Beacon Credit Union Mortgage Rates, Fees & Info

WABASH, IN

LEI: 549300K0WZYZ4I41CZ29

Tax ID: 35-6025844

5 stars - Updated: 11/17/24 - out of 5 stars, based on 19 reviews

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

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  • 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

    Beacon Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Beacon Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Wabash, Fort Wayne, Peru, Auburn, and Logansport among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Beacon 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. Beacon 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 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
    Home Equity Line of Credit (HELOC) 7.07% 11/17/24
    30 Year Conventional Purchase 6.55% 11/17/24
    30 Year Conventional Refi 7.00% 11/17/24
    30 Year Cash-out Refi 6.69% 11/17/24
    15 Year Conventional Purchase 6.20% 11/17/24
    15 Year Conventional Refi 6.45% 11/17/24
    15 Year Cash-out Refi 6.45% 11/17/24
    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.

    Beacon Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Beacon 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

    358

    Origination Dollar Volume (All Markets)

    $41,050,000
    Show all (5) awards

    Relative Rate

    Beacon Credit Union's average 30 year fixed mortgage rate was 6.51%.

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

    This yields a difference of 0.03%.

    Relative Fees (Closing Costs)

    Beacon Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,215.

    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
    Wabash, IN (FHA|USDA|VA) 73 $7,215,000 $98,836 $1,938 7.46%
    FORT WAYNE, IN (FHA|USDA|VA) 25 $4,655,000 $186,200 $2,265 7.01%
    Outside of Metro Areas 48 $4,590,000 $95,625 $2,246 7.71%
    Peru, IN (FHA|USDA|VA) 59 $4,575,000 $77,542 $2,036 7.64%
    Auburn, IN (FHA|USDA|VA) 27 $3,895,000 $144,259 $2,671 7.45%
    Logansport, IN (FHA|USDA|VA) 32 $2,640,000 $82,500 $2,050 7.40%
    Warsaw, IN (FHA|USDA|VA) 16 $1,900,000 $118,750 $1,826 7.44%
    Plymouth, IN (FHA|USDA|VA) 12 $1,840,000 $153,333 $2,418 7.42%
    Marion, IN (FHA|USDA|VA) 17 $1,785,000 $105,000 $1,876 7.29%
    Huntington, IN (FHA|USDA|VA) 9 $1,535,000 $170,556 $2,241 7.26%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $1,450,000 $241,667 $2,483 6.85%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $865,000 $288,333 $2,063 7.08%
    Seymour, IN (FHA|USDA|VA) 5 $805,000 $161,000 $2,145 7.68%
    Defiance, OH (FHA|USDA|VA) 2 $350,000 $175,000 $3,003 6.50%
    KOKOMO, IN (FHA|USDA|VA) 4 $330,000 $82,500 $1,922 7.44%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $310,000 $155,000 $2,934 6.81%
    Angola, IN (FHA|USDA|VA) 3 $295,000 $98,333 $1,976 7.13%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
    Jasper, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,564 6.75%
    Bluffton, IN (FHA|USDA|VA) 2 $220,000 $110,000 $1,344 8.75%
    MUNCIE, IN (FHA|USDA|VA) 2 $220,000 $110,000 $1,240 7.19%
    COLUMBUS, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,205 6.38%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,372 6.75%
    Washington, IN (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.25%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,596 6.88%
    Connersville, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.25%
    Holland, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
    Kendallville, IN (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.75%
    Decatur, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.75%
    Vincennes, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.00%
    Beacon Credit Union's top markets include Wabash, Fort Wayne, Peru, Auburn, and Logansport among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    Security Federal Savings Bank
    Similarity Rank: 36
    INTERRA CREDIT UNION
    Similarity Rank: 96
    Crossroads Bank
    Similarity Rank: 153
    ProFed Federal Credit Union
    Similarity Rank: 228
    Fire Police City County Federal Credit Union
    Similarity Rank: 336
    Mutual Savings Bank
    Similarity Rank: 460
    Greenfield Banking Company
    Similarity Rank: 581
    First Federal Bank of the Midwest
    Similarity Rank: 582
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 621
    BEACON CREDIT UNION
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 208 $31,680,000 $152,308 $2,126 6.78%
    HELOC 150 $9,370,000 $62,467 n/a 8.41%

    For 2023, Beacon Credit Union's most frequently originated type of loan was Conventional, with 208 originations. Their 2nd most popular type was HELOC, with 150 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 195 $14,575,000 $74,744 $1,824 7.93%
    Home Purchase 120 $23,090,000 $192,417 $2,296 6.63%
    Home Improvement 38 $2,700,000 $71,053 $2,199 7.85%
    Refi 5 $685,000 $137,000 $2,446 6.25%

    For 2023, Beacon Credit Union's most frequently cited loan purpose was Cash Out Refi, with 195 originations. The 2nd most popular reason was Home Purchase, with 120 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 170 $11,920,000 $70,118 $2,221 8.22%
    30 Year 128 $23,460,000 $183,281 $2,215 6.51%
    15 Year 45 $2,735,000 $60,778 $1,501 7.50%
    30+ year 6 $1,870,000 $311,667 $3,503 6.60%
    Other 5 $865,000 $173,000 $3,416 6.85%
    10 Year 4 $200,000 $50,000 $2,197 7.22%

    For 2023, Beacon Credit Union's most frequently cited loan duration was 20 Year, with 170 originations. The 2nd most popular length was 30 Year, with 128 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 206 $31,250,000 $151,699

    Beacon Credit Union's average total fees were $2,215, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 206 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 127 $8,015,000 $63,110
    6-7% 119 $21,085,000 $177,185
    7-8% 77 $6,635,000 $86,169
    5-6% 33 $4,885,000 $148,030

    During 2023, Beacon Credit Union's average interest rate for loans was 6.51%, while their most frequently originated rate bucket for loans was Over 8%, with 127 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 209 $11,435,000 $54,713 $1,789 7.87%
    $100k-200k 87 $12,095,000 $139,023 $2,195 7.11%
    $200k-400k 55 $13,895,000 $252,636 $2,448 6.58%
    $400k-600k 4 $1,700,000 $425,000 $2,953 6.91%
    $600k-1MM 3 $1,925,000 $641,667 $3,003 6.46%

    2023 saw Beacon Credit Union place emphasis on $100,000 or less loans with 209 originations, totaling $11,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 102 $9,050,000 $88,725 $2,042 7.49%
    $100k-150k 78 $10,250,000 $131,410 $2,161 7.62%
    $50k or less 76 $5,290,000 $69,605 $2,033 7.38%
    $75k-100k 66 $8,200,000 $124,242 $2,151 7.48%
    $150k-250k 27 $5,575,000 $206,481 $2,409 7.20%
    $250k+ 9 $2,685,000 $298,333 $2,243 7.28%

    Beacon Credit Union lent most frequently to those with incomes in the $50k-75k range, with 102 originations. The second most popular income band? $100k-150k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $10,770,000 $103,558 $2,092 7.35%
    30-36% 82 $9,800,000 $119,512 $2,099 7.57%
    <20% 58 $5,000,000 $86,207 $2,167 7.76%
    38% 18 $2,290,000 $127,222 $2,102 7.41%
    36% 18 $1,720,000 $95,556 $2,305 7.28%
    40% 17 $2,315,000 $136,176 $2,148 7.62%
    39% 15 $1,495,000 $99,667 $2,017 7.27%
    37% 13 $2,045,000 $157,308 $2,095 7.47%
    41% 8 $1,080,000 $135,000 $2,029 7.44%
    43% 7 $1,475,000 $210,714 $2,311 7.20%
    42% 6 $830,000 $138,333 $2,511 6.90%
    50-60% 4 $250,000 $62,500 $1,692 6.75%
    >60% 3 $305,000 $101,667 $0 8.50%
    46% 2 $610,000 $305,000 $2,595 6.25%
    44% 2 $390,000 $195,000 $2,157 7.44%
    49% 1 $675,000 $675,000 $2,783 6.50%

    Beacon Credit Union lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 340 $38,200,000 $112,353 $2,118 7.48%
    Not provided 10 $1,680,000 $168,000 $2,278 7.31%
    Asian 5 $1,005,000 $201,000 $2,331 6.88%
    Black 2 $100,000 $50,000 $1,671 7.44%
    American Indian 1 $65,000 $65,000 $2,187 8.25%

    Approval Rates

    Total approvals of all applications
    85.09%

    Beacon Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.20%

    Beacon Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 358 $41,050,000 $114,665

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    358 $41,050,000 $114,665

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $6,740,000 $66,078 $1,829 8.06%
    40-60% 50 $6,020,000 $120,400 $2,243 7.60%
    60-80% 78 $13,880,000 $177,949 $2,401 6.78%
    80-100% 62 $11,740,000 $189,355 $2,198 6.43%
    Under 20% 66 $2,670,000 $40,455 $1,163 8.20%