other, with 207 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 50 $37,980,000 $759,600
    $2k-3k 1 $645,000 $645,000

    Southland Credit Union's average total fees were $5,958, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 50 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 176 $23,550,000 $133,807
    6-7% 28 $15,870,000 $566,786
    5-6% 26 $23,370,000 $898,846
    7-8% 25 $5,175,000 $207,000
    4-5% 2 $560,000 $280,000

    During 2023, Southland Credit Union's average interest rate for loans was 5.92%, while their most frequently originated rate bucket for loans was Over 8%, with 176 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 99 $5,855,000 $59,141 $0 9.00%
    $100k-200k 64 $8,380,000 $130,938 $2,971 8.81%
    $200k-400k 45 $12,325,000 $273,889 $3,962 7.99%
    $400k-600k 20 $9,810,000 $490,500 $5,617 6.67%
    $600k-1MM 19 $14,225,000 $748,684 $6,498 6.74%
    $1MM+ 11 $18,085,000 $1,644,091 $8,292 5.89%

    2023 saw Southland Credit Union place emphasis on $100,000 or less loans with 99 originations, totaling $5,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 77 $16,525,000 $214,610 $5,630 8.31%
    $100k-150k 61 $9,325,000 $152,869 $4,022 8.64%
    $250k+ 54 $36,200,000 $670,370 $7,225 7.38%
    $75k-100k 35 $3,135,000 $89,571 $3,118 8.73%
    $50k-75k 24 $2,950,000 $122,917 $3,036 8.68%
    $50k or less 7 $545,000 $77,857 $0 8.68%

    Southland Credit Union lent most frequently to those with incomes in the $150k-250k range, with 77 originations. The second most popular income band? $100k-150k, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 69 $9,645,000 $139,783 $0 8.89%
    30-36% 39 $16,835,000 $431,667 $6,574 7.79%
    20-30% 29 $8,765,000 $302,241 $5,590 7.59%
    39% 14 $2,050,000 $146,429 $3,580 8.51%
    48% 11 $855,000 $77,727 $0 9.23%
    49% 9 $2,935,000 $326,111 $6,249 8.15%
    36% 9 $3,095,000 $343,889 $5,424 8.01%
    <20% 9 $2,685,000 $298,333 $6,760 7.71%
    44% 9 $3,535,000 $392,778 $8,366 7.90%
    47% 9 $1,425,000 $158,333 $0 8.97%
    46% 8 $2,220,000 $277,500 $6,391 8.41%
    45% 8 $2,510,000 $313,750 $4,547 8.38%
    41% 8 $3,060,000 $382,500 $4,378 7.75%
    40% 7 $2,615,000 $373,571 $6,976 7.86%
    43% 5 $885,000 $177,000 $6,983 8.88%
    38% 5 $1,465,000 $293,000 $4,270 7.35%
    37% 5 $2,815,000 $563,000 $6,582 7.28%
    42% 3 $1,045,000 $348,333 $0 9.42%
    >60% 2 $240,000 $120,000 $0 9.00%

    Southland Credit Union lent most frequently to those with DTI ratios of 50-60%, with 69 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 146 $30,180,000 $206,712 $6,294 8.61%
    Not provided 44 $17,220,000 $391,364 $5,973 7.71%
    Asian 45 $16,915,000 $375,889 $5,941 7.87%
    Black 20 $4,100,000 $205,000 $4,619 8.17%
    Not applicable 2 $190,000 $95,000 $0 8.88%
    American Indian 1 $75,000 $75,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    64.79%

    Southland Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    69.77%

    Southland 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 258 $68,680,000 $266,202

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    258 $68,680,000 $266,202

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $11,150,000 $253,409 $3,388 8.24%
    40-60% 13 $5,535,000 $425,769 $5,652 8.02%
    60-80% 25 $23,875,000 $955,000 $6,479 6.07%
    80-100% 12 $9,880,000 $823,333 $7,178 5.85%
    Under 20% 164 $18,240,000 $111,220 $3,141 8.85%