Meritrust Federal Credit Union Mortgage Rates, Fees & Info

Wichita, KS

LEI: 549300O0SJ54M4D70R54

Tax ID: 48-0570799

5 stars - Updated: 7/11/24 - out of 5 stars, based on 30 reviews

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

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Mortgage Data

Review & Overview

Meritrust Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase 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 Hutchinson among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Meritrust Federal Credit Union has an 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 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.81% 7/11/24
30 Year Conventional Refi 6.65% 7/11/24
30 Year Cash-out Refi 6.79% 7/11/24
15 Year Conventional Purchase 6.78% 7/11/24
15 Year Conventional Refi 6.33% 7/11/24
15 Year Cash-out Refi 6.33% 7/11/24
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.

Meritrust Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Meritrust Federal 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

894

Origination Dollar Volume (All Markets)

$126,870,000

Awards

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

Relative Rate

Meritrust Federal Credit Union's average 30 year fixed mortgage rate was 6.6%.

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)

Meritrust Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,656.

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
WICHITA, KS (FHA|USDA|VA) 777 $113,235,000 $145,734 $2,336 6.81%
MANHATTAN, KS (FHA|USDA|VA) 28 $4,290,000 $153,214 $2,222 6.89%
LAWRENCE, KS (FHA|USDA|VA) 20 $2,120,000 $106,000 $1,145 6.85%
KANSAS CITY, MO-KS (FHA|USDA|VA) 17 $1,895,000 $111,471 $1,127 6.82%
Outside of Metro Areas 18 $1,590,000 $88,333 $1,643 6.96%
Hutchinson, KS (FHA|USDA|VA) 9 $1,275,000 $141,667 $2,859 6.47%
TOPEKA, KS (FHA|USDA|VA) 10 $1,090,000 $109,000 $1,726 6.67%
Winfield, KS (FHA|USDA|VA) 5 $485,000 $97,000 $2,415 6.93%
McPherson, KS (FHA|USDA|VA) 1 $305,000 $305,000 $12,625 5.88%
Great Bend, KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,944 6.25%
Emporia, KS (FHA|USDA|VA) 2 $150,000 $75,000 $1,494 7.00%
Ottawa, KS (FHA|USDA|VA) 4 $140,000 $35,000 $901 6.37%
Coffeyville, KS (FHA|USDA|VA) 2 $130,000 $65,000 $2,311 6.56%
Meritrust Federal Credit Union's top markets include Wichita, Manhattan, Lawrence, Kansas City, and Hutchinson among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 894 $126,870,000 $141,913 $2,268 6.81%

    For 2023, Meritrust Federal Credit Union's most frequently originated type of loan was Conventional, with 894 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 430 $27,390,000 $63,698 $834 6.98%
    Home Purchase 428 $89,480,000 $209,065 $3,631 6.65%
    Refi 36 $10,000,000 $277,778 $2,081 6.61%

    For 2023, Meritrust Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 430 originations. The 2nd most popular reason was Home Purchase, with 428 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 368 $76,340,000 $207,446 $3,656 6.60%
    10 Year 155 $8,125,000 $52,419 $686 7.18%
    Other 123 $6,505,000 $52,886 $492 6.71%
    5 Year 118 $17,920,000 $151,864 $447 6.93%
    15 Year 82 $9,820,000 $119,756 $2,533 7.00%
    20 Year 48 $8,160,000 $170,000 $3,223 6.87%

    For 2023, Meritrust Federal Credit Union's most frequently cited loan duration was 30 Year, with 368 originations. The 2nd most popular length was 10 Year, with 155 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 543 $50,865,000 $93,674
    $1k-2k 165 $27,115,000 $164,333
    $2k-3k 69 $14,205,000 $205,870
    $3k-4k 30 $8,410,000 $280,333
    $4k-5k 12 $3,390,000 $282,500
    $5k+ 12 $4,160,000 $346,667

    Meritrust Federal Credit Union's average total fees were $3,656, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 543 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 471 $71,535,000 $151,879
    7-8% 209 $26,895,000 $128,684
    5-6% 154 $19,680,000 $127,792
    Over 8% 54 $5,860,000 $108,519
    4-5% 5 $2,625,000 $525,000
    3-4% 1 $275,000 $275,000

    During 2023, Meritrust Federal Credit Union's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 471 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 431 $19,955,000 $46,299 $922 6.89%
    $100k-200k 243 $34,895,000 $143,601 $2,986 6.84%
    $200k-400k 190 $49,870,000 $262,474 $4,053 6.62%
    $400k-600k 19 $9,055,000 $476,579 $5,588 6.76%
    $1MM+ 6 $9,000,000 $1,500,000 $0 6.39%
    $600k-1MM 5 $4,095,000 $819,000 $4,301 6.79%

    2023 saw Meritrust Federal Credit Union place emphasis on $100,000 or less loans with 431 originations, totaling $19,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 219 $23,205,000 $105,959 $2,194 6.65%
    $100k-150k 218 $32,710,000 $150,046 $2,401 6.84%
    $75k-100k 147 $18,335,000 $124,728 $2,117 6.76%
    $50k or less 141 $12,235,000 $86,773 $1,964 6.68%
    $150k-250k 92 $17,310,000 $188,152 $2,586 6.74%
    $250k+ 20 $4,940,000 $247,000 $3,396 6.80%

    Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 219 originations. The second most popular income band? $100k-150k, with 218 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 180 $23,300,000 $129,444 $2,179 6.75%
    20-30% 157 $21,775,000 $138,694 $2,669 6.63%
    44% 49 $6,265,000 $127,857 $1,967 6.75%
    40% 47 $6,385,000 $135,851 $2,256 6.89%
    <20% 45 $4,515,000 $100,333 $1,911 6.55%
    41% 44 $5,050,000 $114,773 $2,227 6.86%
    39% 39 $4,335,000 $111,154 $1,822 6.83%
    38% 36 $4,540,000 $126,111 $2,206 6.76%
    42% 32 $3,760,000 $117,500 $2,325 6.75%
    36% 32 $2,960,000 $92,500 $1,876 6.75%
    43% 30 $4,140,000 $138,000 $2,455 6.68%
    37% 26 $2,430,000 $93,462 $1,552 6.77%
    45% 24 $2,690,000 $112,083 $1,863 6.73%
    47% 22 $3,340,000 $151,818 $2,537 6.75%
    46% 19 $3,355,000 $176,579 $3,120 6.71%
    48% 12 $2,970,000 $247,500 $3,691 6.73%
    49% 9 $1,965,000 $218,333 $2,820 6.90%
    50-60% 8 $1,670,000 $208,750 $3,582 6.36%

    Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 180 originations. The next most common DTI ratio? 20-30%, with 157 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 601 $79,065,000 $131,556 $2,339 6.75%
    Not provided 183 $22,815,000 $124,672 $2,036 6.71%
    Not applicable 55 $17,525,000 $318,636 $0 7.92%
    Black 24 $2,860,000 $119,167 $1,980 6.73%
    American Indian 15 $2,375,000 $158,333 $2,537 7.00%
    Asian 16 $2,230,000 $139,375 $2,405 6.48%

    Approval Rates

    Total approvals of all applications
    89.44%

    Meritrust Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.53%

    Meritrust Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 894 $126,870,000 $141,913

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    894 $126,870,000 $141,913

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 139 $9,135,000 $65,719 $975 6.92%
    40-60% 71 $9,445,000 $133,028 $2,454 6.74%
    60-80% 170 $38,340,000 $225,529 $3,650 6.87%
    80-100% 295 $62,755,000 $212,729 $3,588 6.78%
    Under 20% 219 $7,195,000 $32,854 $529 6.75%