Beacon Credit Union Mortgage Rates, Fees & Info

WABASH, IN

LEI: 549300K0WZYZ4I41CZ29

Tax ID: 35-6025844

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
  • 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, Home Purchase, and Refi loans. Beacon Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Wabash, Peru, Auburn, Warsaw, and Logansport among others. We have data for 26 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 7.07% 12/16/24
    30 Year Conventional Purchase 6.55% 12/16/24
    30 Year Conventional Refi 7.00% 12/16/24
    30 Year Cash-out Refi 6.69% 12/16/24
    15 Year Conventional Purchase 6.20% 12/16/24
    15 Year Conventional Refi 6.45% 12/16/24
    15 Year Cash-out Refi 6.45% 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.

    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

    462

    Origination Dollar Volume (All Markets)

    $46,830,000
    Show all (14) awards

    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) 126 $10,470,000 $83,095 $1,558 4.33%
    Outside of Metro Areas 56 $5,080,000 $90,714 $1,553 4.35%
    Peru, IN (FHA|USDA|VA) 54 $4,230,000 $78,333 $1,386 4.27%
    Auburn, IN (FHA|USDA|VA) 37 $3,595,000 $97,162 $1,501 4.26%
    Warsaw, IN (FHA|USDA|VA) 27 $3,515,000 $130,185 $1,600 4.65%
    Logansport, IN (FHA|USDA|VA) 29 $2,845,000 $98,103 $1,455 4.28%
    Marion, IN (FHA|USDA|VA) 25 $2,645,000 $105,800 $2,416 4.10%
    FORT WAYNE, IN (FHA|USDA|VA) 18 $2,330,000 $129,444 $1,793 4.28%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 12 $2,240,000 $186,667 $1,720 3.90%
    Plymouth, IN (FHA|USDA|VA) 18 $2,030,000 $112,778 $1,450 4.40%
    Seymour, IN (FHA|USDA|VA) 10 $1,730,000 $173,000 $1,776 3.94%
    Huntington, IN (FHA|USDA|VA) 19 $1,715,000 $90,263 $1,651 4.14%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 8 $970,000 $121,250 $1,765 4.08%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 5 $915,000 $183,000 $1,685 4.45%
    KOKOMO, IN (FHA|USDA|VA) 5 $505,000 $101,000 $1,468 3.90%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $395,000 $395,000 $2,641 3.50%
    MUNCIE, IN (FHA|USDA|VA) 2 $340,000 $170,000 $1,409 3.63%
    Angola, IN (FHA|USDA|VA) 2 $240,000 $120,000 $1,451 4.38%
    Coldwater, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,153 4.13%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,361 3.75%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $175,000 $175,000 $1,912 3.88%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,013 4.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,029 3.88%
    Van Wert, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,453 4.38%
    North Vernon, IN (FHA|USDA|VA) 1 $65,000 $65,000 $1,324 3.63%
    Hillsdale, MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,749 3.75%
    Beacon Credit Union's top markets include Wabash, Peru, Auburn, Warsaw, and Logansport among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Ohio (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: 45
    Fire Police City County Federal Credit Union
    Similarity Rank: 72
    INTERRA CREDIT UNION
    Similarity Rank: 414
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 434
    Hendricks County Bank and Trust Company
    Similarity Rank: 456
    Victory Community Bank
    Similarity Rank: 480
    BEACON CREDIT UNION
    Similarity Rank: 572
    ProFed Federal Credit Union
    Similarity Rank: 638
    MIDWEST AMERICA
    Similarity Rank: 700
    First Federal Bank of the Midwest
    Similarity Rank: 781

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 364 $42,780,000 $117,527 $1,612 3.92%
    HELOC 98 $4,050,000 $41,327 n/a 5.59%

    For 2019, Beacon Credit Union's most frequently originated type of loan was Conventional, with 364 originations. Their 2nd most popular type was HELOC, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 190 $16,210,000 $85,316 $1,728 4.52%
    Home Purchase 153 $17,605,000 $115,065 $1,587 3.93%
    Refi 91 $10,075,000 $110,714 $1,442 4.14%
    Home Improvement 21 $2,145,000 $102,143 $1,614 5.03%
    Other 7 $795,000 $113,571 $2,061 4.89%

    For 2019, Beacon Credit Union's most frequently cited loan purpose was Cash Out Refi, with 190 originations. The 2nd most popular reason was Home Purchase, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 182 $25,180,000 $138,352 $1,664 3.87%
    10 Year 136 $6,080,000 $44,706 $1,731 5.14%
    20 Year 84 $10,370,000 $123,452 $1,590 4.08%
    15 Year 57 $4,625,000 $81,140 $1,388 3.82%
    Other 3 $575,000 $191,667 $1,830 3.96%

    For 2019, Beacon Credit Union's most frequently cited loan duration was 30 Year, with 182 originations. The 2nd most popular length was 10 Year, with 136 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 360 $42,310,000 $117,528

    Beacon Credit Union's average total fees were $1,664, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 360 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 253 $31,375,000 $124,012
    4-5% 114 $11,600,000 $101,754
    5-6% 94 $3,770,000 $40,106

    During 2019, Beacon Credit Union's average interest rate for loans was 3.87%, while their most frequently originated rate bucket for loans was 3-4%, with 253 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 280 $15,150,000 $54,107 $1,507 4.49%
    $100k-200k 142 $19,600,000 $138,028 $1,547 3.98%
    $200k-400k 37 $10,105,000 $273,108 $2,324 3.82%
    $400k-600k 2 $980,000 $490,000 $1,893 3.69%
    $600k-1MM 1 $995,000 $995,000 $2,897 3.50%

    2019 saw Beacon Credit Union place emphasis on $100,000 or less loans with 280 originations, totaling $15,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 170 $12,500,000 $73,529 $1,473 4.15%
    $50k-75k 130 $13,250,000 $101,923 $1,695 4.30%
    $75k-100k 77 $8,945,000 $116,169 $1,583 4.41%
    $100k-150k 69 $9,155,000 $132,681 $1,828 4.39%
    $150k-250k 13 $2,325,000 $178,846 $1,762 4.31%
    $250k+ 2 $530,000 $265,000 $1,622 3.94%

    Beacon Credit Union lent most frequently to those with incomes in the $50k or less range, with 170 originations. The second most popular income band? $50k-75k, with 130 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 141 $12,805,000 $90,816 $1,510 4.28%
    30-36% 111 $12,465,000 $112,297 $1,799 4.21%
    <20% 104 $7,590,000 $72,981 $1,478 4.35%
    36% 22 $2,310,000 $105,000 $1,543 4.14%
    37% 19 $1,455,000 $76,579 $1,562 4.61%
    39% 12 $1,760,000 $146,667 $1,610 4.21%
    40% 11 $1,995,000 $181,364 $1,768 4.24%
    41% 7 $965,000 $137,857 $1,611 4.21%
    >60% 6 $1,140,000 $190,000 $1,897 4.19%
    38% 6 $380,000 $63,333 $1,522 4.73%
    42% 6 $900,000 $150,000 $1,735 3.94%
    45% 3 $595,000 $198,333 $1,924 3.92%
    47% 2 $240,000 $120,000 $1,426 3.63%
    44% 2 $160,000 $80,000 $1,326 4.50%
    50-60% 2 $290,000 $145,000 $2,425 4.81%
    49% 1 $145,000 $145,000 $1,846 3.88%
    46% 1 $995,000 $995,000 $2,897 3.50%
    43% 1 $55,000 $55,000 $1,224 4.38%

    Beacon Credit Union lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 448 $45,470,000 $101,496 $1,612 4.27%
    Not provided 8 $450,000 $56,250 $1,366 4.92%
    Not applicable 2 $350,000 $175,000 $1,790 3.75%
    American Indian 1 $225,000 $225,000 $1,566 3.88%
    Black 2 $190,000 $95,000 $1,611 4.13%
    Asian 1 $145,000 $145,000 $1,791 3.63%

    Approval Rates

    Total approvals of all applications
    83.91%

    Beacon Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.20%

    Beacon Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 462 $46,830,000 $101,364

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 18 $1,270,000 $70,556
    Single Family (1-4 Units):Site-Built 444 $45,560,000 $102,613

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $3,885,000 $56,304 $1,795 4.79%
    40-60% 67 $6,335,000 $94,552 $1,468 4.22%
    60-80% 148 $19,430,000 $131,284 $1,719 4.02%
    80-100% 123 $15,125,000 $122,967 $1,537 3.90%
    Over 100% 1 $265,000 $265,000 $2,641 3.50%
    Under 20% 53 $1,715,000 $32,358 $1,181 5.27%