Southwest Louisiana Credit Union Mortgage Rates, Fees & Info

Lake Charles, LA

LEI: 549300JFKW9425KOPI17

Tax ID: 72-0454922

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Southwest Louisiana Credit Union is a smaller credit union specializing in Cash Out Refi loans. Southwest Louisiana Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Lake Charles, Deridder, and Jennings among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Southwest Louisiana 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.

    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
    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






    Your Estimates

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

    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

    69

    Origination Dollar Volume (All Markets)

    $7,025,000

    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) 50 $4,390,000 $87,800 $2,946 4.60%
    DeRidder, LA (FHA|USDA|VA) 9 $1,295,000 $143,889 $3,321 4.56%
    Outside of Metro Areas 5 $695,000 $139,000 $2,789 4.58%
    Jennings, LA (FHA|USDA|VA) 5 $645,000 $129,000 $3,904 4.44%
    Southwest Louisiana Credit Union's top markets include Lake Charles, Deridder, and Jennings among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 68 $6,970,000 $102,500 $3,066 4.58%
    FHA 1 $55,000 $55,000 $2,148 4.50%

    For 2019, Southwest Louisiana Credit Union's most frequently originated type of loan was Conventional, with 68 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 53 $5,235,000 $98,774 $3,042 4.60%
    Home Purchase 11 $1,055,000 $95,909 $3,043 4.53%
    Refi 5 $735,000 $147,000 $3,189 4.47%

    For 2019, Southwest Louisiana Credit Union's most frequently cited loan purpose was Cash Out Refi, with 53 originations. The 2nd most popular reason was Home Purchase, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 22 $2,020,000 $91,818 $3,004 4.54%
    Other 20 $1,570,000 $78,500 $2,932 4.65%
    20 Year 16 $2,310,000 $144,375 $3,371 4.50%
    10 Year 9 $1,055,000 $117,222 $3,165 4.63%
    5 Year 2 $70,000 $35,000 $1,751 4.95%

    For 2019, Southwest Louisiana Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was Other, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 42 $2,650,000 $63,095
    $1k-2k 21 $2,965,000 $141,190
    $2k-3k 6 $1,410,000 $235,000

    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 bucket, with 42 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 65 $6,835,000 $105,154
    5-6% 4 $190,000 $47,500

    During 2019, Southwest Louisiana Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 41 $2,505,000 $61,098 $2,613 4.64%
    $100k-200k 22 $3,110,000 $141,364 $3,402 4.50%
    $200k-400k 6 $1,410,000 $235,000 $4,779 4.48%

    2019 saw Southwest Louisiana Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $2,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 20 $1,250,000 $62,500 $2,630 4.62%
    $75k-100k 20 $2,370,000 $118,500 $3,009 4.53%
    $50k-75k 17 $1,655,000 $97,353 $3,034 4.62%
    $100k-150k 10 $1,220,000 $122,000 $3,736 4.56%
    $150k-250k 2 $530,000 $265,000 $4,462 4.50%

    Southwest Louisiana Credit Union lent most frequently to those with incomes in the $50k or less range, with 20 originations. The second most popular income band? $75k-100k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $2,300,000 $104,545 $3,032 4.54%
    30-36% 15 $1,435,000 $95,667 $2,749 4.71%
    <20% 8 $490,000 $61,250 $2,490 4.55%
    37% 5 $515,000 $103,000 $2,911 4.72%
    45% 4 $380,000 $95,000 $4,088 4.53%
    39% 3 $305,000 $101,667 $3,614 4.57%
    42% 3 $435,000 $145,000 $3,315 4.50%
    41% 2 $270,000 $135,000 $3,288 4.50%
    44% 2 $160,000 $80,000 $2,716 4.58%
    36% 2 $270,000 $135,000 $3,272 4.45%
    43% 1 $45,000 $45,000 $2,069 4.45%

    Southwest Louisiana Credit Union lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 51 $5,165,000 $101,275 $2,979 4.58%
    Black 18 $1,860,000 $103,333 $3,263 4.60%

    Approval Rates

    Total approvals of all applications
    90.00%

    Southwest Louisiana Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.71%

    Southwest Louisiana Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 69 $7,025,000 $101,812

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 26 $2,370,000 $91,154
    Single Family (1-4 Units):Site-Built 43 $4,655,000 $108,256

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $270,000 $67,500 $2,708 4.80%
    40-60% 10 $740,000 $74,000 $3,051 4.59%
    60-80% 17 $1,885,000 $110,882 $3,236 4.52%
    80-100% 33 $3,935,000 $119,242 $3,168 4.51%
    Under 20% 5 $195,000 $39,000 $1,951 5.08%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SOUTHWEST FUNDING, LP FHA mortgage Closing on a mortgage 1 100.0%