Educators Credit Union Mortgage Rates, Fees & Info

Mount Pleasant, WI

LEI: 549300FS35FQXZRU4Z45

Tax ID: 39-0555293

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

    Educators Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Educators Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Milwaukee, Racine, Chicago, Janesville, and Whitewater among others. We have data for 17 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.17% 4/19/24
    30 Year Conventional Refi 5.98% 4/19/24
    30 Year Cash-out Refi 6.07% 4/19/24
    30 Year VA Purchase 6.47% 4/19/24
    15 Year Conventional Purchase 6.05% 4/19/24
    15 Year Conventional Refi 5.91% 4/19/24
    15 Year Cash-out Refi 5.91% 4/19/24
    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

    2,569

    Origination Dollar Volume (All Markets)

    $232,065,000
    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
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1,107 $93,205,000 $84,196 $1,062 4.67%
    RACINE, WI (FHA|USDA|VA) 784 $66,090,000 $84,298 $1,098 5.61%
    Outside of Metro Areas 203 $31,945,000 $157,365 $1,087 4.72%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 277 $22,665,000 $81,823 $1,086 4.73%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 74 $7,130,000 $96,351 $977 4.54%
    Whitewater, WI (FHA|USDA|VA) 80 $5,740,000 $71,750 $1,016 4.56%
    MADISON, WI (FHA|USDA|VA) 12 $1,590,000 $132,500 $1,305 4.77%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 5 $715,000 $143,000 $968 5.08%
    Marinette, WI-MI (FHA|USDA|VA) 6 $630,000 $105,000 $1,190 4.40%
    FOND DU LAC, WI (FHA|USDA|VA) 4 $610,000 $152,500 $1,005 4.56%
    SHEBOYGAN, WI (FHA|USDA|VA) 5 $605,000 $121,000 $560 4.64%
    GREEN BAY, WI (FHA|USDA|VA) 4 $560,000 $140,000 $1,450 4.39%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $260,000 $130,000 $1,100 5.43%
    ROCKFORD, IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
    Beaver Dam, WI (FHA|USDA|VA) 2 $90,000 $45,000 $0 3.20%
    Baraboo, WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.49%
    Manitowoc, WI (FHA|USDA|VA) 2 $40,000 $20,000 $0 3.40%
    Educators Credit Union's top markets include Milwaukee, Racine, Chicago, Janesville, and Whitewater among others.

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

    AppleTree Credit Union
    Similarity Rank: 10
    NORTHWESTERN MUTUAL
    Similarity Rank: 12
    Bank of Milton
    Similarity Rank: 25
    UNITED
    Similarity Rank: 28
    First Community Credit Union
    Similarity Rank: 63
    Liberty Bank for Savings
    Similarity Rank: 104
    Kohler Credit Union
    Similarity Rank: 128
    Empower Credit Union
    Similarity Rank: 135
    United Community Bank
    Similarity Rank: 147
    State Bank of Cross Plains
    Similarity Rank: 207

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,081 $210,415,000 $101,112 $1,074 4.98%
    HELOC 484 $21,300,000 $44,008 n/a 4.91%
    FHA 2 $210,000 $105,000 $0 0.00%
    VA 2 $140,000 $70,000 $0 2.65%

    For 2018, Educators Credit Union's most frequently originated type of loan was Conventional, with 2,081 originations. Their 2nd most popular type was HELOC, with 484 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 799 $74,655,000 $93,436 $958 5.74%
    Cash Out Refi 649 $36,705,000 $56,556 $1,075 4.67%
    Home Purchase 589 $94,755,000 $160,874 $1,146 4.57%
    Other 334 $17,980,000 $53,832 $0 4.53%
    Home Improvement 194 $6,950,000 $35,825 $1,209 4.65%
    NA 4 $1,020,000 $255,000 $1,713 4.50%

    For 2018, Educators Credit Union's most frequently cited loan purpose was Refi, with 799 originations. The 2nd most popular reason was Cash Out Refi, with 649 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 897 $37,735,000 $42,068 $167 4.93%
    30 Year 513 $95,015,000 $185,214 $1,128 4.74%
    Other 447 $43,395,000 $97,081 $1,110 5.18%
    15 Year 309 $25,835,000 $83,608 $1,107 5.01%
    5 Year 226 $7,590,000 $33,584 $0 3.94%
    20 Year 153 $21,895,000 $143,105 $1,053 6.96%
    3 Year 24 $600,000 $25,000 $0 3.88%

    For 2018, Educators Credit Union's most frequently cited loan duration was 10 Year, with 897 originations. The 2nd most popular length was 30 Year, with 513 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 506 $89,290,000 $176,462
    $1k-2k 3 $665,000 $221,667

    Educators Credit Union's average total fees were $1,128, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 506 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,099 $121,675,000 $110,714
    3-4% 624 $51,330,000 $82,260
    5-6% 340 $12,800,000 $37,647
    6-7% 185 $6,955,000 $37,595
    7-8% 42 $1,480,000 $35,238
    2.5-3% 41 $4,455,000 $108,659
    <2.5% 13 $815,000 $62,692
    Over 8% 9 $275,000 $30,556

    During 2018, Educators Credit Union's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 1,099 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,762 $68,370,000 $38,802 $1,027 5.17%
    $100k-200k 530 $75,660,000 $142,755 $1,101 4.45%
    $200k-400k 239 $62,735,000 $262,490 $1,084 4.55%
    $400k-600k 26 $12,470,000 $479,615 $968 4.27%
    $600k-1MM 8 $6,380,000 $797,500 $753 4.17%
    $1MM+ 4 $6,450,000 $1,612,500 $0 4.00%

    2018 saw Educators Credit Union place emphasis on $100,000 or less loans with 1,762 originations, totaling $68,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 889 $42,965,000 $48,330 $1,093 4.76%
    $50k-75k 557 $50,065,000 $89,883 $1,072 5.36%
    $100k-150k 516 $58,870,000 $114,089 $1,084 4.58%
    $75k-100k 358 $39,490,000 $110,307 $1,063 5.77%
    $150k-250k 203 $28,225,000 $139,039 $1,082 4.63%
    $250k+ 43 $11,815,000 $274,767 $906 4.45%

    Educators Credit Union lent most frequently to those with incomes in the $50k or less range, with 889 originations. The second most popular income band? $50k-75k, with 557 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 318 $48,690,000 $153,113 $1,027 7.26%
    30-36% 204 $30,090,000 $147,500 $1,111 4.57%
    <20% 101 $16,355,000 $161,931 $982 4.36%
    38% 52 $6,280,000 $120,769 $1,149 4.58%
    41% 42 $5,150,000 $122,619 $1,173 4.64%
    37% 42 $5,330,000 $126,905 $1,038 4.38%
    42% 40 $5,620,000 $140,500 $1,177 4.51%
    39% 39 $5,295,000 $135,769 $1,146 4.63%
    50-60% 37 $3,215,000 $86,892 $1,098 4.26%
    36% 32 $4,070,000 $127,188 $1,162 4.27%
    40% 28 $3,130,000 $111,786 $1,055 4.55%
    43% 17 $2,645,000 $155,588 $1,105 4.38%
    46% 15 $1,955,000 $130,333 $1,019 4.54%
    45% 14 $1,610,000 $115,000 $971 4.72%
    47% 14 $2,230,000 $159,286 $969 4.59%
    49% 13 $1,605,000 $123,462 $1,192 4.65%
    44% 10 $1,460,000 $146,000 $1,125 4.43%
    48% 9 $655,000 $72,778 $1,175 4.36%
    >60% 2 $330,000 $165,000 $0 4.50%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 318 originations. The next most common DTI ratio? 30-36%, with 204 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,254 $208,870,000 $92,666 $1,073 4.98%
    Black 230 $14,630,000 $63,609 $1,104 4.94%
    Not provided 31 $3,805,000 $122,742 $993 4.42%
    Asian 17 $1,965,000 $115,588 $1,114 5.04%
    American Indian 23 $1,765,000 $76,739 $1,085 4.19%
    Asian Indian 9 $685,000 $76,111 $1,200 4.97%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 3.88%
    Not applicable 3 $135,000 $45,000 $0 5.45%
    Filipino 1 $55,000 $55,000 $0 3.65%

    Approval Rates

    Total approvals of all applications
    83.04%

    Educators Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.73%

    Educators Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,569 $232,065,000 $90,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $105,000 $105,000
    Single Family (1-4 Units):Site-Built 2,568 $231,960,000 $90,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 276 $15,100,000 $54,710 $777 6.41%
    40-60% 152 $15,540,000 $102,237 $1,004 4.44%
    60-80% 387 $57,115,000 $147,584 $1,027 4.37%
    80-100% 389 $67,925,000 $174,614 $1,138 4.52%
    Over 100% 120 $30,040,000 $250,333 $1,130 4.53%
    Under 20% 537 $15,005,000 $27,942 $543 5.67%