Centricity Credit Union Mortgage Rates, Fees & Info
Hermantown, MNLEI: 549300BFT56DKVQ9BL15
Tax ID: 41-0788273
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Centricity Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Centricity Credit Union has a high proportion of conventional loans. Their top (well, only) market is Duluth.Centricity 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.04% | 5/4/24 |
| 30 Year Conventional Refi | 6.70% | 5/4/24 |
| 30 Year Cash-out Refi | 8.53% | 5/4/24 |
| 30 Year FHA Purchase | 6.27% | 5/4/24 |
| 30 Year VA Purchase | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 6.10% | 5/4/24 |
| 15 Year Conventional Refi | 5.04% | 5/4/24 |
| 15 Year Cash-out Refi | 5.04% | 5/4/24 |
| 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. | ||
Centricity Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
202Origination Dollar Volume (All Markets)
$12,120,000Top 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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 195 | $11,935,000 | $61,205 | $746 | 5.28% |
| Outside of Metro Areas | 7 | $185,000 | $26,429 | $3,108 | 6.79% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 202 | $12,120,000 | $60,000 | $831 | 5.33% |
For 2019, Centricity Credit Union's most frequently originated type of loan was Conventional, with 202 originations.
Loan Reason
For 2019, Centricity Credit Union's most frequently cited loan purpose was Home Improvement, with 85 originations. The 2nd most popular reason was Other, with 82 originations.
Loan Duration/Length
For 2019, Centricity Credit Union's most frequently cited loan duration was 15 Year, with 162 originations. The 2nd most popular length was 10 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6 | $850,000 | $141,667 |
| $<1k | 1 | $65,000 | $65,000 |
| $2k-3k | 1 | $245,000 | $245,000 |
| $3k-4k | 1 | $315,000 | $315,000 |
| $4k-5k | 1 | $475,000 | $475,000 |
Centricity 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 6 originations.
Interest Rates
During 2019, Centricity Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 121 originations.
Loan Sizing
2019 saw Centricity Credit Union place emphasis on $100,000 or less loans with 170 originations, totaling $6,870,000 in origination value.
Applicant Income
Centricity Credit Union lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $75k-100k, with 42 originations.
Applicant Debt to Income Ratio
Centricity Credit Union lent most frequently to those with DTI ratios of <20%, with 58 originations. The next most common DTI ratio? 20-30%, with 44 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.83%
Centricity Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination73.27%
Centricity Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 202 | $12,120,000 | $60,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 11 | $605,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 191 | $11,515,000 | $60,288 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CENTERSTATE BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |