Indiana University Credit Union Mortgage Rates, Fees & Info

Bloomington, IN

LEI: 549300F175WFRUKLMG10

Tax ID: 35-0987917

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Cash Out Refi loans. Indiana University Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Indianapolis, Bedford, Fort Wayne, and Crawfordsville among others. We have data for 15 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 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.

    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% 4/18/24
    30 Year Conventional Purchase 6.63% 4/18/24
    30 Year Conventional Refi 6.70% 4/18/24
    30 Year Cash-out Refi 6.60% 4/18/24
    15 Year Conventional Purchase 6.17% 4/18/24
    15 Year Conventional Refi 6.49% 4/18/24
    15 Year Cash-out Refi 6.49% 4/18/24
    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

    696

    Origination Dollar Volume (All Markets)

    $104,640,000
    Show all (6) awards

    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) 552 $88,730,000 $160,743 $1,146 4.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 67 $8,995,000 $134,254 $1,381 4.57%
    Bedford, IN (FHA|USDA|VA) 24 $1,850,000 $77,083 $704 4.46%
    Outside of Metro Areas 19 $985,000 $51,842 $557 4.94%
    FORT WAYNE, IN (FHA|USDA|VA) 12 $670,000 $55,833 $706 4.45%
    Crawfordsville, IN (FHA|USDA|VA) 1 $555,000 $555,000 $0 4.75%
    LOUISVILLE, KY (FHA|USDA|VA) 3 $495,000 $165,000 $1,809 4.54%
    KOKOMO, IN (FHA|USDA|VA) 1 $465,000 $465,000 $0 4.75%
    COLUMBUS, IN (FHA|USDA|VA) 3 $415,000 $138,333 $1,708 4.37%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $405,000 $81,000 $597 4.62%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $270,000 $135,000 $1,550 3.88%
    Jasper, IN (FHA|USDA|VA) 1 $225,000 $225,000 $1,779 4.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $225,000 $225,000 $1,402 3.00%
    TERRE HAUTE, IN (FHA|USDA|VA) 4 $220,000 $55,000 $688 4.31%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.75%
    Indiana University Credit Union's top markets include Bloomington, Indianapolis, Bedford, Fort Wayne, and Crawfordsville among others.

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

    Greenfield Banking Company
    Similarity Rank: 255
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 495
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 589
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    The Farmers Bank, Frankfort, Indiana
    Similarity Rank: 814
    The National Bank of Indianapolis
    Similarity Rank: 1020
    Stock Yards Bank & Trust Company
    Similarity Rank: 1176
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 1278
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1482

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 696 $104,640,000 $150,345 $1,125 4.52%

    For 2018, Indiana University Credit Union's most frequently originated type of loan was Conventional, with 696 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 298 $59,270,000 $198,893 $1,912 4.26%
    Cash Out Refi 283 $32,965,000 $116,484 $553 4.72%
    Refi 112 $12,030,000 $107,411 $653 4.69%
    Other 2 $190,000 $95,000 $524 4.69%
    NA 1 $185,000 $185,000 $0 4.50%

    For 2018, Indiana University Credit Union's most frequently cited loan purpose was Home Purchase, with 298 originations. The 2nd most popular reason was Cash Out Refi, with 283 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 255 $49,505,000 $194,137 $1,931 4.10%
    15 Year 249 $29,065,000 $116,727 $519 4.81%
    10 Year 83 $4,345,000 $52,349 $276 4.86%
    Other 50 $17,590,000 $351,800 $1,779 4.84%
    5 Year 45 $1,485,000 $33,000 $197 4.24%
    20 Year 7 $1,055,000 $150,714 $1,932 4.14%
    30+ year 4 $1,440,000 $360,000 $5,561 3.88%
    1 Year 2 $120,000 $60,000 $0 6.00%
    3 Year 1 $35,000 $35,000 $0 6.50%

    For 2018, Indiana University Credit Union's most frequently cited loan duration was 30 Year, with 255 originations. The 2nd most popular length was 15 Year, with 249 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 559 $68,635,000 $122,782
    $1k-2k 30 $7,230,000 $241,000
    $2k-3k 2 $580,000 $290,000
    $3k-4k 1 $1,225,000 $1,225,000
    $5k+ 1 $815,000 $815,000

    Indiana University Credit Union's average total fees were $1,931, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 559 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 324 $55,830,000 $172,315
    3-4% 246 $37,770,000 $153,537
    5-6% 79 $7,735,000 $97,911
    6-7% 23 $775,000 $33,696
    2.5-3% 11 $2,145,000 $195,000
    Over 8% 7 $165,000 $23,571
    7-8% 6 $220,000 $36,667

    During 2018, Indiana University Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 4-5%, with 324 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 322 $16,780,000 $52,112 $479 4.86%
    $100k-200k 230 $33,140,000 $144,087 $1,446 4.26%
    $200k-400k 119 $32,095,000 $269,706 $2,028 4.09%
    $400k-600k 15 $6,985,000 $465,667 $2,164 4.16%
    $1MM+ 5 $11,785,000 $2,357,000 $5,763 4.73%
    $600k-1MM 5 $3,855,000 $771,000 $6,274 4.54%

    2018 saw Indiana University Credit Union place emphasis on $100,000 or less loans with 322 originations, totaling $16,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 177 $20,035,000 $113,192 $1,082 4.58%
    $50k or less 140 $11,970,000 $85,500 $898 4.45%
    $75k-100k 113 $14,805,000 $131,018 $1,093 4.58%
    $100k-150k 110 $16,510,000 $150,091 $1,320 4.42%
    $150k-250k 66 $13,380,000 $202,727 $1,335 4.30%
    $250k+ 17 $5,705,000 $335,588 $2,018 4.24%

    Indiana University Credit Union lent most frequently to those with incomes in the $50k-75k range, with 177 originations. The second most popular income band? $50k or less, with 140 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 179 $23,975,000 $133,939 $1,167 4.46%
    <20% 126 $14,310,000 $113,571 $1,112 4.32%
    30-36% 117 $14,065,000 $120,214 $1,045 4.64%
    36% 26 $2,560,000 $98,462 $919 4.63%
    39% 22 $3,260,000 $148,182 $1,116 4.23%
    38% 20 $2,490,000 $124,500 $926 5.05%
    50-60% 19 $1,905,000 $100,263 $878 4.89%
    40% 18 $3,490,000 $193,889 $1,403 4.20%
    >60% 17 $3,225,000 $189,706 $1,092 4.37%
    37% 16 $2,440,000 $152,500 $1,190 4.37%
    46% 15 $1,975,000 $131,667 $1,247 4.85%
    41% 15 $2,485,000 $165,667 $1,030 4.38%
    44% 11 $1,475,000 $134,091 $1,097 4.59%
    42% 9 $965,000 $107,222 $933 4.53%
    45% 9 $1,665,000 $185,000 $1,401 4.26%
    48% 5 $955,000 $191,000 $2,044 3.80%
    47% 4 $1,150,000 $287,500 $2,128 3.88%
    43% 4 $510,000 $127,500 $952 4.47%
    49% 1 $85,000 $85,000 $0 4.50%

    Indiana University Credit Union lent most frequently to those with DTI ratios of 20-30%, with 179 originations. The next most common DTI ratio? <20%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 529 $70,955,000 $134,130 $1,138 4.45%
    Not applicable 58 $20,380,000 $351,379 $0 4.92%
    Not provided 58 $6,150,000 $106,034 $815 4.85%
    Asian 23 $3,275,000 $142,391 $1,345 4.15%
    Black 19 $1,955,000 $102,895 $1,220 4.93%
    American Indian 4 $670,000 $167,500 $2,032 3.63%
    Chinese 2 $520,000 $260,000 $2,132 4.25%
    Asian Indian 1 $365,000 $365,000 $1,680 3.63%
    Other Asian 1 $265,000 $265,000 $1,729 3.63%
    Vietnamese 1 $105,000 $105,000 $0 4.90%

    Approval Rates

    Total approvals of all applications
    86.45%

    Indiana University Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.75%

    Indiana University Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 696 $104,640,000 $150,345

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $6,815,000 $619,545
    Single Family (1-4 Units):Manufactured 19 $1,195,000 $62,895
    Single Family (1-4 Units):Site-Built 666 $96,630,000 $145,090

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 106 $7,040,000 $66,415 $460 4.86%
    40-60% 113 $12,355,000 $109,336 $766 4.41%
    60-80% 244 $53,060,000 $217,459 $1,569 4.29%
    80-100% 139 $27,845,000 $200,324 $1,880 4.23%
    Under 20% 91 $3,745,000 $41,154 $239 5.32%