Central Minnesota Credit Union Mortgage Rates, Fees & Info

Melrose, MN

LEI: 549300LUSWY3HVRZHF54

Tax ID: 41-0705136

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
  • Complaints
  • 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 Refi, Home Purchase, and Cash Out Refi loans. Central Minnesota Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: St. Cloud, Minneapolis, Las Vegas, Fargo, and Willmar among others. We have data for 23 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) 6.27% 1/26/25
    30 Year Conventional Purchase 6.48% 1/26/25
    30 Year Conventional Refi 6.93% 1/26/25
    30 Year Cash-out Refi 7.00% 1/26/25
    30 Year FHA Refi 6.27% 1/26/25
    30 Year USDA Purchase 7.03% 1/26/25
    15 Year Conventional Purchase 6.11% 1/26/25
    15 Year Conventional Refi 6.53% 1/26/25
    15 Year Cash-out Refi 6.53% 1/26/25
    15 Year FHA Refi 5.68% 1/26/25
    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

    1,503

    Origination Dollar Volume (All Markets)

    $331,095,000
    Show all (7) 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
    ST. CLOUD, MN (FHA|USDA|VA) 701 $128,715,000 $183,616 $2,929 2.95%
    Outside of Metro Areas 415 $66,585,000 $160,446 $2,937 3.12%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 128 $40,510,000 $316,484 $3,009 3.14%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $28,005,000 $28,005,000 $0 4.80%
    FARGO, ND-MN (FHA|USDA|VA) 48 $27,420,000 $571,250 $2,724 2.76%
    Willmar, MN (FHA|USDA|VA) 62 $10,960,000 $176,774 $3,080 2.96%
    Fergus Falls, MN (FHA|USDA|VA) 62 $10,520,000 $169,677 $2,982 2.96%
    Alexandria, MN (FHA|USDA|VA) 37 $7,155,000 $193,378 $3,128 2.90%
    Hutchinson, MN (FHA|USDA|VA) 4 $4,240,000 $1,060,000 $2,931 2.78%
    Brainerd, MN (FHA|USDA|VA) 21 $3,845,000 $183,095 $2,915 3.22%
    MANKATO, MN (FHA|USDA|VA) 4 $810,000 $202,500 $2,510 3.28%
    DULUTH, MN-WI (FHA|USDA|VA) 6 $660,000 $110,000 $2,600 3.09%
    Bemidji, MN (FHA|USDA|VA) 3 $335,000 $111,667 $2,780 3.29%
    Red Wing, MN (FHA|USDA|VA) 1 $255,000 $255,000 $2,078 2.38%
    Wahpeton, ND-MN (FHA|USDA|VA) 2 $220,000 $110,000 $2,549 3.00%
    Owatonna, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.95%
    Worthington, MN (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.25%
    Marshall, MN (FHA|USDA|VA) 1 $135,000 $135,000 $2,094 2.50%
    Grand Rapids, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,702 2.50%
    Albertville, AL (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.50%
    Winona, MN (FHA|USDA|VA) 1 $75,000 $75,000 $2,727 2.88%
    New Ulm, MN (FHA|USDA|VA) 1 $75,000 $75,000 $2,986 3.25%
    Fairmont, MN (FHA|USDA|VA) 1 $65,000 $65,000 $2,503 2.38%
    Central Minnesota Credit Union's top markets include St. Cloud, Minneapolis, Las Vegas, Fargo, and Willmar among others.

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

    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 602
    CAPITAL CREDIT UNION
    Similarity Rank: 684
    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    Starion Bank
    Similarity Rank: 1044
    MY Credit Union
    Similarity Rank: 1200
    Western State Bank
    Similarity Rank: 1204
    Deere Employees Credit Union
    Similarity Rank: 1228
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 1428
    Bank Midwest
    Similarity Rank: 1740

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,471 $325,925,000 $221,567 $2,897 3.01%
    USDA 29 $4,515,000 $155,690 $4,875 3.00%
    HELOC 3 $655,000 $218,333 n/a 4.11%

    For 2021, Central Minnesota Credit Union's most frequently originated type of loan was Conventional, with 1,471 originations. Their 2nd most popular type was USDA, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 586 $101,550,000 $173,294 $2,429 2.91%
    Home Purchase 551 $117,295,000 $212,877 $3,643 3.18%
    Cash Out Refi 285 $74,705,000 $262,123 $2,740 2.95%
    Other 68 $10,720,000 $157,647 $2,654 2.80%
    Home Improvement 13 $26,825,000 $2,063,462 $6,383 3.08%

    For 2021, Central Minnesota Credit Union's most frequently cited loan purpose was Refi, with 586 originations. The 2nd most popular reason was Home Purchase, with 551 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 707 $139,955,000 $197,956 $3,221 3.08%
    15 Year 525 $88,295,000 $168,181 $2,641 2.73%
    20 Year 126 $17,570,000 $139,444 $2,445 3.25%
    10 Year 62 $8,310,000 $134,032 $1,291 3.38%
    30+ year 38 $12,880,000 $338,947 $6,389 3.48%
    Other 36 $43,520,000 $1,208,889 $1,284 3.57%
    5 Year 6 $20,290,000 $3,381,667 $0 3.53%
    3 Year 2 $110,000 $55,000 $0 6.62%
    1 Year 1 $165,000 $165,000 $0 3.75%

    For 2021, Central Minnesota Credit Union's most frequently cited loan duration was 30 Year, with 707 originations. The 2nd most popular length was 15 Year, with 525 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,094 $197,110,000 $180,174
    $<1k 226 $20,210,000 $89,425
    $2k-3k 52 $13,590,000 $261,346
    $3k-4k 25 $7,905,000 $316,200
    $4k-5k 9 $3,625,000 $402,778
    $5k+ 9 $4,555,000 $506,111

    Central Minnesota Credit Union's average total fees were $3,221, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,094 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 541 $140,475,000 $259,658
    2.5-3% 509 $97,175,000 $190,914
    <2.5% 376 $56,770,000 $150,984
    4-5% 53 $34,175,000 $644,811
    5-6% 15 $1,855,000 $123,667
    7-8% 6 $410,000 $68,333
    Over 8% 2 $90,000 $45,000
    6-7% 1 $145,000 $145,000

    During 2021, Central Minnesota Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 541 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 681 $99,535,000 $146,160 $2,832 2.90%
    $200k-400k 434 $115,580,000 $266,313 $3,571 3.03%
    $100,000 or less 327 $20,775,000 $63,532 $1,877 3.21%
    $400k-600k 48 $22,620,000 $471,250 $4,914 3.13%
    $1MM+ 10 $70,320,000 $7,032,000 $12,846 3.52%
    $600k-1MM 3 $2,265,000 $755,000 $11,208 3.46%

    2021 saw Central Minnesota Credit Union place emphasis on $100k-200k loans with 681 originations, totaling $99,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 386 $63,170,000 $163,653 $2,940 2.93%
    $50k or less 342 $37,910,000 $110,848 $2,660 3.01%
    $100k-150k 295 $60,995,000 $206,763 $3,018 2.91%
    $75k-100k 264 $47,810,000 $181,098 $2,926 2.94%
    $150k-250k 101 $28,915,000 $286,287 $3,439 3.09%
    $250k+ 20 $7,200,000 $360,000 $4,171 2.88%

    Central Minnesota Credit Union lent most frequently to those with incomes in the $50k-75k range, with 386 originations. The second most popular income band? $50k or less, with 342 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 408 $69,080,000 $169,314 $2,851 2.87%
    30-36% 320 $56,580,000 $176,813 $3,054 3.07%
    <20% 136 $19,430,000 $142,868 $2,610 2.80%
    41% 75 $14,045,000 $187,267 $3,134 3.03%
    36% 66 $11,240,000 $170,303 $2,991 3.00%
    38% 54 $9,460,000 $175,185 $2,861 2.95%
    39% 53 $9,325,000 $175,943 $2,961 3.08%
    37% 52 $10,120,000 $194,615 $3,014 3.08%
    42% 42 $6,090,000 $145,000 $2,697 2.93%
    40% 40 $7,630,000 $190,750 $2,837 3.07%
    44% 36 $6,820,000 $189,444 $2,997 2.85%
    43% 33 $6,085,000 $184,394 $3,038 2.94%
    49% 27 $5,375,000 $199,074 $2,971 2.78%
    46% 24 $5,220,000 $217,500 $3,350 3.01%
    47% 16 $2,960,000 $185,000 $3,143 2.87%
    45% 16 $3,090,000 $193,125 $2,756 2.77%
    48% 12 $3,140,000 $261,667 $4,244 2.92%
    >60% 6 $1,790,000 $298,333 $4,185 3.40%
    50-60% 1 $115,000 $115,000 $1,850 4.00%

    Central Minnesota Credit Union lent most frequently to those with DTI ratios of 20-30%, with 408 originations. The next most common DTI ratio? 30-36%, with 320 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,337 $234,335,000 $175,269 $2,938 2.96%
    Not applicable 67 $79,985,000 $1,193,806 $0 3.99%
    Not provided 77 $12,545,000 $162,922 $2,919 3.21%
    Asian 7 $2,005,000 $286,429 $3,275 2.63%
    American Indian 6 $1,070,000 $178,333 $2,966 2.85%
    Black 7 $895,000 $127,857 $2,904 2.98%
    Asian Indian 1 $205,000 $205,000 $3,027 2.38%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    94.82%

    Central Minnesota Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.91%

    Central Minnesota Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,503 $331,095,000 $220,289

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,503 $331,095,000 $220,289

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 126 $46,940,000 $372,540 $2,103 3.00%
    40-60% 244 $38,250,000 $156,762 $2,591 2.84%
    60-80% 609 $148,885,000 $244,475 $3,032 2.98%
    80-100% 445 $93,525,000 $210,169 $3,541 3.09%
    Over 100% 1 $135,000 $135,000 $0 5.25%
    Under 20% 76 $2,630,000 $34,605 $780 3.41%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Central Mortgage Funding, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%