L & N Federal Credit Union Mortgage Rates, Fees & InfoLOUISVILLE, KY
Tax ID: 61-0508496
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewL & 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.
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|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.|
Origination Dollar Volume (All Markets)$209,160,000
L & N Federal Credit Union's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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.
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|
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.
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.
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.
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
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.
Approval RatesTotal approvals of all applications
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 RateApprovals leading to origination
L & N Federal Credit Union has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|