Southland Credit Union Mortgage Rates, Fees & Info

Los Alamitos, CA

LEI: 5493006YSC5JOGNPMH78

Tax ID: 95-1585409

5 stars - Updated: 2/25/24 - out of 5 stars, based on 25 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Southland Credit Union is a smaller credit union specializing in Home Improvement loans. Southland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Oxnard, and San Francisco among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southland 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. 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 about average 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 2/25/24
30 Year Conventional Purchase 6.29% 2/25/24
30 Year Conventional Refi 6.33% 2/25/24
30 Year Cash-out Refi 6.43% 2/25/24
15 Year Conventional Refi 5.95% 2/25/24
15 Year Cash-out Refi 5.95% 2/25/24
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

626

Origination Dollar Volume (All Markets)

$137,630,000

Awards

SOUTHLAND CREDIT UNION 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Southland Credit Union's average 30 year fixed mortgage rate was 4.27%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.49%.

Relative Fees (Closing Costs)

Southland Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,178.

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 $4,750.

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) 539 $120,785,000 $224,091 $4,879 4.73%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 54 $7,680,000 $142,222 $3,801 5.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 9 $2,935,000 $326,111 $4,939 4.18%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 9 $2,405,000 $267,222 $6,856 4.53%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $1,015,000 $338,333 $0 4.58%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $760,000 $380,000 $0 3.38%
BAKERSFIELD, CA (FHA|USDA|VA) 3 $585,000 $195,000 $5,816 4.58%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $435,000 $435,000 $6,439 4.00%
Outside of Metro Areas 2 $410,000 $205,000 $0 5.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $340,000 $170,000 $2,882 4.69%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $215,000 $215,000 $0 4.50%
SALINAS, CA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.25%
Southland Credit Union's top markets include Los Angeles, Riverside, San Diego, Oxnard, and San Francisco 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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 546 $94,570,000 $173,205 n/a 4.83%
    Conventional 80 $43,060,000 $538,250 $4,825 4.09%

    For 2022, Southland Credit Union's most frequently originated type of loan was HELOC, with 546 originations. Their 2nd most popular type was Conventional, with 80 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 369 $63,715,000 $172,669 $0 4.77%
    Other 150 $24,970,000 $166,467 $0 5.03%
    Cash Out Refi 47 $23,435,000 $498,617 $4,436 4.00%
    Home Purchase 43 $20,775,000 $483,140 $6,588 4.77%
    Refi 17 $4,735,000 $278,529 $3,764 3.48%

    For 2022, Southland Credit Union's most frequently cited loan purpose was Home Improvement, with 369 originations. The 2nd most popular reason was Other, with 150 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 546 $94,570,000 $173,205 $0 4.83%
    30 Year 63 $32,185,000 $510,873 $5,178 4.27%
    15 Year 12 $3,260,000 $271,667 $3,470 3.03%
    10 Year 4 $7,350,000 $1,837,500 $2,746 4.49%
    20 Year 1 $265,000 $265,000 $4,072 3.50%

    For 2022, Southland Credit Union's most frequently cited loan duration was Other, with 546 originations. The 2nd most popular length was 30 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 53 $24,755,000 $467,075
    $2k-3k 11 $5,425,000 $493,182
    $5k+ 7 $4,355,000 $622,143
    $3k-4k 5 $3,385,000 $677,000
    $4k-5k 2 $930,000 $465,000

    Southland Credit Union's average total fees were $5,178, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 53 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 240 $55,880,000 $232,833
    4-5% 143 $35,345,000 $247,168
    5-6% 120 $22,170,000 $184,750
    6-7% 66 $12,610,000 $191,061
    7-8% 39 $4,875,000 $125,000
    2.5-3% 11 $5,855,000 $532,273
    Over 8% 4 $250,000 $62,500
    <2.5% 3 $645,000 $215,000

    During 2022, Southland Credit Union's average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 3-4%, with 240 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 189 $25,685,000 $135,899 $3,443 4.89%
    $200k-400k 179 $48,025,000 $268,296 $3,797 4.50%
    $100,000 or less 176 $11,210,000 $63,693 $3,313 5.00%
    $400k-600k 55 $26,325,000 $478,636 $5,449 4.43%
    $600k-1MM 20 $14,460,000 $723,000 $6,761 4.24%
    $1MM+ 7 $11,925,000 $1,703,571 $4,053 3.59%

    2022 saw Southland Credit Union place emphasis on $100k-200k loans with 189 originations, totaling $25,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 219 $45,765,000 $208,973 $5,224 4.82%
    $100k-150k 150 $25,630,000 $170,867 $5,365 4.83%
    $250k+ 122 $40,510,000 $332,049 $5,460 4.70%
    $75k-100k 76 $10,320,000 $135,789 $4,382 4.57%
    $50k-75k 46 $6,240,000 $135,652 $3,475 4.33%
    $50k or less 9 $1,585,000 $176,111 $4,340 5.53%

    Southland Credit Union lent most frequently to those with incomes in the $150k-250k range, with 219 originations. The second most popular income band? $100k-150k, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 133 $20,045,000 $150,714 $0 4.97%
    30-36% 96 $17,980,000 $187,292 $5,137 4.62%
    20-30% 66 $14,980,000 $226,970 $4,246 4.49%
    49% 34 $7,200,000 $211,765 $3,433 5.11%
    <20% 31 $7,105,000 $229,194 $4,233 4.25%
    41% 31 $8,535,000 $275,323 $4,302 4.58%
    42% 27 $6,745,000 $249,815 $4,071 4.69%
    46% 24 $5,600,000 $233,333 $5,456 4.70%
    37% 24 $6,140,000 $255,833 $6,009 5.00%
    48% 23 $3,785,000 $164,565 $5,994 5.52%
    40% 23 $6,395,000 $278,043 $5,202 5.07%
    45% 22 $5,660,000 $257,273 $4,294 4.56%
    44% 19 $4,785,000 $251,842 $4,795 4.64%
    47% 18 $4,020,000 $223,333 $0 4.64%
    36% 17 $3,765,000 $221,471 $6,543 4.71%
    43% 13 $2,825,000 $217,308 $11,331 4.13%
    38% 12 $1,780,000 $148,333 $0 4.54%
    39% 10 $3,070,000 $307,000 $3,239 4.18%

    Southland Credit Union lent most frequently to those with DTI ratios of 50-60%, with 133 originations. The next most common DTI ratio? 30-36%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 312 $63,740,000 $204,295 $4,397 4.66%
    Not provided 150 $40,010,000 $266,733 $4,741 4.76%
    Asian 79 $20,575,000 $260,443 $6,350 4.59%
    Black 52 $8,090,000 $155,577 $5,170 5.12%
    Not applicable 15 $2,575,000 $171,667 $0 5.22%
    Asian Indian 4 $700,000 $175,000 $0 4.75%
    Filipino 5 $505,000 $101,000 $0 5.15%
    Other Asian 2 $480,000 $240,000 $0 6.88%
    Chinese 2 $460,000 $230,000 $0 4.25%
    American Indian 4 $390,000 $97,500 $3,002 4.72%
    Other Pacific Islander 1 $105,000 $105,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    78.15%

    Southland Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.09%

    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 626 $137,630,000 $219,856

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    626 $137,630,000 $219,856

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 179 $46,645,000 $260,587 $3,429 4.60%
    40-60% 44 $18,230,000 $414,318 $3,738 4.00%
    60-80% 30 $22,870,000 $762,333 $6,274 4.22%
    80-100% 9 $6,095,000 $677,222 $6,862 4.44%
    Under 20% 364 $43,790,000 $120,302 $3,733 4.94%