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

LOUISVILLE, KY

LEI: 549300OHIEQGELZVJP60

Tax ID: 61-0508496

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
  • 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 Cash Out Refi, 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, London, Cincinnati, Somerset, and Bardstown among others. We have data for 24 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 an above 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.06% 12/16/24
    30 Year Conventional Refi 6.98% 12/16/24
    30 Year Cash-out Refi 7.07% 12/16/24
    15 Year Conventional Purchase 5.83% 12/16/24
    15 Year Conventional Refi 6.57% 12/16/24
    15 Year Cash-out Refi 6.57% 12/16/24
    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.

    L & N Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from L & N Federal 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

    2,558

    Origination Dollar Volume (All Markets)

    $438,250,000
    Show all (8) 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
    LOUISVILLE, KY (FHA|USDA|VA) 1,529 $286,565,000 $187,420 $1,986 3.26%
    London, KY (FHA|USDA|VA) 532 $70,850,000 $133,177 $2,012 3.30%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 189 $34,195,000 $180,926 $2,157 3.27%
    Somerset, KY (FHA|USDA|VA) 108 $15,890,000 $147,130 $2,091 3.39%
    Outside of Metro Areas 78 $9,870,000 $126,538 $2,050 3.22%
    Bardstown, KY (FHA|USDA|VA) 28 $4,780,000 $170,714 $1,848 3.34%
    Richmond-Berea, KY (FHA|USDA|VA) 19 $3,675,000 $193,421 $2,712 3.22%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 21 $3,275,000 $155,952 $2,331 3.42%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 12 $2,500,000 $208,333 $2,288 3.58%
    Danville, KY (FHA|USDA|VA) 7 $1,015,000 $145,000 $2,288 3.61%
    Frankfort, KY (FHA|USDA|VA) 6 $970,000 $161,667 $2,627 3.00%
    COLUMBUS, OH (FHA|USDA|VA) 2 $920,000 $460,000 $6,567 3.00%
    BOWLING GREEN, KY (FHA|USDA|VA) 4 $860,000 $215,000 $2,411 3.00%
    Middlesborough, KY (FHA|USDA|VA) 6 $720,000 $120,000 $2,424 3.08%
    KNOXVILLE, TN (FHA|USDA|VA) 7 $705,000 $100,714 $1,865 3.07%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $325,000 $325,000 $2,307 2.88%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 2 $240,000 $120,000 $1,816 2.88%
    Glasgow, KY (FHA|USDA|VA) 1 $165,000 $165,000 $2,788 3.38%
    Seymour, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,851 2.88%
    Campbellsville, KY (FHA|USDA|VA) 1 $135,000 $135,000 $2,315 3.00%
    Mount Sterling, KY (FHA|USDA|VA) 1 $135,000 $135,000 $2,120 4.00%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $125,000 $125,000 $2,076 3.25%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $115,000 $115,000 $1,918 3.00%
    Scottsburg, IN (FHA|USDA|VA) 1 $75,000 $75,000 $2,229 3.00%
    L & N Federal Credit Union's top markets include Louisville, London, Cincinnati, Somerset, and Bardstown among others.

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

    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 136
    The Cecilian Bank
    Similarity Rank: 270
    The North Side Bank & Trust Company
    Similarity Rank: 350
    Kentucky Bank
    Similarity Rank: 390
    Commercial Bank
    Similarity Rank: 420
    CINFED Federal Credit Union
    Similarity Rank: 651
    First State Bank
    Similarity Rank: 770
    Sharefax Credit Union
    Similarity Rank: 936
    First Harrison Bank
    Similarity Rank: 980
    Somerville Bank
    Similarity Rank: 1152

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,558 $438,250,000 $171,325 $2,026 3.28%

    For 2020, L & N Federal Credit Union's most frequently originated type of loan was Conventional, with 2,558 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 965 $153,595,000 $159,166 $2,028 3.21%
    Refi 912 $156,930,000 $172,072 $1,854 3.02%
    Home Purchase 621 $112,815,000 $181,667 $2,241 3.75%
    Home Improvement 29 $6,135,000 $211,552 $2,170 3.17%
    Other 27 $6,595,000 $244,259 $2,738 3.56%
    NA 4 $2,180,000 $545,000 $0 3.85%

    For 2020, L & N Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 965 originations. The 2nd most popular reason was Refi, with 912 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,664 $297,210,000 $178,612 $2,002 3.48%
    15 Year 508 $79,170,000 $155,846 $1,900 2.88%
    20 Year 253 $38,895,000 $153,735 $2,376 2.93%
    10 Year 95 $8,975,000 $94,474 $1,722 2.79%
    30+ year 33 $11,595,000 $351,364 $3,306 3.29%
    Other 4 $1,840,000 $460,000 $0 4.06%
    5 Year 1 $565,000 $565,000 $0 3.65%

    For 2020, L & N Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,664 originations. The 2nd most popular length was 15 Year, with 508 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,019 $328,355,000 $162,632
    $1k-2k 367 $66,875,000 $182,221
    $2k-3k 96 $17,500,000 $182,292
    $3k-4k 28 $6,250,000 $223,214
    $4k-5k 12 $3,130,000 $260,833
    $5k+ 6 $1,930,000 $321,667

    L & N Federal Credit Union's average total fees were $2,002, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,019 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,383 $228,825,000 $165,456
    3-4% 896 $162,980,000 $181,897
    4-5% 248 $41,810,000 $168,589
    5-6% 29 $4,165,000 $143,621
    <2.5% 2 $470,000 $235,000

    During 2020, L & N Federal Credit Union's average interest rate for loans was 3.48%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,383 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,239 $179,045,000 $144,508 $1,956 3.30%
    $200k-400k 643 $169,805,000 $264,082 $2,400 3.28%
    $100,000 or less 596 $42,790,000 $71,795 $1,625 3.23%
    $400k-600k 70 $32,310,000 $461,571 $3,189 3.31%
    $1MM+ 5 $10,235,000 $2,047,000 $6,571 3.53%
    $600k-1MM 5 $4,065,000 $813,000 $3,323 3.40%

    2020 saw L & N Federal Credit Union place emphasis on $100k-200k loans with 1,239 originations, totaling $179,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 576 $79,170,000 $137,448 $1,889 3.36%
    $100k-150k 486 $98,560,000 $202,798 $2,220 3.19%
    $50k or less 470 $50,080,000 $106,553 $1,803 3.47%
    $75k-100k 389 $63,155,000 $162,352 $2,043 3.26%
    $150k-250k 220 $58,600,000 $266,364 $2,483 3.14%
    $250k+ 60 $23,200,000 $386,667 $2,530 3.14%

    L & N Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 576 originations. The second most popular income band? $100k-150k, with 486 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 729 $122,645,000 $168,237 $2,058 3.23%
    <20% 504 $78,640,000 $156,032 $1,919 3.09%
    30-36% 384 $67,980,000 $177,031 $2,067 3.36%
    42% 69 $11,265,000 $163,261 $1,962 3.47%
    39% 67 $13,545,000 $202,164 $2,015 3.70%
    38% 64 $10,750,000 $167,969 $2,041 3.38%
    40% 56 $9,900,000 $176,786 $2,041 3.46%
    37% 55 $9,925,000 $180,455 $2,183 3.38%
    41% 55 $10,565,000 $192,091 $2,179 3.56%
    36% 49 $8,505,000 $173,571 $2,129 3.49%
    45% 11 $1,585,000 $144,091 $2,242 2.95%
    44% 9 $1,635,000 $181,667 $3,071 2.93%
    47% 9 $1,555,000 $172,778 $2,108 3.24%
    48% 9 $1,375,000 $152,778 $2,302 2.90%
    43% 7 $1,225,000 $175,000 $2,026 3.32%
    46% 7 $965,000 $137,857 $1,606 2.89%
    49% 4 $660,000 $165,000 $2,985 3.00%
    50-60% 3 $905,000 $301,667 $2,728 2.88%
    >60% 3 $655,000 $218,333 $2,018 3.29%

    L & N Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 729 originations. The next most common DTI ratio? <20%, with 504 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,274 $383,040,000 $168,443 $2,028 3.27%
    Not provided 120 $22,410,000 $186,750 $2,098 3.15%
    Black 108 $15,280,000 $141,481 $1,917 3.46%
    Not applicable 30 $13,640,000 $454,667 $2,108 3.90%
    Asian 15 $2,265,000 $151,000 $1,988 3.30%
    American Indian 4 $560,000 $140,000 $1,869 3.09%
    Other Asian 3 $495,000 $165,000 $2,411 3.33%
    Korean 2 $260,000 $130,000 $1,884 2.88%
    Native Hawaiian or Islander 1 $165,000 $165,000 $2,413 3.00%
    Chinese 1 $135,000 $135,000 $2,276 3.00%

    Approval Rates

    Total approvals of all applications
    96.77%

    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
    91.13%

    L & N Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,558 $438,250,000 $171,325

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 38 $3,080,000 $81,053
    Single Family (1-4 Units):Site-Built 2,520 $435,170,000 $172,687

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 132 $11,240,000 $85,152 $1,496 2.96%
    40-60% 396 $52,400,000 $132,323 $1,742 2.96%
    60-80% 979 $169,505,000 $173,141 $2,182 3.09%
    80-100% 1,037 $203,625,000 $196,360 $2,067 3.62%
    Under 20% 14 $1,480,000 $105,714 $1,235 3.10%