Erie Federal Credit Union Mortgage Rates, Fees & Info

Erie, PA

LEI: 549300FL5GANFX0HMU45

Tax ID: 25-0970927

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

Jump to:

  • 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

    Erie Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Erie Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Erie, Sevierville, Meadville, Key West, and Pittsburgh among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Erie 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. Erie 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 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.

    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
    Home Equity Line of Credit (HELOC) 2.60% 4/28/24
    30 Year Conventional Purchase 6.65% 4/28/24
    30 Year Conventional Refi 6.65% 4/28/24
    30 Year Cash-out Refi 6.77% 4/28/24
    30 Year FHA Purchase 6.27% 4/28/24
    15 Year Conventional Purchase 5.43% 4/28/24
    15 Year Conventional Refi 5.77% 4/28/24
    15 Year Cash-out Refi 5.77% 4/28/24
    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.

    Erie 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 Erie 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

    476

    Origination Dollar Volume (All Markets)

    $42,930,000

    Awards

    ERIE FEDERAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (1) 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
    ERIE, PA (FHA|USDA|VA) 444 $35,540,000 $80,045 $961 3.94%
    Sevierville, TN (FHA|USDA|VA) 3 $3,465,000 $1,155,000 $0 4.70%
    Meadville, PA (FHA|USDA|VA) 22 $1,890,000 $85,909 $1,305 3.85%
    Key West, FL (FHA|USDA|VA) 1 $745,000 $745,000 $0 3.75%
    PITTSBURGH, PA (FHA|USDA|VA) 2 $440,000 $220,000 $0 5.40%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 4.90%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $245,000 $245,000 $3,456 4.73%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 5.19%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $145,000 $145,000 $3,824 4.98%
    Erie Federal Credit Union's top markets include Erie, Sevierville, Meadville, Key West, and Pittsburgh among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Similar Lenders

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

    Widget Federal Credit Union
    Similarity Rank: 80
    Marquette Savings Bank
    Similarity Rank: 119
    ERIE FEDERAL CREDIT UNION
    Similarity Rank: 126
    FIRST HERITAGE FINANCIAL, LLC
    Similarity Rank: 184
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 608
    CNB Bank
    Similarity Rank: 672
    HOWARD HANNA FINANCIAL SERVICES, INC.
    Similarity Rank: 1947
    SOUTHPOINT FINANCIAL SERVICES, INC.
    Similarity Rank: 2232
    TIDEWATER MORTGAGE SERVICES, INC.
    Similarity Rank: 2760
    First National Bank of Pennsylvania
    Similarity Rank: 2784

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 389 $37,605,000 $96,671 $994 4.36%
    HELOC 87 $5,325,000 $61,207 n/a 2.14%

    For 2022, Erie Federal Credit Union's most frequently originated type of loan was Conventional, with 389 originations. Their 2nd most popular type was HELOC, with 87 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 160 $15,930,000 $99,563 $325 3.66%
    Home Improvement 158 $6,580,000 $41,646 $13 3.74%
    Home Purchase 103 $17,015,000 $165,194 $3,868 4.71%
    Other 48 $2,510,000 $52,292 $8 4.09%
    Cash Out Refi 7 $895,000 $127,857 $3,227 3.37%

    For 2022, Erie Federal Credit Union's most frequently cited loan purpose was Refi, with 160 originations. The 2nd most popular reason was Home Improvement, with 158 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 156 $15,120,000 $96,923 $434 4.50%
    Other 92 $4,810,000 $52,283 $9 2.20%
    10 Year 91 $11,585,000 $127,308 $121 4.52%
    5 Year 71 $2,675,000 $37,676 $8 3.53%
    30 Year 61 $8,165,000 $133,852 $4,183 4.84%
    20 Year 5 $575,000 $115,000 $4,115 4.15%

    For 2022, Erie Federal Credit Union's most frequently cited loan duration was 15 Year, with 156 originations. The 2nd most popular length was Other, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 278 $17,360,000 $62,446
    $1k-2k 41 $4,485,000 $109,390
    $2k-3k 15 $2,565,000 $171,000
    $3k-4k 6 $1,240,000 $206,667
    $4k-5k 3 $805,000 $268,333

    Erie Federal Credit Union's average total fees were $4,183, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 278 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 124 $11,830,000 $95,403
    <2.5% 110 $6,920,000 $62,909
    4-5% 103 $9,425,000 $91,505
    5-6% 92 $11,830,000 $128,587
    2.5-3% 29 $1,725,000 $59,483
    6-7% 16 $1,060,000 $66,250
    7-8% 2 $140,000 $70,000

    During 2022, Erie Federal Credit Union's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 3-4%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 345 $15,775,000 $45,725 $432 3.85%
    $100k-200k 92 $12,420,000 $135,000 $2,103 4.04%
    $200k-400k 32 $8,370,000 $261,563 $3,983 4.69%
    $400k-600k 3 $1,555,000 $518,333 $7,590 4.64%
    $600k-1MM 3 $2,575,000 $858,333 $0 4.27%
    $1MM+ 1 $2,235,000 $2,235,000 $0 5.25%

    2022 saw Erie Federal Credit Union place emphasis on $100,000 or less loans with 345 originations, totaling $15,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 116 $8,950,000 $77,155 $1,076 3.89%
    $50k or less 113 $6,585,000 $58,274 $1,310 3.93%
    $100k-150k 89 $7,545,000 $84,775 $766 3.81%
    $75k-100k 82 $5,860,000 $71,463 $756 3.85%
    $150k-250k 27 $2,275,000 $84,259 $680 3.62%
    $250k+ 10 $3,290,000 $329,000 $0 4.54%

    Erie Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 116 originations. The second most popular income band? $50k or less, with 113 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 121 $7,795,000 $64,421 $791 3.56%
    30-36% 86 $6,160,000 $71,628 $1,007 4.02%
    <20% 45 $2,505,000 $55,667 $288 3.45%
    43% 17 $1,115,000 $65,588 $998 3.93%
    45% 16 $1,410,000 $88,125 $1,210 3.45%
    40% 16 $930,000 $58,125 $1,243 3.63%
    37% 15 $1,515,000 $101,000 $1,444 3.53%
    42% 14 $950,000 $67,857 $1,272 4.59%
    47% 13 $845,000 $65,000 $593 4.19%
    46% 13 $965,000 $74,231 $1,568 4.66%
    39% 13 $895,000 $68,846 $1,470 4.09%
    41% 11 $1,165,000 $105,909 $1,999 3.76%
    38% 11 $975,000 $88,636 $923 4.07%
    36% 10 $770,000 $77,000 $0 4.45%
    44% 10 $1,010,000 $101,000 $2,059 4.73%
    >60% 6 $810,000 $135,000 $0 3.54%
    50-60% 5 $305,000 $61,000 $1,169 4.01%
    48% 4 $590,000 $147,500 $4,427 4.50%
    49% 3 $375,000 $125,000 $5,511 4.19%

    Erie Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 417 $33,325,000 $79,916 $922 3.86%
    Not applicable 32 $7,050,000 $220,313 $0 5.07%
    Asian 6 $920,000 $153,333 $4,414 4.61%
    Black 16 $840,000 $52,500 $468 3.63%
    Not provided 5 $795,000 $159,000 $3,611 4.68%

    Approval Rates

    Total approvals of all applications
    75.32%

    Erie Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.98%

    Erie Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 476 $42,930,000 $90,189

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    476 $42,930,000 $90,189

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 115 $6,815,000 $59,261 $91 3.44%
    40-60% 59 $5,465,000 $92,627 $519 3.79%
    60-80% 95 $16,905,000 $177,947 $1,533 4.19%
    80-100% 72 $9,700,000 $134,722 $3,609 4.69%
    Under 20% 134 $4,020,000 $30,000 $7 3.89%