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 Cash Out Refi, Refi, and Home Purchase loans. Beacon Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Wabash, Peru, Warsaw, Auburn, and Fort Wayne among others. We have data for 36 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% | 4/28/24 |
| 30 Year Conventional Purchase | 6.55% | 4/28/24 |
| 30 Year Conventional Refi | 7.00% | 4/28/24 |
| 30 Year Cash-out Refi | 6.69% | 4/28/24 |
| 15 Year Conventional Purchase | 6.20% | 4/28/24 |
| 15 Year Conventional Refi | 6.45% | 4/28/24 |
| 15 Year Cash-out Refi | 6.45% | 4/28/24 |
| 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. | ||
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
599Origination Dollar Volume (All Markets)
$75,695,000Awards
BEACON CREDIT UNION - 2021
BEACON CREDIT UNION is a 2021 , due to their low .
For 2021, 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) | 118 | $15,190,000 | $128,729 | $2,003 | 2.95% |
| Outside of Metro Areas | 83 | $10,695,000 | $128,855 | $2,186 | 2.98% |
| Peru, IN (FHA|USDA|VA) | 72 | $7,480,000 | $103,889 | $2,058 | 2.95% |
| Warsaw, IN (FHA|USDA|VA) | 54 | $6,730,000 | $124,630 | $1,962 | 3.07% |
| Auburn, IN (FHA|USDA|VA) | 49 | $5,875,000 | $119,898 | $2,064 | 2.98% |
| FORT WAYNE, IN (FHA|USDA|VA) | 30 | $3,720,000 | $124,000 | $2,054 | 2.91% |
| Logansport, IN (FHA|USDA|VA) | 43 | $3,645,000 | $84,767 | $1,956 | 2.86% |
| Huntington, IN (FHA|USDA|VA) | 27 | $3,585,000 | $132,778 | $2,126 | 2.98% |
| Marion, IN (FHA|USDA|VA) | 26 | $3,290,000 | $126,538 | $2,125 | 2.93% |
| Plymouth, IN (FHA|USDA|VA) | 22 | $3,120,000 | $141,818 | $2,217 | 2.90% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 16 | $3,010,000 | $188,125 | $2,044 | 2.84% |
| Angola, IN (FHA|USDA|VA) | 9 | $1,405,000 | $156,111 | $1,930 | 2.90% |
| KOKOMO, IN (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $2,185 | 2.83% |
| Seymour, IN (FHA|USDA|VA) | 6 | $850,000 | $141,667 | $2,286 | 3.00% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 6 | $800,000 | $133,333 | $2,483 | 2.88% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 5 | $665,000 | $133,000 | $2,132 | 3.10% |
| LOUISVILLE, KY (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $2,402 | 2.81% |
| COLUMBUS, IN (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $2,574 | 2.69% |
| Vincennes, IN (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,391 | 2.88% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $1,890 | 2.81% |
| Bluffton, IN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,277 | 3.06% |
| Kendallville, IN (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $2,378 | 3.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,300 | 3.13% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,197 | 3.13% |
| Connersville, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,850 | 2.75% |
| Newport, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,606 | 2.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,980 | 2.88% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,320 | 3.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,904 | 2.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,936 | 2.88% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,435 | 2.75% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,994 | 2.63% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,724 | 2.75% |
| Richmond, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,775 | 2.38% |
| New Castle, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,953 | 3.00% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,226 | 2.75% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 521 | $71,235,000 | $136,727 | $2,078 | 2.79% |
| HELOC | 78 | $4,460,000 | $57,179 | n/a | 4.00% |
For 2021, Beacon Credit Union's most frequently originated type of loan was Conventional, with 521 originations. Their 2nd most popular type was HELOC, with 78 originations.
Loan Reason
For 2021, Beacon Credit Union's most frequently cited loan purpose was Cash Out Refi, with 244 originations. The 2nd most popular reason was Refi, with 153 originations.
Loan Duration/Length
For 2021, Beacon Credit Union's most frequently cited loan duration was 20 Year, with 192 originations. The 2nd most popular length was 30 Year, with 156 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 517 | $71,125,000 | $137,573 |
Beacon Credit Union's average total fees were $2,146, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 517 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 325 | $46,315,000 | $142,508 |
| 3-4% | 156 | $13,990,000 | $89,679 |
| <2.5% | 117 | $15,325,000 | $130,983 |
| 4-5% | 1 | $65,000 | $65,000 |
During 2021, Beacon Credit Union's average interest rate for loans was 2.89%, while their most frequently originated rate bucket for loans was 2.5-3%, with 325 originations.
Loan Sizing
2021 saw Beacon Credit Union place emphasis on $100k-200k loans with 255 originations, totaling $35,285,000 in origination value.
Applicant Income
Beacon Credit Union lent most frequently to those with incomes in the $50k-75k range, with 183 originations. The second most popular income band? $50k or less, with 152 originations.
Applicant Debt to Income Ratio
Beacon Credit Union lent most frequently to those with DTI ratios of 20-30%, with 225 originations. The next most common DTI ratio? <20%, with 138 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.26%
Beacon Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination87.48%
Beacon Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 599 | $75,695,000 | $126,369 |