Centricity Credit Union Mortgage Rates, Fees & Info
Hermantown, MNLEI: 549300BFT56DKVQ9BL15
Tax ID: 41-0788273
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Mortgage Data
Review & Overview
Centricity Credit Union is a smaller credit union specializing in Other loans. Centricity Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Duluth, Minneapolis, and Grand Rapids among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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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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
199Origination Dollar Volume (All Markets)
$14,015,000Top 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) | 191 | $13,175,000 | $68,979 | $2,557 | 4.11% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $0 | 2.99% |
| Outside of Metro Areas | 4 | $300,000 | $75,000 | $1,127 | 4.40% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 198 | $13,870,000 | $70,051 | $2,458 | 4.11% |
| FHA | 1 | $145,000 | $145,000 | $3,478 | 2.88% |
For 2020, Centricity Credit Union's most frequently originated type of loan was Conventional, with 198 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2020, Centricity Credit Union's most frequently cited loan purpose was Other, with 149 originations. The 2nd most popular reason was Home Improvement, with 29 originations.
Loan Duration/Length
For 2020, Centricity Credit Union's most frequently cited loan duration was 15 Year, with 151 originations. The 2nd most popular length was Other, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 11 | $1,635,000 | $148,636 |
| $<1k | 9 | $1,005,000 | $111,667 |
| $2k-3k | 1 | $245,000 | $245,000 |
| $4k-5k | 1 | $425,000 | $425,000 |
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 11 originations.
Interest Rates
During 2020, Centricity Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 72 originations.
Loan Sizing
2020 saw Centricity Credit Union place emphasis on $100,000 or less loans with 155 originations, totaling $6,945,000 in origination value.
Applicant Income
Centricity Credit Union lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $50k-75k, with 41 originations.
Applicant Debt to Income Ratio
Centricity Credit Union lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? <20%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.86%
Centricity Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination51.76%
Centricity Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 199 | $14,015,000 | $70,427 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 7 | $385,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 192 | $13,630,000 | $70,990 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
| CENTERSTATE BANK CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |