Members Choice Credit Union Mortgage Rates, Fees & Info

Houston, TX

LEI: 5493008EOM1VM8BBK206

Tax ID: 74-1886524

5 stars - Updated: 12/16/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Members Choice Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Members Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, Austin, Nacogdoches, College Station, and Dallas among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Choice 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 Choice 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.

    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
    30 Year Conventional Purchase 5.80% 12/16/24
    30 Year Conventional Refi 3.71% 12/16/24
    30 Year Cash-out Refi 5.50% 12/16/24
    15 Year Conventional Purchase 7.44% 12/16/24
    15 Year Conventional Refi 4.65% 12/16/24
    15 Year Cash-out Refi 4.65% 12/16/24
    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 Choice 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 Choice 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

    174

    Origination Dollar Volume (All Markets)

    $31,390,000

    Awards

    MEMBERS CHOICE Credit Union 30 Year Conventional Loans silver MEMBERS CHOICE Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Members Choice Credit Union's average 30 year fixed mortgage rate was 6.27%.

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

    This yields a difference of -0.21%.

    Relative Fees (Closing Costs)

    Members Choice Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $8,022.

    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
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 159 $28,435,000 $178,836 $4,360 6.02%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $590,000 $147,500 $3,743 5.25%
    Nacogdoches, TX (FHA|USDA|VA) 1 $485,000 $485,000 $10,568 6.08%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 2 $450,000 $225,000 $5,439 6.54%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $355,000 $118,333 $3,002 5.83%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $355,000 $355,000 $8,545 6.04%
    BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $255,000 $255,000 $6,650 6.09%
    Palestine, TX (FHA|USDA|VA) 1 $245,000 $245,000 $6,354 5.63%
    Outside of Metro Areas 2 $220,000 $110,000 $3,461 7.56%
    Members Choice Credit Union's top markets include Houston, Austin, Nacogdoches, College Station, and Dallas among others.

    Their top states include:
  • Texas (FHA|USDA|VA)

    • Similar Lenders

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

    AMOCO
    Similarity Rank: 258
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 300
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    East West Bank
    Similarity Rank: 703
    COMMUNITY RESOURCE CREDIT UNION
    Similarity Rank: 714
    AAXY L.L.C.
    Similarity Rank: 736
    SCHLUMBERGER EMPLOYEES CREDIT UNION
    Similarity Rank: 770
    PRIMEWAY
    Similarity Rank: 1048
    HOMEWAY MORTGAGE LLC
    Similarity Rank: 1050
    FIRST SERVICE Credit Union
    Similarity Rank: 1054

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 174 $31,390,000 $180,402 $4,407 6.02%

    For 2023, Members Choice Credit Union's most frequently originated type of loan was Conventional, with 174 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 115 $12,665,000 $110,130 $2,621 5.90%
    Home Purchase 57 $18,075,000 $317,105 $8,019 6.27%
    Refi 2 $650,000 $325,000 $7,818 5.92%

    For 2023, Members Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 115 originations. The 2nd most popular reason was Home Purchase, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 93 $10,465,000 $112,527 $2,738 6.07%
    30 Year 58 $18,380,000 $316,897 $8,022 6.27%
    15 Year 13 $1,415,000 $108,846 $2,680 5.01%
    10 Year 10 $1,130,000 $113,000 $2,542 5.40%

    For 2023, Members Choice Credit Union's most frequently cited loan duration was 20 Year, with 93 originations. The 2nd most popular length was 30 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $4,560,000 $71,250
    $3k-4k 31 $8,665,000 $279,516
    $1k-2k 27 $2,965,000 $109,815
    $2k-3k 20 $3,910,000 $195,500
    $5k+ 10 $5,370,000 $537,000
    $4k-5k 9 $3,535,000 $392,778

    Members Choice Credit Union's average total fees were $8,022, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 55 $8,915,000 $162,091
    6-7% 40 $10,310,000 $257,750
    4-5% 35 $5,455,000 $155,857
    7-8% 34 $5,360,000 $157,647
    Over 8% 5 $425,000 $85,000
    3-4% 4 $500,000 $125,000
    % 1 $425,000 $425,000

    During 2023, Members Choice Credit Union's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 5-6%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 70 $5,080,000 $72,571 $1,517 6.08%
    $200k-400k 54 $15,110,000 $279,815 $7,259 5.99%
    $100k-200k 38 $4,800,000 $126,316 $3,461 5.89%
    $400k-600k 9 $4,475,000 $497,222 $10,719 6.08%
    $600k-1MM 3 $1,925,000 $641,667 $13,476 6.62%

    2023 saw Members Choice Credit Union place emphasis on $100,000 or less loans with 70 originations, totaling $5,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 52 $11,490,000 $220,962 $5,363 6.12%
    $100k-150k 49 $7,735,000 $157,857 $3,934 6.30%
    $75k-100k 31 $4,565,000 $147,258 $3,806 5.98%
    $50k-75k 20 $2,260,000 $113,000 $3,037 5.47%
    $250k+ 14 $4,600,000 $328,571 $8,156 6.11%
    $50k or less 8 $740,000 $92,500 $2,295 5.01%

    Members Choice Credit Union lent most frequently to those with incomes in the $150k-250k range, with 52 originations. The second most popular income band? $100k-150k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $5,180,000 $172,667 $3,963 5.70%
    30-36% 29 $5,645,000 $194,655 $4,728 5.91%
    44% 18 $2,550,000 $141,667 $3,273 6.22%
    41% 16 $3,560,000 $222,500 $5,273 6.31%
    40% 12 $2,990,000 $249,167 $6,709 6.22%
    38% 11 $1,835,000 $166,818 $4,191 6.05%
    42% 10 $1,790,000 $179,000 $4,126 6.83%
    37% 9 $1,155,000 $128,333 $3,101 5.86%
    43% 9 $975,000 $108,333 $3,136 5.39%
    36% 7 $1,555,000 $222,143 $5,850 6.40%
    <20% 6 $1,170,000 $195,000 $5,202 5.60%
    39% 6 $1,240,000 $206,667 $5,190 6.20%
    45% 4 $520,000 $130,000 $2,788 5.37%
    46% 4 $320,000 $80,000 $1,466 6.53%
    47% 1 $315,000 $315,000 $8,035 6.25%
    48% 1 $485,000 $485,000 $10,568 6.08%
    49% 1 $105,000 $105,000 $5,039 5.88%

    Members Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 93 $15,545,000 $167,151 $4,134 5.79%
    Not provided 40 $7,100,000 $177,500 $4,367 6.26%
    Black 23 $4,685,000 $203,696 $4,811 6.40%
    Asian 13 $3,335,000 $256,538 $6,030 6.02%
    American Indian 4 $660,000 $165,000 $4,319 6.47%
    Other Asian 1 $65,000 $65,000 $1,381 7.49%

    Approval Rates

    Total approvals of all applications
    84.86%

    Members Choice Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    54.02%

    Members Choice 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 174 $31,390,000 $180,402

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    174 $31,390,000 $180,402

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $5,580,000 $103,333 $2,346 5.81%
    40-60% 12 $2,080,000 $173,333 $4,446 5.18%
    60-80% 31 $8,345,000 $269,194 $7,296 5.72%
    80-100% 36 $12,480,000 $346,667 $8,353 6.48%
    Under 20% 41 $2,905,000 $70,854 $1,608 6.37%