Red Rocks Credit Union Mortgage Rates, Fees & Info
Littleton, COLEI: 5493009NZUFSRFRWTY71
Tax ID: 84-0808889
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Mortgage Data
Review & Overview
Red Rocks Credit Union is a smaller credit union specializing in Home Improvement, Other, and Cash Out Refi loans. Red Rocks Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Denver, Colorado Springs, Greeley, Fort Collins, and Glenwood Springs among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Red Rocks 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.
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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.96% | 4/18/24 |
| 30 Year Conventional Purchase | 6.54% | 4/18/24 |
| 30 Year Conventional Refi | 5.96% | 4/18/24 |
| 30 Year Cash-out Refi | 6.16% | 4/18/24 |
| 15 Year Conventional Purchase | 5.92% | 4/18/24 |
| 15 Year Conventional Refi | 5.68% | 4/18/24 |
| 15 Year Cash-out Refi | 5.68% | 4/18/24 |
| 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. | ||
Red Rocks Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
192Origination Dollar Volume (All Markets)
$18,620,000Top 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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 160 | $15,990,000 | $99,938 | $140 | 9.47% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 12 | $690,000 | $57,500 | $322 | 10.38% |
| GREELEY, CO (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $0 | 10.31% |
| FORT COLLINS, CO (FHA|USDA|VA) | 5 | $415,000 | $83,000 | $198 | 9.04% |
| Glenwood Springs, CO (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $0 | 10.16% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 9.49% |
| Edwards, CO (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 10.98% |
| Outside of Metro Areas | 1 | $115,000 | $115,000 | $0 | 9.25% |
| Montrose, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $198 | 9.25% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $148 | 12.30% |
Similar Lenders
We use machine learning to identify the top lenders compared against Red Rocks 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 | 160 | $16,190,000 | $101,188 | n/a | 9.45% |
| Conventional | 32 | $2,430,000 | $75,938 | $152 | 10.20% |
For 2023, Red Rocks Credit Union's most frequently originated type of loan was HELOC, with 160 originations. Their 2nd most popular type was Conventional, with 32 originations.
Loan Reason
For 2023, Red Rocks Credit Union's most frequently cited loan purpose was Home Improvement, with 68 originations. The 2nd most popular reason was Other, with 58 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 192 | $18,620,000 | $96,979 | $152 | 9.57% |
For 2023, Red Rocks Credit Union's most frequently cited loan duration was Other, with 192 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 32 | $2,430,000 | $75,938 |
Red Rocks Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 32 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 187 | $18,105,000 | $96,818 |
| 7-8% | 5 | $515,000 | $103,000 |
During 2023, Red Rocks Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 187 originations.
Loan Sizing
2023 saw Red Rocks Credit Union place emphasis on $100,000 or less loans with 111 originations, totaling $6,355,000 in origination value.
Applicant Income
Red Rocks Credit Union lent most frequently to those with incomes in the $150k-250k range, with 74 originations. The second most popular income band? $100k-150k, with 44 originations.
Applicant Debt to Income Ratio
Red Rocks Credit Union lent most frequently to those with DTI ratios of 30-36%, with 37 originations. The next most common DTI ratio? 20-30%, with 35 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.77%
Red Rocks Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination58.85%
Red Rocks 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 |
|---|---|---|---|
| 0.0 | 160 | $16,190,000 | $101,188 |
| NA | 32 | $2,430,000 | $75,938 |