Max Credit Union Mortgage Rates, Fees & Info

Montgomery, AL

LEI: 549300B8JSCK4ZNVX087

Tax ID: 36-4618706

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Max Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Max Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Montgomery, Auburn, Alexander City, Birmingham, and Troy among others. Max Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Max Credit Union is typically an average fee lendor.


Originations

674

Origination Dollar Volume (All Markets)

$134,190,000

Awards

MAX Credit Union VA Loans gold
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Relative Rate

Max Credit Union's average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

Max Credit Union's average total fees for a 30 year fixed rate mortgage are $3,724.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MONTGOMERY, AL (FHA|USDA|VA) 483 $85,335,000 $176,677 $3,363 2.93%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 79 $21,835,000 $276,392 $4,031 3.01%
Alexander City, AL (FHA|USDA|VA) 19 $4,565,000 $240,263 $3,694 3.11%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 16 $4,510,000 $281,875 $3,998 2.98%
Troy, AL (FHA|USDA|VA) 20 $4,110,000 $205,500 $4,087 3.11%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 6 $3,310,000 $551,667 $3,906 2.92%
Outside of Metro Areas 13 $2,875,000 $221,154 $3,969 2.86%
TUSCALOOSA, AL (FHA|USDA|VA) 4 $1,400,000 $350,000 $3,009 3.34%
MOBILE, AL (FHA|USDA|VA) 4 $740,000 $185,000 $3,576 3.09%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $710,000 $355,000 $5,087 2.69%
DOTHAN, AL (FHA|USDA|VA) 3 $585,000 $195,000 $4,004 3.42%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $480,000 $240,000 $4,484 3.31%
Selma, AL (FHA|USDA|VA) 5 $435,000 $87,000 $2,640 3.30%
GADSDEN, AL (FHA|USDA|VA) 1 $395,000 $395,000 $6,040 3.75%
HUNTSVILLE, AL (FHA|USDA|VA) 2 $370,000 $185,000 $3,148 3.63%
Enterprise, AL (FHA|USDA|VA) 2 $350,000 $175,000 $3,773 3.19%
LaGrange, GA-AL (FHA|USDA|VA) 3 $285,000 $95,000 $2,906 3.08%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $265,000 $265,000 $4,497 2.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,497 3.13%
PANAMA CITY, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,593 3.00%
Ozark, AL (FHA|USDA|VA) 1 $195,000 $195,000 $2,595 2.88%
Atmore, AL (FHA|USDA|VA) 1 $185,000 $185,000 $2,943 2.75%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $185,000 $185,000 $3,835 3.00%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $175,000 $175,000 $3,797 3.50%
Starkville, MS (FHA|USDA|VA) 1 $175,000 $175,000 $3,630 2.88%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $145,000 $145,000 $3,555 3.00%
BRUNSWICK, GA (FHA|USDA|VA) 1 $85,000 $85,000 $3,095 3.13%

Max Credit Union's top markets include Montgomery, Auburn, Alexander City, Birmingham, and Troy among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 651 $128,665,000 $197,642 $3,488 2.97%
VA 21 $5,185,000 $246,905 $4,522 2.68%
USDA 2 $340,000 $170,000 $1,747 2.63%

For the 2021 period, Max Credit Union's most frequently originated loan type of loans were Conventional, with 651 originations. Their 2nd most popular type is VA, with 21 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 275 $63,675,000 $231,545 $3,862 3.06%
Refi 246 $44,120,000 $179,350 $3,172 2.77%
Cash Out Refi 151 $25,595,000 $169,503 $3,500 3.09%
Home Improvement 1 $225,000 $225,000 $0 4.25%
Other 1 $575,000 $575,000 $0 4.25%

For the 2021, Max Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 275 originations. The 2nd most popular reason of loans were Refi, with 246 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 325 $67,935,000 $209,031 $3,724 3.11%
15 Year 188 $33,120,000 $176,170 $3,473 2.60%
20 Year 70 $13,030,000 $186,143 $3,368 3.00%
10 Year 45 $4,795,000 $106,556 $2,466 2.50%
Other 19 $5,795,000 $305,000 $3,267 3.28%
5 Year 17 $7,375,000 $433,824 $0 4.10%
1 Year 10 $2,140,000 $214,000 $0 4.40%

For the 2021, Max Credit Union's most frequently cited loan length of loans were 30 Year, with 325 originations. The 2nd most popular length of loans were 15 Year, with 188 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 305 $46,475,000 $152,377
$2k-3k 147 $38,675,000 $263,095
$<1k 106 $13,510,000 $127,453
$3k-4k 27 $10,555,000 $390,926
$5k+ 4 $2,560,000 $640,000

$3,724 of loans were Max Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 305 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 260 $52,070,000 $200,269
3-4% 225 $46,555,000 $206,911
<2.5% 166 $30,020,000 $180,843
4-5% 22 $5,480,000 $249,091

During 2021, Max Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 260 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 285 $42,185,000 $148,018 $3,202 2.94%
$200k-400k 228 $60,490,000 $265,307 $4,195 2.95%
$100,000 or less 128 $9,300,000 $72,656 $2,445 2.99%
$400k-600k 23 $11,255,000 $489,348 $5,238 3.03%
$600k-1MM 6 $4,640,000 $773,333 $9,003 3.25%
$1MM+ 4 $6,320,000 $1,580,000 $0 3.65%

2021 saw Max Credit Union place emphasis on $100k-200k loans with 285 originations, totaling $42,185,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 166 $36,390,000 $219,217 $3,822 2.88%
$50k-75k 153 $24,595,000 $160,752 $3,348 2.97%
$50k or less 120 $15,320,000 $127,667 $2,949 2.97%
$75k-100k 119 $20,525,000 $172,479 $3,366 2.90%
$150k-250k 67 $16,335,000 $243,806 $3,743 2.92%
$250k+ 29 $14,145,000 $487,759 $5,204 2.85%

Max Credit Union lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $50k-75k, with 153 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 198 $36,130,000 $182,475 $3,521 2.86%
30-36% 143 $29,185,000 $204,091 $3,652 2.95%
<20% 92 $14,800,000 $160,870 $3,242 2.72%
40% 26 $5,440,000 $209,231 $3,563 2.88%
38% 23 $4,745,000 $206,304 $3,574 2.95%
37% 20 $3,570,000 $178,500 $3,330 2.99%
36% 19 $3,785,000 $199,211 $3,503 2.99%
43% 17 $3,385,000 $199,118 $3,587 2.99%
45% 17 $3,255,000 $191,471 $3,372 2.98%
39% 15 $2,245,000 $149,667 $3,123 2.91%
42% 12 $2,340,000 $195,000 $3,649 3.00%
44% 12 $2,050,000 $170,833 $3,142 3.20%
41% 11 $2,135,000 $194,091 $3,493 2.94%
46% 11 $2,165,000 $196,818 $3,616 3.15%
49% 9 $1,645,000 $182,778 $4,004 3.03%
47% 7 $1,815,000 $259,286 $4,034 3.04%
48% 6 $1,630,000 $271,667 $5,417 2.88%
50-60% 2 $490,000 $245,000 $3,227 3.06%

Max Credit Union lent most frequently to those with DTI ratios of 20-30%, with 198 originations. The next most common DTI ratio? 30-36%, with 143 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 498 $96,350,000 $193,474 $3,483 2.91%
Black 126 $21,680,000 $172,063 $3,548 2.95%
Not applicable 24 $10,730,000 $447,083 $0 4.13%
Asian 16 $3,170,000 $198,125 $3,953 2.94%
American Indian 3 $1,095,000 $365,000 $5,341 2.58%
Other Asian 3 $645,000 $215,000 $3,690 2.88%
Not provided 2 $220,000 $110,000 $2,907 3.06%
Korean 1 $185,000 $185,000 $4,105 3.13%
Filipino 1 $115,000 $115,000 $3,120 2.75%

Approval Rates

Total approvals of all applications
81.99%

Max Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
78.66%

Max Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
2901.77 1 $225,000 $225,000
3011.77 1 $245,000 $245,000
3257.77 1 $455,000 $455,000
45.77 1 $155,000 $155,000
NA 670 $133,110,000 $198,672

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
674 $134,190,000 $199,095

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 27 $3,405,000 $126,111 $2,692 2.69%
40-60% 112 $17,010,000 $151,875 $3,047 2.82%
60-80% 283 $59,225,000 $209,276 $3,462 2.99%
80-100% 250 $54,110,000 $216,440 $3,815 3.03%
Over 100% 1 $375,000 $375,000 $16,360 2.63%
Under 20% 1 $65,000 $65,000 $2,530 2.50%