Solidarity Community Federal Credit Union Mortgage Rates, Fees & Info

Kokomo, IN

LEI: 5493009FTGT1RX4J7Y04

Tax ID: 35-0997583

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Solidarity Community Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Solidarity Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Kokomo, Indianapolis, Peru, Logansport, and Lafayette among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Solidarity Community 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. Solidarity Community 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.

    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
    30 Year Conventional Purchase 6.71% 11/22/24
    30 Year Conventional Refi 6.19% 11/22/24
    30 Year Cash-out Refi 6.95% 11/22/24
    30 Year FHA Purchase 6.27% 11/22/24
    15 Year Conventional Purchase 5.91% 11/22/24
    15 Year Conventional Refi 6.16% 11/22/24
    15 Year Cash-out Refi 6.16% 11/22/24
    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.

    Solidarity Community Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Solidarity Community Federal 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

    515

    Origination Dollar Volume (All Markets)

    $56,405,000

    Awards

    Solidarity Community Federal Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    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
    KOKOMO, IN (FHA|USDA|VA) 392 $39,000,000 $99,490 $2,465 2.92%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 29 $5,695,000 $196,379 $3,598 3.03%
    Outside of Metro Areas 33 $4,575,000 $138,636 $2,758 2.92%
    Peru, IN (FHA|USDA|VA) 23 $2,455,000 $106,739 $2,914 2.96%
    Logansport, IN (FHA|USDA|VA) 18 $1,790,000 $99,444 $2,834 3.03%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 7 $695,000 $99,286 $2,837 2.80%
    Frankfort, IN (FHA|USDA|VA) 5 $575,000 $115,000 $3,485 2.70%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $570,000 $285,000 $5,917 3.19%
    Traverse City, MI (FHA|USDA|VA) 1 $325,000 $325,000 $0 1.75%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,990 3.13%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $225,000 $225,000 $4,232 2.88%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $1,502 2.63%
    Wabash, IN (FHA|USDA|VA) 1 $45,000 $45,000 $1,656 2.50%
    Huntington, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.25%
    Solidarity Community Federal Credit Union's top markets include Kokomo, Indianapolis, Peru, Logansport, and Lafayette among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)

    • Similar Lenders

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

    Security Federal Savings Bank
    Similarity Rank: 98
    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    Independent Federal Credit Union
    Similarity Rank: 560
    Madison County Federal Credit Union
    Similarity Rank: 784
    The Peoples State Bank
    Similarity Rank: 1188
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1463
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1690
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1980
    FORUM Credit Union
    Similarity Rank: 2139

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 413 $51,705,000 $125,194 $2,621 2.84%
    HELOC 102 $4,700,000 $46,078 n/a 3.25%

    For 2021, Solidarity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 413 originations. Their 2nd most popular type was HELOC, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 167 $21,175,000 $126,796 $3,184 2.81%
    Refi 132 $15,820,000 $119,848 $2,135 2.66%
    Home Purchase 114 $14,570,000 $127,807 $2,337 3.10%
    Other 102 $4,840,000 $47,451 $0 3.25%

    For 2021, Solidarity Community Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 167 originations. The 2nd most popular reason was Refi, with 132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 225 $30,465,000 $135,400 $2,889 3.14%
    15 Year 153 $13,465,000 $88,007 $2,185 2.67%
    20 Year 75 $9,725,000 $129,667 $2,784 2.93%
    10 Year 56 $2,670,000 $47,679 $1,798 2.72%
    5 Year 6 $80,000 $13,333 $0 3.25%

    For 2021, Solidarity Community Federal Credit Union's most frequently cited loan duration was 30 Year, with 225 originations. The 2nd most popular length was 15 Year, with 153 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 140 $13,260,000 $94,714
    $1k-2k 128 $14,640,000 $114,375
    $2k-3k 73 $10,545,000 $144,452
    $3k-4k 41 $6,485,000 $158,171
    $5k+ 16 $4,370,000 $273,125
    $4k-5k 7 $1,205,000 $172,143

    Solidarity Community Federal Credit Union's average total fees were $2,889, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 214 $18,550,000 $86,682
    2.5-3% 150 $21,470,000 $143,133
    <2.5% 138 $14,830,000 $107,464
    4-5% 12 $1,480,000 $123,333
    5-6% 1 $75,000 $75,000

    During 2021, Solidarity Community Federal Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 214 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 270 $15,530,000 $57,519 $2,006 2.97%
    $100k-200k 182 $24,590,000 $135,110 $2,677 2.85%
    $200k-400k 61 $15,235,000 $249,754 $4,038 2.94%
    $400k-600k 2 $1,050,000 $525,000 $10,963 2.75%

    2021 saw Solidarity Community Federal Credit Union place emphasis on $100,000 or less loans with 270 originations, totaling $15,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 160 $16,200,000 $101,250 $2,683 2.93%
    $50k or less 147 $11,215,000 $76,293 $1,967 3.00%
    $100k-150k 99 $14,175,000 $143,182 $3,025 2.76%
    $75k-100k 84 $10,580,000 $125,952 $2,871 2.92%
    $150k-250k 21 $2,965,000 $141,190 $3,652 3.10%
    $250k+ 4 $1,270,000 $317,500 $6,387 3.16%

    Solidarity Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 160 originations. The second most popular income band? $50k or less, with 147 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 152 $18,600,000 $122,368 $2,672 2.91%
    <20% 106 $10,190,000 $96,132 $2,422 2.85%
    30-36% 76 $8,490,000 $111,711 $2,546 2.90%
    37% 20 $2,100,000 $105,000 $2,948 3.00%
    41% 17 $1,455,000 $85,588 $2,782 2.96%
    42% 15 $2,055,000 $137,000 $2,621 2.88%
    38% 15 $1,315,000 $87,667 $2,474 2.96%
    39% 15 $1,385,000 $92,333 $2,435 2.93%
    40% 14 $1,460,000 $104,286 $2,488 3.24%
    44% 13 $1,385,000 $106,538 $3,260 2.87%
    36% 12 $1,490,000 $124,167 $3,214 3.04%
    47% 12 $990,000 $82,500 $2,244 2.77%
    46% 10 $1,350,000 $135,000 $2,686 3.21%
    43% 9 $1,025,000 $113,889 $3,344 2.97%
    48% 7 $965,000 $137,857 $3,448 2.98%
    49% 7 $495,000 $70,714 $2,453 2.93%
    50-60% 6 $690,000 $115,000 $1,981 3.42%
    >60% 5 $695,000 $139,000 $1,858 2.88%
    45% 4 $270,000 $67,500 $2,166 2.97%

    Solidarity Community Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 152 originations. The next most common DTI ratio? <20%, with 106 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $54,425,000 $109,507 $2,626 2.93%
    Black 13 $1,395,000 $107,308 $2,417 2.85%
    Asian 2 $240,000 $120,000 $2,554 2.88%
    American Indian 2 $230,000 $115,000 $2,835 2.50%
    Native Hawaiian or Islander 1 $115,000 $115,000 $2,271 2.88%

    Approval Rates

    Total approvals of all applications
    90.95%

    Solidarity Community Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.95%

    Solidarity Community Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 7 $965,000 $137,857
    1246.88 1 $145,000 $145,000
    1578.75 1 $35,000 $35,000
    2077.5 1 $175,000 $175,000
    NA 505 $55,085,000 $109,079

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    515 $56,405,000 $109,524

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 60 $3,540,000 $59,000 $1,537 2.91%
    40-60% 94 $9,510,000 $101,170 $1,815 2.72%
    60-80% 195 $26,025,000 $133,462 $3,221 2.85%
    80-100% 124 $16,220,000 $130,806 $2,458 3.11%
    Under 20% 42 $1,110,000 $26,429 $1,249 3.22%