Cardinal Credit Union Mortgage Rates, Fees & Info

Mentor, OH

LEI: 549300BY8DZPEK4ZR022

Tax ID: 34-0825291

5 stars - Updated: 4/5/25 - out of 5 stars, based on 6 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Cardinal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Cardinal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Cleveland, Akron, Ashtabula, and Canton among others. We have data for 4 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.55% 4/5/25
30 Year Conventional Refi 7.07% 4/5/25
30 Year Cash-out Refi 7.44% 4/5/25
15 Year Conventional Purchase 6.80% 4/5/25
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

38

Origination Dollar Volume (All Markets)

$7,290,000

Awards

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

Relative Rate

Cardinal Credit Union's average 30 year fixed mortgage rate was 7.08%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 0.53%.

Relative Fees (Closing Costs)

Cardinal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,194.

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 $8,356.

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) 33 $6,715,000 $203,485 $4,300 7.00%
AKRON, OH (FHA|USDA|VA) 3 $415,000 $138,333 $4,153 6.83%
Ashtabula, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,439 6.48%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $55,000 $55,000 $3,456 7.50%
Cardinal Credit Union's top markets include Cleveland, Akron, Ashtabula, and Canton among others.

Their top states include:
  • Ohio (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: 279
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $7,290,000 $191,842 $4,243 6.98%

    For 2024, Cardinal Credit Union's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $4,830,000 $219,545 $4,411 6.96%
    Cash Out Refi 13 $2,045,000 $157,308 $4,046 7.05%
    Refi 3 $415,000 $138,333 $3,865 6.89%

    For 2024, Cardinal Credit Union's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 32 $6,400,000 $200,000 $4,194 7.08%
    20 Year 4 $440,000 $110,000 $4,021 6.48%
    15 Year 1 $75,000 $75,000 $4,576 6.10%
    Other 1 $375,000 $375,000 $6,372 6.75%

    For 2024, Cardinal Credit Union's most frequently cited loan duration was 30 Year, with 32 originations. The 2nd most popular length was 20 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 33 $4,895,000 $148,333
    $2k-3k 5 $2,395,000 $479,000

    Cardinal Credit Union's average total fees were $4,194, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 24 $4,200,000 $175,000
    7-8% 12 $1,890,000 $157,500
    Over 8% 2 $1,200,000 $600,000

    During 2024, Cardinal Credit Union's average interest rate for loans was 7.08%, while their most frequently originated rate bucket for loans was 6-7%, with 24 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 18 $2,670,000 $148,333 $4,006 6.88%
    $100,000 or less 10 $820,000 $82,000 $3,736 6.96%
    $200k-400k 8 $2,540,000 $317,500 $4,839 7.14%
    $400k-600k 1 $455,000 $455,000 $5,064 6.60%
    $600k-1MM 1 $805,000 $805,000 $7,995 8.13%

    2024 saw Cardinal Credit Union place emphasis on $100k-200k loans with 18 originations, totaling $2,670,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $2,190,000 $219,000 $4,363 6.79%
    $50k-75k 9 $985,000 $109,444 $3,968 6.92%
    $75k-100k 7 $945,000 $135,000 $3,892 7.06%
    $150k-250k 6 $1,600,000 $266,667 $4,438 6.90%
    $50k or less 4 $370,000 $92,500 $3,588 7.03%
    $250k+ 2 $1,200,000 $600,000 $6,837 8.13%

    Cardinal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $50k-75k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $2,750,000 $229,167 $4,501 6.98%
    30-36% 8 $1,450,000 $181,250 $4,154 7.03%
    43% 3 $395,000 $131,667 $4,019 6.85%
    40% 2 $270,000 $135,000 $4,126 7.30%
    41% 2 $300,000 $150,000 $4,105 6.89%
    <20% 2 $310,000 $155,000 $3,968 6.99%
    36% 2 $580,000 $290,000 $4,351 6.74%
    38% 2 $240,000 $120,000 $3,841 7.06%
    42% 1 $375,000 $375,000 $6,372 6.75%
    39% 1 $65,000 $65,000 $3,229 7.45%
    44% 1 $95,000 $95,000 $3,435 7.08%
    46% 1 $365,000 $365,000 $4,007 6.90%
    48% 1 $95,000 $95,000 $4,117 6.78%

    Cardinal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $6,130,000 $204,333 $4,346 7.00%
    Not provided 4 $630,000 $157,500 $3,921 6.78%
    Black 4 $530,000 $132,500 $3,796 7.09%

    Approval Rates

    Total approvals of all applications
    87.24%

    Cardinal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    -115.79%

    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 38 $7,290,000 $191,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    38 $7,290,000 $191,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,750,000 $175,000 $4,138 6.94%
    40-60% 6 $960,000 $160,000 $4,178 6.83%
    60-80% 8 $1,920,000 $240,000 $4,273 7.22%
    80-100% 14 $2,660,000 $190,000 $4,329 6.95%