Indiana University Credit Union Mortgage Rates, Fees & Info

Bloomington, IN

LEI: 549300F175WFRUKLMG10

Tax ID: 35-0987917

5 stars - Updated: 12/16/24 - out of 5 stars, based on 30 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Indiana University Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Indiana University Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Indianapolis, Lafayette, Columbus, and Terre Haute among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Indiana University 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. Indiana University 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) 6.27% 12/16/24
    30 Year Conventional Purchase 6.63% 12/16/24
    30 Year Conventional Refi 6.70% 12/16/24
    30 Year Cash-out Refi 6.60% 12/16/24
    15 Year Conventional Purchase 6.17% 12/16/24
    15 Year Conventional Refi 6.49% 12/16/24
    15 Year Cash-out Refi 6.49% 12/16/24
    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.

    Indiana University Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Indiana University 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

    882

    Origination Dollar Volume (All Markets)

    $186,490,000
    Show all (7) awards

    Relative Rate

    Indiana University Credit Union's average 30 year fixed mortgage rate was 6.36%.

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

    This yields a difference of -0.12%.

    Relative Fees (Closing Costs)

    Indiana University Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,019.

    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
    BLOOMINGTON, IN (FHA|USDA|VA) 575 $110,355,000 $191,922 $1,349 7.13%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 169 $46,675,000 $276,183 $1,245 7.05%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $7,345,000 $2,448,333 $1,945 6.61%
    COLUMBUS, IN (FHA|USDA|VA) 14 $5,150,000 $367,857 $0 6.39%
    TERRE HAUTE, IN (FHA|USDA|VA) 18 $3,880,000 $215,556 $1,162 7.07%
    Bedford, IN (FHA|USDA|VA) 30 $2,910,000 $97,000 $1,173 7.41%
    Outside of Metro Areas 23 $2,355,000 $102,391 $724 7.32%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 18 $1,890,000 $105,000 $1,668 7.15%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 6 $1,290,000 $215,000 $136 6.73%
    FORT WAYNE, IN (FHA|USDA|VA) 8 $1,060,000 $132,500 $1,064 7.38%
    MUNCIE, IN (FHA|USDA|VA) 3 $695,000 $231,667 $1,762 6.42%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $650,000 $325,000 $2,199 6.63%
    LOUISVILLE, KY (FHA|USDA|VA) 3 $515,000 $171,667 $1,226 6.75%
    Marion, IN (FHA|USDA|VA) 3 $325,000 $108,333 $0 7.08%
    KOKOMO, IN (FHA|USDA|VA) 1 $305,000 $305,000 $1,771 6.25%
    Bluffton, IN (FHA|USDA|VA) 1 $305,000 $305,000 $1,709 5.63%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $255,000 $255,000 $2,495 6.13%
    Jasper, IN (FHA|USDA|VA) 1 $205,000 $205,000 $1,572 7.38%
    Washington, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,716 5.38%
    Seymour, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,959 7.25%
    New Castle, IN (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.00%
    Indiana University Credit Union's top markets include Bloomington, Indianapolis, Lafayette, Columbus, and Terre Haute among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against INDIANA UNIVERSITY CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581
    Flanagan State Bank
    Similarity Rank: 714
    FAIR WAY LENDING LLC
    Similarity Rank: 714
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 798
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1020
    Community First Bank of Indiana
    Similarity Rank: 1287
    Jackson County Bank
    Similarity Rank: 1316
    Stock Yards Bank & Trust Company
    Similarity Rank: 1472
    First Internet Bank of Indiana
    Similarity Rank: 1500

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 687 $166,905,000 $242,948 $1,317 6.79%
    HELOC 195 $19,585,000 $100,436 n/a 8.20%

    For 2023, Indiana University Credit Union's most frequently originated type of loan was Conventional, with 687 originations. Their 2nd most popular type was HELOC, with 195 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 332 $34,020,000 $102,470 $588 7.61%
    Home Purchase 291 $83,495,000 $286,924 $2,099 6.46%
    Refi 165 $60,555,000 $367,000 $1,377 6.70%
    Home Improvement 94 $8,420,000 $89,574 $252 8.01%

    For 2023, Indiana University Credit Union's most frequently cited loan purpose was Cash Out Refi, with 332 originations. The 2nd most popular reason was Home Purchase, with 291 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 443 $89,095,000 $201,117 $565 7.53%
    30 Year 247 $62,655,000 $253,664 $2,019 6.36%
    10 Year 67 $3,525,000 $52,612 $182 7.39%
    5 Year 65 $11,305,000 $173,923 $162 6.62%
    Other 27 $10,085,000 $373,519 $0 6.93%
    1 Year 22 $5,360,000 $243,636 $0 8.01%
    30+ year 5 $3,475,000 $695,000 $7,425 5.95%
    20 Year 3 $585,000 $195,000 $2,002 6.50%
    3 Year 3 $405,000 $135,000 $0 6.92%

    For 2023, Indiana University Credit Union's most frequently cited loan duration was 15 Year, with 443 originations. The 2nd most popular length was 30 Year, with 247 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 444 $71,870,000 $161,869
    $1k-2k 21 $6,205,000 $295,476
    $2k-3k 4 $1,510,000 $377,500
    $3k-4k 2 $1,280,000 $640,000
    $5k+ 1 $1,445,000 $1,445,000

    Indiana University Credit Union's average total fees were $2,019, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 444 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 354 $101,250,000 $286,017
    7-8% 218 $28,890,000 $132,523
    Over 8% 170 $15,900,000 $93,529
    5-6% 127 $30,535,000 $240,433
    4-5% 10 $4,700,000 $470,000
    3-4% 2 $5,120,000 $2,560,000
    2.5-3% 1 $95,000 $95,000

    During 2023, Indiana University Credit Union's average interest rate for loans was 6.36%, while their most frequently originated rate bucket for loans was 6-7%, with 354 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 381 $20,255,000 $53,163 $334 7.63%
    $100k-200k 211 $30,265,000 $143,436 $1,675 6.96%
    $200k-400k 209 $57,755,000 $276,340 $2,078 6.58%
    $400k-600k 39 $18,375,000 $471,154 $2,471 6.33%
    $600k-1MM 25 $18,425,000 $737,000 $2,760 6.62%
    $1MM+ 17 $41,415,000 $2,436,176 $8,613 6.03%

    2023 saw Indiana University Credit Union place emphasis on $100,000 or less loans with 381 originations, totaling $20,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 161 $26,635,000 $165,435 $1,400 7.24%
    $50k-75k 140 $15,100,000 $107,857 $1,204 7.18%
    $75k-100k 137 $16,345,000 $119,307 $1,137 7.42%
    $150k-250k 114 $24,370,000 $213,772 $1,510 7.03%
    $50k or less 70 $4,800,000 $68,571 $1,026 7.21%
    $250k+ 46 $12,890,000 $280,217 $2,338 7.01%

    Indiana University Credit Union lent most frequently to those with incomes in the $100k-150k range, with 161 originations. The second most popular income band? $50k-75k, with 140 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 164 $21,230,000 $129,451 $1,088 7.19%
    30-36% 143 $21,615,000 $151,154 $1,423 7.12%
    <20% 57 $7,515,000 $131,842 $1,358 6.77%
    44% 24 $3,020,000 $125,833 $1,204 7.76%
    38% 24 $4,740,000 $197,500 $1,270 7.41%
    39% 24 $4,480,000 $186,667 $1,671 7.28%
    43% 23 $4,415,000 $191,957 $1,838 7.09%
    46% 22 $3,420,000 $155,455 $1,231 7.02%
    40% 21 $2,995,000 $142,619 $1,364 7.75%
    41% 21 $1,715,000 $81,667 $697 7.76%
    36% 21 $2,955,000 $140,714 $1,614 7.32%
    45% 20 $3,360,000 $168,000 $1,085 7.44%
    42% 19 $2,875,000 $151,316 $1,603 7.49%
    49% 19 $4,145,000 $218,158 $1,505 7.02%
    50-60% 19 $3,095,000 $162,895 $1,126 7.11%
    47% 17 $3,295,000 $193,824 $1,575 7.33%
    48% 16 $3,370,000 $210,625 $1,333 7.25%
    >60% 12 $1,130,000 $94,167 $0 7.08%
    37% 9 $1,155,000 $128,333 $1,326 7.22%

    Indiana University Credit Union lent most frequently to those with DTI ratios of 20-30%, with 164 originations. The next most common DTI ratio? 30-36%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 206 $85,890,000 $416,942 $0 6.73%
    White 579 $81,655,000 $141,028 $1,251 7.24%
    Not provided 48 $10,290,000 $214,375 $1,786 7.29%
    Asian 22 $3,830,000 $174,091 $1,352 6.64%
    Black 22 $3,820,000 $173,636 $1,906 7.06%
    Asian Indian 1 $325,000 $325,000 $1,878 6.75%
    Native Hawaiian or Islander 2 $320,000 $160,000 $1,779 7.19%
    American Indian 1 $205,000 $205,000 $1,985 7.50%
    Other Pacific Islander 1 $155,000 $155,000 $2,105 6.38%

    Approval Rates

    Total approvals of all applications
    83.65%

    Indiana University Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.01%

    Indiana University Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 882 $186,490,000 $211,440

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    882 $186,490,000 $211,440

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 173 $19,195,000 $110,954 $668 7.63%
    40-60% 107 $33,415,000 $312,290 $1,673 6.85%
    60-80% 254 $76,260,000 $300,236 $2,009 6.58%
    80-100% 133 $45,515,000 $342,218 $2,149 6.43%
    Under 20% 215 $12,105,000 $56,302 $187 7.84%