Metro Medical Credit Union Mortgage Rates, Fees & Info
Dallas, TXLEI: 549300MXE3M1W481QB61
Tax ID: 75-1249646
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Mortgage Data
Review & Overview
Metro Medical Credit Union is a smaller credit union specializing in Home Improvement loans. Metro Medical Credit Union has a high proportion of conventional loans. Their top (well, only) market is Dallas.Metro Medical Credit Union has an average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Cash-out Refi | 7.89% | 11/11/24 |
| 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. | ||
Metro Medical Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
19Origination Dollar Volume (All Markets)
$1,425,000Top 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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 19 | $1,425,000 | $75,000 | $0 | 7.01% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 19 | $1,425,000 | $75,000 | $0 | 7.01% |
For 2023, Metro Medical Credit Union's most frequently originated type of loan was Conventional, with 19 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 15 | $1,095,000 | $73,000 | $0 | 6.83% |
| Other | 3 | $155,000 | $51,667 | $0 | 8.15% |
| Cash Out Refi | 1 | $175,000 | $175,000 | $0 | 6.25% |
For 2023, Metro Medical Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Other, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 19 | $1,425,000 | $75,000 | $0 | 7.01% |
For 2023, Metro Medical Credit Union's most frequently cited loan duration was Other, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 6 | $290,000 | $48,333 |
| 7-8% | 6 | $530,000 | $88,333 |
| 6-7% | 4 | $350,000 | $87,500 |
| Over 8% | 3 | $255,000 | $85,000 |
During 2023, Metro Medical Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 17 | $1,085,000 | $63,824 | $0 | 7.04% |
| $100k-200k | 2 | $340,000 | $170,000 | $0 | 6.75% |
2023 saw Metro Medical Credit Union place emphasis on $100,000 or less loans with 17 originations, totaling $1,085,000 in origination value.
Applicant Income
Metro Medical Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $50k-75k, with 4 originations.
Applicant Debt to Income Ratio
Metro Medical Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 50-60%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.61%
Metro Medical Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 19 | $1,425,000 | $75,000 |