Carter Federal Credit Union Mortgage Rates, Fees & Info
Springhill, LALEI: 549300CKG3JGNHH34D61
Tax ID: 72-0476576
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Carter Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Carter Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Shreveport, Dallas, Miami, Minden, and Steamboat Springs among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Carter Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Carter 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 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.
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.
Originations
135Origination Dollar Volume (All Markets)
$34,915,000Relative Rate
Carter Federal Credit Union's average 30 year fixed mortgage rate was
6.8%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.32%.
Relative Fees (Closing Costs)
Carter Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,476.
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 |
|---|---|---|---|---|---|
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 97 | $23,665,000 | $243,969 | $4,374 | 6.77% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $3,525,000 | $705,000 | $6,906 | 6.93% |
| Outside of Metro Areas | 9 | $2,235,000 | $248,333 | $4,061 | 6.69% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $1,295,000 | $431,667 | $6,003 | 6.88% |
| Minden, LA (FHA|USDA|VA) | 7 | $895,000 | $127,857 | $4,238 | 6.48% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $3,765 | 6.69% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,593 | 7.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,294 | 5.50% |
| ABILENE, TX (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,836 | 7.31% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,634 | 6.63% |
| MONROE, LA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,523 | 7.13% |
| Palestine, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,426 | 6.88% |
| Ruston, LA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,056 | 6.63% |
| Kingsville, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,406 | 6.75% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,819 | 7.25% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,093 | 7.13% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against CARTER FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 132
Similarity Rank: 340
Similarity Rank: 378
Similarity Rank: 391
Similarity Rank: 391
Similarity Rank: 561
Similarity Rank: 702
Similarity Rank: 891
Similarity Rank: 1539
Similarity Rank: 2184
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 135 | $34,915,000 | $258,630 | $4,473 | 6.77% |
For 2023, Carter Federal Credit Union's most frequently originated type of loan was Conventional, with 135 originations.
Loan Reason
For 2023, Carter Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Other, with 11 originations.
Loan Duration/Length
For 2023, Carter Federal Credit Union's most frequently cited loan duration was 30 Year, with 106 originations. The 2nd most popular length was Other, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 111 | $31,135,000 | $280,495 |
| $3k-4k | 1 | $145,000 | $145,000 |
| $5k+ | 1 | $525,000 | $525,000 |
Carter Federal Credit Union's average total fees were $4,476, 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 |
|---|---|---|---|
| 6-7% | 84 | $23,900,000 | $284,524 |
| 7-8% | 24 | $6,470,000 | $269,583 |
| 5-6% | 5 | $1,435,000 | $287,000 |
During 2023, Carter Federal Credit Union's average interest rate for loans was 6.80%, while their most frequently originated rate bucket for loans was 6-7%, with 84 originations.
Loan Sizing
2023 saw Carter Federal Credit Union place emphasis on $200k-400k loans with 56 originations, totaling $15,620,000 in origination value.
Applicant Income
Carter Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 30 originations. The second most popular income band? $100k-150k, with 26 originations.
Applicant Debt to Income Ratio
Carter Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 23 originations. The next most common DTI ratio? 30-36%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.20%
Carter Federal 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 origination97.78%
Carter Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 135 | $34,915,000 | $258,630 |