Veridian Credit Union Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300KER3YVZ3U5RK57

Tax ID: 42-1132695

5 stars - Updated: 6/9/24 - out of 5 stars, based on 78 reviews

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

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Mortgage Data

Review & Overview

Veridian Credit Union is a smaller credit union specializing in Home Purchase loans. Veridian Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Waterloo, Omaha, Cedar Rapids, and Sioux Falls among others. We have data for 62 markets. (Some data included below & more in-depth data is available with an active subscription.)

Veridian 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. Veridian 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) 6.27% 6/9/24
30 Year Conventional Purchase 6.48% 6/9/24
30 Year Conventional Refi 6.31% 6/9/24
30 Year Cash-out Refi 6.53% 6/9/24
30 Year VA Purchase 5.74% 6/9/24
30 Year VA Refi 5.65% 6/9/24
15 Year Conventional Purchase 5.71% 6/9/24
15 Year Conventional Refi 5.76% 6/9/24
15 Year Cash-out Refi 5.76% 6/9/24
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.

Veridian Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Veridian 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

6,112

Origination Dollar Volume (All Markets)

$749,730,000
Show all (18) awards

Relative Rate

Veridian Credit Union's average 30 year fixed mortgage rate was 6.48%.

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

This yields a difference of 0%.

Relative Fees (Closing Costs)

Veridian Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,208.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1,625 $191,995,000 $118,151 $1,424 7.25%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1,623 $162,945,000 $100,397 $1,374 7.14%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1,044 $158,620,000 $151,935 $1,933 7.15%
Outside of Metro Areas 711 $64,395,000 $90,570 $1,323 7.19%
CEDAR RAPIDS, IA (FHA|USDA|VA) 452 $46,290,000 $102,412 $1,297 7.24%
SIOUX FALLS, SD (FHA|USDA|VA) 3 $36,335,000 $12,111,667 $1,095 6.83%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 210 $30,400,000 $144,762 $1,202 8.14%
IOWA CITY, IA (FHA|USDA|VA) 79 $11,335,000 $143,481 $1,887 7.05%
AMES, IA (FHA|USDA|VA) 112 $11,250,000 $100,446 $1,466 7.28%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $4,510,000 $2,255,000 $0 8.13%
LINCOLN, NE (FHA|USDA|VA) 24 $4,370,000 $182,083 $1,327 6.80%
Pella, IA (FHA|USDA|VA) 22 $3,040,000 $138,182 $1,644 7.34%
Marshalltown, IA (FHA|USDA|VA) 34 $2,190,000 $64,412 $933 7.45%
DUBUQUE, IA (FHA|USDA|VA) 11 $1,875,000 $170,455 $1,207 6.49%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 11 $1,765,000 $160,455 $1,865 6.73%
Brainerd, MN (FHA|USDA|VA) 7 $1,725,000 $246,429 $5,533 7.71%
Mason City, IA (FHA|USDA|VA) 20 $1,530,000 $76,500 $1,160 7.55%
Fremont, NE (FHA|USDA|VA) 17 $1,475,000 $86,765 $1,086 7.26%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,035,000 $345,000 $5,422 6.75%
Muscatine, IA (FHA|USDA|VA) 8 $970,000 $121,250 $1,552 7.04%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 8 $630,000 $78,750 $139 8.17%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $620,000 $310,000 $1,802 6.31%
Fort Dodge, IA (FHA|USDA|VA) 4 $600,000 $150,000 $1,400 7.78%
Owatonna, MN (FHA|USDA|VA) 2 $580,000 $290,000 $3,285 6.75%
Burlington, IA-IL (FHA|USDA|VA) 7 $575,000 $82,143 $1,740 6.91%
GRAND ISLAND, NE (FHA|USDA|VA) 5 $495,000 $99,000 $935 7.02%
ROCHESTER, MN (FHA|USDA|VA) 3 $495,000 $165,000 $2,369 8.96%
Ottumwa, IA (FHA|USDA|VA) 6 $490,000 $81,667 $2,028 7.91%
MADISON, WI (FHA|USDA|VA) 2 $480,000 $240,000 $1,895 5.75%
Yankton, SD (FHA|USDA|VA) 1 $475,000 $475,000 $0 7.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $465,000 $155,000 $2,323 6.63%
Spirit Lake, IA (FHA|USDA|VA) 4 $440,000 $110,000 $120 7.38%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $400,000 $200,000 $1,830 6.50%
Kearney, NE (FHA|USDA|VA) 1 $335,000 $335,000 $1,894 6.13%
Red Wing, MN (FHA|USDA|VA) 1 $305,000 $305,000 $0 8.50%
Platteville, WI (FHA|USDA|VA) 2 $290,000 $145,000 $2,258 7.00%
Branson, MO (FHA|USDA|VA) 2 $270,000 $135,000 $2,082 7.81%
RAPID CITY, SD (FHA|USDA|VA) 1 $255,000 $255,000 $3,052 7.00%
RICHMOND, VA (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.75%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $250,000 $125,000 $0 8.50%
Storm Lake, IA (FHA|USDA|VA) 2 $250,000 $125,000 $1,091 7.68%
Clinton, IA (FHA|USDA|VA) 4 $240,000 $60,000 $1,189 7.90%
DULUTH, MN-WI (FHA|USDA|VA) 2 $240,000 $120,000 $2,347 6.81%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 7.50%
Oskaloosa, IA (FHA|USDA|VA) 5 $235,000 $47,000 $0 6.94%
ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $215,000 $215,000 $2,189 5.88%
Hannibal, MO (FHA|USDA|VA) 1 $205,000 $205,000 $1,584 6.13%
Hastings, NE (FHA|USDA|VA) 1 $205,000 $205,000 $1,706 6.25%
Stevens Point, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,196 6.75%
Carroll, IA (FHA|USDA|VA) 2 $170,000 $85,000 $906 7.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.25%
Alexandria, MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.25%
MANKATO, MN (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.00%
Spencer, IA (FHA|USDA|VA) 3 $85,000 $28,333 $232 8.78%
Fairfield, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.25%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.75%
Columbus, NE (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.25%
Grand Rapids, MN (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.75%
STOCKTON, CA (FHA|USDA|VA) 1 $35,000 $35,000 $1,925 7.25%
Norfolk, NE (FHA|USDA|VA) 2 $30,000 $15,000 $120 7.13%
New Ulm, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
Veridian Credit Union's top markets include Des Moines, Waterloo, Omaha, Cedar Rapids, and Sioux Falls among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,260 $540,710,000 $165,862 $1,345 6.89%
    HELOC 2,759 $180,035,000 $65,254 n/a 7.67%
    VA 93 $28,985,000 $311,667 $5,946 5.72%

    For 2023, Veridian Credit Union's most frequently originated type of loan was Conventional, with 3,260 originations. Their 2nd most popular type was HELOC, with 2,759 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,652 $523,360,000 $197,345 $1,847 6.74%
    Home Improvement 1,672 $89,720,000 $53,660 $222 7.57%
    Other 1,057 $58,765,000 $55,596 $195 7.74%
    Refi 478 $44,140,000 $92,343 $707 7.47%
    Cash Out Refi 253 $33,745,000 $133,379 $1,678 7.37%

    For 2023, Veridian Credit Union's most frequently cited loan purpose was Home Purchase, with 2,652 originations. The 2nd most popular reason was Home Improvement, with 1,672 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 2,838 $212,820,000 $74,989 $135 7.59%
    30 Year 1,999 $413,195,000 $206,701 $2,208 6.48%
    10 Year 550 $23,020,000 $41,855 $118 7.44%
    15 Year 403 $43,685,000 $108,400 $695 8.05%
    5 Year 179 $11,035,000 $61,648 $176 7.16%
    30+ year 78 $39,280,000 $503,590 $2,750 6.39%
    20 Year 50 $4,430,000 $88,600 $373 8.65%
    3 Year 13 $1,855,000 $142,692 $1,299 6.75%
    1 Year 2 $410,000 $205,000 $0 8.15%

    For 2023, Veridian Credit Union's most frequently cited loan duration was Other, with 2,838 originations. The 2nd most popular length was 30 Year, with 1,999 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,422 $446,260,000 $184,253
    $1k-2k 33 $11,275,000 $341,667
    $2k-3k 21 $6,355,000 $302,619
    $5k+ 17 $7,365,000 $433,235
    $3k-4k 15 $4,735,000 $315,667
    $4k-5k 15 $5,205,000 $347,000

    Veridian Credit Union's average total fees were $2,208, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,422 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 2,567 $324,265,000 $126,321
    7-8% 1,786 $157,720,000 $88,309
    Over 8% 1,133 $79,285,000 $69,978
    5-6% 590 $142,490,000 $241,508
    4-5% 30 $45,470,000 $1,515,667
    2.5-3% 3 $35,000 $11,667
    3-4% 3 $465,000 $155,000

    During 2023, Veridian Credit Union's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 2,567 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 3,821 $181,035,000 $47,379 $500 7.53%
    $100k-200k 1,191 $168,065,000 $141,113 $1,876 6.89%
    $200k-400k 883 $243,735,000 $276,031 $2,339 6.59%
    $400k-600k 169 $78,675,000 $465,533 $3,192 6.35%
    $600k-1MM 39 $27,905,000 $715,513 $3,525 6.11%
    $1MM+ 9 $50,315,000 $5,590,556 $5,326 6.78%

    2023 saw Veridian Credit Union place emphasis on $100,000 or less loans with 3,821 originations, totaling $181,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,556 $198,640,000 $127,661 $1,701 7.25%
    $50k-75k 1,321 $112,675,000 $85,295 $1,376 7.16%
    $75k-100k 1,091 $110,995,000 $101,737 $1,380 7.24%
    $150k-250k 1,002 $157,310,000 $156,996 $1,597 7.37%
    $50k or less 813 $54,075,000 $66,513 $1,271 7.02%
    $250k+ 268 $70,290,000 $262,276 $1,822 7.42%

    Veridian Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,556 originations. The second most popular income band? $50k-75k, with 1,321 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,492 $147,350,000 $98,760 $1,367 7.24%
    30-36% 1,280 $145,690,000 $113,820 $1,335 7.23%
    <20% 472 $41,760,000 $88,475 $1,324 7.08%
    40% 291 $32,545,000 $111,838 $1,377 7.25%
    41% 269 $28,535,000 $106,078 $1,179 7.39%
    37% 262 $30,790,000 $117,519 $1,459 7.27%
    42% 260 $33,200,000 $127,692 $1,427 7.19%
    44% 251 $30,715,000 $122,371 $1,525 7.24%
    43% 245 $29,455,000 $120,224 $1,418 7.22%
    39% 242 $25,420,000 $105,041 $1,362 7.28%
    36% 217 $25,135,000 $115,829 $1,281 7.36%
    38% 209 $23,045,000 $110,263 $1,328 7.31%
    45% 137 $18,135,000 $132,372 $1,683 7.18%
    50-60% 114 $21,630,000 $189,737 $3,200 7.41%
    49% 86 $16,000,000 $186,047 $2,051 6.88%
    46% 82 $18,960,000 $231,220 $2,733 6.97%
    48% 76 $15,350,000 $201,974 $2,086 6.84%
    47% 75 $15,215,000 $202,867 $2,241 6.88%
    >60% 32 $7,060,000 $220,625 $2,854 7.36%

    Veridian Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,492 originations. The next most common DTI ratio? 30-36%, with 1,280 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5,340 $584,860,000 $109,524 $1,414 7.26%
    Not provided 324 $52,930,000 $163,364 $1,841 6.93%
    Not applicable 15 $42,705,000 $2,847,000 $0 6.91%
    Asian 178 $36,060,000 $202,584 $2,210 6.84%
    Black 168 $16,950,000 $100,893 $1,271 7.25%
    Asian Indian 33 $10,075,000 $305,303 $2,205 6.61%
    American Indian 25 $2,725,000 $109,000 $1,146 7.06%
    Native Hawaiian or Islander 9 $1,075,000 $119,444 $7,281 6.75%
    Other Asian 4 $1,060,000 $265,000 $1,961 7.13%
    11 $585,000 $53,182 $148 7.64%
    Samoan 1 $245,000 $245,000 $6,433 5.63%
    Chinese 1 $205,000 $205,000 $1,375 6.63%
    Korean 1 $155,000 $155,000 $1,800 6.50%
    Vietnamese 1 $65,000 $65,000 $1,551 5.99%
    Filipino 1 $35,000 $35,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    89.66%

    Veridian Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.62%

    Veridian Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 6,112 $749,730,000 $122,665

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    6,112 $749,730,000 $122,665

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,494 $108,600,000 $72,691 $328 7.69%
    40-60% 389 $60,445,000 $155,386 $1,659 7.27%
    60-80% 860 $212,300,000 $246,860 $1,985 6.62%
    80-100% 1,189 $272,595,000 $229,264 $2,236 6.52%
    Over 100% 16 $5,920,000 $370,000 $13,315 5.62%
    Under 20% 2,162 $89,700,000 $41,489 $173 7.54%