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, 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 22 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% 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

    3,386

    Origination Dollar Volume (All Markets)

    $413,730,000
    Show all (12) 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) 1,524 $189,990,000 $124,665 $1,098 4.49%
    RACINE, WI (FHA|USDA|VA) 1,125 $128,375,000 $114,111 $1,114 4.62%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 369 $45,475,000 $123,238 $1,008 4.44%
    Whitewater, WI (FHA|USDA|VA) 125 $19,315,000 $154,520 $1,146 4.10%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 110 $10,600,000 $96,364 $1,243 4.62%
    Outside of Metro Areas 53 $7,625,000 $143,868 $1,005 3.47%
    MADISON, WI (FHA|USDA|VA) 19 $3,505,000 $184,474 $1,153 4.54%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 13 $2,365,000 $181,923 $1,181 4.03%
    FOND DU LAC, WI (FHA|USDA|VA) 9 $1,725,000 $191,667 $1,222 4.00%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 5 $915,000 $183,000 $1,165 3.74%
    Marinette, WI-MI (FHA|USDA|VA) 5 $445,000 $89,000 $0 3.63%
    Stevens Point, WI (FHA|USDA|VA) 2 $440,000 $220,000 $0 3.63%
    SHEBOYGAN, WI (FHA|USDA|VA) 2 $430,000 $215,000 $1,165 3.63%
    ROCKFORD, IL (FHA|USDA|VA) 4 $410,000 $102,500 $0 3.94%
    APPLETON, WI (FHA|USDA|VA) 3 $345,000 $115,000 $0 3.71%
    GREEN BAY, WI (FHA|USDA|VA) 3 $335,000 $111,667 $0 6.13%
    Manitowoc, WI (FHA|USDA|VA) 2 $320,000 $160,000 $1,210 3.63%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $320,000 $160,000 $0 4.62%
    Baraboo, WI (FHA|USDA|VA) 3 $255,000 $85,000 $0 5.06%
    Beaver Dam, WI (FHA|USDA|VA) 3 $225,000 $75,000 $0 4.76%
    Iron Mountain, MI-WI (FHA|USDA|VA) 4 $200,000 $50,000 $0 3.91%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.75%
    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.

    AppleTree Credit Union
    Similarity Rank: 8
    Liberty Bank for Savings
    Similarity Rank: 85
    NORTHWESTERN MUTUAL
    Similarity Rank: 117
    Empower Credit Union
    Similarity Rank: 144
    Fox River State Bank
    Similarity Rank: 306
    Dane County Credit Union
    Similarity Rank: 315
    Heartland Credit Union (Madison)
    Similarity Rank: 384
    First Community Credit Union
    Similarity Rank: 390
    Kohler Credit Union
    Similarity Rank: 418
    The Park Bank
    Similarity Rank: 425

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,835 $391,045,000 $137,935 $1,102 4.34%
    HELOC 551 $22,685,000 $41,171 n/a 5.26%

    For 2019, Educators Credit Union's most frequently originated type of loan was Conventional, with 2,835 originations. Their 2nd most popular type was HELOC, with 551 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,385 $160,535,000 $115,910 $1,028 4.52%
    Cash Out Refi 985 $88,565,000 $89,914 $1,152 4.81%
    Home Purchase 893 $151,625,000 $169,793 $1,163 4.05%
    Home Improvement 77 $4,915,000 $63,831 $1,755 5.23%
    NA 25 $2,245,000 $89,800 $0 4.36%
    Other 21 $5,845,000 $278,333 $1,597 3.96%

    For 2019, Educators Credit Union's most frequently cited loan purpose was Refi, with 1,385 originations. The 2nd most popular reason was Cash Out Refi, with 985 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,382 $256,950,000 $185,926 $1,194 3.99%
    10 Year 1,122 $57,160,000 $50,945 $487 5.19%
    15 Year 383 $47,565,000 $124,191 $1,132 4.13%
    20 Year 209 $38,455,000 $183,995 $1,134 4.05%
    5 Year 193 $7,425,000 $38,472 $0 4.87%
    Other 75 $4,475,000 $59,667 $1,149 5.51%
    3 Year 20 $1,300,000 $65,000 $0 4.17%
    30+ year 1 $315,000 $315,000 $0 3.63%
    1 Year 1 $85,000 $85,000 $161 3.00%

    For 2019, Educators Credit Union's most frequently cited loan duration was 30 Year, with 1,382 originations. The 2nd most popular length was 10 Year, with 1,122 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 542 $97,520,000 $179,926
    $3k-4k 1 $395,000 $395,000
    $5k+ 1 $305,000 $305,000

    Educators Credit Union's average total fees were $1,194, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 542 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,621 $290,165,000 $179,004
    4-5% 887 $67,645,000 $76,263
    6-7% 260 $9,000,000 $34,615
    5-6% 215 $8,905,000 $41,419
    2.5-3% 212 $29,830,000 $140,708
    7-8% 111 $3,945,000 $35,541
    Over 8% 80 $4,240,000 $53,000

    During 2019, Educators Credit Union's average interest rate for loans was 3.99%, while their most frequently originated rate bucket for loans was 3-4%, with 1,621 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,706 $75,450,000 $44,226 $923 5.07%
    $100k-200k 1,019 $147,755,000 $145,000 $1,095 3.84%
    $200k-400k 593 $155,665,000 $262,504 $1,225 3.97%
    $400k-600k 57 $26,215,000 $459,912 $1,160 4.49%
    $600k-1MM 9 $6,295,000 $699,444 $1,370 3.39%
    $1MM+ 2 $2,350,000 $1,175,000 $0 3.19%

    2019 saw Educators Credit Union place emphasis on $100,000 or less loans with 1,706 originations, totaling $75,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 893 $118,175,000 $132,335 $1,160 4.71%
    $50k-75k 797 $78,005,000 $97,873 $1,095 4.48%
    $75k-100k 706 $81,700,000 $115,722 $1,019 4.40%
    $50k or less 457 $35,385,000 $77,429 $1,082 4.35%
    $150k-250k 383 $72,775,000 $190,013 $1,137 4.29%
    $250k+ 58 $17,410,000 $300,172 $1,283 5.02%

    Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 893 originations. The second most popular income band? $50k-75k, with 797 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 712 $117,120,000 $164,494 $1,080 3.77%
    30-36% 459 $79,385,000 $172,952 $1,061 3.84%
    <20% 276 $44,340,000 $160,652 $1,089 4.09%
    38% 81 $16,905,000 $208,704 $1,325 3.60%
    42% 74 $13,550,000 $183,108 $1,256 3.57%
    39% 66 $13,190,000 $199,848 $1,077 3.69%
    40% 66 $12,270,000 $185,909 $1,098 3.57%
    37% 66 $12,200,000 $184,848 $1,185 3.62%
    36% 65 $10,695,000 $164,538 $1,054 3.56%
    41% 64 $10,850,000 $169,531 $1,161 3.58%
    44% 36 $6,910,000 $191,944 $1,251 3.72%
    43% 34 $6,230,000 $183,235 $1,127 3.57%
    45% 26 $4,490,000 $172,692 $1,132 3.51%
    46% 22 $4,010,000 $182,273 $1,148 3.81%
    47% 21 $3,545,000 $168,810 $1,096 3.67%
    48% 21 $4,205,000 $200,238 $1,123 7.22%
    49% 13 $2,115,000 $162,692 $1,136 3.62%
    50-60% 6 $1,190,000 $198,333 $0 3.76%
    >60% 5 $1,175,000 $235,000 $0 3.43%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 712 originations. The next most common DTI ratio? 30-36%, with 459 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,988 $368,970,000 $123,484 $1,104 4.50%
    Black 225 $20,225,000 $89,889 $1,094 4.62%
    Asian 68 $11,350,000 $166,912 $1,056 3.90%
    Not applicable 63 $6,395,000 $101,508 $0 4.58%
    Not provided 20 $4,260,000 $213,000 $1,180 3.53%
    American Indian 12 $1,630,000 $135,833 $830 3.66%
    Asian Indian 5 $535,000 $107,000 $0 4.34%
    Native Hawaiian or Islander 1 $235,000 $235,000 $1,135 3.13%
    Vietnamese 2 $90,000 $45,000 $0 6.40%
    Chinese 1 $35,000 $35,000 $0 4.74%
    Korean 1 $5,000 $5,000 $0 4.40%

    Approval Rates

    Total approvals of all applications
    84.06%

    Educators Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    70.94%

    Educators Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,386 $413,730,000 $122,188

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $990,000 $247,500
    Single Family (1-4 Units):Site-Built 3,382 $412,740,000 $122,040

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 505 $27,835,000 $55,119 $757 5.17%
    40-60% 296 $32,670,000 $110,372 $956 4.09%
    60-80% 984 $171,970,000 $174,766 $1,129 3.91%
    80-100% 864 $161,190,000 $186,563 $1,184 3.92%
    Under 20% 736 $20,040,000 $27,228 $161 5.63%