Smw Financial Credit Union Mortgage Rates, Fees & Info

Lino Lakes, MN

LEI: 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

36

Origination Dollar Volume (All Markets)

$2,160,000

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
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%
Smw Financial Credit Union's top markets include Minneapolis, St. Cloud, and Red Wing among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 12 $660,000 $55,000 $489 6.87%
    Refi 12 $780,000 $65,000 $361 7.16%
    Home Improvement 11 $625,000 $56,818 $352 6.53%
    Home Purchase 1 $95,000 $95,000 $398 7.24%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 21 $1,125,000 $53,571 $364 7.00%
    15 Year 7 $725,000 $103,571 $646 6.88%
    5 Year 7 $235,000 $33,571 $274 6.41%
    Other 1 $75,000 $75,000 $391 7.44%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $580,000 $58,000 $378 7.03%
    $150k-250k 10 $770,000 $77,000 $370 7.01%
    $50k-75k 8 $470,000 $58,750 $531 6.85%
    $50k or less 3 $65,000 $21,667 $392 6.07%
    $75k-100k 3 $95,000 $31,667 $255 6.54%
    $250k+ 2 $180,000 $90,000 $401 7.19%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 14 $720,000 $51,429 $310 6.80%
    20-30% 10 $610,000 $61,000 $337 7.05%
    41% 3 $135,000 $45,000 $299 7.96%
    43% 2 $150,000 $75,000 $857 5.74%
    <20% 2 $160,000 $80,000 $613 6.34%
    36% 2 $120,000 $60,000 $342 6.97%
    38% 2 $110,000 $55,000 $311 7.04%
    47% 1 $155,000 $155,000 $1,632 5.69%

    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 applications
    93.33%

    Smw Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    36 $2,160,000 $60,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $975,000 $88,636 $400 7.21%
    40-60% 1 $155,000 $155,000 $1,632 5.69%
    80-100% 1 $125,000 $125,000 $982 6.04%
    Under 20% 23 $905,000 $39,348 $324 6.80%