Industrial Federal Credit Union Mortgage Rates, Fees & Info

Lafayette, IN

LEI: 549300DI1T4KP9NPFQ75

Tax ID: 35-1090338

5 stars - Updated: 3/27/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Industrial Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Industrial Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Frankfort, Indianapolis, Crawfordsville, and Kokomo among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Industrial Federal 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. Industrial 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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.67% 3/27/24
30 Year Conventional Refi 6.99% 3/27/24
30 Year Cash-out Refi 7.09% 3/27/24
15 Year Conventional Purchase 5.69% 3/27/24
15 Year Conventional Refi 6.05% 3/27/24
15 Year Cash-out Refi 6.05% 3/27/24
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.

Industrial Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Industrial Federal 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

189

Origination Dollar Volume (All Markets)

$9,415,000

Awards

Industrial Federal Credit Union 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Industrial Federal Credit Union's average 30 year fixed mortgage rate was 6.99%.

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

This yields a difference of 0.51%.

Relative Fees (Closing Costs)

Industrial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,399.

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
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 117 $5,605,000 $47,906 $804 7.78%
Outside of Metro Areas 32 $1,200,000 $37,500 $827 7.80%
Frankfort, IN (FHA|USDA|VA) 17 $1,005,000 $59,118 $916 7.80%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $425,000 $85,000 $1,411 8.20%
Crawfordsville, IN (FHA|USDA|VA) 8 $380,000 $47,500 $871 7.27%
KOKOMO, IN (FHA|USDA|VA) 2 $280,000 $140,000 $1,862 6.63%
Washington, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,839 5.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $140,000 $70,000 $1,178 6.69%
TERRE HAUTE, IN (FHA|USDA|VA) 2 $120,000 $60,000 $1,135 6.94%
Logansport, IN (FHA|USDA|VA) 3 $95,000 $31,667 $225 7.46%
Industrial Federal Credit Union's top markets include Lafayette, Frankfort, Indianapolis, Crawfordsville, and Kokomo among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $9,415,000 $49,815 $866 7.73%

    For 2023, Industrial Federal Credit Union's most frequently originated type of loan was Conventional, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 127 $5,425,000 $42,717 $420 7.88%
    Home Improvement 36 $1,250,000 $34,722 $300 7.73%
    Home Purchase 14 $2,040,000 $145,714 $2,388 6.58%
    Refi 11 $695,000 $63,182 $2,285 7.30%
    Other 1 $5,000 $5,000 $185 8.50%

    For 2023, Industrial Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 127 originations. The 2nd most popular reason was Home Improvement, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 158 $6,400,000 $40,506 $455 7.84%
    30 Year 13 $2,045,000 $157,308 $2,399 6.99%
    5 Year 12 $320,000 $26,667 $1,187 7.61%
    15 Year 3 $295,000 $98,333 $1,866 6.38%
    20 Year 2 $200,000 $100,000 $3,587 6.75%
    Other 1 $155,000 $155,000 $1,664 7.00%

    For 2023, Industrial Federal Credit Union's most frequently cited loan duration was 10 Year, with 158 originations. The 2nd most popular length was 30 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 17 $2,455,000 $144,412

    Industrial Federal Credit Union's average total fees were $2,399, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 74 $3,870,000 $52,297
    Over 8% 69 $2,505,000 $36,304
    6-7% 39 $2,495,000 $63,974
    5-6% 4 $370,000 $92,500

    During 2023, Industrial Federal Credit Union's average interest rate for loans was 6.99%, while their most frequently originated rate bucket for loans was 7-8%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 174 $6,880,000 $39,540 $623 7.79%
    $100k-200k 10 $1,450,000 $145,000 $2,191 6.90%
    $200k-400k 5 $1,085,000 $217,000 $2,211 7.13%

    2023 saw Industrial Federal Credit Union place emphasis on $100,000 or less loans with 174 originations, totaling $6,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 57 $3,495,000 $61,316 $1,094 7.79%
    $50k or less 57 $2,015,000 $35,351 $828 7.59%
    $100k-150k 34 $1,570,000 $46,176 $796 7.73%
    $75k-100k 34 $1,900,000 $55,882 $671 7.73%
    $150k-250k 7 $435,000 $62,143 $444 8.30%

    Industrial Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 57 originations. The second most popular income band? $50k or less, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $2,670,000 $44,500 $710 7.51%
    30-36% 49 $2,505,000 $51,122 $879 7.76%
    <20% 23 $1,165,000 $50,652 $1,162 7.49%
    39% 14 $910,000 $65,000 $1,099 8.12%
    41% 9 $325,000 $36,111 $467 7.72%
    42% 8 $390,000 $48,750 $324 8.13%
    37% 8 $400,000 $50,000 $1,308 8.04%
    38% 8 $340,000 $42,500 $420 7.91%
    40% 5 $235,000 $47,000 $438 8.60%
    36% 5 $475,000 $95,000 $2,198 7.65%

    Industrial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 183 $9,235,000 $50,464 $885 7.70%
    Black 5 $135,000 $27,000 $292 8.45%
    American Indian 1 $45,000 $45,000 $0 8.75%

    Approval Rates

    Total approvals of all applications
    76.56%

    Industrial Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.55%

    Industrial Federal 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 189 $9,415,000 $49,815

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    189 $9,415,000 $49,815

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $3,040,000 $49,032 $585 7.77%
    40-60% 27 $2,075,000 $76,852 $1,237 7.37%
    60-80% 7 $755,000 $107,857 $2,698 6.61%
    80-100% 5 $1,005,000 $201,000 $2,504 6.73%
    Under 20% 88 $2,540,000 $28,864 $380 7.96%