Spire Credit Union Mortgage Rates, Fees & Info

Falcon Heights, MN

LEI: 549300QDGMFASKEN7Z77

Tax ID: 41-0585825

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

    Spire Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Spire Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, St. Cloud, Duluth, and Faribault among others. We have data for 19 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 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
    Home Equity Line of Credit (HELOC) 6.70% 4/14/24
    30 Year Conventional Purchase 6.28% 4/14/24
    30 Year Conventional Refi 6.49% 4/14/24
    30 Year Cash-out Refi 6.56% 4/14/24
    30 Year FHA Purchase 7.18% 4/14/24
    30 Year FHA Refi 6.27% 4/14/24
    30 Year VA Purchase 6.73% 4/14/24
    30 Year USDA Purchase 5.56% 4/14/24
    15 Year Conventional Purchase 5.91% 4/14/24
    15 Year Conventional Refi 5.81% 4/14/24
    15 Year Cash-out Refi 5.81% 4/14/24
    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

    1,841

    Origination Dollar Volume (All Markets)

    $353,045,000

    Awards

    SPIRE 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) 1,662 $325,400,000 $195,788 $2,661 3.32%
    Outside of Metro Areas 115 $17,615,000 $153,174 $2,668 3.28%
    Brainerd, MN (FHA|USDA|VA) 17 $3,155,000 $185,588 $2,635 3.26%
    ST. CLOUD, MN (FHA|USDA|VA) 13 $1,995,000 $153,462 $2,794 3.20%
    DULUTH, MN-WI (FHA|USDA|VA) 6 $810,000 $135,000 $2,313 3.77%
    Faribault-Northfield, MN (FHA|USDA|VA) 4 $710,000 $177,500 $2,825 2.84%
    Fergus Falls, MN (FHA|USDA|VA) 4 $620,000 $155,000 $4,488 3.28%
    Alexandria, MN (FHA|USDA|VA) 3 $455,000 $151,667 $3,124 3.50%
    Red Wing, MN (FHA|USDA|VA) 3 $395,000 $131,667 $2,684 2.96%
    Hutchinson, MN (FHA|USDA|VA) 2 $370,000 $185,000 $2,625 4.06%
    Owatonna, MN (FHA|USDA|VA) 2 $340,000 $170,000 $2,404 3.06%
    ROCHESTER, MN (FHA|USDA|VA) 3 $335,000 $111,667 $1,523 3.43%
    RACINE, WI (FHA|USDA|VA) 1 $265,000 $265,000 $2,031 3.13%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $185,000 $185,000 $3,351 3.38%
    FARGO, ND-MN (FHA|USDA|VA) 1 $135,000 $135,000 $2,567 2.38%
    MANKATO, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,564 2.88%
    Willmar, MN (FHA|USDA|VA) 1 $65,000 $65,000 $179 4.25%
    Marshall, MN (FHA|USDA|VA) 1 $45,000 $45,000 $3,555 3.38%
    Winona, MN (FHA|USDA|VA) 1 $25,000 $25,000 $340 4.50%
    Spire Credit Union's top markets include Minneapolis, Brainerd, St. Cloud, Duluth, and Faribault among others.

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

    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 1022
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    ST. CLOUD FINANCIAL
    Similarity Rank: 1976
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 2175
    South Metro Federal Credit Union
    Similarity Rank: 2244
    Cornerstone State Bank
    Similarity Rank: 2312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,841 $353,045,000 $191,768 $2,663 3.31%

    For 2020, Spire Credit Union's most frequently originated type of loan was Conventional, with 1,841 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 783 $165,795,000 $211,743 $2,602 3.22%
    Refi 514 $102,960,000 $200,311 $2,914 3.01%
    Home Purchase 281 $69,915,000 $248,808 $4,526 3.15%
    Home Improvement 149 $6,095,000 $40,906 $337 4.42%
    Other 114 $8,280,000 $72,632 $632 4.28%

    For 2020, Spire Credit Union's most frequently cited loan purpose was Cash Out Refi, with 783 originations. The 2nd most popular reason was Refi, with 514 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 855 $194,995,000 $228,064 $3,259 3.17%
    15 Year 601 $100,135,000 $166,614 $2,514 3.16%
    10 Year 124 $21,140,000 $170,484 $589 4.12%
    5 Year 113 $10,025,000 $88,717 $255 4.15%
    20 Year 96 $19,900,000 $207,292 $3,674 3.05%
    Other 50 $6,270,000 $125,400 $272 4.39%
    1 Year 2 $580,000 $290,000 $1,111 3.25%

    For 2020, Spire Credit Union's most frequently cited loan duration was 30 Year, with 855 originations. The 2nd most popular length was 15 Year, with 601 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 764 $105,770,000 $138,442
    $2k-3k 500 $115,510,000 $231,020
    $1k-2k 379 $53,065,000 $140,013
    $3k-4k 108 $38,300,000 $354,630
    $4k-5k 25 $11,355,000 $454,200
    $5k+ 3 $1,855,000 $618,333

    Spire Credit Union's average total fees were $3,259, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 764 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 828 $171,490,000 $207,114
    2.5-3% 622 $136,760,000 $219,871
    4-5% 197 $12,925,000 $65,609
    <2.5% 160 $30,140,000 $188,375
    5-6% 32 $1,630,000 $50,938
    6-7% 2 $100,000 $50,000

    During 2020, Spire Credit Union's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 828 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 685 $180,445,000 $263,423 $3,729 3.07%
    $100k-200k 642 $99,520,000 $155,016 $2,667 3.10%
    $100,000 or less 430 $22,600,000 $52,558 $663 4.05%
    $400k-600k 69 $31,445,000 $455,725 $4,788 3.10%
    $600k-1MM 8 $6,180,000 $772,500 $2,350 3.45%
    $1MM+ 7 $12,855,000 $1,836,429 $7,746 3.28%

    2020 saw Spire Credit Union place emphasis on $200k-400k loans with 685 originations, totaling $180,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 529 $102,345,000 $193,469 $2,619 3.32%
    $50k-75k 399 $65,845,000 $165,025 $2,707 3.19%
    $75k-100k 373 $64,005,000 $171,595 $2,582 3.33%
    $150k-250k 272 $57,790,000 $212,463 $2,815 3.42%
    $50k or less 162 $19,550,000 $120,679 $2,308 3.27%
    $250k+ 54 $19,230,000 $356,111 $3,706 3.24%

    Spire Credit Union lent most frequently to those with incomes in the $100k-150k range, with 529 originations. The second most popular income band? $50k-75k, with 399 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 552 $101,380,000 $183,659 $2,590 3.28%
    30-36% 365 $69,105,000 $189,329 $2,824 3.32%
    <20% 222 $38,650,000 $174,099 $2,554 3.07%
    40% 85 $14,585,000 $171,588 $2,203 3.52%
    42% 78 $12,370,000 $158,590 $2,022 3.58%
    38% 76 $13,930,000 $183,289 $2,761 3.38%
    37% 75 $13,045,000 $173,933 $2,447 3.41%
    41% 62 $10,620,000 $171,290 $2,493 3.57%
    39% 60 $10,910,000 $181,833 $2,430 3.40%
    36% 48 $7,960,000 $165,833 $2,488 3.47%
    43% 43 $8,595,000 $199,884 $3,444 3.07%
    44% 29 $6,855,000 $236,379 $3,340 3.21%
    45% 19 $4,135,000 $217,632 $3,789 3.22%
    48% 18 $3,180,000 $176,667 $3,280 3.26%
    46% 16 $3,840,000 $240,000 $4,191 3.11%
    47% 15 $2,875,000 $191,667 $3,234 3.16%
    49% 15 $3,565,000 $237,667 $3,774 2.95%
    50-60% 1 $255,000 $255,000 $5,000 2.75%

    Spire Credit Union lent most frequently to those with DTI ratios of 20-30%, with 552 originations. The next most common DTI ratio? 30-36%, with 365 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,522 $278,940,000 $183,272 $2,649 3.31%
    Not provided 196 $34,720,000 $177,143 $2,671 3.22%
    Not applicable 51 $24,135,000 $473,235 $0 3.72%
    Asian 27 $6,165,000 $228,333 $2,752 3.50%
    Black 28 $6,120,000 $218,571 $3,295 3.24%
    American Indian 16 $2,930,000 $183,125 $2,877 3.22%
    Native Hawaiian or Islander 1 $35,000 $35,000 $195 4.25%

    Approval Rates

    Total approvals of all applications
    88.30%

    Spire Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    49.10%

    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 1,841 $353,045,000 $191,768

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $15,220,000 $1,087,143
    Single Family (1-4 Units):Manufactured 7 $975,000 $139,286
    Single Family (1-4 Units):Site-Built 1,820 $336,850,000 $185,082

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 193 $22,265,000 $115,363 $1,360 3.47%
    40-60% 362 $60,370,000 $166,768 $2,617 3.03%
    60-80% 737 $184,785,000 $250,726 $3,281 3.14%
    80-100% 301 $75,555,000 $251,013 $4,045 3.12%
    Under 20% 248 $10,070,000 $40,605 $308 4.37%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Sovereign Lending Group, Incorporated Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 50.0%
    Sovereign Lending Group, Incorporated Conventional home mortgage Improper use of your report 1 16.7%
    Sovereign Lending Group, Incorporated FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%