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 Cash Out Refi, 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 24 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% 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

    5,230

    Origination Dollar Volume (All Markets)

    $733,460,000
    Show all (10) 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) 2,400 $339,460,000 $141,442 $1,162 3.24%
    RACINE, WI (FHA|USDA|VA) 1,730 $231,410,000 $133,763 $1,400 3.15%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 568 $82,500,000 $145,246 $1,224 3.26%
    Whitewater, WI (FHA|USDA|VA) 180 $32,500,000 $180,556 $1,194 3.25%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 167 $19,085,000 $114,281 $1,133 3.21%
    Outside of Metro Areas 85 $14,155,000 $166,529 $1,635 2.77%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 14 $1,910,000 $136,429 $1,210 3.47%
    SHEBOYGAN, WI (FHA|USDA|VA) 14 $1,770,000 $126,429 $1,347 3.16%
    MADISON, WI (FHA|USDA|VA) 15 $1,715,000 $114,333 $1,245 3.35%
    GREEN BAY, WI (FHA|USDA|VA) 7 $1,405,000 $200,714 $1,894 2.68%
    Beaver Dam, WI (FHA|USDA|VA) 8 $1,340,000 $167,500 $1,651 3.01%
    Baraboo, WI (FHA|USDA|VA) 5 $975,000 $195,000 $1,868 3.00%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 8 $830,000 $103,750 $1,371 2.75%
    FOND DU LAC, WI (FHA|USDA|VA) 5 $625,000 $125,000 $1,602 2.92%
    ROCKFORD, IL (FHA|USDA|VA) 3 $565,000 $188,333 $1,635 2.92%
    Shawano, WI (FHA|USDA|VA) 2 $550,000 $275,000 $2,087 2.94%
    Manitowoc, WI (FHA|USDA|VA) 3 $465,000 $155,000 $1,150 4.05%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $370,000 $185,000 $2,799 4.00%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $350,000 $175,000 $1,476 3.06%
    APPLETON, WI (FHA|USDA|VA) 1 $315,000 $315,000 $1,515 3.25%
    Stevens Point, WI (FHA|USDA|VA) 2 $310,000 $155,000 $581 2.31%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 3 $305,000 $101,667 $1,685 2.96%
    Marinette, WI-MI (FHA|USDA|VA) 5 $295,000 $59,000 $1,567 3.00%
    Platteville, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,124 3.13%
    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: 45
    Liberty Bank for Savings
    Similarity Rank: 153
    SENB Bank
    Similarity Rank: 396
    DMB Community Bank
    Similarity Rank: 400
    Dane County Credit Union
    Similarity Rank: 531
    NORTHWESTERN MUTUAL
    Similarity Rank: 670
    Monona Bank
    Similarity Rank: 793
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 861
    Starion Bank
    Similarity Rank: 900
    Badger Bank
    Similarity Rank: 913

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,456 $698,270,000 $156,703 $1,265 3.07%
    HELOC 774 $35,190,000 $45,465 n/a 3.95%

    For 2021, Educators Credit Union's most frequently originated type of loan was Conventional, with 4,456 originations. Their 2nd most popular type was HELOC, with 774 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 2,232 $358,450,000 $160,596 $1,158 2.91%
    Refi 1,274 $173,910,000 $136,507 $961 3.17%
    Home Purchase 997 $174,395,000 $174,920 $1,757 3.16%
    Other 600 $22,640,000 $37,733 $4,387 4.12%
    Home Improvement 127 $4,065,000 $32,008 $151 4.56%

    For 2021, Educators Credit Union's most frequently cited loan purpose was Cash Out Refi, with 2,232 originations. The 2nd most popular reason was Refi, with 1,274 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,930 $383,710,000 $198,813 $1,577 3.02%
    10 Year 1,632 $115,910,000 $71,023 $446 3.62%
    15 Year 893 $122,925,000 $137,654 $1,165 2.81%
    20 Year 516 $86,800,000 $168,217 $1,195 2.80%
    5 Year 182 $14,450,000 $79,396 $3,381 3.93%
    Other 69 $8,845,000 $128,188 $188 4.52%
    3 Year 8 $820,000 $102,500 $156 3.81%

    For 2021, Educators Credit Union's most frequently cited loan duration was 30 Year, with 1,930 originations. The 2nd most popular length was 10 Year, with 1,632 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3,785 $644,805,000 $170,358
    $1k-2k 19 $4,555,000 $239,737
    $2k-3k 7 $1,505,000 $215,000
    $5k+ 5 $1,065,000 $213,000
    $3k-4k 3 $605,000 $201,667

    Educators Credit Union's average total fees were $1,577, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,785 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,895 $355,025,000 $187,348
    3-4% 1,521 $182,945,000 $120,279
    <2.5% 1,213 $170,195,000 $140,309
    4-5% 302 $15,490,000 $51,291
    5-6% 175 $5,525,000 $31,571
    6-7% 54 $1,630,000 $30,185
    Over 8% 36 $1,190,000 $33,056
    7-8% 34 $1,460,000 $42,941

    During 2021, Educators Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,895 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,110 $107,990,000 $51,180 $1,031 3.73%
    $100k-200k 1,960 $284,740,000 $145,276 $1,294 2.82%
    $200k-400k 1,042 $275,090,000 $264,002 $1,468 2.87%
    $400k-600k 95 $44,235,000 $465,632 $1,594 2.99%
    $600k-1MM 18 $12,780,000 $710,000 $1,878 2.90%
    $1MM+ 5 $8,625,000 $1,725,000 $2,080 3.53%

    2021 saw Educators Credit Union place emphasis on $100,000 or less loans with 2,110 originations, totaling $107,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,344 $157,910,000 $117,493 $1,203 3.12%
    $100k-150k 1,225 $194,075,000 $158,429 $1,166 3.26%
    $75k-100k 1,121 $152,875,000 $136,374 $1,161 3.19%
    $50k or less 757 $68,875,000 $90,984 $1,216 3.19%
    $150k-250k 550 $109,250,000 $198,636 $1,968 3.15%
    $250k+ 57 $15,165,000 $266,053 $1,252 2.97%

    Educators Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,344 originations. The second most popular income band? $100k-150k, with 1,225 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,142 $183,820,000 $160,963 $1,214 2.73%
    30-36% 878 $154,800,000 $176,310 $1,332 2.78%
    <20% 360 $52,160,000 $144,889 $1,099 2.68%
    41% 184 $35,200,000 $191,304 $1,344 2.79%
    42% 179 $29,515,000 $164,888 $1,360 2.79%
    39% 175 $32,605,000 $186,314 $1,328 2.82%
    40% 174 $30,850,000 $177,299 $1,352 2.83%
    38% 165 $29,855,000 $180,939 $1,484 2.80%
    36% 160 $28,780,000 $179,875 $1,355 2.81%
    37% 144 $26,870,000 $186,597 $1,362 2.78%
    43% 65 $13,115,000 $201,769 $1,443 2.83%
    44% 58 $10,100,000 $174,138 $1,464 2.88%
    45% 42 $8,210,000 $195,476 $1,554 2.95%
    46% 32 $6,070,000 $189,688 $1,495 2.90%
    48% 23 $3,845,000 $167,174 $1,471 2.97%
    47% 21 $4,065,000 $193,571 $1,499 2.90%
    49% 16 $2,880,000 $180,000 $1,521 2.88%
    50-60% 1 $115,000 $115,000 $1,685 3.38%

    Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,142 originations. The next most common DTI ratio? 30-36%, with 878 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,496 $634,440,000 $141,112 $1,274 3.15%
    Black 482 $49,340,000 $102,365 $1,179 3.49%
    Not applicable 138 $29,070,000 $210,652 $0 3.91%
    Asian 92 $17,880,000 $194,348 $1,348 3.07%
    American Indian 17 $2,055,000 $120,882 $861 3.41%
    Native Hawaiian or Islander 3 $625,000 $208,333 $1,847 3.08%
    Asian Indian 1 $35,000 $35,000 $351 3.90%
    Native Hawaiian 1 $15,000 $15,000 $0 5.38%

    Approval Rates

    Total approvals of all applications
    91.59%

    Educators Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    59.67%

    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 5,230 $733,460,000 $140,241

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,230 $733,460,000 $140,241

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 618 $43,510,000 $70,405 $713 3.53%
    40-60% 876 $116,560,000 $133,059 $1,072 2.75%
    60-80% 1,825 $336,805,000 $184,551 $1,272 2.85%
    80-100% 1,048 $209,290,000 $199,704 $1,598 2.99%
    Over 100% 2 $340,000 $170,000 $0 4.19%
    Under 20% 861 $26,955,000 $31,307 $1,378 4.42%