Central Minnesota Credit Union Mortgage Rates, Fees & Info

Melrose, MN

LEI: 549300LUSWY3HVRZHF54

Tax ID: 41-0705136

5 stars - Updated: 4/5/25 - out of 5 stars, based on 29 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Central Minnesota Credit Union is a smaller credit union specializing in Home Purchase loans. Central Minnesota Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: St. Cloud, Minneapolis, Willmar, Brainerd, and Alexandria among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Central Minnesota 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. Central Minnesota 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.72% 4/5/25
    30 Year Conventional Purchase 6.37% 4/5/25
    30 Year Conventional Refi 6.24% 4/5/25
    30 Year Cash-out Refi 6.49% 4/5/25
    30 Year FHA Purchase 6.72% 4/5/25
    30 Year USDA Purchase 6.72% 4/5/25
    15 Year Conventional Purchase 6.31% 4/5/25
    15 Year Conventional Refi 6.78% 4/5/25
    15 Year Cash-out Refi 6.78% 4/5/25
    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.

    Central Minnesota Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Central Minnesota 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

    867

    Origination Dollar Volume (All Markets)

    $167,485,000
    Show all (9) awards

    Relative Rate

    Central Minnesota Credit Union's average 30 year fixed mortgage rate was 6.19%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.36%.

    Relative Fees (Closing Costs)

    Central Minnesota Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,397.

    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 $8,356.

    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
    ST. CLOUD, MN (FHA|USDA|VA) 380 $85,110,000 $223,974 $2,895 6.91%
    Outside of Metro Areas 223 $34,965,000 $156,794 $2,614 6.95%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 122 $18,780,000 $153,934 $2,739 7.58%
    Willmar, MN (FHA|USDA|VA) 39 $6,755,000 $173,205 $2,681 6.52%
    Brainerd, MN (FHA|USDA|VA) 14 $3,800,000 $271,429 $4,196 7.38%
    Alexandria, MN (FHA|USDA|VA) 18 $3,740,000 $207,778 $3,295 7.13%
    Fergus Falls, MN (FHA|USDA|VA) 31 $3,705,000 $119,516 $2,511 7.46%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $3,495,000 $3,495,000 $0 7.50%
    FARGO, ND-MN (FHA|USDA|VA) 20 $3,380,000 $169,000 $2,709 7.26%
    DULUTH, MN-WI (FHA|USDA|VA) 5 $1,145,000 $229,000 $3,805 6.53%
    Grand Rapids, MN (FHA|USDA|VA) 4 $950,000 $237,500 $5,796 7.09%
    Bemidji, MN (FHA|USDA|VA) 1 $255,000 $255,000 $4,731 6.63%
    MANKATO, MN (FHA|USDA|VA) 1 $235,000 $235,000 $3,467 6.63%
    Albert Lea, MN (FHA|USDA|VA) 1 $235,000 $235,000 $4,751 6.13%
    Hutchinson, MN (FHA|USDA|VA) 1 $175,000 $175,000 $3,390 6.88%
    Wahpeton, ND-MN (FHA|USDA|VA) 1 $175,000 $175,000 $3,371 7.13%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,789 6.25%
    Fairmont, MN (FHA|USDA|VA) 1 $155,000 $155,000 $3,357 6.50%
    New Ulm, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,389 5.88%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $65,000 $65,000 $1,430 5.88%
    BISMARCK, ND (FHA|USDA|VA) 1 $55,000 $55,000 $1,052 7.63%
    Central Minnesota Credit Union's top markets include St. Cloud, Minneapolis, Willmar, Brainerd, and Alexandria among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Similar Lenders

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

    Western State Bank
    Similarity Rank: 108
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 128
    MY Credit Union
    Similarity Rank: 130
    VALLEY MORTGAGE, INC.
    Similarity Rank: 190
    SHAREPOINT CREDIT UNION
    Similarity Rank: 348
    CAPITAL CREDIT UNION
    Similarity Rank: 400
    Dacotah Bank
    Similarity Rank: 432
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 855
    ST. CLOUD FINANCIAL
    Similarity Rank: 861
    VERIDIAN CREDIT UNION
    Similarity Rank: 915

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 742 $160,380,000 $216,146 $2,831 6.69%
    HELOC 125 $7,105,000 $56,840 n/a 9.07%

    For 2024, Central Minnesota Credit Union's most frequently originated type of loan was Conventional, with 742 originations. Their 2nd most popular type was HELOC, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 407 $95,895,000 $235,614 $3,678 6.32%
    Refi 245 $29,845,000 $121,816 $1,876 7.21%
    Home Improvement 86 $5,610,000 $65,233 $0 8.82%
    Cash Out Refi 86 $6,870,000 $79,884 $1,514 7.17%
    Other 43 $29,265,000 $680,581 $0 8.97%

    For 2024, Central Minnesota Credit Union's most frequently cited loan purpose was Home Purchase, with 407 originations. The 2nd most popular reason was Refi, with 245 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 413 $91,535,000 $221,634 $3,397 6.19%
    20 Year 233 $15,035,000 $64,528 $1,161 8.36%
    10 Year 73 $5,005,000 $68,562 $955 7.47%
    15 Year 63 $30,435,000 $483,095 $1,701 7.02%
    Other 44 $10,710,000 $243,409 $1,447 6.95%
    30+ year 25 $10,205,000 $408,200 $7,720 7.46%
    5 Year 13 $3,265,000 $251,154 $0 7.12%
    1 Year 3 $1,295,000 $431,667 $0 8.00%

    For 2024, Central Minnesota Credit Union's most frequently cited loan duration was 30 Year, with 413 originations. The 2nd most popular length was 20 Year, with 233 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 374 $60,680,000 $162,246
    $1k-2k 297 $69,245,000 $233,148
    $2k-3k 19 $7,135,000 $375,526
    $3k-4k 12 $3,590,000 $299,167
    $5k+ 10 $5,340,000 $534,000
    $4k-5k 5 $2,445,000 $489,000

    Central Minnesota Credit Union's average total fees were $3,397, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 374 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 313 $65,485,000 $209,217
    7-8% 216 $60,820,000 $281,574
    Over 8% 185 $12,895,000 $69,703
    5-6% 124 $27,520,000 $221,935
    <2.5% 27 $425,000 $15,741
    4-5% 1 $285,000 $285,000

    During 2024, Central Minnesota Credit Union's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was 6-7%, with 313 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 395 $18,795,000 $47,582 $1,095 7.38%
    $200k-400k 212 $57,020,000 $268,962 $3,769 6.76%
    $100k-200k 194 $29,420,000 $151,649 $2,929 6.71%
    $400k-600k 49 $23,285,000 $475,204 $4,851 6.80%
    $600k-1MM 11 $8,155,000 $741,364 $5,934 7.00%
    $1MM+ 6 $30,810,000 $5,135,000 $2,568 6.73%

    2024 saw Central Minnesota Credit Union place emphasis on $100,000 or less loans with 395 originations, totaling $18,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 230 $38,750,000 $168,478 $2,852 7.40%
    $50k-75k 213 $24,305,000 $114,108 $2,651 6.60%
    $75k-100k 165 $23,075,000 $139,848 $2,890 7.11%
    $150k-250k 88 $20,050,000 $227,841 $3,599 7.47%
    $50k or less 79 $7,265,000 $91,962 $2,540 6.06%
    $250k+ 40 $14,620,000 $365,500 $4,043 6.98%

    Central Minnesota Credit Union lent most frequently to those with incomes in the $100k-150k range, with 230 originations. The second most popular income band? $50k-75k, with 213 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 192 $29,270,000 $152,448 $2,886 7.11%
    20-30% 179 $25,685,000 $143,492 $2,810 6.90%
    44% 44 $6,040,000 $137,273 $2,779 7.51%
    43% 44 $7,050,000 $160,227 $3,224 7.15%
    <20% 43 $8,415,000 $195,698 $3,073 6.99%
    36% 43 $6,645,000 $154,535 $3,229 6.95%
    42% 43 $5,905,000 $137,326 $2,829 7.19%
    38% 38 $5,400,000 $142,105 $2,608 7.16%
    40% 38 $4,370,000 $115,000 $2,322 7.11%
    39% 37 $6,785,000 $183,378 $3,393 7.06%
    41% 34 $4,810,000 $141,471 $2,865 6.35%
    37% 26 $4,540,000 $174,615 $2,342 7.36%
    45% 13 $3,335,000 $256,538 $4,214 6.83%
    49% 13 $2,585,000 $198,846 $2,991 6.27%
    48% 10 $2,020,000 $202,000 $3,494 5.54%
    47% 9 $1,935,000 $215,000 $3,221 6.72%
    >60% 7 $1,725,000 $246,429 $3,400 6.34%
    46% 7 $1,685,000 $240,714 $3,973 6.98%
    50-60% 1 $115,000 $115,000 $2,331 6.50%

    Central Minnesota Credit Union lent most frequently to those with DTI ratios of 30-36%, with 192 originations. The next most common DTI ratio? 20-30%, with 179 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 779 $124,435,000 $159,737 $2,919 7.01%
    Not applicable 30 $36,380,000 $1,212,667 $0 7.71%
    Not provided 33 $3,985,000 $120,758 $2,146 7.32%
    Black 14 $1,160,000 $82,857 $2,250 6.28%
    American Indian 4 $890,000 $222,500 $1,089 6.91%
    Asian 5 $425,000 $85,000 $2,488 7.03%
    Native Hawaiian or Islander 2 $210,000 $105,000 $3,373 7.63%

    Approval Rates

    Total approvals of all applications
    90.13%

    Central Minnesota Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.63%

    Central Minnesota Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 867 $167,485,000 $193,178

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    867 $167,485,000 $193,178

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 135 $12,555,000 $93,000 $1,656 7.52%
    40-60% 52 $9,550,000 $183,654 $3,187 6.97%
    60-80% 149 $65,615,000 $440,369 $3,682 6.79%
    80-100% 243 $59,625,000 $245,370 $3,716 6.69%
    Over 100% 5 $2,545,000 $509,000 $0 7.00%
    Under 20% 282 $17,370,000 $61,596 $883 7.24%