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. Their top markets by origination volume include: Milwaukee, Racine, Chicago, Whitewater, and Janesville among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Educators Credit Union has an above 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% 12/17/24
    30 Year Conventional Refi 5.98% 12/17/24
    30 Year Cash-out Refi 6.07% 12/17/24
    30 Year VA Purchase 6.47% 12/17/24
    15 Year Conventional Purchase 6.05% 12/17/24
    15 Year Conventional Refi 5.91% 12/17/24
    15 Year Cash-out Refi 5.91% 12/17/24
    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

    5,624

    Origination Dollar Volume (All Markets)

    $758,290,000
    Show all (8) 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) 2,560 $357,700,000 $139,727 $1,182 3.49%
    RACINE, WI (FHA|USDA|VA) 1,872 $239,540,000 $127,959 $1,174 3.47%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 631 $84,875,000 $134,509 $1,160 3.59%
    Whitewater, WI (FHA|USDA|VA) 188 $28,930,000 $153,883 $1,245 3.42%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 157 $16,935,000 $107,866 $1,165 3.49%
    Outside of Metro Areas 86 $11,890,000 $138,256 $1,385 3.26%
    MADISON, WI (FHA|USDA|VA) 25 $4,745,000 $189,800 $1,415 3.34%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 13 $2,045,000 $157,308 $1,080 3.21%
    SHEBOYGAN, WI (FHA|USDA|VA) 13 $1,895,000 $145,769 $1,043 3.63%
    Beaver Dam, WI (FHA|USDA|VA) 13 $1,415,000 $108,846 $1,245 3.78%
    GREEN BAY, WI (FHA|USDA|VA) 11 $1,355,000 $123,182 $1,314 3.56%
    FOND DU LAC, WI (FHA|USDA|VA) 12 $1,230,000 $102,500 $1,059 3.36%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 9 $1,175,000 $130,556 $984 3.62%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 4 $900,000 $225,000 $1,480 3.09%
    Shawano, WI (FHA|USDA|VA) 2 $430,000 $215,000 $1,425 2.63%
    APPLETON, WI (FHA|USDA|VA) 4 $410,000 $102,500 $1,717 3.65%
    ROCKFORD, IL (FHA|USDA|VA) 3 $395,000 $131,667 $1,331 2.88%
    Baraboo, WI (FHA|USDA|VA) 2 $360,000 $180,000 $1,674 3.19%
    Marinette, WI-MI (FHA|USDA|VA) 5 $355,000 $71,000 $1,406 2.88%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $330,000 $165,000 $1,809 3.06%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $300,000 $150,000 $1,495 3.19%
    Manitowoc, WI (FHA|USDA|VA) 3 $285,000 $95,000 $1,525 3.37%
    Stevens Point, WI (FHA|USDA|VA) 1 $285,000 $285,000 $1,420 3.00%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $220,000 $110,000 $1,633 3.13%
    Platteville, WI (FHA|USDA|VA) 3 $155,000 $51,667 $1,162 4.76%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,125 3.50%
    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.

    Liberty Bank for Savings
    Similarity Rank: 312
    Glenview State Bank
    Similarity Rank: 312
    Hometown Bank
    Similarity Rank: 360
    Empower Credit Union
    Similarity Rank: 459
    Royal Bank
    Similarity Rank: 468
    Starion Bank
    Similarity Rank: 546
    Westbury Bank
    Similarity Rank: 612
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    Fox Valley Savings Bank
    Similarity Rank: 952

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,821 $723,305,000 $150,032 $1,184 3.37%
    HELOC 803 $34,985,000 $43,568 n/a 4.18%

    For 2020, Educators Credit Union's most frequently originated type of loan was Conventional, with 4,821 originations. Their 2nd most popular type was HELOC, with 803 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 3,561 $530,465,000 $148,965 $1,152 3.26%
    Home Purchase 1,070 $172,770,000 $161,467 $1,493 3.42%
    Cash Out Refi 871 $51,085,000 $58,651 $556 4.30%
    Home Improvement 122 $3,970,000 $32,541 $223 4.93%

    For 2020, Educators Credit Union's most frequently cited loan purpose was Refi, with 3,561 originations. The 2nd most popular reason was Home Purchase, with 1,070 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,112 $394,240,000 $186,667 $1,468 3.30%
    10 Year 1,806 $126,530,000 $70,061 $592 3.80%
    15 Year 936 $128,730,000 $137,532 $1,209 3.22%
    20 Year 563 $98,815,000 $175,515 $1,336 3.15%
    5 Year 144 $7,200,000 $50,000 $184 4.61%
    Other 55 $2,505,000 $45,545 $217 5.28%
    3 Year 8 $270,000 $33,750 $160 4.32%

    For 2020, Educators Credit Union's most frequently cited loan duration was 30 Year, with 2,112 originations. The 2nd most popular length was 10 Year, with 1,806 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 4,689 $702,595,000 $149,839
    $1k-2k 17 $4,225,000 $248,529
    $5k+ 7 $1,925,000 $275,000
    $3k-4k 6 $1,610,000 $268,333
    $2k-3k 5 $1,165,000 $233,000

    Educators Credit Union's average total fees were $1,468, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4,689 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,787 $438,695,000 $157,408
    2.5-3% 1,566 $232,210,000 $148,282
    <2.5% 410 $54,180,000 $132,146
    4-5% 388 $17,460,000 $45,000
    5-6% 263 $7,955,000 $30,247
    6-7% 102 $3,940,000 $38,627
    7-8% 57 $1,985,000 $34,825
    Over 8% 51 $1,865,000 $36,569

    During 2020, Educators Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 2,787 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,271 $115,635,000 $50,918 $786 4.02%
    $100k-200k 2,149 $312,945,000 $145,624 $1,315 3.12%
    $200k-400k 1,134 $295,870,000 $260,908 $1,419 3.15%
    $400k-600k 66 $30,170,000 $457,121 $1,814 3.22%
    $600k-1MM 3 $2,415,000 $805,000 $2,155 3.30%
    $1MM+ 1 $1,255,000 $1,255,000 $1,275 2.63%

    2020 saw Educators Credit Union place emphasis on $100,000 or less loans with 2,271 originations, totaling $115,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,542 $244,980,000 $158,872 $1,206 3.48%
    $50k-75k 1,320 $144,320,000 $109,333 $1,149 3.46%
    $75k-100k 1,151 $149,095,000 $129,535 $1,159 3.52%
    $50k or less 725 $59,925,000 $82,655 $1,180 3.46%
    $150k-250k 676 $122,590,000 $181,346 $1,234 3.41%
    $250k+ 78 $19,100,000 $244,872 $1,393 3.47%

    Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,542 originations. The second most popular income band? $50k-75k, with 1,320 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,667 $232,945,000 $139,739 $1,201 3.33%
    30-36% 1,215 $163,135,000 $134,267 $1,173 3.50%
    <20% 765 $94,095,000 $123,000 $1,109 3.22%
    42% 253 $33,275,000 $131,522 $1,157 3.79%
    36% 217 $29,925,000 $137,903 $1,167 3.68%
    37% 217 $30,325,000 $139,747 $1,225 3.69%
    38% 213 $30,025,000 $140,962 $1,107 3.72%
    41% 202 $25,060,000 $124,059 $1,153 3.76%
    40% 198 $26,150,000 $132,071 $1,202 3.68%
    39% 192 $25,580,000 $133,229 $1,177 3.66%
    43% 107 $14,355,000 $134,159 $1,271 3.61%
    44% 73 $13,265,000 $181,712 $1,430 3.13%
    45% 41 $7,195,000 $175,488 $1,438 3.23%
    47% 31 $4,945,000 $159,516 $1,374 3.17%
    46% 28 $4,500,000 $160,714 $1,313 3.37%
    48% 26 $5,080,000 $195,385 $1,376 3.13%
    49% 14 $2,230,000 $159,286 $1,360 3.37%
    50-60% 4 $430,000 $107,500 $838 4.13%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,667 originations. The next most common DTI ratio? 30-36%, with 1,215 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,963 $677,275,000 $136,465 $1,179 3.46%
    Black 431 $47,055,000 $109,176 $1,230 3.68%
    Asian 100 $17,880,000 $178,800 $1,263 3.21%
    Not applicable 94 $11,240,000 $119,574 $0 4.25%
    American Indian 22 $3,400,000 $154,545 $1,060 4.03%
    Native Hawaiian or Islander 4 $590,000 $147,500 $1,075 3.13%
    Not provided 3 $475,000 $158,333 $1,459 3.00%
    Asian Indian 6 $350,000 $58,333 $431 4.31%
    Filipino 1 $25,000 $25,000 $123 3.40%

    Approval Rates

    Total approvals of all applications
    93.05%

    Educators Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    55.57%

    Educators Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,624 $758,290,000 $134,831

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $1,595,000 $319,000
    Single Family (1-4 Units):Manufactured 2 $280,000 $140,000
    Single Family (1-4 Units):Site-Built 5,617 $756,415,000 $134,665

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 632 $44,160,000 $69,873 $762 3.90%
    40-60% 857 $112,095,000 $130,799 $1,142 3.00%
    60-80% 1,944 $340,380,000 $175,093 $1,285 3.12%
    80-100% 1,281 $235,955,000 $184,196 $1,496 3.26%
    Over 100% 1 $85,000 $85,000 $0 5.56%
    Under 20% 907 $25,435,000 $28,043 $234 4.75%