Meritrust Federal Credit Union Mortgage Rates, Fees & Info

Wichita, KS

LEI: 549300O0SJ54M4D70R54

Tax ID: 48-0570799

5 stars - out of 5 stars, based on 35 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Meritrust Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Meritrust Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Wichita, Manhattan, Lawrence, Kansas City, and Topeka among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Meritrust 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. Meritrust 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
    30 Year Conventional Purchase 6.81% 3/27/23
    30 Year Conventional Refi 6.65% 3/27/23
    30 Year Cash-out Refi 6.79% 3/27/23
    15 Year Conventional Purchase 6.78% 3/27/23
    15 Year Conventional Refi 6.33% 3/27/23
    15 Year Cash-out Refi 6.33% 3/27/23
    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.


    Originations

    1,223

    Origination Dollar Volume (All Markets)

    $205,465,000

    Awards

    MERITRUST Federal Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Meritrust Federal Credit Union's average 30 year fixed mortgage rate was 4.8%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.04%.

    Relative Fees (Closing Costs)

    Meritrust Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,349.

    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 $4,750.

    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
    WICHITA, KS (FHA|USDA|VA) 1,027 $170,995,000 $166,500 $2,442 4.89%
    MANHATTAN, KS (FHA|USDA|VA) 73 $13,865,000 $189,932 $3,158 4.94%
    LAWRENCE, KS (FHA|USDA|VA) 33 $6,375,000 $193,182 $2,245 5.26%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 22 $4,890,000 $222,273 $2,341 4.63%
    TOPEKA, KS (FHA|USDA|VA) 16 $2,590,000 $161,875 $2,118 5.04%
    Outside of Metro Areas 21 $2,445,000 $116,429 $2,416 5.00%
    Hutchinson, KS (FHA|USDA|VA) 8 $1,280,000 $160,000 $2,849 5.31%
    Winfield, KS (FHA|USDA|VA) 6 $810,000 $135,000 $1,638 4.91%
    Salina, KS (FHA|USDA|VA) 6 $670,000 $111,667 $2,322 4.95%
    Ottawa, KS (FHA|USDA|VA) 4 $480,000 $120,000 $1,397 4.62%
    McPherson, KS (FHA|USDA|VA) 3 $435,000 $145,000 $2,029 4.71%
    Great Bend, KS (FHA|USDA|VA) 1 $225,000 $225,000 $6,365 4.38%
    Garden City, KS (FHA|USDA|VA) 1 $205,000 $205,000 $3,490 3.25%
    Emporia, KS (FHA|USDA|VA) 1 $115,000 $115,000 $2,337 3.75%
    Parsons, KS (FHA|USDA|VA) 1 $85,000 $85,000 $2,887 7.25%
    Meritrust Federal Credit Union's top markets include Wichita, Manhattan, Lawrence, Kansas City, and Topeka among others.

    Their top states include:
  • Kansas (FHA|USDA|VA)

    • Similar Lenders

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

    The Farmers State Bank of Westmoreland
    Similarity Rank: 28
    KANSAS STATE UNIVERSITY Federal Credit Union
    Similarity Rank: 63
    SKYWARD
    Similarity Rank: 96
    PANHANDLE FEDERAL CREDIT UNION
    Similarity Rank: 132
    GOLDEN PLAINS
    Similarity Rank: 160
    Members Mortgage Services, L.L.C.
    Similarity Rank: 220
    Bank of the Flint Hills
    Similarity Rank: 234
    Azura Credit Union
    Similarity Rank: 280
    HOME BANK AND TRUST COMPANY
    Similarity Rank: 280
    MID AMERICAN
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,223 $205,465,000 $168,001 $2,477 4.90%

    For 2022, Meritrust Federal Credit Union's most frequently originated type of loan was Conventional, with 1,223 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 590 $124,230,000 $210,559 $3,413 4.93%
    Cash Out Refi 533 $53,555,000 $100,478 $1,165 5.00%
    Refi 100 $27,680,000 $276,800 $2,573 4.26%

    For 2022, Meritrust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 590 originations. The 2nd most popular reason was Cash Out Refi, with 533 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 465 $100,025,000 $215,108 $3,349 4.80%
    5 Year 232 $39,450,000 $170,043 $298 4.97%
    15 Year 216 $37,260,000 $172,500 $3,223 4.46%
    10 Year 131 $7,035,000 $53,702 $602 5.69%
    Other 118 $10,840,000 $91,864 $367 5.13%
    20 Year 61 $10,855,000 $177,951 $2,742 4.86%

    For 2022, Meritrust Federal Credit Union's most frequently cited loan duration was 30 Year, with 465 originations. The 2nd most popular length was 5 Year, with 232 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 609 $83,865,000 $137,709
    $1k-2k 283 $44,245,000 $156,343
    $2k-3k 61 $13,385,000 $219,426
    $3k-4k 34 $10,200,000 $300,000
    $4k-5k 10 $2,290,000 $229,000
    $5k+ 8 $3,620,000 $452,500

    Meritrust Federal Credit Union's average total fees were $3,349, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 609 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 396 $68,210,000 $172,247
    5-6% 367 $48,595,000 $132,411
    3-4% 254 $59,690,000 $235,000
    6-7% 139 $17,725,000 $127,518
    2.5-3% 31 $5,705,000 $184,032
    7-8% 24 $4,220,000 $175,833
    Over 8% 6 $600,000 $100,000
    <2.5% 6 $720,000 $120,000

    During 2022, Meritrust Federal Credit Union's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 396 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 518 $27,970,000 $53,996 $1,055 5.14%
    $100k-200k 369 $53,975,000 $146,274 $2,950 4.80%
    $200k-400k 272 $72,810,000 $267,684 $3,824 4.74%
    $400k-600k 42 $20,000,000 $476,190 $3,855 4.35%
    $1MM+ 11 $22,665,000 $2,060,455 $6,366 4.31%
    $600k-1MM 11 $8,045,000 $731,364 $4,337 4.00%

    2022 saw Meritrust Federal Credit Union place emphasis on $100,000 or less loans with 518 originations, totaling $27,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 289 $35,995,000 $124,550 $2,448 4.85%
    $100k-150k 221 $42,045,000 $190,249 $2,519 5.10%
    $50k or less 209 $20,745,000 $99,258 $2,194 4.84%
    $75k-100k 178 $25,340,000 $142,360 $2,421 4.92%
    $150k-250k 95 $24,905,000 $262,158 $2,986 4.72%
    $250k+ 20 $9,460,000 $473,000 $3,646 4.68%

    Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 289 originations. The second most popular income band? $100k-150k, with 221 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 245 $38,785,000 $158,306 $2,483 4.68%
    30-36% 197 $31,475,000 $159,772 $2,575 4.91%
    <20% 70 $13,220,000 $188,857 $2,699 4.50%
    44% 63 $8,055,000 $127,857 $2,184 5.18%
    40% 50 $7,330,000 $146,600 $2,341 5.19%
    43% 50 $7,720,000 $154,400 $2,350 5.27%
    39% 50 $8,260,000 $165,200 $3,073 4.67%
    38% 42 $6,410,000 $152,619 $2,497 4.83%
    42% 40 $5,450,000 $136,250 $2,151 5.06%
    37% 36 $4,430,000 $123,056 $2,439 4.89%
    36% 34 $5,270,000 $155,000 $2,333 5.11%
    41% 28 $3,380,000 $120,714 $1,970 5.57%
    45% 27 $4,075,000 $150,926 $2,505 5.14%
    >60% 22 $3,040,000 $138,182 $1,497 4.75%
    46% 15 $3,255,000 $217,000 $2,780 4.87%
    47% 13 $2,375,000 $182,692 $2,986 5.01%
    48% 13 $2,575,000 $198,077 $2,480 5.76%
    49% 8 $1,780,000 $222,500 $3,126 4.84%
    50-60% 3 $905,000 $301,667 $3,380 4.96%

    Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 245 originations. The next most common DTI ratio? 30-36%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 696 $118,610,000 $170,417 $2,710 4.88%
    Not applicable 212 $47,030,000 $221,840 $0 4.92%
    Not provided 256 $30,630,000 $119,648 $1,816 5.04%
    Asian 25 $4,725,000 $189,000 $3,113 4.35%
    Black 23 $3,275,000 $142,391 $2,556 4.74%
    American Indian 11 $1,195,000 $108,636 $1,674 4.56%

    Approval Rates

    Total approvals of all applications
    91.80%

    Meritrust Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.93%

    Meritrust Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,223 $205,465,000 $168,001

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,223 $205,465,000 $168,001

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 136 $11,110,000 $81,691 $977 5.18%
    40-60% 94 $18,690,000 $198,830 $2,389 4.42%
    60-80% 339 $65,985,000 $194,646 $3,131 4.56%
    80-100% 483 $101,645,000 $210,445 $3,491 4.96%
    Over 100% 1 $495,000 $495,000 $3,881 5.75%
    Under 20% 170 $7,540,000 $44,353 $415 5.47%