L & N Federal Credit Union Mortgage Rates, Fees & Info

LOUISVILLE, KY

LEI: 549300OHIEQGELZVJP60

Tax ID: 61-0508496

5 stars - out of 5 stars, based on 40 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    L & N Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. L & N Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Louisville/jefferson County, London, Cincinnati, Somerset, and Bardstown among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    L & N 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. L & N 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.

    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 7.06% 3/29/23
    30 Year Conventional Refi 6.98% 3/29/23
    30 Year Cash-out Refi 7.07% 3/29/23
    15 Year Conventional Purchase 5.83% 3/29/23
    15 Year Conventional Refi 6.57% 3/29/23
    15 Year Cash-out Refi 6.57% 3/29/23
    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.


    Originations

    1,620

    Origination Dollar Volume (All Markets)

    $209,160,000
    Show all (8) awards

    Relative Rate

    L & N Federal Credit Union's average 30 year fixed mortgage rate was 5.04%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.28%.

    Relative Fees (Closing Costs)

    L & N Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,269.

    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 $4,750.

    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
    LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 984 $137,880,000 $140,122 $2,321 5.58%
    London, KY (FHA|USDA|VA) 279 $29,245,000 $104,821 $2,205 5.68%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 145 $16,815,000 $115,966 $2,182 5.76%
    Somerset, KY (FHA|USDA|VA) 90 $8,620,000 $95,778 $2,395 5.69%
    Outside of Metro Areas 41 $5,145,000 $125,488 $1,998 5.60%
    Bardstown, KY (FHA|USDA|VA) 20 $2,590,000 $129,500 $2,189 5.66%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 15 $1,915,000 $127,667 $2,224 5.07%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 12 $1,710,000 $142,500 $2,380 5.26%
    Richmond-Berea, KY (FHA|USDA|VA) 6 $1,050,000 $175,000 $2,146 5.27%
    BOWLING GREEN, KY (FHA|USDA|VA) 3 $1,035,000 $345,000 $2,935 5.71%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $515,000 $515,000 $2,644 3.13%
    CLEVELAND, TN (FHA|USDA|VA) 1 $455,000 $455,000 $3,113 4.75%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $385,000 $385,000 $3,557 5.50%
    Danville, KY (FHA|USDA|VA) 3 $255,000 $85,000 $1,789 5.04%
    Middlesborough, KY (FHA|USDA|VA) 3 $255,000 $85,000 $2,145 4.71%
    KNOXVILLE, TN (FHA|USDA|VA) 3 $215,000 $71,667 $2,697 5.46%
    COLUMBUS, OH (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
    Mount Sterling, KY (FHA|USDA|VA) 1 $155,000 $155,000 $1,612 6.00%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 3 $145,000 $48,333 $2,675 6.63%
    Scottsburg, IN (FHA|USDA|VA) 2 $140,000 $70,000 $1,797 5.19%
    OWENSBORO, KY (FHA|USDA|VA) 2 $110,000 $55,000 $0 7.75%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $105,000 $105,000 $1,472 6.00%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $85,000 $85,000 $1,917 4.75%
    Martin, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
    Frankfort, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 10.50%
    L & N Federal Credit Union's top markets include Louisville/jefferson County, London, Cincinnati, Somerset, and Bardstown among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against L & N Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Citizens National Bank of Somerset
    Similarity Rank: 150
    The Monticello Banking Company
    Similarity Rank: 209
    CINFED Federal Credit Union
    Similarity Rank: 288
    Commercial Bank
    Similarity Rank: 323
    The Cecilian Bank
    Similarity Rank: 364
    SOUTHPOINT FINANCIAL SERVICES, INC.
    Similarity Rank: 372
    Eagle Savings Bank
    Similarity Rank: 384
    COMMONWEALTH
    Similarity Rank: 575
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 780
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 812 $158,220,000 $194,852 $2,277 4.98%
    HELOC 808 $50,940,000 $63,045 n/a 6.27%

    For 2022, L & N Federal Credit Union's most frequently originated type of loan was Conventional, with 812 originations. Their 2nd most popular type was HELOC, with 808 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 798 $69,350,000 $86,905 $2,035 5.86%
    Home Purchase 413 $91,985,000 $222,724 $2,525 5.20%
    Home Improvement 231 $15,595,000 $67,511 $1,858 6.11%
    Cash Out Refi 158 $26,900,000 $170,253 $1,893 4.75%
    Other 20 $5,330,000 $266,500 $3,281 6.03%

    For 2022, L & N Federal Credit Union's most frequently cited loan purpose was Refi, with 798 originations. The 2nd most popular reason was Home Purchase, with 413 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 727 $135,045,000 $185,757 $2,269 5.04%
    20 Year 655 $39,955,000 $61,000 $2,366 6.34%
    15 Year 161 $21,935,000 $136,242 $2,236 5.39%
    Other 37 $3,565,000 $96,351 $0 6.03%
    10 Year 24 $1,310,000 $54,583 $1,648 4.80%
    30+ year 14 $7,040,000 $502,857 $3,234 4.26%
    5 Year 2 $310,000 $155,000 $0 4.38%

    For 2022, L & N Federal Credit Union's most frequently cited loan duration was 30 Year, with 727 originations. The 2nd most popular length was 20 Year, with 655 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 604 $119,760,000 $198,278
    $1k-2k 97 $13,985,000 $144,175
    $2k-3k 34 $7,130,000 $209,706
    $3k-4k 14 $3,160,000 $225,714
    $5k+ 3 $1,115,000 $371,667
    $4k-5k 1 $165,000 $165,000

    L & N Federal Credit Union's average total fees were $2,269, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 604 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 532 $82,610,000 $155,282
    5-6% 390 $59,020,000 $151,333
    6-7% 257 $23,495,000 $91,420
    7-8% 164 $10,970,000 $66,890
    3-4% 159 $25,835,000 $162,484
    Over 8% 87 $4,285,000 $49,253
    2.5-3% 17 $2,305,000 $135,588

    During 2022, L & N Federal Credit Union's average interest rate for loans was 5.04%, while their most frequently originated rate bucket for loans was 4-5%, with 532 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 861 $44,105,000 $51,225 $1,831 6.09%
    $100k-200k 463 $66,705,000 $144,071 $2,158 5.12%
    $200k-400k 240 $62,890,000 $262,042 $2,530 5.09%
    $400k-600k 46 $21,390,000 $465,000 $3,218 4.97%
    $1MM+ 6 $11,030,000 $1,838,333 $5,078 4.60%
    $600k-1MM 4 $3,040,000 $760,000 $4,559 4.65%

    2022 saw L & N Federal Credit Union place emphasis on $100,000 or less loans with 861 originations, totaling $44,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 412 $43,450,000 $105,461 $2,150 5.68%
    $75k-100k 341 $42,005,000 $123,182 $2,310 5.68%
    $50k or less 333 $27,005,000 $81,096 $1,972 5.57%
    $100k-150k 292 $38,810,000 $132,911 $2,364 5.52%
    $150k-250k 193 $35,015,000 $181,425 $2,853 5.68%
    $250k+ 35 $12,995,000 $371,286 $3,800 5.51%

    L & N Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 412 originations. The second most popular income band? $75k-100k, with 341 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 466 $54,150,000 $116,202 $2,184 5.54%
    30-36% 312 $40,340,000 $129,295 $2,286 5.68%
    <20% 230 $26,290,000 $114,304 $2,237 5.52%
    42% 108 $13,850,000 $128,241 $2,283 5.98%
    39% 71 $10,395,000 $146,408 $2,146 5.54%
    40% 65 $10,095,000 $155,308 $2,277 5.84%
    38% 65 $10,245,000 $157,615 $2,818 5.56%
    36% 60 $7,330,000 $122,167 $2,496 5.60%
    41% 59 $9,215,000 $156,186 $2,252 5.41%
    37% 46 $5,320,000 $115,652 $2,042 5.86%
    43% 35 $2,785,000 $79,571 $1,807 6.43%
    >60% 6 $470,000 $78,333 $2,131 6.81%
    44% 6 $1,430,000 $238,333 $2,079 3.60%
    50-60% 5 $165,000 $33,000 $0 6.10%
    45% 5 $685,000 $137,000 $2,232 3.55%
    46% 4 $740,000 $185,000 $3,052 4.59%
    47% 3 $735,000 $245,000 $2,437 4.42%
    48% 2 $540,000 $270,000 $2,200 3.44%
    49% 2 $500,000 $250,000 $2,197 4.38%

    L & N Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 466 originations. The next most common DTI ratio? 30-36%, with 312 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,462 $180,200,000 $123,256 $2,266 5.63%
    Not applicable 12 $9,810,000 $817,500 $0 4.89%
    Not provided 50 $9,050,000 $181,000 $2,643 5.19%
    Black 78 $7,760,000 $99,487 $2,255 5.81%
    Asian 11 $1,345,000 $122,273 $2,336 6.15%
    American Indian 2 $370,000 $185,000 $1,675 5.44%
    Asian Indian 2 $290,000 $145,000 $1,071 6.75%
    Other Asian 2 $240,000 $120,000 $2,155 4.38%
    Other Pacific Islander 1 $95,000 $95,000 $1,742 5.75%

    Approval Rates

    Total approvals of all applications
    97.18%

    L & N Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.32%

    L & N Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,620 $209,160,000 $129,111

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,620 $209,160,000 $129,111

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 387 $30,755,000 $79,470 $1,721 6.04%
    40-60% 179 $23,805,000 $132,989 $2,026 5.05%
    60-80% 253 $52,035,000 $205,672 $2,350 4.72%
    80-100% 379 $85,805,000 $226,398 $2,372 5.23%
    Over 100% 1 $205,000 $205,000 $0 6.50%
    Under 20% 417 $16,425,000 $39,388 $0 6.37%