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

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 Grand Rapids among others. We have data for 18 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%	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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

1,815

Origination Dollar Volume (All Markets)

$328,715,000

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)	1,580	$294,340,000	$186,291	$2,530	3.21%
Outside of Metro Areas	171	$23,845,000	$139,444	$2,543	3.03%
Brainerd, MN (FHA\|USDA\|VA)	13	$3,155,000	$242,692	$3,563	3.08%
ST. CLOUD, MN (FHA\|USDA\|VA)	16	$2,340,000	$146,250	$2,957	3.23%
DULUTH, MN-WI (FHA\|USDA\|VA)	7	$1,135,000	$162,143	$3,030	3.36%
Grand Rapids, MN (FHA\|USDA\|VA)	6	$750,000	$125,000	$2,895	3.06%
Faribault-Northfield, MN (FHA\|USDA\|VA)	5	$675,000	$135,000	$2,179	3.25%
Hutchinson, MN (FHA\|USDA\|VA)	4	$490,000	$122,500	$2,577	3.22%
ROCHESTER, MN (FHA\|USDA\|VA)	3	$425,000	$141,667	$2,757	2.79%
Red Wing, MN (FHA\|USDA\|VA)	2	$420,000	$210,000	$3,025	3.13%
Bemidji, MN (FHA\|USDA\|VA)	1	$255,000	$255,000	$5,066	3.13%
Winona, MN (FHA\|USDA\|VA)	1	$175,000	$175,000	$1,139	3.00%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,696	3.13%
Willmar, MN (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,609	2.88%
New Ulm, MN (FHA\|USDA\|VA)	1	$145,000	$145,000	$3,363	2.50%
Austin, MN (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,116	3.50%
Menomonie, WI (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,589	2.38%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$55,000	$55,000	$364	3.50%

Spire Credit Union's top markets include Minneapolis, Brainerd, St. Cloud, Duluth, and Grand Rapids 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.

Farmers & Merchants Savings Bank
Similarity Rank: 720

Anoka Hennepin Credit Union
Similarity Rank: 826

MY Credit Union
Similarity Rank: 1200

Liberty Bank Minnesota
Similarity Rank: 1664

Bank Midwest
Similarity Rank: 1740

Cf Bank
Similarity Rank: 1953

LOANFLIGHT LENDING, LLC
Similarity Rank: 2080

Security Financial Bank
Similarity Rank: 2160

South Metro Federal Credit Union
Similarity Rank: 2443

TOPLINE FEDERAL CREDIT UNION
Similarity Rank: 2496

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,815	$328,715,000	$181,110	$2,547	3.19%

For 2021, Spire Credit Union's most frequently originated type of loan was Conventional, with 1,815 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	830	$171,590,000	$206,735	$2,537	3.07%
Refi	430	$73,350,000	$170,581	$2,644	2.82%
Home Purchase	266	$65,650,000	$246,805	$4,630	3.08%
Home Improvement	171	$8,415,000	$49,211	$471	4.32%
Other	118	$9,710,000	$82,288	$718	4.07%

For 2021, Spire Credit Union's most frequently cited loan purpose was Cash Out Refi, with 830 originations. The 2nd most popular reason was Refi, with 430 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	742	$115,430,000	$155,566	$2,030	2.94%
30 Year	651	$147,165,000	$226,060	$3,783	3.15%
10 Year	151	$32,925,000	$218,046	$658	3.73%
20 Year	114	$22,770,000	$199,737	$3,698	2.94%
5 Year	82	$4,280,000	$52,195	$241	4.24%
Other	71	$5,145,000	$72,465	$384	4.28%
1 Year	4	$1,000,000	$250,000	$5,566	3.16%

For 2021, Spire Credit Union's most frequently cited loan duration was 15 Year, with 742 originations. The 2nd most popular length was 30 Year, with 651 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	782	$96,060,000	$122,839
$2k-3k	451	$105,185,000	$233,226
$1k-2k	418	$55,510,000	$132,799
$3k-4k	102	$34,970,000	$342,843
$4k-5k	21	$9,245,000	$440,238
$5k+	5	$2,225,000	$445,000

Spire Credit Union's average total fees were $3,783, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 782 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	841	$159,355,000	$189,483
3-4%	484	$111,830,000	$231,054
<2.5%	264	$44,950,000	$170,265
4-5%	202	$11,720,000	$58,020
5-6%	19	$645,000	$33,947
6-7%	4	$160,000	$40,000
7-8%	1	$55,000	$55,000

During 2021, Spire Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 841 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	675	$101,755,000	$150,748	$2,552	2.95%
$200k-400k	594	$157,600,000	$265,320	$3,845	3.01%
$100,000 or less	494	$28,250,000	$57,186	$744	3.76%
$400k-600k	46	$21,080,000	$458,261	$5,247	3.09%
$1MM+	4	$18,670,000	$4,667,500	$0	3.21%
$600k-1MM	2	$1,360,000	$680,000	$8,841	3.25%

2021 saw Spire Credit Union place emphasis on $100k-200k loans with 675 originations, totaling $101,755,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	452	$86,160,000	$190,619	$2,637	3.22%
$50k-75k	440	$64,750,000	$147,159	$2,562	3.12%
$75k-100k	371	$63,835,000	$172,062	$2,649	3.16%
$150k-250k	270	$56,280,000	$208,444	$2,556	3.37%
$50k or less	218	$24,880,000	$114,128	$2,139	3.02%
$250k+	31	$7,845,000	$253,065	$2,672	3.48%

Spire Credit Union lent most frequently to those with incomes in the $100k-150k range, with 452 originations. The second most popular income band? $50k-75k, with 440 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	496	$88,880,000	$179,194	$2,653	3.10%
30-36%	395	$68,235,000	$172,747	$2,509	3.25%
<20%	202	$29,520,000	$146,139	$2,220	2.93%
42%	97	$14,355,000	$147,990	$2,052	3.55%
41%	83	$12,565,000	$151,386	$2,135	3.48%
40%	74	$12,030,000	$162,568	$2,205	3.27%
36%	74	$13,260,000	$179,189	$2,639	3.32%
39%	69	$11,505,000	$166,739	$2,280	3.31%
38%	63	$9,615,000	$152,619	$1,961	3.33%
37%	59	$10,825,000	$183,475	$2,855	3.18%
44%	52	$9,410,000	$180,962	$3,327	3.19%
43%	36	$7,090,000	$196,944	$3,625	3.07%
45%	26	$5,350,000	$205,769	$3,785	2.90%
46%	16	$3,740,000	$233,750	$4,227	2.87%
48%	16	$2,690,000	$168,125	$2,968	2.88%
47%	14	$2,830,000	$202,143	$3,590	2.89%
49%	7	$1,295,000	$185,000	$3,526	2.93%

Spire Credit Union lent most frequently to those with DTI ratios of 20-30%, with 496 originations. The next most common DTI ratio? 30-36%, with 395 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,526	$259,380,000	$169,974	$2,551	3.18%
Not provided	209	$36,225,000	$173,325	$2,487	3.22%
Not applicable	23	$22,505,000	$978,478	$197	3.66%
Asian	25	$4,735,000	$189,400	$2,575	3.18%
Black	20	$3,660,000	$183,000	$2,846	3.14%
American Indian	10	$1,850,000	$185,000	$2,806	3.51%
Native Hawaiian or Islander	2	$360,000	$180,000	$2,210	3.00%

Approval Rates

Total approvals of all applications
87.42%

Spire Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
61.27%

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	1,815	$328,715,000	$181,110

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	1,815	$328,715,000	$181,110

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	294	$30,320,000	$103,129	$1,352	3.13%
40-60%	380	$74,840,000	$196,947	$2,547	2.83%
60-80%	607	$147,895,000	$243,649	$3,366	3.03%
80-100%	259	$63,745,000	$246,120	$4,343	3.08%
Under 20%	275	$11,915,000	$43,327	$393	4.24%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Sovereign Lending Group, Incorporated	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	3	37.5%
Sovereign Lending Group, Incorporated	Conventional home mortgage	Closing on a mortgage	1	12.5%
Sovereign Lending Group, Incorporated	Conventional home mortgage	Struggling to pay mortgage	1	12.5%
Sovereign Lending Group, Incorporated	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	2	25.0%
Sovereign Lending Group, Incorporated	VA mortgage	Trouble during payment process	1	12.5%