Novation Credit Union Mortgage Rates, Fees & Info

Oakdale, MN

LEI: 549300ODTHTLPTSBD612

Tax ID: 41-0800081

5 stars - Updated: 3/28/24 - out of 5 stars, based on 10 reviews

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

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Mortgage Data

Review & Overview

Novation Credit Union is a smaller credit union specializing in Other, Home Improvement, and Home Purchase loans. Novation Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Hutchinson, Houston, Orlando, and Aberdeen among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Novation 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. Novation Credit Union is typically an average 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.

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 6.27% 3/28/24
30 Year Cash-out Refi 6.06% 3/28/24
15 Year Conventional Purchase 5.49% 3/28/24
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.

Novation Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Novation 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

97

Origination Dollar Volume (All Markets)

$8,255,000

Relative Rate

Novation Credit Union's average 30 year fixed mortgage rate was 6.09%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.39%.

Relative Fees (Closing Costs)

Novation Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,872.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 56 $5,540,000 $98,929 $860 6.48%
Hutchinson, MN (FHA|USDA|VA) 19 $975,000 $51,316 $244 6.45%
Outside of Metro Areas 12 $730,000 $60,833 $237 6.31%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $405,000 $405,000 $5,465 5.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $165,000 $165,000 $5,010 5.00%
Aberdeen, SD (FHA|USDA|VA) 1 $125,000 $125,000 $181 7.24%
Brookings, SD (FHA|USDA|VA) 2 $90,000 $45,000 $151 5.50%
Menomonie, WI (FHA|USDA|VA) 1 $65,000 $65,000 $576 6.49%
Owatonna, MN (FHA|USDA|VA) 1 $55,000 $55,000 $601 6.99%
ST. CLOUD, MN (FHA|USDA|VA) 1 $55,000 $55,000 $101 6.75%
Red Wing, MN (FHA|USDA|VA) 1 $35,000 $35,000 $151 5.25%
Fergus Falls, MN (FHA|USDA|VA) 1 $15,000 $15,000 $151 5.99%
Novation Credit Union's top markets include Minneapolis, Hutchinson, Houston, Orlando, and Aberdeen among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    South Metro Federal Credit Union
    Similarity Rank: 55
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 97 $8,255,000 $85,103 $703 6.40%

    For 2023, Novation Credit Union's most frequently originated type of loan was Conventional, with 97 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 42 $2,940,000 $70,000 $251 6.57%
    Home Improvement 40 $2,100,000 $52,500 $195 6.39%
    Home Purchase 6 $2,150,000 $358,333 $5,514 5.77%
    Cash Out Refi 5 $915,000 $183,000 $3,157 5.92%
    Refi 4 $150,000 $37,500 $239 6.31%

    For 2023, Novation Credit Union's most frequently cited loan purpose was Other, with 42 originations. The 2nd most popular reason was Home Improvement, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 36 $2,140,000 $59,444 $203 6.63%
    15 Year 31 $3,535,000 $114,032 $1,052 6.76%
    5 Year 25 $865,000 $34,600 $182 5.69%
    30 Year 4 $1,680,000 $420,000 $5,872 6.09%
    Other 1 $35,000 $35,000 $223 6.49%

    For 2023, Novation Credit Union's most frequently cited loan duration was 10 Year, with 36 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 87 $5,245,000 $60,287
    $2k-3k 3 $525,000 $175,000
    $1k-2k 2 $740,000 $370,000
    $3k-4k 2 $740,000 $370,000
    $4k-5k 2 $960,000 $480,000

    Novation Credit Union's average total fees were $5,872, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 87 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 55 $4,925,000 $89,545
    5-6% 33 $2,515,000 $76,212
    7-8% 5 $515,000 $103,000
    Over 8% 3 $135,000 $45,000
    4-5% 1 $165,000 $165,000

    During 2023, Novation Credit Union's average interest rate for loans was 6.09%, while their most frequently originated rate bucket for loans was 6-7%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 78 $3,690,000 $47,308 $201 6.41%
    $100k-200k 9 $1,295,000 $143,889 $1,268 6.62%
    $200k-400k 7 $1,905,000 $272,143 $2,986 6.28%
    $400k-600k 3 $1,365,000 $455,000 $6,723 5.88%

    2023 saw Novation Credit Union place emphasis on $100,000 or less loans with 78 originations, totaling $3,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 26 $2,470,000 $95,000 $738 6.39%
    $100k-150k 25 $1,805,000 $72,200 $494 6.57%
    $250k+ 18 $2,200,000 $122,222 $1,179 6.29%
    $50k-75k 13 $765,000 $58,846 $510 6.16%
    $75k-100k 10 $420,000 $42,000 $118 6.65%
    $50k or less 5 $595,000 $119,000 $1,522 6.22%

    Novation Credit Union lent most frequently to those with incomes in the $150k-250k range, with 26 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $2,755,000 $74,459 $496 6.51%
    <20% 16 $950,000 $59,375 $457 6.01%
    30-36% 13 $1,365,000 $105,000 $1,036 6.14%
    44% 5 $315,000 $63,000 $203 6.55%
    50-60% 3 $235,000 $78,333 $251 7.91%
    39% 3 $135,000 $45,000 $134 6.91%
    46% 3 $305,000 $101,667 $1,730 5.87%
    49% 2 $100,000 $50,000 $136 6.74%
    45% 2 $270,000 $135,000 $551 6.99%
    36% 2 $100,000 $50,000 $111 6.12%
    38% 2 $510,000 $255,000 $3,794 7.19%
    40% 2 $90,000 $45,000 $349 5.75%
    42% 2 $80,000 $40,000 $372 6.00%
    41% 1 $85,000 $85,000 $101 6.49%
    48% 1 $95,000 $95,000 $101 6.49%
    43% 1 $25,000 $25,000 $546 6.49%
    37% 1 $505,000 $505,000 $7,669 6.13%

    Novation Credit Union lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? <20%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $8,120,000 $84,583 $704 6.39%
    Black 1 $135,000 $135,000 $551 7.75%

    Approval Rates

    Total approvals of all applications
    94.59%

    Novation Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.75%

    Novation Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 97 $8,255,000 $85,103

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    97 $8,255,000 $85,103

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,435,000 $115,952 $868 6.39%
    40-60% 1 $205,000 $205,000 $576 6.49%
    60-80% 5 $1,735,000 $347,000 $5,191 6.22%
    80-100% 2 $720,000 $360,000 $4,391 6.06%
    Under 20% 68 $3,160,000 $46,471 $215 6.43%