Centricity Credit Union Mortgage Rates, Fees & Info

Hermantown, MN

LEI: 549300BFT56DKVQ9BL15

Tax ID: 41-0788273

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Centricity Credit Union is a smaller credit union specializing in Other loans. Centricity Credit Union has a high proportion of conventional loans. Their top two markets are Duluth and Minneapolis .

    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. Centricity Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.04% 11/21/24
    30 Year Conventional Refi 6.70% 11/21/24
    30 Year Cash-out Refi 8.53% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year VA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 6.10% 11/21/24
    15 Year Conventional Refi 5.04% 11/21/24
    15 Year Cash-out Refi 5.04% 11/21/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Centricity Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    175

    Origination Dollar Volume (All Markets)

    $11,825,000

    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
    DULUTH, MN-WI (FHA|USDA|VA) 169 $11,725,000 $69,379 $2,066 3.65%
    Outside of Metro Areas 5 $55,000 $11,000 $0 5.80%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.24%
    Centricity Credit Union's top markets include Duluth and Minneapolis among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 174 $11,810,000 $67,874 $2,066 3.71%
    HELOC 1 $15,000 $15,000 n/a 4.24%

    For 2021, Centricity Credit Union's most frequently originated type of loan was Conventional, with 174 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 104 $6,300,000 $60,577 $214 3.71%
    Home Improvement 43 $1,545,000 $35,930 $169 4.00%
    Cash Out Refi 13 $1,835,000 $141,154 $4,580 3.53%
    Refi 10 $1,240,000 $124,000 $3,004 2.80%
    Home Purchase 4 $860,000 $215,000 $4,937 3.06%
    NA 1 $45,000 $45,000 $0 6.24%

    For 2021, Centricity Credit Union's most frequently cited loan purpose was Other, with 104 originations. The 2nd most popular reason was Home Improvement, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 128 $8,360,000 $65,313 $1,809 3.55%
    10 Year 24 $1,200,000 $50,000 $1,208 3.93%
    5 Year 11 $205,000 $18,636 $91 4.65%
    30 Year 5 $925,000 $185,000 $5,152 3.70%
    20 Year 3 $655,000 $218,333 $5,384 3.58%
    Other 3 $195,000 $65,000 $0 5.16%
    1 Year 1 $285,000 $285,000 $0 5.00%

    For 2021, Centricity Credit Union's most frequently cited loan duration was 15 Year, with 128 originations. The 2nd most popular length was 10 Year, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 9 $1,395,000 $155,000
    $<1k 5 $455,000 $91,000
    $2k-3k 2 $520,000 $260,000
    $3k-4k 2 $640,000 $320,000

    Centricity Credit Union's average total fees were $5,152, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 72 $4,790,000 $66,528
    <2.5% 43 $3,205,000 $74,535
    4-5% 31 $1,725,000 $55,645
    5-6% 16 $490,000 $30,625
    2.5-3% 9 $1,485,000 $165,000
    6-7% 2 $90,000 $45,000
    7-8% 1 $5,000 $5,000
    Over 8% 1 $35,000 $35,000

    During 2021, Centricity Credit Union's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 3-4%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 141 $5,975,000 $42,376 $669 3.85%
    $100k-200k 27 $3,985,000 $147,593 $4,090 3.17%
    $200k-400k 7 $1,865,000 $266,429 $5,028 3.18%

    2021 saw Centricity Credit Union place emphasis on $100,000 or less loans with 141 originations, totaling $5,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 50 $3,290,000 $65,800 $2,223 3.63%
    $100k-150k 38 $2,790,000 $73,421 $1,911 3.81%
    $75k-100k 34 $2,090,000 $61,471 $2,498 3.61%
    $50k or less 31 $1,545,000 $49,839 $1,549 4.00%
    $150k-250k 21 $2,075,000 $98,810 $1,522 3.52%
    $250k+ 1 $35,000 $35,000 $0 3.24%

    Centricity Credit Union lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $100k-150k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $3,130,000 $62,600 $1,965 3.68%
    <20% 39 $2,145,000 $55,000 $1,251 3.61%
    30-36% 30 $1,470,000 $49,000 $1,222 3.88%
    36% 11 $1,045,000 $95,000 $2,954 3.53%
    40% 9 $1,105,000 $122,778 $3,081 3.83%
    41% 6 $530,000 $88,333 $3,874 3.68%
    42% 6 $520,000 $86,667 $95 4.07%
    39% 5 $255,000 $51,000 $73 3.54%
    50-60% 4 $370,000 $92,500 $2,544 4.40%
    37% 4 $250,000 $62,500 $3,649 4.24%
    44% 3 $295,000 $98,333 $0 3.24%
    38% 2 $360,000 $180,000 $5,753 3.18%
    43% 2 $110,000 $55,000 $0 3.24%
    47% 1 $45,000 $45,000 $73 5.74%
    49% 1 $65,000 $65,000 $0 3.24%
    45% 1 $65,000 $65,000 $0 2.49%
    >60% 1 $65,000 $65,000 $0 2.49%

    Centricity Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? <20%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 100 $7,770,000 $77,700 $3,024 3.60%
    Not provided 67 $3,605,000 $53,806 $330 3.96%
    Asian 4 $280,000 $70,000 $0 2.87%
    American Indian 4 $170,000 $42,500 $0 3.37%

    Approval Rates

    Total approvals of all applications
    80.24%

    Centricity Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.29%

    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 175 $11,825,000 $67,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    175 $11,825,000 $67,571

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $2,240,000 $53,333 $217 3.73%
    40-60% 26 $2,610,000 $100,385 $2,735 3.26%
    60-80% 29 $3,285,000 $113,276 $3,671 3.34%
    80-100% 11 $1,655,000 $150,455 $5,726 3.45%
    Under 20% 63 $2,015,000 $31,984 $152 3.94%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Central Mortgage Funding, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%