Smw Financial Credit Union Mortgage Rates, Fees & Info
Lino Lakes, MNLEI: 549300B6S67QUY869538
Tax ID: 41-0840716
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Mortgage Data
Review & Overview
Smw Financial Credit Union is a smaller credit union specializing in Other, Refi, and Home Improvement loans. Smw Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, and Red Wing among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Smw Financial 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.
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Originations
36Origination Dollar Volume (All Markets)
$2,160,000Top 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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 34 | $2,060,000 | $60,588 | $407 | 6.87% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $320 | 7.14% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $322 | 6.84% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $2,160,000 | $60,000 | $402 | 6.87% |
For 2023, Smw Financial Credit Union's most frequently originated type of loan was Conventional, with 36 originations.
Loan Reason
For 2023, Smw Financial Credit Union's most frequently cited loan purpose was Other, with 12 originations. The 2nd most popular reason was Refi, with 12 originations.
Loan Duration/Length
For 2023, Smw Financial Credit Union's most frequently cited loan duration was 10 Year, with 21 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $360,000 | $90,000 |
Smw Financial 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 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 16 | $730,000 | $45,625 |
| 7-8% | 16 | $1,160,000 | $72,500 |
| 5-6% | 3 | $235,000 | $78,333 |
| Over 8% | 1 | $35,000 | $35,000 |
During 2023, Smw Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 16 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 32 | $1,660,000 | $51,875 | $342 | 6.90% |
| $100k-200k | 4 | $500,000 | $125,000 | $880 | 6.69% |
2023 saw Smw Financial Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,660,000 in origination value.
Applicant Income
Smw Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 10 originations.
Applicant Debt to Income Ratio
Smw Financial Credit Union lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 35 | $2,115,000 | $60,429 | $406 | 6.88% |
| American Indian | 1 | $45,000 | $45,000 | $274 | 6.64% |
Approval Rates
Total approvals of all applications93.33%
Smw Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination83.33%
Smw Financial Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 36 | $2,160,000 | $60,000 |