Southwest Louisiana Credit Union Mortgage Rates, Fees & Info
Lake Charles, LALEI: 549300JFKW9425KOPI17
Tax ID: 72-0454922
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Mortgage Data
Review & Overview
Southwest Louisiana Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Southwest Louisiana Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lake Charles, Deridder, Jennings, and Lafayette among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Southwest Louisiana Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 4.11% | 12/16/24 |
| 30 Year Conventional Refi | 7.35% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.61% | 12/16/24 |
| 15 Year Cash-out Refi | 5.61% | 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. | ||
Southwest Louisiana Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
97Origination Dollar Volume (All Markets)
$9,875,000Top 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 |
|---|---|---|---|---|---|
| LAKE CHARLES, LA (FHA|USDA|VA) | 69 | $6,635,000 | $96,159 | $4,123 | 7.71% |
| DeRidder, LA (FHA|USDA|VA) | 18 | $2,350,000 | $130,556 | $3,668 | 6.53% |
| Jennings, LA (FHA|USDA|VA) | 4 | $440,000 | $110,000 | $3,370 | 6.90% |
| LAFAYETTE, LA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $3,307 | 6.87% |
| Outside of Metro Areas | 3 | $145,000 | $48,333 | $2,557 | 7.53% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 57 | $7,525,000 | $132,018 | $3,845 | 6.68% |
| HELOC | 39 | $2,075,000 | $53,205 | n/a | 8.57% |
| USDA | 1 | $275,000 | $275,000 | $4,916 | 6.70% |
For 2023, Southwest Louisiana Credit Union's most frequently originated type of loan was Conventional, with 57 originations. Their 2nd most popular type was HELOC, with 39 originations.
Loan Reason
For 2023, Southwest Louisiana Credit Union's most frequently cited loan purpose was Cash Out Refi, with 49 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
For 2023, Southwest Louisiana Credit Union's most frequently cited loan duration was 15 Year, with 53 originations. The 2nd most popular length was 20 Year, with 25 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 19 | $2,485,000 | $130,789 |
| $<1k | 14 | $810,000 | $57,857 |
| $2k-3k | 10 | $2,420,000 | $242,000 |
| $3k-4k | 3 | $1,085,000 | $361,667 |
Southwest Louisiana Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 30 | $1,880,000 | $62,667 |
| 7-8% | 26 | $1,970,000 | $75,769 |
| 5-6% | 25 | $4,315,000 | $172,600 |
| 6-7% | 15 | $1,695,000 | $113,000 |
During 2023, Southwest Louisiana Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 30 originations.
Loan Sizing
2023 saw Southwest Louisiana Credit Union place emphasis on $100,000 or less loans with 56 originations, totaling $2,770,000 in origination value.
Applicant Income
Southwest Louisiana Credit Union lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $50k-75k, with 19 originations.
Applicant Debt to Income Ratio
Southwest Louisiana Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 20 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 81 | $8,585,000 | $105,988 | $3,798 | 7.46% |
| Black | 16 | $1,290,000 | $80,625 | $4,212 | 7.24% |
Approval Rates
Total approvals of all applications64.63%
Southwest Louisiana Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination97.94%
Southwest Louisiana Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 97 | $9,875,000 | $101,804 |