Spire Credit Union Mortgage Rates, Fees & Info
Falcon Heights, MNLEI: 549300QDGMFASKEN7Z77
Tax ID: 41-0585825
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Mortgage 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.
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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
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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
1,815Origination Dollar Volume (All Markets)
$328,715,000Top 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% |
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.
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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
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
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
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
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
2021 saw Spire Credit Union place emphasis on $100k-200k loans with 675 originations, totaling $101,755,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications87.42%
Spire Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination61.27%
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 |
LTV Distribution
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% |