Marion And Polk Schools Credit Union Mortgage Rates, Fees & Info

Salem, OR

LEI: 549300CDLJDN8ENOT455

Tax ID: 93-0465543

5 stars - Updated: 7/11/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Marion And Polk Schools Credit Union is a smaller credit union specializing in Home Improvement, Other, and Home Purchase loans. Marion And Polk Schools Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salem, Albany, Portland, Aberdeen, and Roseburg among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Marion And Polk Schools 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. Marion And Polk Schools 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
Home Equity Line of Credit (HELOC) 6.31% 7/11/24
30 Year Conventional Purchase 6.45% 7/11/24
30 Year Conventional Refi 6.33% 7/11/24
30 Year Cash-out Refi 6.52% 7/11/24
30 Year FHA Purchase 6.27% 7/11/24
30 Year VA Purchase 6.27% 7/11/24
15 Year Conventional Purchase 5.79% 7/11/24
15 Year Conventional Refi 6.05% 7/11/24
15 Year Cash-out Refi 6.05% 7/11/24
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.

Marion And Polk Schools Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Marion And Polk Schools 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

822

Origination Dollar Volume (All Markets)

$130,800,000

Awards

MARION AND POLK SCHOOLS CREDIT UNION 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Marion And Polk Schools Credit Union's average 30 year fixed mortgage rate was 6.64%.

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

This yields a difference of 0.16%.

Relative Fees (Closing Costs)

Marion And Polk Schools Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,535.

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
SALEM, OR (FHA|USDA|VA) 709 $102,015,000 $143,886 $4,573 8.16%
ALBANY-LEBANON, OR (FHA|USDA|VA) 46 $9,600,000 $208,696 $3,910 7.99%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 38 $9,260,000 $243,684 $4,715 7.89%
Aberdeen, WA (FHA|USDA|VA) 2 $2,660,000 $1,330,000 $0 6.43%
Roseburg, OR (FHA|USDA|VA) 4 $2,410,000 $602,500 $0 8.02%
CORVALLIS, OR (FHA|USDA|VA) 8 $1,350,000 $168,750 $4,111 7.98%
BEND, OR (FHA|USDA|VA) 5 $1,275,000 $255,000 $4,451 7.25%
MEDFORD, OR (FHA|USDA|VA) 1 $595,000 $595,000 $5,371 7.00%
Outside of Metro Areas 1 $485,000 $485,000 $5,758 7.00%
Coos Bay, OR (FHA|USDA|VA) 1 $455,000 $455,000 $3,722 7.75%
Newport, OR (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.50%
Ellensburg, WA (FHA|USDA|VA) 1 $175,000 $175,000 $0 8.46%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 3 $145,000 $48,333 $0 8.92%
Brookings, OR (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.25%
Astoria, OR (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.25%
Marion And Polk Schools Credit Union's top markets include Salem, Albany, Portland, Aberdeen, and Roseburg among others.

Their top states include:
  • Oregon (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MARION AND POLK SCHOOLS 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
    HELOC 708 $80,170,000 $113,234 n/a 8.38%
    Conventional 114 $50,630,000 $444,123 $4,542 6.56%

    For 2023, Marion And Polk Schools Credit Union's most frequently originated type of loan was HELOC, with 708 originations. Their 2nd most popular type was Conventional, with 114 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 417 $47,415,000 $113,705 $3,400 8.29%
    Other 264 $28,980,000 $109,773 $3,730 8.49%
    Home Purchase 102 $31,200,000 $305,882 $4,936 7.23%
    Cash Out Refi 32 $16,810,000 $525,313 $3,725 6.31%
    Refi 7 $6,395,000 $913,571 $3,822 6.23%

    For 2023, Marion And Polk Schools Credit Union's most frequently cited loan purpose was Home Improvement, with 417 originations. The 2nd most popular reason was Other, with 264 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 632 $71,100,000 $112,500 $0 8.39%
    30 Year 86 $29,940,000 $348,140 $4,535 6.64%
    20 Year 79 $11,225,000 $142,089 $4,683 8.22%
    10 Year 19 $17,025,000 $896,053 $0 6.40%
    15 Year 4 $1,080,000 $270,000 $4,573 5.81%
    3 Year 2 $430,000 $215,000 $0 7.45%

    For 2023, Marion And Polk Schools Credit Union's most frequently cited loan duration was Other, with 632 originations. The 2nd most popular length was 30 Year, with 86 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 52 $17,060,000 $328,077
    $<1k 18 $7,060,000 $392,222
    $2k-3k 14 $4,650,000 $332,143
    $3k-4k 4 $1,290,000 $322,500
    $5k+ 4 $1,580,000 $395,000
    $4k-5k 1 $385,000 $385,000

    Marion And Polk Schools Credit Union's average total fees were $4,535, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 479 $54,235,000 $113,225
    7-8% 234 $35,660,000 $152,393
    6-7% 90 $32,170,000 $357,444
    5-6% 12 $6,010,000 $500,833
    4-5% 5 $1,965,000 $393,000
    3-4% 2 $760,000 $380,000

    During 2023, Marion And Polk Schools Credit Union's average interest rate for loans was 6.64%, while their most frequently originated rate bucket for loans was Over 8%, with 479 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 361 $21,105,000 $58,463 $2,497 8.45%
    $100k-200k 249 $32,055,000 $128,735 $3,828 8.27%
    $200k-400k 174 $48,950,000 $281,322 $4,412 7.55%
    $400k-600k 27 $12,655,000 $468,704 $5,246 6.86%
    $1MM+ 6 $12,290,000 $2,048,333 $0 6.61%
    $600k-1MM 5 $3,745,000 $749,000 $3,161 6.45%

    2023 saw Marion And Polk Schools Credit Union place emphasis on $100,000 or less loans with 361 originations, totaling $21,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 229 $30,845,000 $134,694 $5,213 8.25%
    $150k-250k 175 $27,695,000 $158,257 $5,133 8.23%
    $75k-100k 167 $19,875,000 $119,012 $4,344 8.17%
    $50k-75k 118 $11,180,000 $94,746 $4,162 8.15%
    $250k+ 47 $11,375,000 $242,021 $6,849 8.25%
    $50k or less 45 $3,735,000 $83,000 $3,569 7.95%

    Marion And Polk Schools Credit Union lent most frequently to those with incomes in the $100k-150k range, with 229 originations. The second most popular income band? $150k-250k, with 175 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $19,985,000 $159,880 $5,240 8.04%
    30-36% 113 $17,985,000 $159,159 $4,686 8.28%
    42% 67 $9,055,000 $135,149 $3,914 8.20%
    50-60% 53 $4,825,000 $91,038 $0 8.08%
    43% 46 $5,770,000 $125,435 $4,750 8.24%
    <20% 40 $6,730,000 $168,250 $3,897 7.94%
    40% 36 $4,980,000 $138,333 $4,257 8.40%
    46% 34 $3,960,000 $116,471 $3,822 8.42%
    49% 34 $3,920,000 $115,294 $5,899 8.26%
    41% 33 $5,405,000 $163,788 $3,752 7.91%
    39% 28 $3,380,000 $120,714 $4,367 8.26%
    37% 28 $3,810,000 $136,071 $7,321 8.34%
    48% 27 $4,255,000 $157,593 $3,842 8.12%
    44% 27 $3,635,000 $134,630 $4,277 7.73%
    47% 26 $3,170,000 $121,923 $5,283 8.07%
    36% 26 $3,700,000 $142,308 $3,578 8.55%
    45% 24 $2,820,000 $117,500 $4,474 8.20%
    38% 22 $2,680,000 $121,818 $3,242 8.53%
    >60% 10 $1,700,000 $170,000 $0 7.50%

    Marion And Polk Schools Credit Union lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 710 $99,860,000 $140,648 $4,542 8.16%
    Not applicable 23 $19,035,000 $827,609 $0 6.57%
    Not provided 55 $7,825,000 $142,273 $4,210 8.20%
    Asian 13 $1,845,000 $141,923 $4,512 8.03%
    American Indian 12 $990,000 $82,500 $0 8.63%
    Black 5 $795,000 $159,000 $6,846 8.53%
    Native Hawaiian 3 $345,000 $115,000 $0 8.08%
    Native Hawaiian or Islander 1 $105,000 $105,000 $0 9.75%

    Approval Rates

    Total approvals of all applications
    89.22%

    Marion And Polk Schools Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.37%

    Marion And Polk Schools Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 822 $130,800,000 $159,124

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    822 $130,800,000 $159,124

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 265 $41,015,000 $154,774 $3,577 8.34%
    40-60% 73 $22,945,000 $314,315 $3,961 7.74%
    60-80% 48 $21,360,000 $445,000 $4,149 6.60%
    80-100% 39 $15,805,000 $405,256 $5,308 6.86%
    Under 20% 396 $29,610,000 $74,773 $2,497 8.37%