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 Other and Home Purchase loans. Solidarity Community Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Kokomo, Indianapolis, Peru, Logansport, and Lafayette among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Solidarity Community Federal 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. 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% 11/17/24
    30 Year Conventional Refi 6.19% 11/17/24
    30 Year Cash-out Refi 6.95% 11/17/24
    30 Year FHA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 5.91% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 11/17/24
    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

    401

    Origination Dollar Volume (All Markets)

    $36,475,000

    Awards

    Solidarity Community Federal Credit Union 30 Year Conventional Loans silver
    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) 307 $26,115,000 $85,065 $2,075 4.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 13 $2,175,000 $167,308 $2,861 4.25%
    Outside of Metro Areas 19 $2,005,000 $105,526 $2,379 4.60%
    Peru, IN (FHA|USDA|VA) 20 $1,830,000 $91,500 $2,299 4.65%
    Logansport, IN (FHA|USDA|VA) 18 $1,460,000 $81,111 $1,743 4.82%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 7 $555,000 $79,286 $1,965 4.19%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $465,000 $465,000 $3,681 4.00%
    Frankfort, IN (FHA|USDA|VA) 4 $430,000 $107,500 $2,236 4.78%
    FORT WAYNE, IN (FHA|USDA|VA) 3 $385,000 $128,333 $2,060 4.79%
    New Castle, IN (FHA|USDA|VA) 1 $255,000 $255,000 $3,280 5.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.00%
    Warsaw, IN (FHA|USDA|VA) 1 $185,000 $185,000 $6,750 6.25%
    Marion, IN (FHA|USDA|VA) 3 $165,000 $55,000 $706 3.66%
    MUNCIE, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,329 5.38%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $65,000 $65,000 $4,650 6.38%
    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)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (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: 169
    Solidarity Community Federal Credit Union
    Similarity Rank: 208
    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    Greenfield Banking Company
    Similarity Rank: 476
    CRANE
    Similarity Rank: 680
    Home Bank SB
    Similarity Rank: 700
    CIBM Bank
    Similarity Rank: 768
    Madison County Federal Credit Union
    Similarity Rank: 804
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1053

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 295 $29,095,000 $98,627 $2,148 4.82%
    HELOC 105 $7,305,000 $69,571 n/a 3.67%
    FHA 1 $75,000 $75,000 $0 4.99%

    For 2022, Solidarity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 295 originations. Their 2nd most popular type was HELOC, with 105 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 217 $12,235,000 $56,382 $317 4.36%
    Home Purchase 108 $15,000,000 $138,889 $2,384 5.19%
    Cash Out Refi 58 $6,980,000 $120,345 $3,075 4.01%
    Refi 18 $2,260,000 $125,556 $2,060 4.08%

    For 2022, Solidarity Community Federal Credit Union's most frequently cited loan purpose was Other, with 217 originations. The 2nd most popular reason was Home Purchase, with 108 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 140 $19,730,000 $140,929 $2,701 5.03%
    15 Year 115 $6,385,000 $55,522 $1,107 4.52%
    20 Year 63 $7,215,000 $114,524 $2,345 3.77%
    10 Year 57 $2,325,000 $40,789 $1,229 4.30%
    Other 23 $775,000 $33,696 $300 4.20%
    5 Year 3 $45,000 $15,000 $0 3.50%

    For 2022, Solidarity Community Federal Credit Union's most frequently cited loan duration was 30 Year, with 140 originations. The 2nd most popular length was 15 Year, with 115 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $6,930,000 $108,281
    $1k-2k 55 $6,965,000 $126,636
    $2k-3k 20 $3,060,000 $153,000
    $3k-4k 20 $2,990,000 $149,500
    $5k+ 4 $1,030,000 $257,500
    $4k-5k 3 $565,000 $188,333

    Solidarity Community Federal Credit Union's average total fees were $2,701, 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
    3-4% 174 $14,070,000 $80,862
    4-5% 101 $8,645,000 $85,594
    5-6% 84 $9,560,000 $113,810
    6-7% 26 $2,960,000 $113,846
    2.5-3% 9 $715,000 $79,444
    <2.5% 5 $445,000 $89,000
    Over 8% 2 $80,000 $40,000

    During 2022, Solidarity Community Federal Credit Union's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 3-4%, with 174 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 264 $13,190,000 $49,962 $1,509 4.48%
    $100k-200k 104 $14,170,000 $136,250 $2,453 4.54%
    $200k-400k 29 $7,155,000 $246,724 $3,961 4.82%
    $400k-600k 3 $1,355,000 $451,667 $3,679 4.25%
    $600k-1MM 1 $605,000 $605,000 $3,661 4.88%

    2022 saw Solidarity Community Federal Credit Union place emphasis on $100,000 or less loans with 264 originations, totaling $13,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 117 $9,765,000 $83,462 $1,993 4.73%
    $50k or less 101 $7,335,000 $72,624 $1,940 4.31%
    $100k-150k 79 $8,075,000 $102,215 $2,724 4.48%
    $75k-100k 73 $6,885,000 $94,315 $1,872 4.56%
    $150k-250k 28 $3,600,000 $128,571 $2,618 4.47%
    $250k+ 3 $815,000 $271,667 $3,661 4.29%

    Solidarity Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 117 originations. The second most popular income band? $50k or less, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 113 $9,245,000 $81,814 $2,156 4.51%
    30-36% 78 $7,690,000 $98,590 $2,331 4.49%
    <20% 58 $4,220,000 $72,759 $1,895 4.39%
    42% 19 $1,675,000 $88,158 $2,549 4.62%
    41% 15 $1,005,000 $67,000 $1,933 4.14%
    45% 15 $1,785,000 $119,000 $1,877 4.44%
    39% 14 $1,410,000 $100,714 $1,808 4.61%
    37% 13 $955,000 $73,462 $1,839 4.57%
    44% 13 $1,175,000 $90,385 $1,637 4.99%
    43% 11 $895,000 $81,364 $2,225 3.85%
    38% 9 $895,000 $99,444 $2,109 4.58%
    48% 8 $970,000 $121,250 $1,645 4.72%
    40% 7 $1,135,000 $162,143 $5,465 4.87%
    46% 7 $975,000 $139,286 $1,935 4.64%
    36% 6 $210,000 $35,000 $1,952 4.66%
    47% 5 $415,000 $83,000 $1,195 4.95%
    49% 5 $1,275,000 $255,000 $3,153 4.55%
    >60% 3 $445,000 $148,333 $2,664 7.41%
    50-60% 2 $100,000 $50,000 $197 4.12%

    Solidarity Community Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? 30-36%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 381 $33,845,000 $88,832 $2,159 4.52%
    Black 13 $1,535,000 $118,077 $1,892 4.43%
    Asian 6 $980,000 $163,333 $2,325 4.89%
    Native Hawaiian or Islander 1 $115,000 $115,000 $2,062 5.25%

    Approval Rates

    Total approvals of all applications
    89.89%

    Solidarity Community Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.30%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 401 $36,475,000 $90,960

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    401 $36,475,000 $90,960

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $5,790,000 $56,765 $965 4.26%
    40-60% 45 $3,485,000 $77,444 $1,619 4.25%
    60-80% 88 $11,520,000 $130,909 $2,962 4.64%
    80-100% 90 $13,220,000 $146,889 $2,425 4.93%
    Over 100% 1 $225,000 $225,000 $0 4.63%
    Under 20% 75 $2,235,000 $29,800 $312 4.39%