Profed Federal Credit Union Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 549300BSIYFJ3FALVK78

Tax ID: 35-0886187

5 stars - out of 5 stars, based on 31 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Mortgage Calculator
  • 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, Home Purchase, and Cash Out Refi loans. Profed Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fort Wayne, Angola, Auburn, Bluffton, and Kendallville 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 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.

    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% 4/1/23
    30 Year Conventional Refi 6.65% 4/1/23
    30 Year Cash-out Refi 6.89% 4/1/23
    30 Year USDA Purchase 6.94% 4/1/23
    15 Year Conventional Purchase 6.44% 4/1/23
    15 Year Conventional Refi 6.44% 4/1/23
    15 Year Cash-out Refi 6.44% 4/1/23
    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

    967

    Origination Dollar Volume (All Markets)

    $90,855,000
    Show all (11) awards

    Relative Rate

    Profed Federal Credit Union's average 30 year fixed mortgage rate was 4.93%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    Profed Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,279.

    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 $4,750.

    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) 498 $47,640,000 $95,663 $1,478 5.08%
    Angola, IN (FHA|USDA|VA) 111 $9,805,000 $88,333 $1,522 5.11%
    Auburn, IN (FHA|USDA|VA) 94 $8,720,000 $92,766 $1,349 5.33%
    Bluffton, IN (FHA|USDA|VA) 97 $7,945,000 $81,907 $1,348 5.08%
    Kendallville, IN (FHA|USDA|VA) 52 $4,800,000 $92,308 $1,399 5.04%
    Decatur, IN (FHA|USDA|VA) 46 $3,560,000 $77,391 $1,338 5.23%
    Outside of Metro Areas 24 $2,450,000 $102,083 $1,357 5.71%
    Warsaw, IN (FHA|USDA|VA) 13 $1,325,000 $101,923 $1,881 5.29%
    Huntington, IN (FHA|USDA|VA) 11 $1,255,000 $114,091 $1,678 5.21%
    Plymouth, IN (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $4,475 4.88%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $940,000 $235,000 $2,870 5.28%
    Hillsdale, MI (FHA|USDA|VA) 3 $395,000 $131,667 $1,760 4.71%
    Coldwater, MI (FHA|USDA|VA) 4 $330,000 $82,500 $338 3.81%
    Wabash, IN (FHA|USDA|VA) 2 $170,000 $85,000 $2,060 4.63%
    Marion, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,572 4.50%
    Defiance, OH (FHA|USDA|VA) 2 $150,000 $75,000 $1,261 4.62%
    KOKOMO, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,220 5.00%
    Richmond, IN (FHA|USDA|VA) 2 $70,000 $35,000 $1,847 4.19%
    Van Wert, OH (FHA|USDA|VA) 1 $55,000 $55,000 $2,557 4.25%
    Profed Federal Credit Union's top markets include Fort Wayne, Angola, Auburn, Bluffton, and Kendallville among others.

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

    BEACON CREDIT UNION
    Similarity Rank: 124
    Crossroads Bank
    Similarity Rank: 315
    Fire Police City County Federal Credit Union
    Similarity Rank: 316
    INTERRA CREDIT UNION
    Similarity Rank: 360
    Farmers State Bank
    Similarity Rank: 374
    First Bank of Berne
    Similarity Rank: 504
    ProFed Federal Credit Union
    Similarity Rank: 969
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 1408
    First Federal Savings Bank
    Similarity Rank: 1950
    MIDWEST AMERICA
    Similarity Rank: 2079

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 584 $73,240,000 $125,411 $1,452 5.17%
    HELOC 380 $17,290,000 $45,500 n/a 5.04%
    USDA 3 $325,000 $108,333 $3,257 4.54%

    For 2022, Profed Federal Credit Union's most frequently originated type of loan was Conventional, with 584 originations. Their 2nd most popular type was HELOC, with 380 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 564 $24,320,000 $43,121 $32 5.37%
    Home Purchase 212 $42,850,000 $202,123 $2,366 5.04%
    Cash Out Refi 143 $18,525,000 $129,545 $2,044 4.48%
    Refi 40 $4,700,000 $117,500 $1,877 4.14%
    Home Improvement 8 $460,000 $57,500 $792 6.07%

    For 2022, Profed Federal Credit Union's most frequently cited loan purpose was Other, with 564 originations. The 2nd most popular reason was Home Purchase, with 212 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 400 $20,620,000 $51,550 $2,281 4.99%
    30 Year 286 $48,800,000 $170,629 $2,279 4.93%
    10 Year 175 $6,475,000 $37,000 $116 5.87%
    15 Year 85 $8,105,000 $95,353 $1,053 4.92%
    30+ year 16 $6,730,000 $420,625 $3,556 4.51%
    5 Year 3 $45,000 $15,000 $11 5.91%
    Other 2 $80,000 $40,000 $71 4.06%

    For 2022, Profed Federal Credit Union's most frequently cited loan duration was 20 Year, with 400 originations. The 2nd most popular length was 30 Year, with 286 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 539 $62,975,000 $116,837
    $1k-2k 21 $7,385,000 $351,667
    $4k-5k 2 $270,000 $135,000
    $2k-3k 1 $115,000 $115,000
    $3k-4k 1 $155,000 $155,000

    Profed Federal Credit Union's average total fees were $2,279, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 539 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 300 $27,060,000 $90,200
    3-4% 217 $23,295,000 $107,350
    4-5% 165 $21,465,000 $130,091
    6-7% 140 $10,060,000 $71,857
    2.5-3% 66 $4,460,000 $67,576
    Over 8% 40 $1,340,000 $33,500
    7-8% 34 $2,530,000 $74,412
    <2.5% 5 $645,000 $129,000

    During 2022, Profed Federal Credit Union's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 5-6%, with 300 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 637 $26,595,000 $41,750 $607 5.29%
    $100k-200k 222 $31,200,000 $140,541 $2,173 4.74%
    $200k-400k 93 $25,205,000 $271,022 $2,369 4.91%
    $400k-600k 14 $6,850,000 $489,286 $3,099 4.65%
    $1MM+ 1 $1,005,000 $1,005,000 $4,475 4.88%

    2022 saw Profed Federal Credit Union place emphasis on $100,000 or less loans with 637 originations, totaling $26,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 270 $22,660,000 $83,926 $1,452 5.09%
    $50k or less 234 $15,430,000 $65,940 $1,441 5.12%
    $100k-150k 200 $22,510,000 $112,550 $1,548 5.08%
    $75k-100k 174 $16,610,000 $95,460 $1,442 5.16%
    $150k-250k 82 $12,030,000 $146,707 $1,341 5.26%
    $250k+ 6 $1,540,000 $256,667 $4,475 4.48%

    Profed Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 270 originations. The second most popular income band? $50k or less, with 234 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 274 $22,050,000 $80,474 $1,401 5.07%
    30-36% 185 $18,365,000 $99,270 $1,467 5.13%
    <20% 112 $7,540,000 $67,321 $1,386 4.74%
    43% 45 $5,025,000 $111,667 $1,300 5.22%
    36% 44 $5,150,000 $117,045 $1,632 5.03%
    41% 39 $3,305,000 $84,744 $1,199 5.18%
    39% 36 $3,320,000 $92,222 $1,128 5.32%
    40% 34 $3,360,000 $98,824 $1,562 5.02%
    37% 33 $3,715,000 $112,576 $1,824 5.64%
    42% 32 $3,600,000 $112,500 $1,549 5.37%
    44% 32 $3,410,000 $106,563 $1,391 5.39%
    38% 29 $2,755,000 $95,000 $1,621 5.46%
    45% 23 $2,345,000 $101,957 $1,730 5.71%
    46% 14 $1,920,000 $137,143 $1,825 4.27%
    48% 9 $1,815,000 $201,667 $2,263 4.76%
    49% 8 $1,200,000 $150,000 $2,052 5.61%
    47% 8 $1,410,000 $176,250 $2,135 4.59%
    50-60% 5 $265,000 $53,000 $16 5.60%
    >60% 3 $165,000 $55,000 $0 5.33%

    Profed Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 274 originations. The next most common DTI ratio? 30-36%, with 185 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 710 $60,130,000 $84,690 $1,308 5.19%
    Not provided 229 $28,165,000 $122,991 $1,851 4.86%
    Black 21 $1,605,000 $76,429 $1,209 5.83%
    American Indian 2 $430,000 $215,000 $2,838 4.06%
    Asian 2 $360,000 $180,000 $2,557 5.94%
    Korean 1 $95,000 $95,000 $2,595 4.25%
    Other Asian 2 $70,000 $35,000 $0 5.37%

    Approval Rates

    Total approvals of all applications
    88.58%

    Profed Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.80%

    Profed Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 967 $90,855,000 $93,956

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    967 $90,855,000 $93,956

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 219 $12,825,000 $58,562 $735 5.15%
    40-60% 100 $10,530,000 $105,300 $1,804 4.69%
    60-80% 157 $26,675,000 $169,904 $2,206 4.74%
    80-100% 152 $30,990,000 $203,882 $2,328 5.00%
    Under 20% 339 $9,835,000 $29,012 $51 5.45%