Central Minnesota Credit Union Mortgage Rates, Fees & Info

Melrose, MN

LEI: 549300LUSWY3HVRZHF54

Tax ID: 41-0705136

5 stars - Updated: 5/13/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

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, Fergus Falls, and Fargo among others. We have data for 18 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 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% 5/13/24
30 Year Conventional Purchase 6.48% 5/13/24
30 Year Conventional Refi 6.93% 5/13/24
30 Year Cash-out Refi 7.00% 5/13/24
30 Year FHA Refi 6.27% 5/13/24
30 Year USDA Purchase 7.03% 5/13/24
15 Year Conventional Purchase 6.11% 5/13/24
15 Year Conventional Refi 6.53% 5/13/24
15 Year Cash-out Refi 6.53% 5/13/24
15 Year FHA Refi 5.68% 5/13/24
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.

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

651

Origination Dollar Volume (All Markets)

$114,285,000
Show all (7) awards

Relative Rate

Central Minnesota Credit Union's average 30 year fixed mortgage rate was 6.36%.

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

This yields a difference of -0.12%.

Relative Fees (Closing Costs)

Central Minnesota Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,239.

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
ST. CLOUD, MN (FHA|USDA|VA) 292 $51,480,000 $176,301 $2,980 6.64%
Outside of Metro Areas 174 $28,410,000 $163,276 $3,099 6.71%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 77 $15,405,000 $200,065 $2,639 6.96%
Willmar, MN (FHA|USDA|VA) 28 $5,150,000 $183,929 $2,793 7.25%
Fergus Falls, MN (FHA|USDA|VA) 22 $3,750,000 $170,455 $2,861 6.68%
FARGO, ND-MN (FHA|USDA|VA) 18 $3,080,000 $171,111 $2,847 6.83%
Alexandria, MN (FHA|USDA|VA) 18 $2,480,000 $137,778 $2,116 7.32%
Brainerd, MN (FHA|USDA|VA) 7 $1,725,000 $246,429 $3,194 6.70%
DULUTH, MN-WI (FHA|USDA|VA) 4 $970,000 $242,500 $3,625 7.47%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $325,000 $325,000 $0 7.99%
SIOUX FALLS, SD (FHA|USDA|VA) 1 $315,000 $315,000 $0 8.50%
Hutchinson, MN (FHA|USDA|VA) 1 $285,000 $285,000 $3,458 6.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 8.25%
MANKATO, MN (FHA|USDA|VA) 2 $230,000 $115,000 $3,165 6.75%
Albert Lea, MN (FHA|USDA|VA) 2 $200,000 $100,000 $3,291 6.31%
Winona, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,088 7.13%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $65,000 $65,000 $667 6.63%
Grand Rapids, MN (FHA|USDA|VA) 1 $55,000 $55,000 $1,192 6.38%
Central Minnesota Credit Union's top markets include St. Cloud, Minneapolis, Willmar, Fergus Falls, and Fargo among others.

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

    South Metro Federal Credit Union
    Similarity Rank: 55
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 156
    MY Credit Union
    Similarity Rank: 225
    Western State Bank
    Similarity Rank: 252
    RiverWood Bank
    Similarity Rank: 264
    CAPITAL CREDIT UNION
    Similarity Rank: 325
    VALLEY MORTGAGE, INC.
    Similarity Rank: 341
    Cornerstone State Bank
    Similarity Rank: 456
    Starion Bank
    Similarity Rank: 588
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 726

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 647 $112,745,000 $174,258 $2,934 6.75%
    HELOC 4 $1,540,000 $385,000 n/a 8.81%

    For 2023, Central Minnesota Credit Union's most frequently originated type of loan was Conventional, with 647 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 405 $89,105,000 $220,012 $3,733 6.46%
    Cash Out Refi 170 $14,750,000 $86,765 $1,528 7.09%
    Refi 65 $6,955,000 $107,000 $1,591 7.51%
    Home Improvement 9 $2,215,000 $246,111 $0 8.21%
    NA 2 $1,260,000 $630,000 $0 7.88%

    For 2023, Central Minnesota Credit Union's most frequently cited loan purpose was Home Purchase, with 405 originations. The 2nd most popular reason was Cash Out Refi, with 170 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 379 $75,835,000 $200,092 $3,239 6.36%
    20 Year 79 $6,575,000 $83,228 $1,180 7.40%
    15 Year 67 $10,235,000 $152,761 $2,077 7.60%
    10 Year 55 $3,025,000 $55,000 $1,156 6.92%
    30+ year 34 $13,620,000 $400,588 $7,381 7.15%
    Other 26 $2,200,000 $84,615 $1,417 7.06%
    3 Year 7 $2,485,000 $355,000 $0 8.48%
    5 Year 3 $235,000 $78,333 $0 6.54%
    1 Year 1 $75,000 $75,000 $0 10.00%

    For 2023, Central Minnesota Credit Union's most frequently cited loan duration was 30 Year, with 379 originations. The 2nd most popular length was 20 Year, with 79 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 305 $65,095,000 $213,426
    $<1k 262 $22,230,000 $84,847
    $3k-4k 16 $5,620,000 $351,250
    $2k-3k 14 $4,100,000 $292,857
    $5k+ 10 $6,730,000 $673,000
    $4k-5k 3 $1,025,000 $341,667

    Central Minnesota Credit Union's average total fees were $3,239, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 305 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 324 $62,550,000 $193,056
    7-8% 127 $24,735,000 $194,764
    Over 8% 99 $12,935,000 $130,657
    5-6% 74 $11,850,000 $160,135
    <2.5% 21 $285,000 $13,571
    4-5% 4 $1,610,000 $402,500
    3-4% 2 $320,000 $160,000

    During 2023, Central Minnesota Credit Union's average interest rate for loans was 6.36%, while their most frequently originated rate bucket for loans was 6-7%, with 324 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 230 $11,040,000 $48,000 $1,204 6.63%
    $200k-400k 198 $54,550,000 $275,505 $3,807 6.86%
    $100k-200k 187 $28,215,000 $150,882 $3,059 6.83%
    $400k-600k 24 $11,690,000 $487,083 $4,980 6.64%
    $600k-1MM 11 $7,785,000 $707,727 $9,529 6.82%
    $1MM+ 1 $1,005,000 $1,005,000 $14,237 6.63%

    2023 saw Central Minnesota Credit Union place emphasis on $100,000 or less loans with 230 originations, totaling $11,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 153 $19,635,000 $128,333 $2,650 6.45%
    $75k-100k 135 $23,735,000 $175,815 $2,867 6.75%
    $100k-150k 129 $25,725,000 $199,419 $3,104 6.94%
    $50k or less 101 $9,645,000 $95,495 $2,367 6.34%
    $150k-250k 72 $19,380,000 $269,167 $3,677 6.89%
    $250k+ 20 $6,780,000 $339,000 $4,285 6.79%

    Central Minnesota Credit Union lent most frequently to those with incomes in the $50k-75k range, with 153 originations. The second most popular income band? $75k-100k, with 135 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 131 $21,795,000 $166,374 $2,888 6.71%
    20-30% 124 $18,550,000 $149,597 $2,653 6.79%
    40% 47 $6,425,000 $136,702 $2,919 6.19%
    44% 39 $4,245,000 $108,846 $1,885 7.17%
    42% 35 $6,785,000 $193,857 $3,521 6.57%
    43% 33 $7,345,000 $222,576 $4,086 6.57%
    37% 29 $6,955,000 $239,828 $3,362 6.91%
    39% 27 $4,285,000 $158,704 $2,680 6.93%
    41% 26 $4,900,000 $188,462 $2,589 6.78%
    36% 23 $4,865,000 $211,522 $2,826 6.65%
    38% 21 $4,085,000 $194,524 $3,289 6.76%
    <20% 19 $2,275,000 $119,737 $2,269 6.67%
    46% 15 $2,655,000 $177,000 $3,879 6.15%
    48% 11 $2,225,000 $202,273 $3,168 6.07%
    49% 11 $2,865,000 $260,455 $4,007 6.03%
    45% 9 $2,345,000 $260,556 $4,044 6.67%
    47% 9 $1,475,000 $163,889 $3,061 5.76%
    >60% 1 $395,000 $395,000 $3,851 5.25%
    50-60% 1 $505,000 $505,000 $5,735 6.75%

    Central Minnesota Credit Union lent most frequently to those with DTI ratios of 30-36%, with 131 originations. The next most common DTI ratio? 20-30%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 573 $98,295,000 $171,545 $2,944 6.68%
    Not applicable 32 $8,320,000 $260,000 $0 8.02%
    Not provided 34 $5,960,000 $175,294 $3,005 6.52%
    Asian 4 $1,170,000 $292,500 $3,609 6.66%
    Black 5 $245,000 $49,000 $1,389 9.03%
    Native Hawaiian or Islander 1 $155,000 $155,000 $3,851 6.75%
    American Indian 1 $75,000 $75,000 $1,997 7.50%
    Other Asian 1 $65,000 $65,000 $810 8.75%

    Approval Rates

    Total approvals of all applications
    93.61%

    Central Minnesota Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.74%

    Central Minnesota Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 651 $114,285,000 $175,553

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    651 $114,285,000 $175,553

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $7,800,000 $102,632 $1,952 7.35%
    40-60% 51 $10,475,000 $205,392 $3,523 6.99%
    60-80% 149 $35,085,000 $235,470 $3,475 6.84%
    80-100% 224 $53,630,000 $239,420 $3,748 6.78%
    Over 100% 1 $375,000 $375,000 $0 8.78%
    Under 20% 148 $6,590,000 $44,527 $820 6.25%