Mayo Employees Federal Credit Union Mortgage Rates, Fees & Info

Rochester, MN

LEI: 549300QTN66CFMVWLH03

Tax ID: 41-0400045

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

    Mayo Employees Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Mayo Employees Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Rochester, Phoenix, Jacksonville, Minneapolis, and La Crosse among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mayo Employees Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mayo Employees 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 6.11% 11/21/24
    30 Year Conventional Refi 6.50% 11/21/24
    30 Year Cash-out Refi 6.36% 11/21/24
    15 Year Conventional Purchase 5.84% 11/21/24
    15 Year Conventional Refi 5.96% 11/21/24
    15 Year Cash-out Refi 5.96% 11/21/24
    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.

    Mayo Employees 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 Mayo Employees 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

    782

    Origination Dollar Volume (All Markets)

    $101,960,000

    Awards

    MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) 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
    ROCHESTER, MN (FHA|USDA|VA) 508 $63,810,000 $125,610 $1,455 4.36%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 110 $12,480,000 $113,455 $1,180 4.79%
    JACKSONVILLE, FL (FHA|USDA|VA) 26 $8,500,000 $326,923 $3,681 4.38%
    Outside of Metro Areas 91 $6,845,000 $75,220 $428 4.61%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5 $2,385,000 $477,000 $5,291 3.73%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 16 $960,000 $60,000 $332 4.31%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $945,000 $945,000 $2,526 4.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $915,000 $305,000 $5,218 4.00%
    MANKATO, MN (FHA|USDA|VA) 3 $825,000 $275,000 $4,495 3.92%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $665,000 $665,000 $5,408 4.25%
    GREEN BAY, WI (FHA|USDA|VA) 1 $625,000 $625,000 $3,147 3.88%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $530,000 $265,000 $3,668 3.75%
    Winona, MN (FHA|USDA|VA) 4 $500,000 $125,000 $1,638 4.44%
    Albert Lea, MN (FHA|USDA|VA) 2 $450,000 $225,000 $2,609 4.55%
    SAVANNAH, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,764 5.00%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $355,000 $355,000 $3,867 4.75%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $285,000 $285,000 $4,982 4.00%
    Red Wing, MN (FHA|USDA|VA) 3 $275,000 $91,667 $2,006 4.45%
    Austin, MN (FHA|USDA|VA) 2 $150,000 $75,000 $1,560 3.93%
    Fairmont, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,528 4.25%
    Mayo Employees Federal Credit Union's top markets include Rochester, Phoenix, Jacksonville, Minneapolis, and La Crosse among others.

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

    • Similar Lenders

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

    HomeTown Bank
    Similarity Rank: 300
    First Alliance Credit Union
    Similarity Rank: 405
    Manufacturers Bank & Trust Company
    Similarity Rank: 456
    Merchants Bank
    Similarity Rank: 464
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 540
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    AFFINITY PLUS
    Similarity Rank: 783
    IAPPROVE LENDING
    Similarity Rank: 816
    VYSTAR
    Similarity Rank: 936
    HOME SOLUTION LENDERS INC.
    Similarity Rank: 945

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 781 $101,875,000 $130,442 $1,435 4.44%
    FHA 1 $85,000 $85,000 $125 3.55%

    For 2018, Mayo Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 781 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 266 $15,280,000 $57,444 $220 4.71%
    Home Purchase 205 $56,775,000 $276,951 $4,239 4.12%
    Refi 141 $14,235,000 $100,957 $507 4.13%
    Other 118 $6,250,000 $52,966 $233 4.80%
    Cash Out Refi 52 $9,420,000 $181,154 $1,718 4.38%

    For 2018, Mayo Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 266 originations. The 2nd most popular reason was Home Purchase, with 205 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 336 $45,690,000 $135,982 $1,292 4.69%
    10 Year 221 $13,725,000 $62,104 $240 4.35%
    30 Year 127 $38,105,000 $300,039 $4,578 4.11%
    5 Year 88 $2,660,000 $30,227 $178 4.22%
    20 Year 8 $1,720,000 $215,000 $3,741 4.25%
    Other 2 $60,000 $30,000 $200 5.19%

    For 2018, Mayo Employees Federal Credit Union's most frequently cited loan duration was 15 Year, with 336 originations. The 2nd most popular length was 10 Year, with 221 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 123 $33,305,000 $270,772
    $1k-2k 78 $12,940,000 $165,897
    $3k-4k 27 $16,785,000 $621,667
    $<1k 20 $3,500,000 $175,000
    $4k-5k 1 $1,065,000 $1,065,000

    Mayo Employees Federal Credit Union's average total fees were $4,578, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 123 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 376 $55,390,000 $147,314
    5-6% 209 $14,735,000 $70,502
    4-5% 172 $30,410,000 $176,802
    6-7% 24 $1,400,000 $58,333

    During 2018, Mayo Employees Federal Credit Union's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 376 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 452 $20,910,000 $46,261 $259 4.69%
    $100k-200k 177 $26,385,000 $149,068 $1,747 4.11%
    $200k-400k 108 $28,410,000 $263,056 $3,922 4.03%
    $400k-600k 30 $14,310,000 $477,000 $5,602 4.22%
    $600k-1MM 13 $9,615,000 $739,615 $6,437 4.24%
    $1MM+ 2 $2,330,000 $1,165,000 $9,886 4.75%

    2018 saw Mayo Employees Federal Credit Union place emphasis on $100,000 or less loans with 452 originations, totaling $20,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 220 $20,960,000 $95,273 $1,051 4.59%
    $50k-75k 155 $18,345,000 $118,355 $1,785 4.18%
    $150k-250k 141 $19,895,000 $141,099 $1,324 4.68%
    $75k-100k 127 $10,465,000 $82,402 $730 4.46%
    $250k+ 81 $28,005,000 $345,741 $3,568 4.42%
    $50k or less 58 $4,290,000 $73,966 $757 4.02%

    Mayo Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 220 originations. The second most popular income band? $50k-75k, with 155 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 252 $31,510,000 $125,040 $1,325 4.47%
    30-36% 166 $23,110,000 $139,217 $1,549 4.62%
    <20% 137 $18,815,000 $137,336 $1,533 4.04%
    36% 30 $3,460,000 $115,333 $1,093 4.59%
    39% 28 $3,860,000 $137,857 $1,517 4.74%
    40% 26 $3,680,000 $141,538 $2,124 4.46%
    37% 22 $2,490,000 $113,182 $1,317 4.87%
    38% 16 $1,350,000 $84,375 $752 4.40%
    41% 15 $2,505,000 $167,000 $2,286 4.44%
    42% 11 $1,195,000 $108,636 $1,513 4.42%
    50-60% 9 $1,325,000 $147,222 $1,808 4.18%
    43% 7 $555,000 $79,286 $623 4.47%
    >60% 7 $1,175,000 $167,857 $1,866 4.10%
    45% 5 $1,355,000 $271,000 $3,983 4.52%
    44% 4 $480,000 $120,000 $712 4.30%
    46% 3 $785,000 $261,667 $3,097 4.58%
    49% 3 $765,000 $255,000 $4,506 3.75%
    48% 2 $420,000 $210,000 $3,808 3.75%

    Mayo Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 252 originations. The next most common DTI ratio? 30-36%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 691 $83,335,000 $120,601 $1,226 4.49%
    Not provided 31 $8,815,000 $284,355 $3,767 3.96%
    Asian 37 $6,395,000 $172,838 $2,715 4.10%
    Black 15 $2,125,000 $141,667 $2,077 4.30%
    Asian Indian 2 $420,000 $210,000 $3,919 4.50%
    Chinese 2 $340,000 $170,000 $3,728 3.94%
    American Indian 2 $250,000 $125,000 $2,241 4.75%
    Korean 1 $175,000 $175,000 $3,740 3.63%
    Not applicable 1 $105,000 $105,000 $414 3.45%

    Approval Rates

    Total approvals of all applications
    93.03%

    Mayo Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.56%

    Mayo Employees Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 782 $101,960,000 $130,384

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $175,000 $175,000
    Single Family (1-4 Units):Site-Built 781 $101,785,000 $130,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 156 $11,700,000 $75,000 $414 4.60%
    40-60% 67 $9,075,000 $135,448 $1,250 4.03%
    60-80% 136 $30,810,000 $226,544 $2,477 3.88%
    80-100% 134 $38,790,000 $289,478 $4,260 4.06%
    Under 20% 273 $10,355,000 $37,930 $208 4.91%