Cardinal Credit Union Mortgage Rates, Fees & Info
Mentor, OHLEI: 549300BY8DZPEK4ZR022
Tax ID: 34-0825291
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Mortgage Data
Review & Overview
Cardinal Credit Union is a smaller credit union specializing in Refi, 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 Jamestown among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Cardinal Credit Union has an above 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.66% | 12/29/24 |
| 30 Year Conventional Refi | 6.37% | 12/29/24 |
| 30 Year Cash-out Refi | 6.56% | 12/29/24 |
| 15 Year Conventional Purchase | 6.02% | 12/29/24 |
| 15 Year Conventional Refi | 5.74% | 12/29/24 |
| 15 Year Cash-out Refi | 5.74% | 12/29/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
268Origination Dollar Volume (All Markets)
$45,650,000Top 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 |
|---|---|---|---|---|---|
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 239 | $40,715,000 | $170,356 | $3,590 | 3.08% |
| Ashtabula, OH (FHA|USDA|VA) | 10 | $1,440,000 | $144,000 | $3,444 | 3.03% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 9 | $1,055,000 | $117,222 | $3,512 | 3.09% |
| AKRON, OH (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $3,884 | 3.19% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $7,317 | 3.49% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,521 | 2.99% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,879 | 2.79% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,552 | 2.79% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,267 | 2.89% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,392 | 3.33% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 268 | $45,650,000 | $170,336 | $3,606 | 3.08% |
For 2020, Cardinal Credit Union's most frequently originated type of loan was Conventional, with 268 originations.
Loan Reason
For 2020, Cardinal Credit Union's most frequently cited loan purpose was Refi, with 100 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.
Loan Duration/Length
For 2020, Cardinal Credit Union's most frequently cited loan duration was 30 Year, with 132 originations. The 2nd most popular length was 15 Year, with 67 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 266 | $44,800,000 | $168,421 |
| $2k-3k | 1 | $255,000 | $255,000 |
| $4k-5k | 1 | $595,000 | $595,000 |
Cardinal Credit Union's average total fees were $3,751, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 266 originations.
Interest Rates
During 2020, Cardinal Credit Union's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 2.5-3%, with 165 originations.
Loan Sizing
2020 saw Cardinal Credit Union place emphasis on $100k-200k loans with 127 originations, totaling $18,635,000 in origination value.
Applicant Income
Cardinal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $50k-75k, with 62 originations.
Applicant Debt to Income Ratio
Cardinal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 87 originations. The next most common DTI ratio? 30-36%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.79%
Cardinal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination60.45%
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 | 268 | $45,650,000 | $170,336 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 268 | $45,650,000 | $170,336 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 18 | 27.3% |
| CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Closing on a mortgage | 5 | 7.6% |
| CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Incorrect information on your report | 1 | 1.5% |
| CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Struggling to pay mortgage | 1 | 1.5% |
| CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Trouble during payment process | 11 | 16.7% |
| CARDINAL FINANCIAL COMPANY | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 6.1% |
| CARDINAL FINANCIAL COMPANY | FHA mortgage | Closing on a mortgage | 3 | 4.5% |
| CARDINAL FINANCIAL COMPANY | FHA mortgage | Struggling to pay mortgage | 2 | 3.0% |
| CARDINAL FINANCIAL COMPANY | FHA mortgage | Trouble during payment process | 6 | 9.1% |
| CARDINAL FINANCIAL COMPANY | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 1.5% |
| CARDINAL FINANCIAL COMPANY | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 3.0% |
| CARDINAL FINANCIAL COMPANY | Other type of mortgage | Closing on a mortgage | 1 | 1.5% |
| CARDINAL FINANCIAL COMPANY | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 4.5% |
| CARDINAL FINANCIAL COMPANY | VA mortgage | Closing on a mortgage | 2 | 3.0% |
| CARDINAL FINANCIAL COMPANY | VA mortgage | Struggling to pay mortgage | 1 | 1.5% |
| CARDINAL FINANCIAL COMPANY | VA mortgage | Trouble during payment process | 5 | 7.6% |