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. 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 a low 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.04% | 11/22/24 |
| 30 Year Conventional Refi | 6.70% | 11/22/24 |
| 30 Year Cash-out Refi | 8.53% | 11/22/24 |
| 30 Year FHA Purchase | 6.27% | 11/22/24 |
| 30 Year VA Purchase | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 6.10% | 11/22/24 |
| 15 Year Conventional Refi | 5.04% | 11/22/24 |
| 15 Year Cash-out Refi | 5.04% | 11/22/24 |
| 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
208Origination Dollar Volume (All Markets)
$15,510,000Top 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) | 201 | $15,185,000 | $75,547 | $881 | 4.93% |
| Outside of Metro Areas | 6 | $300,000 | $50,000 | $3,415 | 6.42% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.24% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 208 | $15,510,000 | $74,567 | $916 | 4.96% |
For 2022, Centricity Credit Union's most frequently originated type of loan was Conventional, with 208 originations.
Loan Reason
For 2022, Centricity Credit Union's most frequently cited loan purpose was Other, with 143 originations. The 2nd most popular reason was Home Improvement, with 47 originations.
Loan Duration/Length
For 2022, Centricity Credit Union's most frequently cited loan duration was 15 Year, with 149 originations. The 2nd most popular length was 5 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 5 | $525,000 | $105,000 |
| $<1k | 3 | $355,000 | $118,333 |
| $2k-3k | 2 | $500,000 | $250,000 |
Centricity Credit Union's average total fees were $4,209, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5 originations.
Interest Rates
During 2022, Centricity Credit Union's average interest rate for loans was 5.17%, while their most frequently originated rate bucket for loans was 4-5%, with 69 originations.
Loan Sizing
2022 saw Centricity Credit Union place emphasis on $100,000 or less loans with 157 originations, totaling $7,035,000 in origination value.
Applicant Income
Centricity Credit Union lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $50k-75k, with 51 originations.
Applicant Debt to Income Ratio
Centricity Credit Union lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.77%
Centricity Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.44%
Centricity Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 208 | $15,510,000 | $74,567 |