Members Choice Credit Union Mortgage Rates, Fees & Info
Houston, TXLEI: 5493008EOM1VM8BBK206
Tax ID: 74-1886524
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Mortgage Data
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, Dallas, San Antonio, Stephenville, and Sherman among others. We have data for 13 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.80% | 4/28/24 |
| 30 Year Conventional Refi | 3.71% | 4/28/24 |
| 30 Year Cash-out Refi | 5.50% | 4/28/24 |
| 15 Year Conventional Purchase | 7.44% | 4/28/24 |
| 15 Year Conventional Refi | 4.65% | 4/28/24 |
| 15 Year Cash-out Refi | 4.65% | 4/28/24 |
| 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
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This is not an official calculator from Members Choice Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
205Origination Dollar Volume (All Markets)
$32,775,000Top 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 160 | $25,930,000 | $162,063 | $4,011 | 4.97% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 14 | $2,220,000 | $158,571 | $5,173 | 6.71% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 8 | $1,880,000 | $235,000 | $6,600 | 6.35% |
| Stephenville, TX (FHA|USDA|VA) | 8 | $820,000 | $102,500 | $4,204 | 7.05% |
| Outside of Metro Areas | 7 | $795,000 | $113,571 | $4,539 | 6.82% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,744 | 7.25% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,537 | 5.75% |
| Brenham, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,010 | 3.38% |
| Palestine, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,508 | 6.25% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,122 | 4.90% |
| VICTORIA, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,271 | 6.75% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.25% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,973 | 7.13% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 205 | $32,775,000 | $159,878 | $4,237 | 5.33% |
For 2022, Members Choice Credit Union's most frequently originated type of loan was Conventional, with 205 originations.
Loan Reason
For 2022, Members Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 97 originations. The 2nd most popular reason was Home Purchase, with 83 originations.
Loan Duration/Length
For 2022, Members Choice Credit Union's most frequently cited loan duration was 20 Year, with 95 originations. The 2nd most popular length was 30 Year, with 49 originations.
Origination Fees/Closing Costs
Members Choice Credit Union's average total fees were $7,584, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 69 originations.
Interest Rates
During 2022, Members Choice Credit Union's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 5-6%, with 66 originations.
Loan Sizing
2022 saw Members Choice Credit Union place emphasis on $100,000 or less loans with 81 originations, totaling $5,625,000 in origination value.
Applicant Income
Members Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $150k-250k, with 50 originations.
Applicant Debt to Income Ratio
Members Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 32 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.63%
Members Choice Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination52.20%
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 | 205 | $32,775,000 | $159,878 |