Educators Credit Union Mortgage Rates, Fees & Info

Mount Pleasant, WI

LEI: 549300FS35FQXZRU4Z45

Tax ID: 39-0555293

5 stars - out of 5 stars, based on 63 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Educators Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Educators Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Racine, Chicago, Whitewater, and Janesville among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Educators 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. Educators 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
    30 Year Conventional Purchase 6.17% 3/24/23
    30 Year Conventional Refi 5.98% 3/24/23
    30 Year Cash-out Refi 6.07% 3/24/23
    30 Year VA Purchase 6.47% 3/24/23
    15 Year Conventional Purchase 6.05% 3/24/23
    15 Year Conventional Refi 5.91% 3/24/23
    15 Year Cash-out Refi 5.91% 3/24/23
    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.


    Originations

    3,997

    Origination Dollar Volume (All Markets)

    $489,685,000
    Show all (10) awards

    Relative Rate

    Educators Credit Union's average 30 year fixed mortgage rate was 4.18%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.58%.

    Relative Fees (Closing Costs)

    Educators Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $1,621.

    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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1,927 $248,215,000 $128,809 $1,054 4.40%
    RACINE, WI (FHA|USDA|VA) 1,219 $132,755,000 $108,905 $964 4.43%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 421 $50,815,000 $120,701 $1,136 4.35%
    Whitewater, WI (FHA|USDA|VA) 133 $18,795,000 $141,316 $1,055 4.61%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 149 $15,135,000 $101,577 $964 4.47%
    Outside of Metro Areas 46 $8,820,000 $191,739 $1,616 4.45%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 18 $2,640,000 $146,667 $1,079 4.67%
    GREEN BAY, WI (FHA|USDA|VA) 11 $2,055,000 $186,818 $1,367 4.08%
    MADISON, WI (FHA|USDA|VA) 11 $1,695,000 $154,091 $1,372 4.33%
    ROCKFORD, IL (FHA|USDA|VA) 5 $1,115,000 $223,000 $2,783 3.88%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 7 $1,015,000 $145,000 $1,139 4.66%
    Beaver Dam, WI (FHA|USDA|VA) 8 $990,000 $123,750 $975 4.92%
    Marinette, WI-MI (FHA|USDA|VA) 7 $955,000 $136,429 $1,468 4.66%
    SHEBOYGAN, WI (FHA|USDA|VA) 7 $775,000 $110,714 $1,203 5.09%
    Manitowoc, WI (FHA|USDA|VA) 6 $730,000 $121,667 $938 4.30%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 3 $585,000 $195,000 $1,909 4.83%
    FOND DU LAC, WI (FHA|USDA|VA) 3 $495,000 $165,000 $1,726 4.79%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $475,000 $158,333 $1,490 3.83%
    APPLETON, WI (FHA|USDA|VA) 4 $370,000 $92,500 $1,280 4.35%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $295,000 $295,000 $2,289 5.25%
    Iron Mountain, MI-WI (FHA|USDA|VA) 2 $270,000 $135,000 $1,553 4.00%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $240,000 $120,000 $1,857 3.94%
    Platteville, WI (FHA|USDA|VA) 1 $215,000 $215,000 $1,435 5.63%
    Shawano, WI (FHA|USDA|VA) 2 $190,000 $95,000 $1,438 3.44%
    Stevens Point, WI (FHA|USDA|VA) 1 $45,000 $45,000 $101 3.40%
    Educators Credit Union's top markets include Milwaukee, Racine, Chicago, Whitewater, and Janesville among others.

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

    • Similar Lenders

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

    First Savings Bank of Hegewisch
    Similarity Rank: 30
    Liberty Bank for Savings
    Similarity Rank: 153
    SENB Bank
    Similarity Rank: 253
    DMB Community Bank
    Similarity Rank: 325
    NORTHWESTERN MUTUAL
    Similarity Rank: 469
    Starion Bank
    Similarity Rank: 550
    Mound City Bank
    Similarity Rank: 644
    Bank of Sun Prairie
    Similarity Rank: 660
    Monona Bank
    Similarity Rank: 793
    PyraMax Bank, FSB
    Similarity Rank: 825

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,033 $440,385,000 $145,198 $1,036 4.30%
    HELOC 958 $47,710,000 $49,802 n/a 4.78%
    VA 6 $1,590,000 $265,000 $7,099 6.00%

    For 2022, Educators Credit Union's most frequently originated type of loan was Conventional, with 3,033 originations. Their 2nd most popular type was HELOC, with 958 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,596 $66,270,000 $41,523 $192 4.82%
    Cash Out Refi 1,128 $165,220,000 $146,472 $1,190 4.03%
    Home Purchase 1,063 $224,205,000 $210,917 $1,625 4.42%
    Refi 210 $33,990,000 $161,857 $1,334 3.43%

    For 2022, Educators Credit Union's most frequently cited loan purpose was Other, with 1,596 originations. The 2nd most popular reason was Cash Out Refi, with 1,128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 1,671 $113,175,000 $67,729 $311 4.67%
    30 Year 1,413 $303,415,000 $214,731 $1,621 4.18%
    5 Year 345 $20,705,000 $60,014 $147 3.96%
    15 Year 329 $31,995,000 $97,249 $810 4.74%
    Other 141 $6,975,000 $49,468 $169 4.68%
    20 Year 78 $13,010,000 $166,795 $1,470 3.71%
    3 Year 20 $410,000 $20,500 $137 3.65%

    For 2022, Educators Credit Union's most frequently cited loan duration was 10 Year, with 1,671 originations. The 2nd most popular length was 30 Year, with 1,413 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,616 $380,800,000 $145,566
    $1k-2k 13 $3,875,000 $298,077
    $5k+ 3 $1,045,000 $348,333
    $2k-3k 1 $215,000 $215,000

    Educators Credit Union's average total fees were $1,621, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,616 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,477 $204,985,000 $138,785
    4-5% 968 $94,540,000 $97,665
    5-6% 683 $92,305,000 $135,146
    6-7% 319 $29,165,000 $91,426
    <2.5% 226 $38,630,000 $170,929
    2.5-3% 170 $24,100,000 $141,765
    7-8% 94 $3,690,000 $39,255
    Over 8% 60 $2,270,000 $37,833

    During 2022, Educators Credit Union's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 3-4%, with 1,477 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,243 $97,825,000 $43,613 $446 4.66%
    $100k-200k 973 $142,145,000 $146,089 $1,460 4.06%
    $200k-400k 641 $171,045,000 $266,841 $1,611 4.23%
    $400k-600k 99 $46,585,000 $470,556 $2,008 4.01%
    $600k-1MM 36 $26,190,000 $727,500 $1,856 3.64%
    $1MM+ 5 $5,895,000 $1,179,000 $2,713 4.08%

    2022 saw Educators Credit Union place emphasis on $100,000 or less loans with 2,243 originations, totaling $97,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 969 $118,835,000 $122,637 $987 4.44%
    $50k-75k 923 $96,345,000 $104,382 $1,079 4.44%
    $75k-100k 803 $90,835,000 $113,120 $1,052 4.48%
    $150k-250k 507 $76,175,000 $150,247 $971 4.49%
    $50k or less 492 $38,880,000 $79,024 $1,139 4.26%
    $250k+ 76 $19,070,000 $250,921 $1,210 4.35%

    Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 969 originations. The second most popular income band? $50k-75k, with 923 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 999 $110,935,000 $111,046 $1,010 4.22%
    30-36% 846 $105,360,000 $124,539 $1,133 4.42%
    <20% 304 $24,360,000 $80,132 $780 4.13%
    42% 300 $33,170,000 $110,567 $984 4.58%
    40% 204 $26,250,000 $128,676 $1,123 4.43%
    41% 192 $21,310,000 $110,990 $981 4.69%
    36% 178 $21,240,000 $119,326 $1,060 4.58%
    37% 175 $21,875,000 $125,000 $1,096 4.46%
    39% 171 $20,615,000 $120,556 $1,102 4.47%
    38% 168 $18,910,000 $112,560 $997 4.74%
    43% 81 $9,875,000 $121,914 $985 4.96%
    44% 32 $5,470,000 $170,938 $1,387 4.62%
    45% 22 $4,310,000 $195,909 $1,500 5.51%
    47% 19 $3,575,000 $188,158 $1,340 4.69%
    49% 17 $3,765,000 $221,471 $1,603 4.79%
    46% 16 $2,590,000 $161,875 $1,285 5.04%
    48% 15 $2,335,000 $155,667 $1,299 5.38%
    50-60% 6 $590,000 $98,333 $653 4.94%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 999 originations. The next most common DTI ratio? 30-36%, with 846 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,175 $374,455,000 $117,939 $1,041 4.40%
    Black 491 $49,955,000 $101,741 $1,080 4.62%
    Not applicable 220 $47,670,000 $216,682 $0 4.28%
    Asian 84 $15,120,000 $180,000 $1,196 4.48%
    American Indian 20 $1,720,000 $86,000 $1,012 4.27%
    Native Hawaiian or Islander 2 $390,000 $195,000 $1,415 3.75%
    Asian Indian 4 $340,000 $85,000 $401 4.41%
    Korean 1 $35,000 $35,000 $101 3.40%

    Approval Rates

    Total approvals of all applications
    87.47%

    Educators Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.61%

    Educators Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,997 $489,685,000 $122,513

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,997 $489,685,000 $122,513

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 647 $41,225,000 $63,717 $501 4.66%
    40-60% 376 $48,130,000 $128,005 $1,229 3.88%
    60-80% 771 $158,165,000 $205,143 $1,494 4.01%
    80-100% 876 $195,680,000 $223,379 $1,614 4.28%
    Over 100% 3 $805,000 $268,333 $7,983 6.00%
    Under 20% 1,324 $45,680,000 $34,502 $201 4.78%