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 Cash Out Refi and Refi loans. Novation Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Hutchinson, Red Wing, Grand Rapids, and Brainerd among others. We have data for 9 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 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 6.27% 4/21/24
    30 Year Cash-out Refi 6.06% 4/21/24
    15 Year Conventional Purchase 5.49% 4/21/24
    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

    138

    Origination Dollar Volume (All Markets)

    $19,950,000

    Awards

    NOVATION CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) 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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 86 $12,700,000 $147,674 $2,393 3.37%
    Hutchinson, MN (FHA|USDA|VA) 32 $2,740,000 $85,625 $1,483 3.44%
    Outside of Metro Areas 12 $2,290,000 $190,833 $2,638 3.03%
    Red Wing, MN (FHA|USDA|VA) 3 $685,000 $228,333 $3,665 3.23%
    Grand Rapids, MN (FHA|USDA|VA) 1 $545,000 $545,000 $3,583 2.13%
    Brainerd, MN (FHA|USDA|VA) 1 $315,000 $315,000 $5,649 2.63%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $285,000 $285,000 $6,134 2.13%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $255,000 $255,000 $4,061 2.88%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,595 2.75%
    Novation Credit Union's top markets include Minneapolis, Hutchinson, Red Wing, Grand Rapids, and Brainerd among others.

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

    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    MY Credit Union
    Similarity Rank: 1200
    Liberty Bank Minnesota
    Similarity Rank: 1488
    Bank Midwest
    Similarity Rank: 1740
    Cf Bank
    Similarity Rank: 1953
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2080
    Security Financial Bank
    Similarity Rank: 2160
    South Metro Federal Credit Union
    Similarity Rank: 2443
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 2496

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 138 $19,950,000 $144,565 $2,311 3.32%

    For 2021, Novation Credit Union's most frequently originated type of loan was Conventional, with 138 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 39 $9,335,000 $239,359 $4,023 2.69%
    Home Improvement 34 $1,790,000 $52,647 $238 4.33%
    Refi 27 $4,275,000 $158,333 $3,176 2.55%
    Other 24 $1,250,000 $52,083 $183 4.15%
    Home Purchase 14 $3,300,000 $235,714 $4,551 2.71%

    For 2021, Novation Credit Union's most frequently cited loan purpose was Cash Out Refi, with 39 originations. The 2nd most popular reason was Home Improvement, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 57 $9,175,000 $160,965 $2,487 3.33%
    10 Year 35 $3,625,000 $103,571 $1,636 3.59%
    5 Year 16 $640,000 $40,000 $116 3.47%
    30 Year 15 $3,645,000 $243,000 $4,568 2.88%
    20 Year 11 $2,695,000 $245,000 $4,466 2.69%
    Other 3 $145,000 $48,333 $81 3.88%
    3 Year 1 $25,000 $25,000 $101 3.25%

    For 2021, Novation Credit Union's most frequently cited loan duration was 15 Year, with 57 originations. The 2nd most popular length was 10 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 71 $5,685,000 $80,070
    $2k-3k 37 $6,685,000 $180,676
    $1k-2k 13 $1,455,000 $111,923
    $3k-4k 13 $4,195,000 $322,692
    $4k-5k 3 $1,385,000 $461,667
    $5k+ 1 $545,000 $545,000

    Novation Credit Union's average total fees were $4,568, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 71 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 47 $10,105,000 $215,000
    3-4% 33 $1,565,000 $47,424
    4-5% 26 $1,840,000 $70,769
    2.5-3% 26 $6,100,000 $234,615
    6-7% 3 $155,000 $51,667
    5-6% 2 $120,000 $60,000
    Over 8% 1 $65,000 $65,000

    During 2021, Novation Credit Union's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was <2.5%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 66 $3,420,000 $51,818 $421 4.18%
    $100k-200k 41 $6,275,000 $153,049 $3,442 2.52%
    $200k-400k 25 $7,235,000 $289,400 $4,703 2.59%
    $400k-600k 6 $3,020,000 $503,333 $5,403 2.40%

    2021 saw Novation Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $4,160,000 $115,556 $1,971 3.42%
    $150k-250k 34 $5,880,000 $172,941 $2,854 3.21%
    $75k-100k 26 $3,100,000 $119,231 $2,088 3.30%
    $50k-75k 17 $1,805,000 $106,176 $1,777 3.43%
    $250k+ 13 $3,355,000 $258,077 $3,544 2.95%
    $50k or less 6 $460,000 $76,667 $1,738 3.69%

    Novation Credit Union lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $150k-250k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 53 $8,295,000 $156,509 $2,750 2.90%
    20-30% 35 $5,105,000 $145,857 $2,240 3.55%
    30-36% 22 $2,860,000 $130,000 $2,225 3.74%
    42% 4 $870,000 $217,500 $2,342 3.08%
    37% 4 $740,000 $185,000 $2,746 3.18%
    41% 4 $350,000 $87,500 $1,303 3.66%
    39% 3 $155,000 $51,667 $190 3.88%
    46% 2 $80,000 $40,000 $326 5.20%
    44% 2 $370,000 $185,000 $3,067 3.04%
    36% 1 $195,000 $195,000 $3,722 2.13%
    43% 1 $35,000 $35,000 $0 3.25%
    45% 1 $305,000 $305,000 $0 4.45%
    47% 1 $75,000 $75,000 $601 4.45%
    48% 1 $95,000 $95,000 $450 5.25%
    49% 1 $25,000 $25,000 $101 3.25%
    38% 1 $125,000 $125,000 $3,503 2.13%
    40% 1 $245,000 $245,000 $4,500 2.38%
    >60% 1 $25,000 $25,000 $0 3.25%

    Novation Credit Union lent most frequently to those with DTI ratios of <20%, with 53 originations. The next most common DTI ratio? 20-30%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 110 $17,310,000 $157,364 $2,535 3.25%
    Not provided 28 $2,640,000 $94,286 $1,430 3.60%

    Approval Rates

    Total approvals of all applications
    91.41%

    Novation Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.03%

    Novation Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 138 $19,950,000 $144,565

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    138 $19,950,000 $144,565

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $4,075,000 $116,429 $1,912 3.55%
    40-60% 22 $4,130,000 $187,727 $3,502 2.76%
    60-80% 30 $8,000,000 $266,667 $4,586 2.48%
    80-100% 7 $1,765,000 $252,143 $3,552 3.03%
    Under 20% 44 $1,980,000 $45,000 $283 4.04%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Novad Management Consulting LLC Conventional home mortgage Trouble during payment process 1 0.9%
    Novad Management Consulting LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 9 7.7%
    Novad Management Consulting LLC FHA mortgage Closing on a mortgage 11 9.4%
    Novad Management Consulting LLC FHA mortgage Struggling to pay mortgage 3 2.6%
    Novad Management Consulting LLC FHA mortgage Trouble during payment process 7 6.0%
    Novad Management Consulting LLC Other type of mortgage Closing on a mortgage 2 1.7%
    Novad Management Consulting LLC Other type of mortgage Incorrect information on your report 1 0.9%
    Novad Management Consulting LLC Other type of mortgage Struggling to pay mortgage 1 0.9%
    Novad Management Consulting LLC Other type of mortgage Trouble during payment process 5 4.3%
    Novad Management Consulting LLC Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 7 6.0%
    Novad Management Consulting LLC Reverse mortgage Closing on a mortgage 17 14.5%
    Novad Management Consulting LLC Reverse mortgage Struggling to pay mortgage 10 8.5%
    Novad Management Consulting LLC Reverse mortgage Trouble during payment process 43 36.8%