Veridian Credit Union Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300KER3YVZ3U5RK57

Tax ID: 42-1132695

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

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  • 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

    Veridian Credit Union is a small credit union specializing in Home Purchase and Refi loans. Veridian Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Des Moines, Omaha, Waterloo, Cedar Rapids, and Iowa City among others. We have data for 59 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Veridian Credit Union has an above 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 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.

    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% 12/16/24
    30 Year Conventional Purchase 6.48% 12/16/24
    30 Year Conventional Refi 6.31% 12/16/24
    30 Year Cash-out Refi 6.53% 12/16/24
    30 Year VA Purchase 5.74% 12/16/24
    30 Year VA Refi 5.65% 12/16/24
    15 Year Conventional Purchase 5.71% 12/16/24
    15 Year Conventional Refi 5.76% 12/16/24
    15 Year Cash-out Refi 5.76% 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.

    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

    10,427

    Origination Dollar Volume (All Markets)

    $1,627,975,000
    Show all (19) 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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3,423 $599,955,000 $175,272 $1,467 3.53%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2,134 $405,860,000 $190,187 $1,740 3.42%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2,317 $277,425,000 $119,735 $1,386 3.65%
    Outside of Metro Areas 1,009 $110,715,000 $109,727 $1,327 3.78%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 813 $108,575,000 $133,549 $1,522 3.59%
    IOWA CITY, IA (FHA|USDA|VA) 209 $37,285,000 $178,397 $1,810 3.48%
    AMES, IA (FHA|USDA|VA) 173 $23,105,000 $133,555 $1,399 3.61%
    Kearney, NE (FHA|USDA|VA) 2 $15,030,000 $7,515,000 $0 3.54%
    LINCOLN, NE (FHA|USDA|VA) 49 $7,605,000 $155,204 $2,128 3.80%
    Mason City, IA (FHA|USDA|VA) 42 $6,360,000 $151,429 $1,453 3.75%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 28 $4,420,000 $157,857 $1,281 3.45%
    Pella, IA (FHA|USDA|VA) 31 $3,705,000 $119,516 $1,327 3.56%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $3,540,000 $354,000 $2,199 2.85%
    Marshalltown, IA (FHA|USDA|VA) 32 $2,750,000 $85,938 $1,195 4.03%
    DUBUQUE, IA (FHA|USDA|VA) 14 $1,780,000 $127,143 $1,383 3.88%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 17 $1,775,000 $104,412 $1,632 3.73%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,570,000 $261,667 $3,108 2.81%
    Spirit Lake, IA (FHA|USDA|VA) 4 $1,160,000 $290,000 $1,181 3.59%
    Muscatine, IA (FHA|USDA|VA) 8 $1,150,000 $143,750 $2,734 3.39%
    Oskaloosa, IA (FHA|USDA|VA) 10 $1,030,000 $103,000 $1,120 3.88%
    Brainerd, MN (FHA|USDA|VA) 4 $900,000 $225,000 $2,413 2.97%
    Fremont, NE (FHA|USDA|VA) 8 $770,000 $96,250 $1,061 3.75%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $695,000 $231,667 $1,418 3.25%
    Carroll, IA (FHA|USDA|VA) 7 $635,000 $90,714 $1,085 4.08%
    Burlington, IA-IL (FHA|USDA|VA) 6 $620,000 $103,333 $1,443 3.41%
    Fort Dodge, IA (FHA|USDA|VA) 10 $610,000 $61,000 $1,519 4.12%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $595,000 $198,333 $1,763 3.17%
    Columbus, NE (FHA|USDA|VA) 5 $575,000 $115,000 $975 4.45%
    Ottumwa, IA (FHA|USDA|VA) 10 $550,000 $55,000 $880 4.42%
    Poplar Bluff, MO (FHA|USDA|VA) 1 $515,000 $515,000 $3,076 4.50%
    MADISON, WI (FHA|USDA|VA) 2 $500,000 $250,000 $2,173 3.06%
    Spencer, IA (FHA|USDA|VA) 3 $425,000 $141,667 $1,644 3.04%
    Fairmont, MN (FHA|USDA|VA) 2 $420,000 $210,000 $1,919 3.25%
    Red Wing, MN (FHA|USDA|VA) 1 $375,000 $375,000 $2,780 2.25%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $360,000 $180,000 $1,789 2.50%
    Warrensburg, MO (FHA|USDA|VA) 1 $355,000 $355,000 $1,024 2.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $350,000 $175,000 $1,397 2.75%
    Hastings, NE (FHA|USDA|VA) 2 $320,000 $160,000 $1,679 3.25%
    Yankton, SD (FHA|USDA|VA) 1 $315,000 $315,000 $2,190 2.50%
    Branson, MO (FHA|USDA|VA) 1 $275,000 $275,000 $8,437 2.25%
    Menomonie, WI (FHA|USDA|VA) 1 $265,000 $265,000 $1,674 2.63%
    Rochelle, IL (FHA|USDA|VA) 1 $255,000 $255,000 $1,596 2.63%
    Clinton, IA (FHA|USDA|VA) 3 $255,000 $85,000 $731 4.24%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $255,000 $255,000 $1,587 2.25%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $225,000 $225,000 $1,460 2.25%
    Storm Lake, IA (FHA|USDA|VA) 2 $210,000 $105,000 $1,559 3.25%
    RAPID CITY, SD (FHA|USDA|VA) 1 $175,000 $175,000 $2,311 2.88%
    JEFFERSON CITY, MO (FHA|USDA|VA) 1 $165,000 $165,000 $1,293 2.25%
    Fairfield, IA (FHA|USDA|VA) 1 $155,000 $155,000 $1,161 2.63%
    Beatrice, NE (FHA|USDA|VA) 1 $155,000 $155,000 $2,063 2.88%
    Fergus Falls, MN (FHA|USDA|VA) 1 $145,000 $145,000 $1,873 2.63%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $125,000 $125,000 $1,711 2.88%
    Platteville, WI (FHA|USDA|VA) 1 $125,000 $125,000 $1,612 3.25%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $105,000 $105,000 $1,245 2.88%
    MANKATO, MN (FHA|USDA|VA) 1 $105,000 $105,000 $1,925 3.38%
    Norfolk, NE (FHA|USDA|VA) 1 $95,000 $95,000 $1,461 3.00%
    GRAND ISLAND, NE (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.35%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $75,000 $75,000 $2,308 3.75%
    Baraboo, WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,469 2.75%
    Veridian Credit Union's top markets include Des Moines, Omaha, Waterloo, Cedar Rapids, and Iowa City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (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.

    U.S. HOME MORTGAGE, INC.
    Similarity Rank: 154
    FINANCIAL PLUS Credit Union
    Similarity Rank: 172
    CREIGHTON FEDERAL CREDIT UNION
    Similarity Rank: 207
    KELLOGG MIDWEST FEDERAL CREDIT UNION
    Similarity Rank: 252
    CBI Bank & Trust
    Similarity Rank: 264
    GREATER IOWA CREDIT UNION
    Similarity Rank: 276
    MUTUAL FIRST
    Similarity Rank: 288
    Fidelity Bank
    Similarity Rank: 387
    Hills Bank and Trust Company
    Similarity Rank: 390
    Fidelity Bank & Trust
    Similarity Rank: 400

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,526 $1,413,990,000 $187,881 $1,397 3.33%
    HELOC 2,579 $136,525,000 $52,937 n/a 4.38%
    VA 310 $75,410,000 $243,258 $4,027 2.58%
    USDA 12 $2,050,000 $170,833 $3,426 2.77%

    For 2020, Veridian Credit Union's most frequently originated type of loan was Conventional, with 7,526 originations. Their 2nd most popular type was HELOC, with 2,579 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,547 $652,095,000 $183,844 $1,736 3.39%
    Refi 2,642 $563,920,000 $213,444 $1,464 3.02%
    Other 1,949 $146,345,000 $75,087 $762 4.25%
    Home Improvement 1,263 $53,865,000 $42,648 $236 4.48%
    Cash Out Refi 1,026 $211,750,000 $206,384 $1,793 3.17%

    For 2020, Veridian Credit Union's most frequently cited loan purpose was Home Purchase, with 3,547 originations. The 2nd most popular reason was Refi, with 2,642 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,760 $943,920,000 $198,303 $1,834 3.14%
    Other 2,646 $223,170,000 $84,342 $944 4.33%
    15 Year 1,729 $299,685,000 $173,329 $1,471 3.02%
    10 Year 845 $80,595,000 $95,379 $206 4.65%
    5 Year 227 $28,865,000 $127,159 $101 4.03%
    20 Year 172 $37,040,000 $215,349 $1,511 3.10%
    30+ year 40 $14,210,000 $355,250 $2,323 3.76%
    1 Year 5 $255,000 $51,000 $0 4.21%
    3 Year 3 $235,000 $78,333 $1,571 2.88%

    For 2020, Veridian Credit Union's most frequently cited loan duration was 30 Year, with 4,760 originations. The 2nd most popular length was Other, with 2,646 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 7,446 $1,289,260,000 $173,148
    $1k-2k 80 $20,550,000 $256,875
    $2k-3k 17 $3,645,000 $214,412
    $3k-4k 7 $2,185,000 $312,143
    $4k-5k 5 $1,365,000 $273,000

    Veridian Credit Union's average total fees were $1,834, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7,446 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 4,096 $617,040,000 $150,645
    2.5-3% 2,606 $539,180,000 $206,899
    <2.5% 1,362 $312,390,000 $229,361
    4-5% 1,130 $105,810,000 $93,637
    5-6% 781 $31,875,000 $40,813
    6-7% 452 $21,680,000 $47,965

    During 2020, Veridian Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 4,096 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 4,383 $209,485,000 $47,795 $718 4.32%
    $100k-200k 3,116 $465,550,000 $149,406 $1,651 3.14%
    $200k-400k 2,685 $714,405,000 $266,073 $1,854 2.89%
    $400k-600k 220 $99,220,000 $451,000 $2,479 2.85%
    $1MM+ 13 $131,465,000 $10,112,692 $0 3.80%
    $600k-1MM 10 $7,850,000 $785,000 $2,404 3.29%

    2020 saw Veridian Credit Union place emphasis on $100,000 or less loans with 4,383 originations, totaling $209,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 2,559 $434,285,000 $169,709 $1,583 3.52%
    $50k-75k 2,264 $268,010,000 $118,379 $1,473 3.58%
    $75k-100k 2,034 $293,200,000 $144,149 $1,527 3.55%
    $50k or less 1,875 $158,065,000 $84,301 $1,327 3.70%
    $150k-250k 1,381 $274,535,000 $198,794 $1,644 3.50%
    $250k+ 238 $60,960,000 $256,134 $1,703 3.30%

    Veridian Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2,559 originations. The second most popular income band? $50k-75k, with 2,264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,939 $446,155,000 $151,805 $1,492 3.40%
    30-36% 2,144 $303,100,000 $141,371 $1,498 3.64%
    <20% 1,183 $187,755,000 $158,711 $1,456 3.16%
    37% 363 $50,425,000 $138,912 $1,497 3.67%
    38% 359 $45,355,000 $126,337 $1,400 3.81%
    39% 359 $46,915,000 $130,682 $1,453 3.78%
    41% 350 $47,890,000 $136,829 $1,489 3.79%
    42% 349 $44,005,000 $126,089 $1,500 3.91%
    36% 345 $48,255,000 $139,870 $1,500 3.72%
    40% 331 $41,575,000 $125,604 $1,435 3.78%
    44% 331 $45,785,000 $138,323 $1,605 3.81%
    43% 322 $43,150,000 $134,006 $1,544 3.82%
    45% 208 $27,650,000 $132,933 $1,632 3.72%
    46% 168 $25,110,000 $149,464 $1,732 3.62%
    48% 150 $20,780,000 $138,533 $1,515 3.55%
    47% 149 $19,565,000 $131,309 $1,532 3.71%
    49% 149 $22,085,000 $148,221 $1,751 3.50%
    50-60% 96 $13,460,000 $140,208 $2,591 3.79%
    >60% 26 $5,810,000 $223,462 $1,569 3.37%

    Veridian Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,939 originations. The next most common DTI ratio? 30-36%, with 2,144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8,765 $1,213,315,000 $138,427 $1,483 3.61%
    Not provided 961 $157,035,000 $163,408 $1,564 3.38%
    Not applicable 41 $136,025,000 $3,317,683 $0 3.87%
    Asian 343 $69,875,000 $203,717 $1,775 3.08%
    Black 192 $25,120,000 $130,833 $1,447 3.76%
    Asian Indian 71 $17,585,000 $247,676 $2,071 2.74%
    American Indian 31 $5,445,000 $175,645 $1,521 3.51%
    Other Asian 11 $2,095,000 $190,455 $1,336 3.13%
    Native Hawaiian or Islander 5 $935,000 $187,000 $1,712 3.48%
    Filipino 1 $285,000 $285,000 $9,974 2.50%
    4 $200,000 $50,000 $106 5.02%
    Korean 2 $60,000 $30,000 $121 3.78%

    Approval Rates

    Total approvals of all applications
    94.12%

    Veridian Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.67%

    Veridian Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,427 $1,627,975,000 $156,131

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $111,940,000 $9,328,333
    Single Family (1-4 Units):Manufactured 8 $1,150,000 $143,750
    Single Family (1-4 Units):Site-Built 10,407 $1,514,885,000 $145,564

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,455 $90,365,000 $62,107 $414 4.41%
    40-60% 1,057 $164,465,000 $155,596 $1,395 3.26%
    60-80% 3,017 $704,305,000 $233,445 $1,571 3.13%
    80-100% 2,976 $594,480,000 $199,758 $1,861 3.09%
    Over 100% 44 $12,620,000 $286,818 $8,443 2.70%
    Under 20% 1,867 $58,605,000 $31,390 $106 4.56%