Smw Financial Credit Union Mortgage Rates, Fees & Info

Lino Lakes, MN

LEI: 549300B6S67QUY869538

Tax ID: 41-0840716

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Smw Financial Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. Smw Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, St. Cloud, and Red Wing among others. We have data for 5 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 an above 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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    Originations

    42

    Origination Dollar Volume (All Markets)

    $2,010,000

    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) 36 $1,640,000 $45,556 $1,919 5.28%
    Outside of Metro Areas 3 $295,000 $98,333 $0 5.79%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.79%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.29%
    Red Wing, MN (FHA|USDA|VA) 1 $15,000 $15,000 $0 9.79%
    Smw Financial Credit Union's top markets include Minneapolis, Faribault, 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 42 $2,010,000 $47,857 $1,919 5.44%

    For 2018, Smw Financial Credit Union's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 17 $735,000 $43,235 $0 5.85%
    Home Improvement 14 $380,000 $27,143 $0 5.82%
    Cash Out Refi 7 $585,000 $83,571 $1,846 4.30%
    Refi 3 $285,000 $95,000 $2,064 3.91%
    Home Purchase 1 $25,000 $25,000 $0 5.79%

    For 2018, Smw Financial Credit Union's most frequently cited loan purpose was Other, with 17 originations. The 2nd most popular reason was Home Improvement, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 20 $970,000 $48,500 $1,944 5.14%
    5 Year 9 $395,000 $43,889 $0 4.57%
    Other 8 $390,000 $48,750 $1,794 6.44%
    15 Year 5 $255,000 $51,000 $0 6.59%

    For 2018, Smw Financial Credit Union's most frequently cited loan duration was 10 Year, with 20 originations. The 2nd most popular length was 5 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4 $400,000 $100,000
    $<1k 2 $190,000 $95,000

    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-2k bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 13 $535,000 $41,154
    6-7% 9 $385,000 $42,778
    5-6% 6 $170,000 $28,333
    3-4% 6 $480,000 $80,000
    Over 8% 4 $170,000 $42,500
    2.5-3% 2 $190,000 $95,000
    7-8% 2 $80,000 $40,000

    During 2018, Smw Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 39 $1,565,000 $40,128 $1,781 5.57%
    $100k-200k 3 $445,000 $148,333 $2,194 3.76%

    2018 saw Smw Financial Credit Union place emphasis on $100,000 or less loans with 39 originations, totaling $1,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 11 $605,000 $55,000 $2,144 5.23%
    $50k-75k 10 $490,000 $49,000 $1,469 5.69%
    $75k-100k 10 $390,000 $39,000 $0 5.96%
    $150k-250k 6 $250,000 $41,667 $0 5.08%
    $50k or less 3 $65,000 $21,667 $0 4.96%
    $250k+ 2 $210,000 $105,000 $0 4.54%

    Smw Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $765,000 $51,000 $1,534 5.46%
    30-36% 11 $575,000 $52,273 $2,369 6.08%
    <20% 6 $200,000 $33,333 $2,043 4.08%
    41% 3 $165,000 $55,000 $1,403 5.58%
    43% 2 $50,000 $25,000 $0 5.29%
    36% 2 $80,000 $40,000 $0 6.89%
    47% 1 $25,000 $25,000 $0 6.29%
    38% 1 $25,000 $25,000 $0 4.29%
    44% 1 $125,000 $125,000 $1,794 3.50%

    Smw Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 42 $2,010,000 $47,857 $1,919 5.44%

    Approval Rates

    Total approvals of all applications
    90.00%

    Smw Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.86%

    Smw Financial Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 42 $2,010,000 $47,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 42 $2,010,000 $47,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $690,000 $86,250 $1,894 4.51%
    40-60% 3 $355,000 $118,333 $1,794 4.86%
    Under 20% 31 $965,000 $31,129 $2,145 5.74%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Swan Financial Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%