Spire Credit Union Mortgage Rates, Fees & Info

Falcon Heights, MN

LEI: 549300QDGMFASKEN7Z77

Tax ID: 41-0585825

5 stars - Updated: 11/17/24 - out of 5 stars, based on 41 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    Spire Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Spire Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Duluth, Brainerd, and Cape Coral among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Spire 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. Spire 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 relatively high 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
    Home Equity Line of Credit (HELOC) 6.70% 11/17/24
    30 Year Conventional Purchase 6.28% 11/17/24
    30 Year Conventional Refi 6.49% 11/17/24
    30 Year Cash-out Refi 6.56% 11/17/24
    30 Year FHA Purchase 7.18% 11/17/24
    30 Year FHA Refi 6.27% 11/17/24
    30 Year VA Purchase 6.73% 11/17/24
    30 Year USDA Purchase 5.56% 11/17/24
    15 Year Conventional Purchase 5.91% 11/17/24
    15 Year Conventional Refi 5.81% 11/17/24
    15 Year Cash-out Refi 5.81% 11/17/24
    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.

    Spire Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Spire 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

    1,659

    Origination Dollar Volume (All Markets)

    $178,305,000
    Show all (5) awards

    Relative Rate

    Spire Credit Union's average 30 year fixed mortgage rate was 6.25%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.23%.

    Relative Fees (Closing Costs)

    Spire Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,388.

    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 $9,089.

    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) 1,427 $153,105,000 $107,292 $1,205 7.42%
    Outside of Metro Areas 135 $12,735,000 $94,333 $1,045 7.34%
    ST. CLOUD, MN (FHA|USDA|VA) 32 $2,970,000 $92,813 $1,119 7.33%
    DULUTH, MN-WI (FHA|USDA|VA) 11 $1,995,000 $181,364 $2,622 6.44%
    Brainerd, MN (FHA|USDA|VA) 11 $1,735,000 $157,727 $3,069 7.06%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $725,000 $725,000 $11,975 4.63%
    EAU CLAIRE, WI (FHA|USDA|VA) 4 $710,000 $177,500 $2,852 6.84%
    Frankfort, KY (FHA|USDA|VA) 2 $710,000 $355,000 $6,189 6.13%
    ROCHESTER, MN (FHA|USDA|VA) 7 $695,000 $99,286 $2,351 7.55%
    Willmar, MN (FHA|USDA|VA) 5 $495,000 $99,000 $1,770 7.43%
    Hutchinson, MN (FHA|USDA|VA) 7 $445,000 $63,571 $428 8.11%
    MANKATO, MN (FHA|USDA|VA) 4 $440,000 $110,000 $2,189 7.41%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $375,000 $375,000 $6,558 5.88%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $6,120 5.50%
    Alexandria, MN (FHA|USDA|VA) 2 $200,000 $100,000 $1,977 6.56%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $185,000 $185,000 $4,354 6.00%
    Red Wing, MN (FHA|USDA|VA) 2 $180,000 $90,000 $498 7.75%
    Austin, MN (FHA|USDA|VA) 2 $90,000 $45,000 $225 6.88%
    GREEN BAY, WI (FHA|USDA|VA) 1 $65,000 $65,000 $363 6.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $55,000 $55,000 $207 6.25%
    Owatonna, MN (FHA|USDA|VA) 1 $45,000 $45,000 $205 8.25%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $25,000 $25,000 $466 6.90%
    Spire Credit Union's top markets include Minneapolis, St. Cloud, Duluth, Brainerd, and Cape Coral among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)

    • Similar Lenders

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

    South Metro Federal Credit Union
    Similarity Rank: 55
    MY Credit Union
    Similarity Rank: 225
    RiverWood Bank
    Similarity Rank: 264
    Deerwood Bank
    Similarity Rank: 405
    Cornerstone State Bank
    Similarity Rank: 456
    SHAREPOINT CREDIT UNION
    Similarity Rank: 745
    Mortgages Unlimited Inc.
    Similarity Rank: 1122
    IDEAL
    Similarity Rank: 1152
    Liberty Bank Minnesota
    Similarity Rank: 1166
    ST. CLOUD FINANCIAL
    Similarity Rank: 1179

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,406 $157,640,000 $112,119 $1,241 7.21%
    HELOC 253 $20,665,000 $81,680 n/a 8.39%

    For 2023, Spire Credit Union's most frequently originated type of loan was Conventional, with 1,406 originations. Their 2nd most popular type was HELOC, with 253 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 688 $41,890,000 $60,887 $332 7.74%
    Other 441 $32,675,000 $74,093 $430 7.54%
    Home Purchase 235 $65,635,000 $279,298 $5,263 6.40%
    Cash Out Refi 232 $29,730,000 $128,147 $790 7.14%
    Refi 63 $8,375,000 $132,937 $890 7.24%

    For 2023, Spire Credit Union's most frequently cited loan purpose was Home Improvement, with 688 originations. The 2nd most popular reason was Other, with 441 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 650 $44,430,000 $68,354 $313 7.84%
    15 Year 307 $25,035,000 $81,547 $582 7.29%
    30 Year 284 $76,570,000 $269,613 $4,388 6.25%
    20 Year 188 $16,160,000 $85,957 $472 8.23%
    Other 127 $8,555,000 $67,362 $333 7.35%
    5 Year 93 $4,475,000 $48,118 $272 6.55%
    1 Year 10 $3,080,000 $308,000 $4,048 6.58%

    For 2023, Spire Credit Union's most frequently cited loan duration was 10 Year, with 650 originations. The 2nd most popular length was 15 Year, with 307 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,149 $87,935,000 $76,532
    $2k-3k 81 $19,215,000 $237,222
    $3k-4k 74 $26,130,000 $353,108
    $1k-2k 47 $6,525,000 $138,830
    $4k-5k 16 $7,320,000 $457,500
    $5k+ 13 $6,225,000 $478,846

    Spire Credit Union's average total fees were $4,388, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,149 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 525 $60,135,000 $114,543
    Over 8% 490 $37,920,000 $77,388
    7-8% 464 $40,820,000 $87,974
    5-6% 161 $33,815,000 $210,031
    4-5% 18 $5,290,000 $293,889
    3-4% 1 $325,000 $325,000

    During 2023, Spire Credit Union's average interest rate for loans was 6.25%, while their most frequently originated rate bucket for loans was 6-7%, with 525 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,110 $55,690,000 $50,171 $370 7.59%
    $100k-200k 297 $40,255,000 $135,539 $1,231 7.40%
    $200k-400k 204 $57,610,000 $282,402 $4,364 6.60%
    $400k-600k 41 $18,665,000 $455,244 $5,910 6.15%
    $600k-1MM 6 $4,080,000 $680,000 $9,463 6.38%
    $1MM+ 1 $2,005,000 $2,005,000 $0 7.00%

    2023 saw Spire Credit Union place emphasis on $100,000 or less loans with 1,110 originations, totaling $55,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 547 $54,855,000 $100,283 $1,109 7.46%
    $150k-250k 406 $53,230,000 $131,108 $1,416 7.46%
    $75k-100k 284 $26,490,000 $93,275 $1,226 7.31%
    $50k-75k 227 $17,685,000 $77,907 $1,194 7.32%
    $50k or less 96 $5,460,000 $56,875 $981 7.16%
    $250k+ 77 $15,245,000 $197,987 $1,943 7.57%

    Spire Credit Union lent most frequently to those with incomes in the $100k-150k range, with 547 originations. The second most popular income band? $150k-250k, with 406 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 350 $37,020,000 $105,771 $1,258 7.28%
    30-36% 303 $35,025,000 $115,594 $1,439 7.24%
    42% 194 $17,570,000 $90,567 $836 7.72%
    40% 111 $10,815,000 $97,432 $1,040 7.55%
    41% 108 $9,740,000 $90,185 $1,149 7.71%
    39% 93 $6,795,000 $73,065 $742 7.57%
    <20% 88 $9,700,000 $110,227 $1,157 7.22%
    38% 72 $6,570,000 $91,250 $1,090 7.48%
    37% 64 $6,270,000 $97,969 $1,123 7.51%
    36% 59 $6,565,000 $111,271 $1,290 7.32%
    43% 57 $7,355,000 $129,035 $1,807 7.25%
    44% 28 $3,480,000 $124,286 $1,842 7.51%
    47% 25 $4,305,000 $172,200 $2,017 6.98%
    49% 22 $2,280,000 $103,636 $1,436 7.37%
    45% 22 $4,040,000 $183,636 $2,476 7.21%
    48% 21 $2,655,000 $126,429 $1,405 7.45%
    46% 19 $1,695,000 $89,211 $1,557 7.27%
    50-60% 5 $1,025,000 $205,000 $3,370 6.58%
    >60% 1 $135,000 $135,000 $207 7.75%

    Spire Credit Union lent most frequently to those with DTI ratios of 20-30%, with 350 originations. The next most common DTI ratio? 30-36%, with 303 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,382 $143,200,000 $103,618 $1,194 7.37%
    Not provided 192 $20,390,000 $106,198 $1,414 7.62%
    Not applicable 14 $4,950,000 $353,571 $0 6.35%
    Asian 23 $4,135,000 $179,783 $2,816 7.09%
    Black 30 $3,820,000 $127,333 $1,389 7.63%
    American Indian 12 $1,450,000 $120,833 $1,503 7.34%
    Asian Indian 2 $190,000 $95,000 $585 7.25%
    Native Hawaiian or Islander 3 $105,000 $35,000 $0 8.33%
    Other Pacific Islander 1 $65,000 $65,000 $207 7.75%

    Approval Rates

    Total approvals of all applications
    82.91%

    Spire Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.68%

    Spire 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
    NA 1,659 $178,305,000 $107,477

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,659 $178,305,000 $107,477

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 352 $37,650,000 $106,960 $610 7.65%
    40-60% 89 $17,855,000 $200,618 $2,204 6.90%
    60-80% 120 $32,850,000 $273,750 $4,417 6.32%
    80-100% 121 $38,765,000 $320,372 $5,589 6.33%
    Under 20% 977 $51,185,000 $52,390 $329 7.61%