Cardinal Credit Union Mortgage Rates, Fees & Info

Mentor, OH

LEI: 549300BY8DZPEK4ZR022

Tax ID: 34-0825291

5 stars - Updated: 3/17/24 - out of 5 stars, based on 11 reviews

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

Jump to:

Mortgage Data

Review & Overview

Cardinal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Cardinal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Cleveland, Ashtabula, Youngstown, Akron, and Charlotte among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cardinal 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. Cardinal 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 6.66% 3/17/24
30 Year Conventional Refi 6.37% 3/17/24
30 Year Cash-out Refi 6.56% 3/17/24
15 Year Conventional Purchase 6.02% 3/17/24
15 Year Conventional Refi 5.74% 3/17/24
15 Year Cash-out Refi 5.74% 3/17/24
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.

Cardinal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Cardinal 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

119

Origination Dollar Volume (All Markets)

$17,745,000

Awards

CARDINAL CREDIT UNION 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Cardinal Credit Union's average 30 year fixed mortgage rate was 4.72%.

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

This yields a difference of -0.04%.

Relative Fees (Closing Costs)

Cardinal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,737.

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
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 90 $13,410,000 $149,000 $3,607 4.31%
Ashtabula, OH (FHA|USDA|VA) 12 $1,200,000 $100,000 $4,055 5.35%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 7 $855,000 $122,143 $3,248 3.39%
AKRON, OH (FHA|USDA|VA) 2 $540,000 $270,000 $3,688 3.96%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $480,000 $240,000 $3,727 5.31%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $415,000 $415,000 $4,073 4.33%
Salem, OH (FHA|USDA|VA) 3 $405,000 $135,000 $4,028 4.93%
COLUMBUS, OH (FHA|USDA|VA) 1 $315,000 $315,000 $4,359 5.88%
Outside of Metro Areas 1 $125,000 $125,000 $3,302 3.35%
Cardinal Credit Union's top markets include Cleveland, Ashtabula, Youngstown, Akron, and Charlotte among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

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

    Community Star Credit Union
    Similarity Rank: 396
    Ohio Catholic Federal Credit Union
    Similarity Rank: 1340
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 1368
    PULTE MORTGAGE LLC
    Similarity Rank: 1638
    Cf Bank
    Similarity Rank: 1665
    Seven Seventeen Credit Union
    Similarity Rank: 2616
    Westfield Bank, FSB
    Similarity Rank: 2619
    Low VA Rates, LLC
    Similarity Rank: 2810

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 119 $17,745,000 $149,118 $3,653 4.39%

    For 2022, Cardinal Credit Union's most frequently originated type of loan was Conventional, with 119 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 49 $7,085,000 $144,592 $3,521 4.12%
    Home Purchase 44 $7,330,000 $166,591 $3,897 5.00%
    Refi 26 $3,330,000 $128,077 $3,488 3.87%

    For 2022, Cardinal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 49 originations. The 2nd most popular reason was Home Purchase, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 75 $11,805,000 $157,400 $3,737 4.72%
    15 Year 27 $3,435,000 $127,222 $3,411 3.58%
    20 Year 13 $2,135,000 $164,231 $3,745 4.27%
    10 Year 2 $180,000 $90,000 $3,282 3.46%
    Other 2 $190,000 $95,000 $3,514 4.66%

    For 2022, Cardinal Credit Union's most frequently cited loan duration was 30 Year, with 75 originations. The 2nd most popular length was 15 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 111 $16,695,000 $150,405
    $2k-3k 7 $855,000 $122,143
    $4k-5k 1 $195,000 $195,000

    Cardinal Credit Union's average total fees were $3,737, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 111 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 41 $6,015,000 $146,707
    5-6% 32 $4,830,000 $150,938
    4-5% 24 $3,760,000 $156,667
    2.5-3% 10 $1,280,000 $128,000
    6-7% 7 $1,315,000 $187,857
    <2.5% 3 $405,000 $135,000
    7-8% 2 $140,000 $70,000

    During 2022, Cardinal Credit Union's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 3-4%, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 61 $8,635,000 $141,557 $3,630 4.38%
    $100,000 or less 32 $2,540,000 $79,375 $3,445 4.23%
    $200k-400k 25 $6,155,000 $246,200 $3,956 4.64%
    $400k-600k 1 $415,000 $415,000 $4,073 4.33%

    2022 saw Cardinal Credit Union place emphasis on $100k-200k loans with 61 originations, totaling $8,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 36 $4,760,000 $132,222 $3,569 4.31%
    $50k or less 28 $2,970,000 $106,071 $3,633 4.66%
    $75k-100k 27 $4,105,000 $152,037 $3,692 4.36%
    $100k-150k 19 $3,895,000 $205,000 $3,814 4.38%
    $150k-250k 9 $2,015,000 $223,889 $3,591 4.03%

    Cardinal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $50k or less, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $5,145,000 $155,909 $3,506 4.02%
    30-36% 27 $4,445,000 $164,630 $3,871 4.41%
    <20% 13 $1,495,000 $115,000 $3,387 4.70%
    43% 10 $1,430,000 $143,000 $3,604 4.53%
    44% 6 $730,000 $121,667 $3,411 4.53%
    37% 4 $510,000 $127,500 $3,443 3.46%
    39% 4 $660,000 $165,000 $3,882 4.59%
    41% 3 $505,000 $168,333 $3,909 4.53%
    38% 3 $365,000 $121,667 $3,653 4.59%
    40% 3 $545,000 $181,667 $3,687 5.27%
    42% 3 $345,000 $115,000 $3,920 4.77%
    45% 3 $455,000 $151,667 $3,788 4.98%
    46% 3 $465,000 $155,000 $3,632 4.47%
    49% 1 $155,000 $155,000 $4,542 5.90%
    47% 1 $195,000 $195,000 $3,995 3.83%
    36% 1 $115,000 $115,000 $3,897 5.95%
    48% 1 $185,000 $185,000 $4,435 3.78%

    Cardinal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 104 $15,230,000 $146,442 $3,651 4.38%
    Black 9 $1,675,000 $186,111 $3,882 5.00%
    Not provided 6 $840,000 $140,000 $3,334 3.62%

    Approval Rates

    Total approvals of all applications
    86.87%

    Cardinal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    38.66%

    Cardinal 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 119 $17,745,000 $149,118

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    119 $17,745,000 $149,118

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $350,000 $87,500 $3,112 3.62%
    40-60% 36 $4,810,000 $133,611 $3,588 3.95%
    60-80% 47 $7,415,000 $157,766 $3,618 4.44%
    80-100% 32 $5,170,000 $161,563 $3,843 4.91%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    CARDINAL FINANCIAL COMPANY Conventional home mortgage Struggling to pay mortgage 1 12.5%
    CARDINAL FINANCIAL COMPANY FHA mortgage Struggling to pay mortgage 1 12.5%
    CARDINAL FINANCIAL COMPANY FHA mortgage Trouble during payment process 2 25.0%
    CARDINAL FINANCIAL COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 12.5%
    CARDINAL FINANCIAL COMPANY VA mortgage Closing on a mortgage 1 12.5%
    CARDINAL FINANCIAL COMPANY VA mortgage Trouble during payment process 2 25.0%