Park Community Credit Union Mortgage Rates, Fees & Info

Louisville, KY

LEI: 549300AZBM8V8SE0IT33

Tax ID: 61-0654642

5 stars - Updated: 11/17/24 - out of 5 stars, based on 32 reviews

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

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  • 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

    Park Community Credit Union is a smaller credit union specializing in Home Purchase loans. Park Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Louisville, Lexington, Richmond, Elizabethtown, and Bardstown among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Park Community 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. Park Community 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 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
    Home Equity Line of Credit (HELOC) 12.52% 11/17/24
    30 Year Conventional Purchase 6.25% 11/17/24
    30 Year Conventional Refi 6.26% 11/17/24
    30 Year Cash-out Refi 6.13% 11/17/24
    15 Year Conventional Purchase 5.89% 11/17/24
    15 Year Conventional Refi 5.74% 11/17/24
    15 Year Cash-out Refi 5.74% 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.

    Park Community Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Park Community 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

    1,037

    Origination Dollar Volume (All Markets)

    $153,845,000
    Show all (7) awards

    Relative Rate

    Park Community Credit Union's average 30 year fixed mortgage rate was 7.27%.

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

    This yields a difference of 0.79%.

    Relative Fees (Closing Costs)

    Park Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,795.

    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
    LOUISVILLE, KY (FHA|USDA|VA) 823 $121,155,000 $147,211 $1,811 7.03%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 56 $12,550,000 $224,107 $1,880 6.97%
    Richmond-Berea, KY (FHA|USDA|VA) 79 $7,325,000 $92,722 $980 7.23%
    Outside of Metro Areas 30 $4,260,000 $142,000 $2,145 7.09%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 10 $1,970,000 $197,000 $1,617 7.42%
    Bardstown, KY (FHA|USDA|VA) 13 $1,865,000 $143,462 $1,685 6.96%
    BOWLING GREEN, KY (FHA|USDA|VA) 6 $1,350,000 $225,000 $3,024 7.19%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $935,000 $311,667 $2,667 6.88%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $625,000 $208,333 $3,205 6.66%
    Mount Sterling, KY (FHA|USDA|VA) 4 $460,000 $115,000 $1,363 7.65%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $455,000 $455,000 $2,375 5.38%
    Frankfort, KY (FHA|USDA|VA) 3 $405,000 $135,000 $2,141 6.54%
    Danville, KY (FHA|USDA|VA) 1 $315,000 $315,000 $0 5.75%
    Somerset, KY (FHA|USDA|VA) 2 $90,000 $45,000 $262 7.37%
    Glasgow, KY (FHA|USDA|VA) 1 $45,000 $45,000 $332 8.74%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.75%
    Madison, IN (FHA|USDA|VA) 1 $15,000 $15,000 $122 6.24%
    Park Community Credit Union's top markets include Louisville, Lexington, Richmond, Elizabethtown, and Bardstown among others.

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

    • Similar Lenders

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

    City National Bank of West Virginia
    Similarity Rank: 220
    Whitaker Bank
    Similarity Rank: 221
    The Peoples Bank
    Similarity Rank: 270
    Peoples Bank
    Similarity Rank: 325
    Peoples Exchange Bank
    Similarity Rank: 333
    Abound Federal Credit Union
    Similarity Rank: 420
    Wilson & Muir Bank & Trust Company
    Similarity Rank: 532
    Community Trust Bank, Inc.
    Similarity Rank: 702
    GENERAL ELECTRIC CREDIT UNION
    Similarity Rank: 900
    Forcht Bank
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 703 $123,335,000 $175,441 $1,763 6.59%
    HELOC 334 $30,510,000 $91,347 n/a 8.02%

    For 2023, Park Community Credit Union's most frequently originated type of loan was Conventional, with 703 originations. Their 2nd most popular type was HELOC, with 334 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 365 $89,245,000 $244,507 $2,800 6.63%
    Home Improvement 267 $16,255,000 $60,880 $308 7.20%
    Cash Out Refi 204 $28,750,000 $140,931 $1,270 7.37%
    Other 143 $8,995,000 $62,902 $377 7.53%
    Refi 58 $10,600,000 $182,759 $1,095 6.65%

    For 2023, Park Community Credit Union's most frequently cited loan purpose was Home Purchase, with 365 originations. The 2nd most popular reason was Home Improvement, with 267 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 639 $103,025,000 $161,228 $2,795 7.27%
    15 Year 227 $38,435,000 $169,317 $433 7.05%
    10 Year 92 $4,710,000 $51,196 $280 6.59%
    5 Year 49 $1,635,000 $33,367 $216 5.68%
    Other 24 $5,250,000 $218,750 $0 5.67%
    1 Year 5 $725,000 $145,000 $0 6.30%
    20 Year 1 $65,000 $65,000 $0 8.00%

    For 2023, Park Community Credit Union's most frequently cited loan duration was 30 Year, with 639 originations. The 2nd most popular length was 15 Year, with 227 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 532 $83,920,000 $157,744
    $1k-2k 7 $1,795,000 $256,429
    $5k+ 2 $1,040,000 $520,000

    Park Community Credit Union's average total fees were $2,795, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 532 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 351 $39,905,000 $113,689
    6-7% 277 $49,185,000 $177,563
    Over 8% 176 $16,110,000 $91,534
    5-6% 171 $43,745,000 $255,819
    4-5% 49 $3,575,000 $72,959
    3-4% 13 $1,325,000 $101,923

    During 2023, Park Community Credit Union's average interest rate for loans was 7.27%, while their most frequently originated rate bucket for loans was 7-8%, with 351 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 519 $26,065,000 $50,222 $522 7.28%
    $100k-200k 263 $37,635,000 $143,099 $2,261 7.04%
    $200k-400k 200 $55,820,000 $279,100 $2,900 6.65%
    $400k-600k 35 $16,995,000 $485,571 $3,434 6.30%
    $600k-1MM 15 $11,135,000 $742,333 $7,050 6.32%
    $1MM+ 5 $6,195,000 $1,239,000 $0 6.30%

    2023 saw Park Community Credit Union place emphasis on $100,000 or less loans with 519 originations, totaling $26,065,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 208 $34,570,000 $166,202 $1,933 7.02%
    $50k-75k 203 $22,355,000 $110,123 $1,770 7.16%
    $75k-100k 175 $20,495,000 $117,114 $1,680 7.09%
    $150k-250k 135 $21,505,000 $159,296 $1,612 7.44%
    $50k or less 134 $10,660,000 $79,552 $1,565 7.08%
    $250k+ 24 $8,430,000 $351,250 $3,596 7.43%

    Park Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 208 originations. The second most popular income band? $50k-75k, with 203 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 192 $23,620,000 $123,021 $1,694 7.16%
    30-36% 178 $22,180,000 $124,607 $1,643 7.01%
    <20% 66 $5,870,000 $88,939 $984 6.96%
    41% 53 $6,475,000 $122,170 $1,838 7.39%
    40% 52 $5,750,000 $110,577 $1,827 7.51%
    36% 46 $7,300,000 $158,696 $2,055 7.10%
    37% 45 $6,315,000 $140,333 $1,698 7.44%
    38% 44 $5,640,000 $128,182 $1,610 7.14%
    42% 38 $4,250,000 $111,842 $1,370 7.44%
    39% 37 $4,935,000 $133,378 $1,720 7.36%
    43% 28 $4,200,000 $150,000 $1,800 7.13%
    44% 19 $4,235,000 $222,895 $2,253 6.67%
    45% 15 $4,395,000 $293,000 $2,945 6.35%
    46% 13 $2,415,000 $185,769 $2,707 6.98%
    47% 10 $1,820,000 $182,000 $2,299 6.52%
    50-60% 7 $1,705,000 $243,571 $2,625 6.59%
    48% 4 $1,340,000 $335,000 $3,200 5.91%
    >60% 2 $340,000 $170,000 $276 8.62%
    49% 1 $115,000 $115,000 $2,343 6.25%

    Park Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 178 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 587 $79,185,000 $134,898 $1,694 7.08%
    Not applicable 158 $35,830,000 $226,772 $0 6.50%
    Not provided 188 $19,200,000 $102,128 $1,540 7.53%
    Black 75 $10,515,000 $140,200 $1,961 6.97%
    Asian 19 $7,645,000 $402,368 $3,465 6.37%
    Asian Indian 2 $610,000 $305,000 $3,121 5.06%
    American Indian 5 $595,000 $119,000 $2,024 7.20%
    Native Hawaiian or Islander 1 $215,000 $215,000 $2,362 7.50%
    Other Pacific Islander 1 $35,000 $35,000 $0 7.99%
    Other Asian 1 $15,000 $15,000 $114 6.99%

    Approval Rates

    Total approvals of all applications
    86.51%

    Park Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.32%

    Park Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,037 $153,845,000 $148,356

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,037 $153,845,000 $148,356

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 210 $19,290,000 $91,857 $565 7.56%
    40-60% 74 $11,670,000 $157,703 $1,645 7.05%
    60-80% 177 $38,665,000 $218,446 $2,768 6.54%
    80-100% 282 $69,430,000 $246,206 $2,772 6.59%
    Under 20% 294 $14,790,000 $50,306 $266 7.44%