Southwest Louisiana Credit Union Mortgage Rates, Fees & Info

Lake Charles, LA

LEI: 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 4.11% 3/28/24
30 Year Conventional Refi 7.35% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
15 Year Conventional Purchase 6.27% 3/28/24
15 Year Conventional Refi 5.61% 3/28/24
15 Year Cash-out Refi 5.61% 3/28/24
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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This is not an official calculator from Southwest Louisiana 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

97

Origination Dollar Volume (All Markets)

$9,875,000

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
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%
Southwest Louisiana Credit Union's top markets include Lake Charles, Deridder, Jennings, and Lafayette among others.

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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 49 $4,745,000 $96,837 $3,650 7.55%
    Other 22 $1,190,000 $54,091 $0 7.90%
    Refi 16 $2,860,000 $178,750 $4,518 6.71%
    Home Purchase 10 $1,080,000 $108,000 $3,648 6.93%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 53 $3,835,000 $72,358 $3,591 7.95%
    20 Year 25 $4,765,000 $190,600 $4,453 6.37%
    10 Year 9 $425,000 $47,222 $2,578 7.55%
    Other 7 $665,000 $95,000 $3,479 7.00%
    1 Year 1 $105,000 $105,000 $0 8.65%
    3 Year 1 $45,000 $45,000 $0 8.54%
    5 Year 1 $35,000 $35,000 $2,465 6.15%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 56 $2,770,000 $49,464 $2,700 8.03%
    $100k-200k 27 $3,395,000 $125,741 $3,819 6.87%
    $200k-400k 14 $3,710,000 $265,000 $5,286 6.13%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 32 $3,940,000 $123,125 $4,461 7.19%
    $50k-75k 19 $1,735,000 $91,316 $3,419 7.01%
    $75k-100k 19 $1,665,000 $87,632 $3,155 7.75%
    $150k-250k 13 $1,495,000 $115,000 $4,656 6.92%
    $50k or less 8 $350,000 $43,750 $2,737 8.56%
    $250k+ 1 $75,000 $75,000 $0 7.10%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $1,730,000 $86,500 $3,960 7.01%
    30-36% 20 $2,200,000 $110,000 $3,723 7.27%
    <20% 17 $1,305,000 $76,765 $3,309 7.59%
    45% 6 $690,000 $115,000 $3,530 6.98%
    44% 4 $190,000 $47,500 $2,789 9.06%
    41% 4 $730,000 $182,500 $5,657 7.29%
    40% 3 $155,000 $51,667 $0 9.47%
    36% 3 $185,000 $61,667 $3,292 6.85%
    37% 3 $305,000 $101,667 $4,505 7.37%
    42% 3 $805,000 $268,333 $5,217 6.62%
    43% 3 $95,000 $31,667 $2,482 7.25%
    39% 2 $210,000 $105,000 $3,222 6.48%
    38% 1 $85,000 $85,000 $0 8.95%
    46% 1 $275,000 $275,000 $4,916 6.70%

    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 applications
    64.63%

    Southwest Louisiana Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    97.94%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    97 $9,875,000 $101,804

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,475,000 $77,632 $3,666 7.14%
    40-60% 13 $1,555,000 $119,615 $3,756 7.08%
    60-80% 18 $2,010,000 $111,667 $3,558 6.97%
    80-100% 22 $3,990,000 $181,364 $4,599 7.04%
    Under 20% 23 $735,000 $31,957 $2,488 8.67%