Novation Credit Union Mortgage Rates, Fees & Info

Oakdale, MN

LEI: 549300ODTHTLPTSBD612

Tax ID: 41-0800081

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
  • Complaints
  • 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

    Novation Credit Union is a smaller credit union specializing in Home Improvement, Other, and Refi loans. Novation Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Hutchinson, Alexandria, and Brookings among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Novation 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. 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 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 6.27% 4/28/24
    30 Year Cash-out Refi 6.06% 4/28/24
    15 Year Conventional Purchase 5.49% 4/28/24
    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

    131

    Origination Dollar Volume (All Markets)

    $11,365,000

    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) 90 $9,420,000 $104,667 $1,116 5.25%
    Hutchinson, MN (FHA|USDA|VA) 31 $1,305,000 $42,097 $436 5.59%
    Outside of Metro Areas 7 $445,000 $63,571 $1,522 5.52%
    Alexandria, MN (FHA|USDA|VA) 2 $140,000 $70,000 $4,201 4.25%
    Brookings, SD (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.13%
    Novation Credit Union's top markets include Minneapolis, Hutchinson, Alexandria, and Brookings among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • South Dakota (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.

    ST. CLOUD FINANCIAL
    Similarity Rank: 978
    South Metro Federal Credit Union
    Similarity Rank: 1088
    First National Bank of Elk River
    Similarity Rank: 1110
    WESTconsin Credit Union
    Similarity Rank: 1216
    IDEAL
    Similarity Rank: 1221
    Liberty Bank Minnesota
    Similarity Rank: 1344
    SPIRE Credit Union
    Similarity Rank: 1368
    FLAT BRANCH MORTGAGE, INC.
    Similarity Rank: 1518
    Cornerstone State Bank
    Similarity Rank: 2002
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 2100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $8,925,000 $102,586 $1,030 5.23%
    HELOC 44 $2,440,000 $55,455 n/a 5.46%

    For 2019, Novation Credit Union's most frequently originated type of loan was Conventional, with 87 originations. Their 2nd most popular type was HELOC, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 55 $2,945,000 $53,545 $445 5.50%
    Other 45 $3,845,000 $85,444 $545 5.69%
    Refi 19 $2,545,000 $133,947 $2,398 4.47%
    Home Purchase 9 $1,875,000 $208,333 $3,948 4.02%
    Cash Out Refi 3 $155,000 $51,667 $277 5.25%

    For 2019, Novation Credit Union's most frequently cited loan purpose was Home Improvement, with 55 originations. The 2nd most popular reason was Other, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 57 $4,505,000 $79,035 $2,112 5.19%
    15 Year 49 $4,565,000 $93,163 $618 5.42%
    10 Year 17 $725,000 $42,647 $381 5.83%
    30 Year 5 $1,425,000 $285,000 $5,679 3.88%
    5 Year 2 $40,000 $20,000 $208 5.12%
    20 Year 1 $105,000 $105,000 $825 5.25%

    For 2019, Novation Credit Union's most frequently cited loan duration was Other, with 57 originations. The 2nd most popular length was 15 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 43 $2,405,000 $55,930
    $1k-2k 6 $2,750,000 $458,333
    $2k-3k 6 $1,860,000 $310,000

    Novation Credit Union's average total fees were $5,679, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 82 $6,040,000 $73,659
    4-5% 21 $1,285,000 $61,190
    3-4% 11 $2,985,000 $271,364
    6-7% 8 $380,000 $47,500
    Over 8% 5 $255,000 $51,000
    2.5-3% 3 $385,000 $128,333
    7-8% 1 $35,000 $35,000

    During 2019, Novation Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 5-6%, with 82 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 109 $5,245,000 $48,119 $514 5.51%
    $100k-200k 12 $1,580,000 $131,667 $1,655 4.62%
    $200k-400k 8 $2,470,000 $308,750 $5,952 3.73%
    $1MM+ 1 $1,625,000 $1,625,000 $4,372 5.95%
    $400k-600k 1 $445,000 $445,000 $4,060 3.50%

    2019 saw Novation Credit Union place emphasis on $100,000 or less loans with 109 originations, totaling $5,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 45 $4,155,000 $92,333 $1,257 5.09%
    $150k-250k 27 $1,865,000 $69,074 $1,044 5.31%
    $75k-100k 23 $2,755,000 $119,783 $1,005 5.60%
    $50k or less 15 $985,000 $65,667 $1,015 4.93%
    $50k-75k 13 $645,000 $49,615 $289 6.09%
    $250k+ 8 $960,000 $120,000 $1,067 5.16%

    Novation Credit Union lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $150k-250k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 42 $4,660,000 $110,952 $2,140 5.15%
    20-30% 38 $1,830,000 $48,158 $518 5.35%
    30-36% 20 $1,090,000 $54,500 $721 5.42%
    36% 5 $305,000 $61,000 $617 5.30%
    37% 5 $875,000 $175,000 $379 4.77%
    40% 4 $170,000 $42,500 $374 5.38%
    44% 4 $1,810,000 $452,500 $2,569 5.61%
    41% 2 $170,000 $85,000 $825 5.38%
    38% 2 $50,000 $25,000 $208 6.13%
    42% 2 $70,000 $35,000 $0 5.63%
    43% 2 $90,000 $45,000 $281 5.38%
    39% 1 $35,000 $35,000 $230 4.95%
    45% 1 $35,000 $35,000 $556 6.25%
    47% 1 $55,000 $55,000 $642 6.25%
    50-60% 1 $55,000 $55,000 $647 5.75%
    >60% 1 $65,000 $65,000 $0 5.00%

    Novation Credit Union lent most frequently to those with DTI ratios of <20%, with 42 originations. The next most common DTI ratio? 20-30%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 128 $11,140,000 $87,031 $1,049 5.31%
    Not provided 2 $120,000 $60,000 $475 5.10%
    Black 1 $105,000 $105,000 $825 5.25%

    Approval Rates

    Total approvals of all applications
    89.95%

    Novation Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    56.49%

    Novation 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
    4415.0 1 $185,000 $185,000
    5486.6 1 $275,000 $275,000
    6013.2 1 $315,000 $315,000
    NA 128 $10,590,000 $82,734

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 131 $11,365,000 $86,756

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $2,325,000 $62,838 $582 5.36%
    40-60% 10 $1,410,000 $141,000 $1,838 5.23%
    60-80% 7 $1,395,000 $199,286 $4,279 4.57%
    80-100% 4 $960,000 $240,000 $3,380 4.09%
    Under 20% 73 $5,275,000 $72,260 $656 5.43%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    NewFed Mortgage Corp Conventional home mortgage Closing on a mortgage 1 100.0%