Meritrust Federal Credit Union Mortgage Rates, Fees & Info

Wichita, KS

LEI: 549300O0SJ54M4D70R54

Tax ID: 48-0570799

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
  • 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, Lawrence, Manhattan, Kansas City, and Topeka among others. We have data for 11 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 an above 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% 4/18/24
    30 Year Conventional Refi 6.65% 4/18/24
    30 Year Cash-out Refi 6.79% 4/18/24
    15 Year Conventional Purchase 6.78% 4/18/24
    15 Year Conventional Refi 6.33% 4/18/24
    15 Year Cash-out Refi 6.33% 4/18/24
    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

    881

    Origination Dollar Volume (All Markets)

    $96,675,000
    Show all (5) 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
    WICHITA, KS (FHA|USDA|VA) 721 $76,365,000 $105,915 $1,631 4.64%
    LAWRENCE, KS (FHA|USDA|VA) 49 $7,435,000 $151,735 $1,911 4.34%
    MANHATTAN, KS (FHA|USDA|VA) 45 $6,355,000 $141,222 $2,024 4.58%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 18 $2,830,000 $157,222 $1,712 4.46%
    TOPEKA, KS (FHA|USDA|VA) 9 $985,000 $109,444 $2,033 4.68%
    Winfield, KS (FHA|USDA|VA) 13 $925,000 $71,154 $1,364 4.93%
    Outside of Metro Areas 15 $845,000 $56,333 $1,370 4.65%
    Hutchinson, KS (FHA|USDA|VA) 4 $330,000 $82,500 $1,582 4.54%
    McPherson, KS (FHA|USDA|VA) 3 $325,000 $108,333 $1,420 4.96%
    Ottawa, KS (FHA|USDA|VA) 2 $190,000 $95,000 $1,974 3.88%
    Emporia, KS (FHA|USDA|VA) 2 $90,000 $45,000 $1,232 5.50%
    Meritrust Federal Credit Union's top markets include Wichita, Lawrence, Manhattan, 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: 42
    ESB Financial
    Similarity Rank: 60
    The Halstead Bank
    Similarity Rank: 64
    MAINSTREET FEDERAL CREDIT UNION
    Similarity Rank: 68
    KANSAS STATE UNIVERSITY Federal Credit Union
    Similarity Rank: 70
    CoreFirst Bank & Trust
    Similarity Rank: 88
    KCB Bank
    Similarity Rank: 108
    Azura Credit Union
    Similarity Rank: 120
    MID AMERICAN
    Similarity Rank: 128
    WHITE EAGLE Credit Union
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 881 $96,675,000 $109,733 $1,666 4.62%

    For 2018, Meritrust Federal Credit Union's most frequently originated type of loan was Conventional, with 881 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 431 $65,355,000 $151,636 $2,477 4.60%
    Cash Out Refi 357 $20,145,000 $56,429 $736 4.62%
    Refi 73 $10,355,000 $141,849 $1,847 4.80%
    Home Improvement 19 $775,000 $40,789 $577 4.36%
    Other 1 $45,000 $45,000 $520 4.39%

    For 2018, Meritrust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 431 originations. The 2nd most popular reason was Cash Out Refi, with 357 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 283 $46,475,000 $164,223 $2,417 4.46%
    15 Year 157 $20,615,000 $131,306 $2,219 4.59%
    5 Year 148 $7,290,000 $49,257 $198 4.40%
    10 Year 113 $5,395,000 $47,743 $762 4.92%
    20 Year 102 $14,240,000 $139,608 $2,592 4.98%
    Other 77 $2,635,000 $34,221 $362 4.75%
    3 Year 1 $25,000 $25,000 $120 3.89%

    For 2018, Meritrust Federal Credit Union's most frequently cited loan duration was 30 Year, with 283 originations. The 2nd most popular length was 15 Year, with 157 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 687 $67,105,000 $97,678
    $1k-2k 127 $19,475,000 $153,346
    $2k-3k 15 $1,795,000 $119,667
    $3k-4k 6 $1,230,000 $205,000
    $4k-5k 4 $1,010,000 $252,500
    $5k+ 1 $495,000 $495,000

    Meritrust Federal Credit Union's average total fees were $2,417, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 687 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 485 $52,875,000 $109,021
    5-6% 191 $19,585,000 $102,539
    3-4% 190 $23,240,000 $122,316
    6-7% 14 $870,000 $62,143
    2.5-3% 1 $105,000 $105,000

    During 2018, Meritrust Federal Credit Union's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 4-5%, with 485 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 478 $21,860,000 $45,732 $962 4.67%
    $100k-200k 280 $39,880,000 $142,429 $2,362 4.62%
    $200k-400k 115 $30,585,000 $265,957 $2,729 4.39%
    $400k-600k 6 $2,670,000 $445,000 $4,226 4.22%
    $600k-1MM 2 $1,680,000 $840,000 $0 5.25%

    2018 saw Meritrust Federal Credit Union place emphasis on $100,000 or less loans with 478 originations, totaling $21,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 224 $20,260,000 $90,446 $1,651 4.58%
    $50k or less 213 $17,355,000 $81,479 $1,784 4.57%
    $100k-150k 175 $21,015,000 $120,086 $1,432 4.62%
    $75k-100k 142 $17,000,000 $119,718 $1,604 4.63%
    $150k-250k 60 $10,270,000 $171,167 $1,786 4.39%
    $250k+ 13 $2,955,000 $227,308 $3,317 4.41%

    Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 224 originations. The second most popular income band? $50k or less, with 213 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 209 $22,075,000 $105,622 $1,701 4.46%
    30-36% 176 $19,050,000 $108,239 $1,649 4.58%
    <20% 60 $6,910,000 $115,167 $1,679 4.27%
    43% 44 $4,060,000 $92,273 $1,335 4.64%
    38% 44 $5,490,000 $124,773 $1,940 4.61%
    41% 43 $5,005,000 $116,395 $1,469 4.62%
    44% 38 $2,730,000 $71,842 $1,173 4.74%
    39% 35 $4,165,000 $119,000 $1,633 4.71%
    36% 34 $4,120,000 $121,176 $1,825 4.59%
    37% 32 $2,790,000 $87,188 $1,575 4.78%
    40% 28 $3,390,000 $121,071 $1,588 4.47%
    42% 20 $1,550,000 $77,500 $1,558 4.97%
    46% 17 $2,175,000 $127,941 $2,307 4.63%
    45% 11 $1,485,000 $135,000 $2,491 4.68%
    49% 11 $1,145,000 $104,091 $1,819 4.61%
    47% 7 $1,175,000 $167,857 $2,485 4.36%
    48% 6 $870,000 $145,000 $1,869 4.69%
    50-60% 3 $75,000 $25,000 $254 4.66%

    Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 176 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 404 $46,560,000 $115,248 $1,731 4.52%
    Not provided 427 $43,165,000 $101,089 $1,607 4.64%
    Not applicable 32 $4,970,000 $155,313 $0 5.70%
    Asian 7 $985,000 $140,714 $1,614 4.54%
    Black 9 $705,000 $78,333 $1,540 4.77%
    American Indian 1 $195,000 $195,000 $1,671 3.63%
    Native Hawaiian or Islander 1 $95,000 $95,000 $2,089 4.75%

    Approval Rates

    Total approvals of all applications
    94.80%

    Meritrust Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.08%

    Meritrust Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 881 $96,675,000 $109,733

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,730,000 $455,000
    Single Family (1-4 Units):Site-Built 875 $93,945,000 $107,366

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 113 $5,325,000 $47,124 $626 4.67%
    40-60% 47 $4,905,000 $104,362 $1,568 4.44%
    60-80% 164 $24,050,000 $146,646 $2,221 4.59%
    80-100% 370 $57,800,000 $156,216 $2,464 4.63%
    Over 100% 1 $135,000 $135,000 $0 6.00%
    Under 20% 185 $4,405,000 $23,811 $287 4.62%