Bmi Federal Credit Union Mortgage Rates, Fees & Info

Dublin, OH

LEI: 549300LGE7I6F2K89769

Tax ID: 31-4379741

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Mortgage Data

Review & Overview

Bmi Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Bmi Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, North Port, Dayton, Cincinnati, and Phoenix among others. We have data for 48 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% 3/28/24
30 Year Conventional Purchase 6.65% 3/28/24
30 Year Conventional Refi 6.40% 3/28/24
30 Year Cash-out Refi 6.43% 3/28/24
15 Year Conventional Purchase 6.44% 3/28/24
15 Year Conventional Refi 6.83% 3/28/24
15 Year Cash-out Refi 6.83% 3/28/24
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.

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

942

Origination Dollar Volume (All Markets)

$151,970,000

Awards

BMI Federal Credit Union 30 Year Conventional Loans silver BMI Federal Credit Union 30 Year Conventional Loans bronze
Show all (2) 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) 864 $132,820,000 $153,727 $2,372 3.49%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $2,320,000 $580,000 $3,569 3.03%
DAYTON-KETTERING, OH (FHA|USDA|VA) 7 $1,205,000 $172,143 $2,845 3.52%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $1,055,000 $351,667 $2,711 3.17%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $990,000 $495,000 $4,212 2.94%
PITTSBURGH, PA (FHA|USDA|VA) 3 $885,000 $295,000 $3,519 3.17%
Mount Vernon, OH (FHA|USDA|VA) 3 $865,000 $288,333 $3,342 3.31%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $790,000 $395,000 $3,212 3.00%
TOLEDO, OH (FHA|USDA|VA) 3 $655,000 $218,333 $2,257 2.73%
AKRON, OH (FHA|USDA|VA) 2 $550,000 $275,000 $2,334 2.75%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $545,000 $545,000 $1,492 3.00%
CANTON-MASSILLON, OH (FHA|USDA|VA) 3 $515,000 $171,667 $3,351 3.08%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $405,000 $405,000 $2,386 2.75%
YAKIMA, WA (FHA|USDA|VA) 1 $405,000 $405,000 $2,733 3.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $365,000 $365,000 $2,100 3.00%
Traverse City, MI (FHA|USDA|VA) 1 $365,000 $365,000 $2,649 3.50%
Connersville, IN (FHA|USDA|VA) 1 $355,000 $355,000 $660 2.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $350,000 $175,000 $2,341 3.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $2,091 2.75%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $335,000 $335,000 $3,127 2.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $335,000 $335,000 $1,930 3.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $2,440 3.25%
Urbana, OH (FHA|USDA|VA) 2 $320,000 $160,000 $2,298 2.92%
Outside of Metro Areas 2 $320,000 $160,000 $2,877 3.25%
TUCSON, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $1,386 3.00%
Bucyrus-Galion, OH (FHA|USDA|VA) 2 $300,000 $150,000 $2,321 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $280,000 $140,000 $2,587 3.13%
Jackson, WY-ID (FHA|USDA|VA) 1 $265,000 $265,000 $2,669 3.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $265,000 $265,000 $3,138 2.75%
WHEELING, WV-OH (FHA|USDA|VA) 2 $260,000 $130,000 $2,602 3.88%
Sandusky, OH (FHA|USDA|VA) 1 $245,000 $245,000 $3,343 2.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,368 3.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $235,000 $235,000 $1,815 2.75%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,576 3.25%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $215,000 $215,000 $2,864 3.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,726 3.00%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $185,000 $185,000 $2,416 3.25%
Bellefontaine, OH (FHA|USDA|VA) 1 $185,000 $185,000 $2,428 3.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $165,000 $165,000 $1,952 3.00%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $160,000 $80,000 $2,910 3.75%
Washington Court House, OH (FHA|USDA|VA) 2 $150,000 $75,000 $0 3.38%
PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $145,000 $145,000 $2,338 3.75%
LOUISVILLE, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,163 4.59%
Athens, OH (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.25%
Wilmington, OH (FHA|USDA|VA) 2 $110,000 $55,000 $1,719 3.57%
Chillicothe, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,633 2.75%
Rolla, MO (FHA|USDA|VA) 1 $65,000 $65,000 $3,289 2.75%
Marion, OH (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.50%
Bmi Federal Credit Union's top markets include Columbus, North Port, Dayton, Cincinnati, and Phoenix among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Maryland (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.

    Commodore Bank
    Similarity Rank: 153
    Mechanics Bank
    Similarity Rank: 396
    Kingston National Bank
    Similarity Rank: 708
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 1230
    TrueCore Federal Credit Union
    Similarity Rank: 1488
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1584
    The Richwood Banking Company
    Similarity Rank: 1869
    The Community Bank
    Similarity Rank: 1950

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 603 $129,295,000 $214,420 $2,408 3.18%
    HELOC 339 $22,675,000 $66,888 n/a 3.98%

    For 2020, Bmi Federal Credit Union's most frequently originated type of loan was Conventional, with 603 originations. Their 2nd most popular type was HELOC, with 339 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 357 $76,515,000 $214,328 $2,317 3.08%
    Home Improvement 246 $15,230,000 $61,911 $227 3.97%
    Home Purchase 159 $34,345,000 $216,006 $2,836 3.32%
    Other 95 $6,665,000 $70,158 $276 4.19%
    Cash Out Refi 85 $19,215,000 $226,059 $2,605 3.13%

    For 2020, Bmi Federal Credit Union's most frequently cited loan purpose was Refi, with 357 originations. The 2nd most popular reason was Home Improvement, with 246 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 430 $98,770,000 $229,698 $2,559 3.18%
    15 Year 366 $34,720,000 $94,863 $1,984 3.71%
    20 Year 88 $15,240,000 $173,182 $2,495 3.56%
    10 Year 51 $1,625,000 $31,863 $1,060 4.08%
    Other 7 $1,615,000 $230,714 $2,370 2.95%

    For 2020, Bmi Federal Credit Union's most frequently cited loan duration was 30 Year, with 430 originations. The 2nd most popular length was 15 Year, with 366 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 590 $126,440,000 $214,305
    $1k-2k 6 $1,220,000 $203,333
    $5k+ 4 $1,150,000 $287,500
    $2k-3k 3 $485,000 $161,667

    Bmi Federal Credit Union's average total fees were $2,559, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 590 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 394 $59,940,000 $152,132
    2.5-3% 344 $78,530,000 $228,285
    4-5% 151 $9,015,000 $59,702
    5-6% 35 $1,865,000 $53,286
    <2.5% 11 $2,265,000 $205,909
    6-7% 7 $355,000 $50,714

    During 2020, Bmi Federal Credit Union's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 394 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 348 $17,870,000 $51,351 $1,478 3.96%
    $100k-200k 285 $42,445,000 $148,930 $2,349 3.27%
    $200k-400k 274 $73,850,000 $269,526 $2,633 3.10%
    $400k-600k 30 $13,760,000 $458,667 $2,881 3.06%
    $600k-1MM 5 $4,045,000 $809,000 $3,981 3.09%

    2020 saw Bmi Federal Credit Union place emphasis on $100,000 or less loans with 348 originations, totaling $17,870,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 252 $40,880,000 $162,222 $2,533 3.47%
    $150k-250k 189 $38,045,000 $201,296 $2,504 3.40%
    $75k-100k 174 $25,650,000 $147,414 $2,338 3.51%
    $50k-75k 167 $20,305,000 $121,587 $2,335 3.57%
    $50k or less 101 $10,325,000 $102,228 $2,121 3.50%
    $250k+ 54 $16,500,000 $305,556 $2,529 3.21%

    Bmi Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 252 originations. The second most popular income band? $150k-250k, with 189 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 291 $47,775,000 $164,175 $2,430 3.43%
    <20% 224 $39,980,000 $178,482 $2,444 3.25%
    30-36% 171 $27,555,000 $161,140 $2,484 3.57%
    37% 40 $6,110,000 $152,750 $2,140 3.42%
    36% 36 $5,060,000 $140,556 $2,474 3.77%
    38% 35 $6,015,000 $171,857 $2,675 3.48%
    40% 33 $4,385,000 $132,879 $2,146 3.51%
    42% 31 $3,955,000 $127,581 $2,175 3.62%
    41% 26 $3,950,000 $151,923 $2,263 3.50%
    39% 21 $3,525,000 $167,857 $2,547 3.62%
    44% 11 $1,315,000 $119,545 $2,093 4.00%
    43% 8 $610,000 $76,250 $1,552 4.09%
    >60% 4 $810,000 $202,500 $2,418 3.31%
    45% 3 $185,000 $61,667 $1,112 3.83%
    46% 2 $100,000 $50,000 $0 4.75%
    47% 2 $420,000 $210,000 $2,341 4.38%
    50-60% 2 $110,000 $55,000 $0 4.63%
    48% 1 $25,000 $25,000 $0 6.75%
    49% 1 $85,000 $85,000 $415 6.25%

    Bmi Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 291 originations. The next most common DTI ratio? <20%, with 224 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 756 $130,210,000 $172,235 $2,412 3.39%
    Not provided 99 $8,845,000 $89,343 $2,291 3.96%
    Black 58 $7,400,000 $127,586 $2,375 3.71%
    Asian 20 $3,820,000 $191,000 $2,401 3.34%
    American Indian 6 $1,260,000 $210,000 $2,688 3.50%
    Other Asian 2 $380,000 $190,000 $2,740 3.13%
    Other Pacific Islander 1 $55,000 $55,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    94.47%

    Bmi Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.80%

    Bmi Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 942 $151,970,000 $161,327

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 942 $151,970,000 $161,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 146 $13,910,000 $95,274 $1,859 3.67%
    40-60% 140 $23,010,000 $164,357 $2,244 3.17%
    60-80% 280 $66,450,000 $237,321 $2,527 3.10%
    80-100% 173 $40,225,000 $232,514 $2,686 3.33%
    Under 20% 203 $8,375,000 $41,256 $305 4.16%