Bmi Federal Credit Union Mortgage Rates, Fees & Info

Dublin, OH

LEI: 549300LGE7I6F2K89769

Tax ID: 31-4379741

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

    Bmi Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Bmi Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Los Alamos, Cincinnati, Bellefontaine, and Atlanta among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bmi Federal 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. Bmi Federal 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) 6.16% 11/21/24
    30 Year Conventional Purchase 6.65% 11/21/24
    30 Year Conventional Refi 6.40% 11/21/24
    30 Year Cash-out Refi 6.43% 11/21/24
    15 Year Conventional Purchase 6.44% 11/21/24
    15 Year Conventional Refi 6.83% 11/21/24
    15 Year Cash-out Refi 6.83% 11/21/24
    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.

    Bmi Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Bmi Federal 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

    536

    Origination Dollar Volume (All Markets)

    $68,210,000

    Awards

    BMI Federal Credit Union 30 Year Conventional Loans silver BMI Federal Credit Union 30 Year Conventional Loans bronze BMI Federal Credit Union 30 Year Conventional Loans silver BMI Federal Credit Union 30 Year Conventional Loans bronze
    Show all (4) 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
    COLUMBUS, OH (FHA|USDA|VA) 504 $62,890,000 $124,782 $2,474 5.07%
    Los Alamos, NM (FHA|USDA|VA) 1 $525,000 $525,000 $4,399 4.50%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $520,000 $260,000 $3,429 5.06%
    Bellefontaine, OH (FHA|USDA|VA) 4 $470,000 $117,500 $1,439 4.66%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $415,000 $415,000 $3,345 3.75%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $395,000 $395,000 $2,481 4.44%
    Outside of Metro Areas 2 $390,000 $195,000 $2,318 4.12%
    Chillicothe, OH (FHA|USDA|VA) 1 $265,000 $265,000 $2,839 3.50%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $2,853 3.75%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $235,000 $235,000 $2,988 4.38%
    Mount Vernon, OH (FHA|USDA|VA) 3 $225,000 $75,000 $1,521 4.61%
    MANSFIELD, OH (FHA|USDA|VA) 2 $220,000 $110,000 $2,115 5.13%
    SPRINGFIELD, OH (FHA|USDA|VA) 1 $215,000 $215,000 $2,911 3.75%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,086 3.88%
    Zanesville, OH (FHA|USDA|VA) 1 $205,000 $205,000 $2,584 3.89%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,648 4.38%
    TOLEDO, OH (FHA|USDA|VA) 2 $160,000 $80,000 $2,405 4.69%
    Washington Court House, OH (FHA|USDA|VA) 2 $150,000 $75,000 $0 5.63%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $105,000 $105,000 $2,215 3.50%
    AKRON, OH (FHA|USDA|VA) 2 $70,000 $35,000 $1,761 4.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,291 3.25%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.75%
    Bmi Federal Credit Union's top markets include Columbus, Los Alamos, Cincinnati, Bellefontaine, and Atlanta among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

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

    Columbus Metro Federal Credit Union
    Similarity Rank: 392
    1st National Bank
    Similarity Rank: 450
    HOPEWELL Federal Credit Union
    Similarity Rank: 510
    First Federal Savings and Loan Association
    Similarity Rank: 575
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 630
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 715
    TrueCore Federal Credit Union
    Similarity Rank: 980
    TELHIO
    Similarity Rank: 1054
    CME Federal Credit Union
    Similarity Rank: 1155
    BMI Federal Credit Union
    Similarity Rank: 1188

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 283 $17,705,000 $62,562 n/a 5.80%
    Conventional 253 $50,505,000 $199,625 $2,472 4.18%

    For 2019, Bmi Federal Credit Union's most frequently originated type of loan was HELOC, with 283 originations. Their 2nd most popular type was Conventional, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 160 $9,230,000 $57,688 $350 5.72%
    Home Purchase 135 $28,105,000 $208,185 $2,779 4.16%
    Other 124 $7,740,000 $62,419 $380 6.02%
    Refi 76 $13,850,000 $182,237 $2,398 4.21%
    Cash Out Refi 41 $9,285,000 $226,463 $2,707 3.83%

    For 2019, Bmi Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 160 originations. The 2nd most popular reason was Home Purchase, with 135 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 252 $16,400,000 $65,079 $1,983 5.55%
    30 Year 185 $41,965,000 $226,838 $2,727 4.00%
    20 Year 51 $8,735,000 $171,275 $2,145 5.44%
    10 Year 44 $810,000 $18,409 $376 6.00%
    Other 4 $300,000 $75,000 $1,293 4.80%

    For 2019, Bmi Federal Credit Union's most frequently cited loan duration was 15 Year, with 252 originations. The 2nd most popular length was 30 Year, with 185 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 247 $49,305,000 $199,615
    $2k-3k 4 $560,000 $140,000
    $3k-4k 1 $275,000 $275,000
    $5k+ 1 $365,000 $365,000

    Bmi Federal Credit Union's average total fees were $2,727, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 247 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 176 $12,350,000 $70,170
    3-4% 157 $34,615,000 $220,478
    4-5% 102 $15,920,000 $156,078
    6-7% 90 $4,490,000 $49,889
    7-8% 9 $365,000 $40,556
    2.5-3% 1 $425,000 $425,000
    Over 8% 1 $45,000 $45,000

    During 2019, Bmi Federal Credit Union's average interest rate for loans was 4.00%, while their most frequently originated rate bucket for loans was 5-6%, with 176 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 286 $13,240,000 $46,294 $1,323 5.72%
    $100k-200k 133 $19,645,000 $147,707 $2,501 4.48%
    $200k-400k 101 $26,905,000 $266,386 $2,839 4.02%
    $400k-600k 14 $6,630,000 $473,571 $3,521 3.85%
    $1MM+ 1 $1,185,000 $1,185,000 $3,661 3.74%
    $600k-1MM 1 $605,000 $605,000 $2,988 3.04%

    2019 saw Bmi Federal Credit Union place emphasis on $100,000 or less loans with 286 originations, totaling $13,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 136 $18,900,000 $138,971 $2,710 5.01%
    $75k-100k 120 $13,810,000 $115,083 $2,446 5.08%
    $50k-75k 117 $11,255,000 $96,197 $2,249 5.14%
    $150k-250k 81 $11,785,000 $145,494 $2,439 5.11%
    $50k or less 60 $4,600,000 $76,667 $2,115 4.93%
    $250k+ 22 $7,860,000 $357,273 $3,260 4.41%

    Bmi Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 136 originations. The second most popular income band? $75k-100k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 186 $24,020,000 $129,140 $2,422 4.95%
    30-36% 121 $16,655,000 $137,645 $2,426 5.09%
    <20% 74 $10,190,000 $137,703 $2,468 4.66%
    41% 24 $2,840,000 $118,333 $3,391 5.02%
    37% 24 $2,720,000 $113,333 $2,739 5.29%
    39% 18 $2,430,000 $135,000 $2,737 4.96%
    42% 16 $2,430,000 $151,875 $2,118 4.92%
    36% 16 $1,500,000 $93,750 $2,030 5.29%
    40% 16 $1,790,000 $111,875 $2,853 5.36%
    38% 11 $1,095,000 $99,545 $2,002 5.09%
    43% 10 $650,000 $65,000 $3,040 6.05%
    44% 4 $350,000 $87,500 $0 5.94%
    45% 4 $190,000 $47,500 $415 5.31%
    46% 3 $355,000 $118,333 $0 5.50%
    47% 3 $165,000 $55,000 $0 6.00%
    50-60% 3 $595,000 $198,333 $3,697 5.71%
    48% 2 $120,000 $60,000 $0 6.25%
    >60% 1 $115,000 $115,000 $2,389 5.00%

    Bmi Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 186 originations. The next most common DTI ratio? 30-36%, with 121 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 426 $53,640,000 $125,915 $2,464 5.02%
    Black 41 $5,685,000 $138,659 $2,609 4.99%
    Not provided 54 $4,850,000 $89,815 $1,989 5.47%
    Asian 10 $3,150,000 $315,000 $2,772 4.33%
    Not applicable 2 $420,000 $210,000 $2,385 3.70%
    Asian Indian 1 $295,000 $295,000 $1,923 3.59%
    American Indian 2 $170,000 $85,000 $3,201 3.70%

    Approval Rates

    Total approvals of all applications
    90.01%

    Bmi Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.17%

    Bmi Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 536 $68,210,000 $127,257

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $140,000 $70,000
    Single Family (1-4 Units):Site-Built 534 $68,070,000 $127,472

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 111 $8,155,000 $73,468 $1,285 5.68%
    40-60% 47 $6,085,000 $129,468 $2,279 4.63%
    60-80% 88 $20,550,000 $233,523 $2,687 3.99%
    80-100% 121 $27,025,000 $223,347 $2,767 4.12%
    Over 100% 1 $55,000 $55,000 $1,680 6.83%
    Under 20% 168 $6,340,000 $37,738 $476 5.91%