Meritrust Federal Credit Union Mortgage Rates, Fees & Info
Wichita, KSLEI: 549300O0SJ54M4D70R54
Tax ID: 48-0570799
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Mortgage Data
Review & Overview
Meritrust Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and 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 20 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.81% | 4/22/24 |
| 30 Year Conventional Refi | 6.65% | 4/22/24 |
| 30 Year Cash-out Refi | 6.79% | 4/22/24 |
| 15 Year Conventional Purchase | 6.78% | 4/22/24 |
| 15 Year Conventional Refi | 6.33% | 4/22/24 |
| 15 Year Cash-out Refi | 6.33% | 4/22/24 |
| 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
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This is not an official calculator from Meritrust Federal Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,516Origination Dollar Volume (All Markets)
$239,500,000Awards
MERITRUST Federal Credit Union - 2021
MERITRUST Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 1,255 | $196,405,000 | $156,498 | $2,574 | 3.36% |
| MANHATTAN, KS (FHA|USDA|VA) | 84 | $14,880,000 | $177,143 | $3,066 | 3.25% |
| LAWRENCE, KS (FHA|USDA|VA) | 53 | $9,715,000 | $183,302 | $2,471 | 3.23% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 28 | $5,480,000 | $195,714 | $2,383 | 3.63% |
| Outside of Metro Areas | 38 | $3,220,000 | $84,737 | $2,271 | 3.37% |
| TOPEKA, KS (FHA|USDA|VA) | 12 | $2,190,000 | $182,500 | $2,536 | 3.16% |
| Winfield, KS (FHA|USDA|VA) | 14 | $1,830,000 | $130,714 | $2,858 | 3.22% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $1,805,000 | $1,805,000 | $0 | 3.85% |
| Hutchinson, KS (FHA|USDA|VA) | 14 | $1,240,000 | $88,571 | $3,033 | 3.81% |
| Emporia, KS (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $2,110 | 2.92% |
| Great Bend, KS (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $2,141 | 3.25% |
| Ottawa, KS (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,315 | 3.63% |
| Garden City, KS (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,100 | 2.88% |
| McPherson, KS (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $963 | 4.79% |
| Pittsburg, KS (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,708 | 3.13% |
| Salina, KS (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $2,234 | 3.38% |
| Hays, KS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,585 | 2.88% |
| Parsons, KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,517 | 3.38% |
| PUEBLO, CO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.00% |
| Coffeyville, KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,676 | 3.88% |
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 | 1,515 | $239,345,000 | $157,983 | $2,588 | 3.36% |
| HELOC | 1 | $155,000 | $155,000 | n/a | 4.00% |
For 2021, Meritrust Federal Credit Union's most frequently originated type of loan was Conventional, with 1,515 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2021, Meritrust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 688 originations. The 2nd most popular reason was Cash Out Refi, with 436 originations.
Loan Duration/Length
For 2021, Meritrust Federal Credit Union's most frequently cited loan duration was 30 Year, with 635 originations. The 2nd most popular length was 15 Year, with 452 originations.
Origination Fees/Closing Costs
Meritrust Federal Credit Union's average total fees were $2,962, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 678 originations.
Interest Rates
During 2021, Meritrust Federal Credit Union's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 736 originations.
Loan Sizing
2021 saw Meritrust Federal Credit Union place emphasis on $100k-200k loans with 659 originations, totaling $96,445,000 in origination value.
Applicant Income
Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 363 originations. The second most popular income band? $50k or less, with 339 originations.
Applicant Debt to Income Ratio
Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 391 originations. The next most common DTI ratio? 30-36%, with 263 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.88%
Meritrust Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination72.56%
Meritrust Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,516 | $239,500,000 | $157,982 |