Mct Credit Union Mortgage Rates, Fees & Info

Port Neches, TX

LEI: 549300GV8F4RLYWAB272

Tax ID: 74-1255147

5 stars - Updated: 12/16/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • 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

    Mct Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Mct Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Beaumont, Houston, and Austin among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mct 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. Mct Credit Union is typically an average 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.

    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 6.50% 12/16/24
    30 Year Conventional Refi 6.35% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 5.88% 12/16/24
    15 Year Conventional Refi 5.85% 12/16/24
    15 Year Cash-out Refi 5.85% 12/16/24
    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.

    Mct Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Mct 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

    179

    Origination Dollar Volume (All Markets)

    $27,515,000

    Awards

    MCT Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Mct Credit Union's average 30 year fixed mortgage rate was 6.52%.

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

    This yields a difference of 0.04%.

    Relative Fees (Closing Costs)

    Mct Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,398.

    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
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 156 $22,720,000 $145,641 $1,724 6.08%
    Outside of Metro Areas 15 $2,785,000 $185,667 $2,001 6.18%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,960,000 $326,667 $3,661 6.27%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $50,000 $25,000 $656 5.00%
    Mct Credit Union's top markets include Beaumont, Houston, and Austin among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MCT Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MCT Credit Union
    Similarity Rank: 56
    EDUCATION FIRST
    Similarity Rank: 63
    MOBILOIL
    Similarity Rank: 90
    DSLD MORTGAGE, LLC
    Similarity Rank: 126
    NECHES
    Similarity Rank: 186
    City Bank
    Similarity Rank: 2106
    Republic State Mortgage Co.
    Similarity Rank: 2508
    First Financial Bank
    Similarity Rank: 2795
    NAVY FEDERAL CREDIT UNION
    Similarity Rank: 3556
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 3632

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 179 $27,515,000 $153,715 $1,800 6.08%

    For 2023, Mct Credit Union's most frequently originated type of loan was Conventional, with 179 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 63 $5,375,000 $85,317 $788 5.49%
    Home Purchase 49 $10,635,000 $217,041 $4,974 6.89%
    Cash Out Refi 40 $6,200,000 $155,000 $1,221 6.06%
    Other 23 $1,805,000 $78,478 $713 5.67%
    Refi 4 $3,500,000 $875,000 $0 8.19%

    For 2023, Mct Credit Union's most frequently cited loan purpose was Home Improvement, with 63 originations. The 2nd most popular reason was Home Purchase, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 91 $9,965,000 $109,505 $919 5.70%
    30 Year 30 $7,690,000 $256,333 $5,398 6.52%
    5 Year 25 $7,055,000 $282,200 $1,018 7.77%
    10 Year 18 $1,240,000 $68,889 $667 5.13%
    15 Year 11 $1,235,000 $112,273 $1,345 5.35%
    Other 4 $330,000 $82,500 $0 7.31%

    For 2023, Mct Credit Union's most frequently cited loan duration was 20 Year, with 91 originations. The 2nd most popular length was 30 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 131 $15,255,000 $116,450
    $2k-3k 9 $1,735,000 $192,778
    $3k-4k 8 $2,350,000 $293,750
    $1k-2k 3 $325,000 $108,333
    $4k-5k 1 $365,000 $365,000
    $5k+ 1 $235,000 $235,000

    Mct Credit Union's average total fees were $5,398, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 94 $11,610,000 $123,511
    6-7% 40 $6,730,000 $168,250
    4-5% 16 $960,000 $60,000
    7-8% 15 $4,625,000 $308,333
    Over 8% 14 $3,590,000 $256,429

    During 2023, Mct Credit Union's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 5-6%, with 94 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 83 $5,125,000 $61,747 $794 5.98%
    $100k-200k 57 $7,925,000 $139,035 $1,419 5.84%
    $200k-400k 32 $8,450,000 $264,063 $4,824 6.54%
    $400k-600k 3 $1,325,000 $441,667 $3,631 6.33%
    $1MM+ 2 $3,310,000 $1,655,000 $0 8.25%
    $600k-1MM 2 $1,380,000 $690,000 $3,095 7.44%

    2023 saw Mct Credit Union place emphasis on $100,000 or less loans with 83 originations, totaling $5,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 49 $6,565,000 $133,980 $1,837 5.90%
    $150k-250k 46 $7,620,000 $165,652 $2,249 5.87%
    $75k-100k 29 $3,325,000 $114,655 $2,070 5.89%
    $50k-75k 20 $2,020,000 $101,000 $817 5.64%
    $50k or less 9 $725,000 $80,556 $1,127 5.60%
    $250k+ 4 $330,000 $82,500 $653 5.25%

    Mct Credit Union lent most frequently to those with incomes in the $100k-150k range, with 49 originations. The second most popular income band? $150k-250k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $6,045,000 $128,617 $1,870 5.81%
    30-36% 32 $4,240,000 $132,500 $1,865 5.89%
    <20% 15 $1,045,000 $69,667 $1,231 5.43%
    42% 12 $1,510,000 $125,833 $1,970 6.04%
    43% 10 $1,540,000 $154,000 $1,091 5.70%
    40% 7 $795,000 $113,571 $1,122 5.54%
    39% 6 $960,000 $160,000 $2,277 5.79%
    38% 5 $665,000 $133,000 $2,282 5.93%
    41% 5 $535,000 $107,000 $1,437 6.43%
    37% 5 $1,475,000 $295,000 $4,071 5.95%
    36% 5 $605,000 $121,000 $2,100 6.10%
    45% 4 $620,000 $155,000 $1,461 5.75%
    44% 3 $325,000 $108,333 $1,447 5.42%
    50-60% 1 $225,000 $225,000 $1,137 6.50%

    Mct Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 142 $18,430,000 $129,789 $1,785 5.81%
    Not applicable 22 $6,930,000 $315,000 $0 7.97%
    Not provided 10 $1,000,000 $100,000 $1,272 5.88%
    Asian 2 $740,000 $370,000 $6,023 5.75%
    American Indian 1 $285,000 $285,000 $2,711 6.00%
    Black 2 $130,000 $65,000 $815 6.13%

    Approval Rates

    Total approvals of all applications
    86.52%

    Mct Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.39%

    Mct Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 179 $27,515,000 $153,715

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    179 $27,515,000 $153,715

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $3,970,000 $90,227 $934 5.60%
    40-60% 21 $3,455,000 $164,524 $1,034 6.12%
    60-80% 54 $12,930,000 $239,444 $1,900 6.36%
    80-100% 28 $5,350,000 $191,071 $4,959 6.54%
    Under 20% 31 $1,715,000 $55,323 $787 5.78%