Educators Credit Union Mortgage Rates, Fees & Info

Mount Pleasant, WI

LEI: 549300FS35FQXZRU4Z45

Tax ID: 39-0555293

5 stars - Updated: 11/11/24 - out of 5 stars, based on 58 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

    Educators Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi 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 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
    30 Year Conventional Purchase 6.17% 11/11/24
    30 Year Conventional Refi 5.98% 11/11/24
    30 Year Cash-out Refi 6.07% 11/11/24
    30 Year VA Purchase 6.47% 11/11/24
    15 Year Conventional Purchase 6.05% 11/11/24
    15 Year Conventional Refi 5.91% 11/11/24
    15 Year Cash-out Refi 5.91% 11/11/24
    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.

    Educators Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Educators 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

    3,339

    Origination Dollar Volume (All Markets)

    $340,615,000
    Show all (14) awards

    Relative Rate

    Educators Credit Union's average 30 year fixed mortgage rate was 6.25%.

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

    This yields a difference of -0.23%.

    Relative Fees (Closing Costs)

    Educators Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $1,729.

    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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1,490 $156,150,000 $104,799 $796 6.83%
    RACINE, WI (FHA|USDA|VA) 1,015 $91,785,000 $90,429 $723 6.80%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 427 $42,235,000 $98,911 $854 6.97%
    Whitewater, WI (FHA|USDA|VA) 128 $13,870,000 $108,359 $716 6.73%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 145 $13,775,000 $95,000 $740 6.90%
    Outside of Metro Areas 35 $4,555,000 $130,143 $1,558 6.38%
    ROCKFORD, IL (FHA|USDA|VA) 8 $3,170,000 $396,250 $2,632 6.22%
    MADISON, WI (FHA|USDA|VA) 16 $2,450,000 $153,125 $1,276 6.61%
    FOND DU LAC, WI (FHA|USDA|VA) 10 $2,000,000 $200,000 $1,639 6.63%
    GREEN BAY, WI (FHA|USDA|VA) 9 $1,845,000 $205,000 $1,503 6.31%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 11 $1,495,000 $135,909 $1,299 6.80%
    APPLETON, WI (FHA|USDA|VA) 8 $1,450,000 $181,250 $1,864 6.77%
    SHEBOYGAN, WI (FHA|USDA|VA) 8 $1,390,000 $173,750 $1,217 6.72%
    Beaver Dam, WI (FHA|USDA|VA) 8 $1,330,000 $166,250 $976 7.33%
    Marinette, WI-MI (FHA|USDA|VA) 3 $535,000 $178,333 $1,792 6.54%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 3 $445,000 $148,333 $2,492 7.54%
    Stevens Point, WI (FHA|USDA|VA) 3 $445,000 $148,333 $1,634 6.79%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $350,000 $175,000 $451 7.26%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $305,000 $101,667 $1,395 7.50%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $285,000 $285,000 $2,623 6.75%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.99%
    Manitowoc, WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,089 6.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $185,000 $185,000 $2,335 7.13%
    Shawano, WI (FHA|USDA|VA) 2 $80,000 $40,000 $314 6.28%
    Baraboo, WI (FHA|USDA|VA) 1 $25,000 $25,000 $101 6.65%
    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.

    NORTHWESTERN MUTUAL
    Similarity Rank: 44
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Glacier Hills Credit Union
    Similarity Rank: 54
    National Exchange Bank and Trust
    Similarity Rank: 112
    First Community Credit Union
    Similarity Rank: 136
    Starion Bank
    Similarity Rank: 147
    Empower Credit Union
    Similarity Rank: 203
    PyraMax Bank, FSB
    Similarity Rank: 270
    Bank of Sun Prairie
    Similarity Rank: 270
    Heartland Credit Union (Madison)
    Similarity Rank: 270

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,573 $297,505,000 $115,626 $807 6.48%
    HELOC 763 $42,515,000 $55,721 n/a 8.01%
    VA 3 $595,000 $198,333 $1,460 6.58%

    For 2023, Educators Credit Union's most frequently originated type of loan was Conventional, with 2,573 originations. Their 2nd most popular type was HELOC, with 763 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,593 $66,775,000 $41,918 $210 7.05%
    Home Purchase 867 $173,935,000 $200,617 $1,734 6.45%
    Cash Out Refi 855 $96,925,000 $113,363 $785 6.82%
    Refi 24 $2,980,000 $124,167 $808 6.35%

    For 2023, Educators Credit Union's most frequently cited loan purpose was Other, with 1,593 originations. The 2nd most popular reason was Home Purchase, with 867 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 1,470 $98,090,000 $66,728 $292 7.40%
    30 Year 798 $180,550,000 $226,253 $1,729 6.25%
    5 Year 416 $22,930,000 $55,120 $153 5.89%
    15 Year 375 $26,945,000 $71,853 $517 7.41%
    Other 235 $7,965,000 $33,894 $173 6.15%
    3 Year 23 $395,000 $17,174 $164 5.48%
    20 Year 21 $3,285,000 $156,429 $1,491 6.51%
    30+ year 1 $455,000 $455,000 $2,454 6.00%

    For 2023, Educators Credit Union's most frequently cited loan duration was 10 Year, with 1,470 originations. The 2nd most popular length was 30 Year, with 798 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 896 $191,300,000 $213,504
    $2k-3k 10 $2,140,000 $214,000
    $3k-4k 4 $1,080,000 $270,000
    $1k-2k 3 $1,045,000 $348,333
    $4k-5k 3 $1,165,000 $388,333
    $5k+ 2 $590,000 $295,000

    Educators Credit Union's average total fees were $1,729, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 896 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 1,040 $144,530,000 $138,971
    7-8% 946 $76,930,000 $81,321
    5-6% 643 $86,575,000 $134,642
    Over 8% 446 $21,050,000 $47,197
    4-5% 210 $9,830,000 $46,810
    3-4% 50 $1,590,000 $31,800
    <2.5% 3 $55,000 $18,333
    2.5-3% 1 $55,000 $55,000

    During 2023, Educators Credit Union's average interest rate for loans was 6.25%, while their most frequently originated rate bucket for loans was 6-7%, with 1,040 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,261 $94,445,000 $41,771 $315 7.03%
    $100k-200k 568 $83,350,000 $146,743 $1,447 6.44%
    $200k-400k 433 $118,395,000 $273,430 $1,783 6.39%
    $400k-600k 58 $26,790,000 $461,897 $2,014 6.18%
    $600k-1MM 15 $11,085,000 $739,000 $2,393 6.43%
    $1MM+ 4 $6,550,000 $1,637,500 $3,157 5.88%

    2023 saw Educators Credit Union place emphasis on $100,000 or less loans with 2,261 originations, totaling $94,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 949 $88,835,000 $93,609 $748 6.92%
    $75k-100k 640 $55,530,000 $86,766 $814 6.84%
    $50k-75k 637 $48,005,000 $75,361 $829 6.76%
    $150k-250k 517 $65,745,000 $127,166 $768 6.88%
    $50k or less 268 $17,200,000 $64,179 $874 6.65%
    $250k+ 84 $20,780,000 $247,381 $1,248 6.72%

    Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 949 originations. The second most popular income band? $75k-100k, with 640 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 773 $66,675,000 $86,255 $722 6.65%
    30-36% 722 $66,960,000 $92,742 $808 6.84%
    <20% 262 $16,550,000 $63,168 $493 6.40%
    42% 250 $21,800,000 $87,200 $736 7.14%
    41% 203 $20,575,000 $101,355 $872 7.08%
    39% 158 $17,780,000 $112,532 $873 6.97%
    38% 153 $17,855,000 $116,699 $1,061 6.90%
    37% 148 $19,470,000 $131,554 $945 6.97%
    40% 143 $15,055,000 $105,280 $813 6.89%
    36% 133 $12,045,000 $90,564 $801 7.07%
    43% 57 $3,565,000 $62,544 $503 7.89%
    45% 14 $2,960,000 $211,429 $1,875 6.50%
    48% 14 $3,140,000 $224,286 $1,622 7.08%
    44% 12 $2,830,000 $235,833 $1,670 6.51%
    47% 11 $2,535,000 $230,455 $1,527 6.66%
    46% 10 $2,200,000 $220,000 $2,525 6.39%
    49% 10 $2,110,000 $211,000 $1,594 6.71%
    50-60% 6 $190,000 $31,667 $380 6.79%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 773 originations. The next most common DTI ratio? 30-36%, with 722 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,639 $251,255,000 $95,208 $790 6.80%
    Not applicable 244 $44,520,000 $182,459 $0 6.76%
    Black 365 $29,865,000 $81,822 $857 7.15%
    Asian 67 $13,135,000 $196,045 $1,263 6.64%
    American Indian 17 $1,325,000 $77,941 $624 6.77%
    Chinese 2 $300,000 $150,000 $351 6.07%
    Asian Indian 3 $135,000 $45,000 $101 6.71%
    Native Hawaiian 1 $55,000 $55,000 $101 4.40%
    Vietnamese 1 $25,000 $25,000 $101 9.40%

    Approval Rates

    Total approvals of all applications
    78.42%

    Educators Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.04%

    Educators Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,339 $340,615,000 $102,011

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,339 $340,615,000 $102,011

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 649 $43,755,000 $67,419 $392 7.15%
    40-60% 199 $24,025,000 $120,729 $1,165 6.66%
    60-80% 435 $88,365,000 $203,138 $1,560 6.50%
    80-100% 581 $133,935,000 $230,525 $1,727 6.28%
    Under 20% 1,474 $50,480,000 $34,247 $210 7.03%