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

Jump to:

  • 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, Refi, 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 13 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.81% 12/4/24
    30 Year Conventional Refi 6.65% 12/4/24
    30 Year Cash-out Refi 6.79% 12/4/24
    15 Year Conventional Purchase 6.78% 12/4/24
    15 Year Conventional Refi 6.33% 12/4/24
    15 Year Cash-out Refi 6.33% 12/4/24
    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

    1,774

    Origination Dollar Volume (All Markets)

    $282,620,000

    Awards

    MERITRUST Federal Credit Union 30 Year Conventional Loans silver MERITRUST Federal Credit Union 30 Year Conventional Loans silver MERITRUST Federal Credit Union 30 Year Conventional Loans bronze
    Show all (3) 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) 1,443 $227,165,000 $157,426 $2,847 3.47%
    MANHATTAN, KS (FHA|USDA|VA) 101 $17,885,000 $177,079 $2,456 3.48%
    LAWRENCE, KS (FHA|USDA|VA) 77 $15,625,000 $202,922 $2,051 3.26%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 67 $11,035,000 $164,701 $1,981 3.86%
    TOPEKA, KS (FHA|USDA|VA) 20 $3,090,000 $154,500 $2,062 3.37%
    Winfield, KS (FHA|USDA|VA) 20 $2,870,000 $143,500 $2,332 3.25%
    Outside of Metro Areas 27 $2,765,000 $102,407 $2,194 3.52%
    Hutchinson, KS (FHA|USDA|VA) 8 $790,000 $98,750 $1,878 4.01%
    Salina, KS (FHA|USDA|VA) 5 $595,000 $119,000 $2,001 2.93%
    Garden City, KS (FHA|USDA|VA) 2 $260,000 $130,000 $2,328 3.63%
    McPherson, KS (FHA|USDA|VA) 2 $240,000 $120,000 $2,640 2.69%
    Ottawa, KS (FHA|USDA|VA) 1 $155,000 $155,000 $2,344 2.88%
    Emporia, KS (FHA|USDA|VA) 1 $145,000 $145,000 $1,855 4.00%
    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)
  • 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.

    The Farmers State Bank of Westmoreland
    Similarity Rank: 56
    KANSAS STATE UNIVERSITY Federal Credit Union
    Similarity Rank: 70
    GOLDEN PLAINS
    Similarity Rank: 114
    ESB Financial
    Similarity Rank: 144
    SKYWARD
    Similarity Rank: 189
    HNB National Bank
    Similarity Rank: 195
    Bank of the Flint Hills
    Similarity Rank: 234
    Wichita Federal Credit Union
    Similarity Rank: 340
    HOME BANK AND TRUST COMPANY
    Similarity Rank: 432
    Azura Credit Union
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,774 $282,620,000 $159,312 $2,731 3.47%

    For 2020, Meritrust Federal Credit Union's most frequently originated type of loan was Conventional, with 1,774 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 731 $126,935,000 $173,646 $3,516 3.40%
    Refi 564 $96,130,000 $170,443 $2,367 3.23%
    Cash Out Refi 479 $59,555,000 $124,332 $1,857 3.87%

    For 2020, Meritrust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 731 originations. The 2nd most popular reason was Refi, with 564 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 725 $132,265,000 $182,434 $3,410 3.32%
    15 Year 540 $88,400,000 $163,704 $2,526 3.03%
    20 Year 178 $27,890,000 $156,685 $2,523 3.46%
    5 Year 154 $17,970,000 $116,688 $206 4.51%
    10 Year 96 $8,720,000 $90,833 $1,211 4.28%
    Other 80 $7,360,000 $92,000 $389 4.90%
    3 Year 1 $15,000 $15,000 $120 4.49%

    For 2020, Meritrust Federal Credit Union's most frequently cited loan duration was 30 Year, with 725 originations. The 2nd most popular length was 15 Year, with 540 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 810 $119,330,000 $147,321
    $1k-2k 672 $110,290,000 $164,122
    $2k-3k 93 $19,755,000 $212,419
    $3k-4k 15 $3,665,000 $244,333
    $4k-5k 7 $2,045,000 $292,143
    $5k+ 2 $410,000 $205,000

    Meritrust Federal Credit Union's average total fees were $3,410, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 810 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 906 $159,990,000 $176,589
    2.5-3% 511 $84,685,000 $165,724
    4-5% 209 $24,665,000 $118,014
    <2.5% 75 $10,055,000 $134,067
    5-6% 66 $2,880,000 $43,636
    6-7% 6 $290,000 $48,333

    During 2020, Meritrust Federal Credit Union's average interest rate for loans was 3.32%, while their most frequently originated rate bucket for loans was 3-4%, with 906 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 806 $119,890,000 $148,747 $3,154 3.25%
    $100,000 or less 533 $32,875,000 $61,679 $1,627 3.95%
    $200k-400k 385 $100,205,000 $260,273 $2,985 3.27%
    $400k-600k 34 $15,540,000 $457,059 $3,841 3.30%
    $600k-1MM 11 $8,675,000 $788,636 $4,615 3.81%
    $1MM+ 5 $5,435,000 $1,087,000 $0 4.31%

    2020 saw Meritrust Federal Credit Union place emphasis on $100k-200k loans with 806 originations, totaling $119,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 465 $63,435,000 $136,419 $2,406 3.34%
    $100k-150k 336 $63,010,000 $187,530 $3,895 3.48%
    $50k or less 333 $34,545,000 $103,739 $2,188 3.37%
    $75k-100k 317 $53,385,000 $168,407 $2,530 3.38%
    $150k-250k 129 $31,305,000 $242,674 $2,754 3.36%
    $250k+ 30 $10,990,000 $366,333 $2,919 3.41%

    Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 465 originations. The second most popular income band? $100k-150k, with 336 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 451 $72,185,000 $160,055 $3,580 3.29%
    30-36% 332 $55,530,000 $167,259 $2,469 3.36%
    <20% 188 $27,320,000 $145,319 $2,389 3.12%
    40% 81 $12,375,000 $152,778 $2,487 3.50%
    36% 66 $10,290,000 $155,909 $2,349 3.45%
    42% 65 $9,485,000 $145,923 $2,360 3.57%
    39% 55 $8,405,000 $152,818 $2,323 3.70%
    38% 54 $7,850,000 $145,370 $2,070 3.68%
    37% 52 $10,130,000 $194,808 $2,759 3.51%
    43% 49 $7,755,000 $158,265 $2,170 3.83%
    44% 46 $6,900,000 $150,000 $2,269 3.56%
    41% 42 $7,180,000 $170,952 $2,548 3.17%
    45% 33 $5,985,000 $181,364 $2,433 3.49%
    >60% 27 $3,715,000 $137,593 $1,405 3.59%
    46% 19 $3,365,000 $177,105 $2,561 3.20%
    47% 17 $2,705,000 $159,118 $2,722 3.12%
    49% 9 $1,615,000 $179,444 $2,473 3.25%
    48% 8 $1,320,000 $165,000 $2,456 3.22%
    50-60% 4 $890,000 $222,500 $3,917 3.75%

    Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 451 originations. The next most common DTI ratio? 30-36%, with 332 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,312 $211,940,000 $161,540 $2,826 3.36%
    Not provided 213 $31,535,000 $148,052 $2,230 3.58%
    Not applicable 164 $25,950,000 $158,232 $0 4.33%
    Asian 39 $6,875,000 $176,282 $2,837 3.16%
    Black 28 $3,580,000 $127,857 $2,142 3.62%
    American Indian 15 $2,285,000 $152,333 $2,270 3.31%
    Native Hawaiian or Islander 3 $455,000 $151,667 $2,634 3.33%

    Approval Rates

    Total approvals of all applications
    92.87%

    Meritrust Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.50%

    Meritrust Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,774 $282,620,000 $159,312

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $11,840,000 $592,000
    Single Family (1-4 Units):Site-Built 1,754 $270,780,000 $154,379

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 96 $7,390,000 $76,979 $1,360 3.97%
    40-60% 177 $21,955,000 $124,040 $2,191 3.15%
    60-80% 639 $107,295,000 $167,911 $2,516 3.30%
    80-100% 773 $142,135,000 $183,875 $3,480 3.43%
    Over 100% 2 $250,000 $125,000 $0 5.38%
    Under 20% 86 $3,350,000 $38,953 $273 5.25%