Beacon Credit Union Mortgage Rates, Fees & Info
WABASH, INLEI: 549300K0WZYZ4I41CZ29
Tax ID: 35-6025844
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Mortgage Data
Review & Overview
Beacon Credit Union is a smaller credit union specializing in Refi and Cash Out 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 39 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
908Origination Dollar Volume (All Markets)
$113,530,000Awards
BEACON CREDIT UNION - 2020
BEACON CREDIT UNION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 245 | $27,065,000 | $110,469 | $1,676 | 3.10% |
| Outside of Metro Areas | 98 | $11,290,000 | $115,204 | $1,682 | 3.27% |
| Peru, IN (FHA|USDA|VA) | 86 | $9,010,000 | $104,767 | $1,636 | 3.17% |
| Auburn, IN (FHA|USDA|VA) | 65 | $8,715,000 | $134,077 | $1,695 | 3.12% |
| Warsaw, IN (FHA|USDA|VA) | 53 | $8,235,000 | $155,377 | $1,669 | 3.06% |
| Logansport, IN (FHA|USDA|VA) | 79 | $7,865,000 | $99,557 | $1,616 | 3.13% |
| FORT WAYNE, IN (FHA|USDA|VA) | 42 | $6,420,000 | $152,857 | $1,697 | 3.02% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 29 | $5,655,000 | $195,000 | $1,856 | 2.97% |
| Marion, IN (FHA|USDA|VA) | 53 | $5,325,000 | $100,472 | $1,675 | 2.99% |
| Huntington, IN (FHA|USDA|VA) | 30 | $4,300,000 | $143,333 | $1,636 | 2.98% |
| Plymouth, IN (FHA|USDA|VA) | 27 | $3,625,000 | $134,259 | $1,705 | 3.13% |
| Seymour, IN (FHA|USDA|VA) | 14 | $2,730,000 | $195,000 | $1,927 | 3.08% |
| Madison, IN (FHA|USDA|VA) | 13 | $1,855,000 | $142,692 | $1,768 | 2.75% |
| Angola, IN (FHA|USDA|VA) | 9 | $1,345,000 | $149,444 | $1,852 | 2.99% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 11 | $1,245,000 | $113,182 | $1,523 | 3.18% |
| Kendallville, IN (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $1,941 | 3.15% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $1,749 | 3.17% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 4 | $700,000 | $175,000 | $1,772 | 3.00% |
| Vincennes, IN (FHA|USDA|VA) | 5 | $655,000 | $131,000 | $1,647 | 3.20% |
| MUNCIE, IN (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $1,982 | 2.55% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $1,793 | 2.81% |
| COLUMBUS, IN (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $2,102 | 3.21% |
| New Castle, IN (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $1,598 | 3.00% |
| Greensburg, IN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $1,636 | 3.13% |
| North Vernon, IN (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $1,809 | 3.54% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $1,861 | 2.88% |
| KOKOMO, IN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $1,453 | 3.81% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,221 | 2.50% |
| Washington, IN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $1,356 | 3.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $1,968 | 3.19% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,962 | 3.63% |
| Marion, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,916 | 2.88% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,077 | 3.50% |
| Scottsburg, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,102 | 2.50% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,599 | 2.25% |
| Jasper, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,055 | 2.63% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,386 | 2.88% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,466 | 3.38% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,191 | 3.00% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 796 | $108,350,000 | $136,118 | $1,692 | 2.93% |
| HELOC | 112 | $5,180,000 | $46,250 | n/a | 4.35% |
For 2020, Beacon Credit Union's most frequently originated type of loan was Conventional, with 796 originations. Their 2nd most popular type was HELOC, with 112 originations.
Loan Reason
For 2020, Beacon Credit Union's most frequently cited loan purpose was Refi, with 366 originations. The 2nd most popular reason was Cash Out Refi, with 337 originations.
Loan Duration/Length
For 2020, Beacon Credit Union's most frequently cited loan duration was 20 Year, with 259 originations. The 2nd most popular length was 30 Year, with 253 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 793 | $108,305,000 | $136,576 |
Beacon Credit Union's average total fees were $1,742, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 793 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 393 | $52,625,000 | $133,906 |
| 3-4% | 306 | $35,970,000 | $117,549 |
| <2.5% | 166 | $22,400,000 | $134,940 |
| 4-5% | 42 | $2,480,000 | $59,048 |
During 2020, Beacon Credit Union's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 2.5-3%, with 393 originations.
Loan Sizing
2020 saw Beacon Credit Union place emphasis on $100,000 or less loans with 413 originations, totaling $24,915,000 in origination value.
Applicant Income
Beacon Credit Union lent most frequently to those with incomes in the $50k-75k range, with 250 originations. The second most popular income band? $50k or less, with 227 originations.
Applicant Debt to Income Ratio
Beacon Credit Union lent most frequently to those with DTI ratios of 20-30%, with 298 originations. The next most common DTI ratio? <20%, with 234 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.42%
Beacon Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination63.33%
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 | 908 | $113,530,000 | $125,033 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 37 | $2,355,000 | $63,649 |
| Single Family (1-4 Units):Site-Built | 871 | $111,175,000 | $127,641 |