Profed Federal Credit Union Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 549300BSIYFJ3FALVK78

Tax ID: 35-0886187

5 stars - Updated: 11/11/24 - out of 5 stars, based on 27 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Profed Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Profed Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Bluffton, Kendallville, Angola, and Auburn among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Profed Federal 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. Profed Federal 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.81% 11/11/24
    30 Year Conventional Refi 6.65% 11/11/24
    30 Year Cash-out Refi 6.89% 11/11/24
    30 Year USDA Purchase 6.94% 11/11/24
    15 Year Conventional Purchase 6.44% 11/11/24
    15 Year Conventional Refi 6.44% 11/11/24
    15 Year Cash-out Refi 6.44% 11/11/24
    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.

    Profed Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Profed Federal 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

    720

    Origination Dollar Volume (All Markets)

    $64,080,000
    Show all (11) awards

    Relative Rate

    Profed Federal Credit Union's average 30 year fixed mortgage rate was 6.34%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.14%.

    Relative Fees (Closing Costs)

    Profed Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,402.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    FORT WAYNE, IN (FHA|USDA|VA) 405 $37,105,000 $91,617 $966 7.39%
    Bluffton, IN (FHA|USDA|VA) 65 $5,825,000 $89,615 $787 7.50%
    Kendallville, IN (FHA|USDA|VA) 59 $4,915,000 $83,305 $851 7.19%
    Angola, IN (FHA|USDA|VA) 52 $4,340,000 $83,462 $1,234 7.12%
    Auburn, IN (FHA|USDA|VA) 51 $3,575,000 $70,098 $824 7.38%
    Decatur, IN (FHA|USDA|VA) 35 $2,795,000 $79,857 $1,406 7.69%
    Huntington, IN (FHA|USDA|VA) 10 $1,290,000 $129,000 $1,720 7.41%
    Outside of Metro Areas 12 $970,000 $80,833 $1,202 7.41%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $830,000 $138,333 $1,177 7.06%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $560,000 $280,000 $2,608 6.06%
    Warsaw, IN (FHA|USDA|VA) 6 $470,000 $78,333 $1,231 8.56%
    Marion, IN (FHA|USDA|VA) 3 $385,000 $128,333 $1,651 5.83%
    Coldwater, MI (FHA|USDA|VA) 5 $265,000 $53,000 $1,908 7.32%
    MUNCIE, IN (FHA|USDA|VA) 2 $190,000 $95,000 $1,083 7.93%
    Van Wert, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,340 5.25%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,627 7.63%
    Defiance, OH (FHA|USDA|VA) 2 $110,000 $55,000 $1,609 6.43%
    Wabash, IN (FHA|USDA|VA) 2 $90,000 $45,000 $0 8.00%
    KOKOMO, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
    Profed Federal Credit Union's top markets include Fort Wayne, Bluffton, Kendallville, Angola, and Auburn among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ProFed Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Crossroads Bank
    Similarity Rank: 85
    INTERRA CREDIT UNION
    Similarity Rank: 120
    Fire Police City County Federal Credit Union
    Similarity Rank: 336
    ProFed Federal Credit Union
    Similarity Rank: 380
    BEACON CREDIT UNION
    Similarity Rank: 420
    Lake City Bank
    Similarity Rank: 495
    First Federal Bank of the Midwest
    Similarity Rank: 582
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 621
    MIDWEST AMERICA
    Similarity Rank: 640
    STAR Financial Bank
    Similarity Rank: 828

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 484 $51,010,000 $105,393 $1,015 6.80%
    HELOC 236 $13,070,000 $55,381 n/a 8.56%

    For 2023, Profed Federal Credit Union's most frequently originated type of loan was Conventional, with 484 originations. Their 2nd most popular type was HELOC, with 236 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 497 $23,985,000 $48,260 $33 7.81%
    Home Purchase 147 $31,275,000 $212,755 $2,474 6.37%
    Cash Out Refi 57 $6,485,000 $113,772 $1,469 6.58%
    Refi 18 $2,180,000 $121,111 $2,390 6.33%
    Home Improvement 1 $155,000 $155,000 $2,331 6.38%

    For 2023, Profed Federal Credit Union's most frequently cited loan purpose was Other, with 497 originations. The 2nd most popular reason was Home Purchase, with 147 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 240 $13,780,000 $57,417 $2,577 8.53%
    10 Year 225 $8,655,000 $38,467 $38 7.06%
    30 Year 173 $32,115,000 $185,636 $2,402 6.34%
    15 Year 69 $5,015,000 $72,681 $348 7.24%
    30+ year 11 $4,485,000 $407,727 $3,574 6.15%
    Other 2 $30,000 $15,000 $33 6.49%

    For 2023, Profed Federal Credit Union's most frequently cited loan duration was 20 Year, with 240 originations. The 2nd most popular length was 10 Year, with 225 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 462 $46,250,000 $100,108
    $1k-2k 10 $3,400,000 $340,000
    $3k-4k 2 $300,000 $150,000

    Profed Federal Credit Union's average total fees were $2,402, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 462 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 284 $26,920,000 $94,789
    Over 8% 193 $10,165,000 $52,668
    7-8% 181 $11,825,000 $65,331
    5-6% 50 $12,390,000 $247,800
    4-5% 11 $2,755,000 $250,455
    3-4% 1 $25,000 $25,000

    During 2023, Profed Federal Credit Union's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 6-7%, with 284 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 512 $21,650,000 $42,285 $274 7.68%
    $100k-200k 123 $17,055,000 $138,659 $2,124 6.88%
    $200k-400k 71 $18,425,000 $259,507 $2,399 6.31%
    $400k-600k 13 $6,105,000 $469,615 $3,034 5.99%
    $600k-1MM 1 $845,000 $845,000 $5,245 5.38%

    2023 saw Profed Federal Credit Union place emphasis on $100,000 or less loans with 512 originations, totaling $21,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 179 $12,255,000 $68,464 $960 7.27%
    $100k-150k 169 $18,445,000 $109,142 $932 7.24%
    $50k or less 143 $8,255,000 $57,727 $1,009 7.50%
    $75k-100k 141 $10,905,000 $77,340 $1,053 7.63%
    $150k-250k 77 $11,315,000 $146,948 $1,233 7.30%
    $250k+ 11 $2,905,000 $264,091 $1,699 6.82%

    Profed Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 179 originations. The second most popular income band? $100k-150k, with 169 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 189 $15,705,000 $83,095 $877 7.32%
    30-36% 140 $11,700,000 $83,571 $1,057 7.27%
    <20% 80 $6,080,000 $76,000 $995 7.33%
    44% 50 $4,420,000 $88,400 $940 7.42%
    39% 36 $2,930,000 $81,389 $1,072 7.51%
    42% 32 $2,430,000 $75,938 $796 7.81%
    43% 28 $2,440,000 $87,143 $888 7.52%
    38% 26 $2,040,000 $78,462 $824 7.36%
    40% 24 $2,080,000 $86,667 $823 7.56%
    41% 24 $2,290,000 $95,417 $880 7.31%
    36% 24 $2,410,000 $100,417 $1,096 7.44%
    37% 20 $2,210,000 $110,500 $1,023 7.90%
    45% 12 $1,530,000 $127,500 $1,394 6.59%
    46% 11 $1,605,000 $145,909 $1,599 7.38%
    48% 9 $1,705,000 $189,444 $2,499 7.53%
    47% 6 $1,660,000 $276,667 $2,510 6.27%
    49% 5 $615,000 $123,000 $2,931 6.85%
    >60% 2 $160,000 $80,000 $0 7.50%
    50-60% 1 $35,000 $35,000 $16 7.74%

    Profed Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 189 originations. The next most common DTI ratio? 30-36%, with 140 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 606 $48,090,000 $79,356 $888 7.41%
    Not provided 87 $13,075,000 $150,287 $1,769 7.05%
    Asian 5 $1,195,000 $239,000 $2,525 6.38%
    Black 18 $1,000,000 $55,556 $448 8.28%
    Asian Indian 1 $525,000 $525,000 $2,722 5.63%
    American Indian 2 $150,000 $75,000 $1,209 6.43%
    Vietnamese 1 $45,000 $45,000 $0 6.49%

    Approval Rates

    Total approvals of all applications
    81.68%

    Profed Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.97%

    Profed Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 720 $64,080,000 $89,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    720 $64,080,000 $89,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 186 $11,940,000 $64,194 $258 7.68%
    40-60% 67 $7,495,000 $111,866 $1,446 7.24%
    60-80% 78 $14,600,000 $187,179 $2,381 6.58%
    80-100% 93 $20,445,000 $219,839 $2,494 6.36%
    Over 100% 1 $145,000 $145,000 $2,269 4.50%
    Under 20% 295 $9,455,000 $32,051 $54 7.75%