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 Refi and Home Purchase loans. Mayo Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Phoenix, Jacksonville, Minneapolis, and La Crosse among others. We have data for 25 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 an average 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
    30 Year Conventional Purchase 6.11% 4/18/24
    30 Year Conventional Refi 6.50% 4/18/24
    30 Year Cash-out Refi 6.36% 4/18/24
    15 Year Conventional Purchase 5.84% 4/18/24
    15 Year Conventional Refi 5.96% 4/18/24
    15 Year Cash-out Refi 5.96% 4/18/24
    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

    876

    Origination Dollar Volume (All Markets)

    $119,850,000

    Awards

    MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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) 555 $67,255,000 $121,180 $1,115 4.35%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 131 $22,005,000 $167,977 $1,552 4.51%
    JACKSONVILLE, FL (FHA|USDA|VA) 29 $8,515,000 $293,621 $3,083 4.35%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 23 $7,105,000 $308,913 $2,948 4.40%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 29 $3,475,000 $119,828 $880 4.24%
    EAU CLAIRE, WI (FHA|USDA|VA) 11 $1,915,000 $174,091 $1,715 4.02%
    MANKATO, MN (FHA|USDA|VA) 8 $1,850,000 $231,250 $2,108 4.88%
    Austin, MN (FHA|USDA|VA) 19 $1,135,000 $59,737 $340 4.65%
    Red Wing, MN (FHA|USDA|VA) 18 $1,070,000 $59,444 $421 4.96%
    Outside of Metro Areas 16 $1,050,000 $65,625 $368 4.41%
    Fairmont, MN (FHA|USDA|VA) 8 $830,000 $103,750 $564 4.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $745,000 $745,000 $5,999 3.00%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $680,000 $170,000 $1,542 4.57%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $635,000 $635,000 $5,775 3.50%
    Winona, MN (FHA|USDA|VA) 10 $440,000 $44,000 $121 4.48%
    IOWA CITY, IA (FHA|USDA|VA) 1 $395,000 $395,000 $4,318 4.00%
    Brainerd, MN (FHA|USDA|VA) 1 $175,000 $175,000 $3,947 3.75%
    Mason City, IA (FHA|USDA|VA) 2 $160,000 $80,000 $1,539 3.73%
    FLAGSTAFF, AZ (FHA|USDA|VA) 2 $150,000 $75,000 $180 4.67%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $105,000 $105,000 $180 5.59%
    Owatonna, MN (FHA|USDA|VA) 2 $50,000 $25,000 $85 5.14%
    Albert Lea, MN (FHA|USDA|VA) 1 $35,000 $35,000 $180 3.45%
    OCALA, FL (FHA|USDA|VA) 1 $35,000 $35,000 $329 4.99%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.19%
    New Ulm, MN (FHA|USDA|VA) 1 $15,000 $15,000 $180 3.45%
    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)
  • Iowa (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.

    Deer Valley Credit Union
    Similarity Rank: 820
    Suncoast Credit Union
    Similarity Rank: 874
    Home Federal Savings Bank
    Similarity Rank: 899
    RESULTS MORTGAGE, LLC
    Similarity Rank: 918
    Merchants Bank
    Similarity Rank: 975
    JAX
    Similarity Rank: 1078
    PIMA Federal Credit Union
    Similarity Rank: 1136
    AFFINITY PLUS
    Similarity Rank: 1190
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 1216
    VANTAGE WEST
    Similarity Rank: 1230

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 876 $119,850,000 $136,815 $1,252 4.39%

    For 2019, Mayo Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 876 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 347 $18,725,000 $53,963 $116 4.71%
    Refi 182 $24,340,000 $133,736 $635 4.12%
    Home Purchase 181 $61,355,000 $338,978 $4,699 3.74%
    Other 137 $8,135,000 $59,380 $128 4.93%
    Cash Out Refi 28 $7,260,000 $259,286 $2,620 3.77%
    NA 1 $35,000 $35,000 $0 3.99%

    For 2019, Mayo Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 347 originations. The 2nd most popular reason was Refi, with 182 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 308 $44,400,000 $144,156 $1,058 4.63%
    10 Year 297 $17,345,000 $58,401 $151 4.49%
    30 Year 141 $51,785,000 $367,270 $4,930 3.77%
    5 Year 126 $4,620,000 $36,667 $104 4.27%
    20 Year 4 $1,700,000 $425,000 $4,518 3.88%

    For 2019, Mayo Employees Federal Credit Union's most frequently cited loan duration was 15 Year, with 308 originations. The 2nd most popular length was 10 Year, with 297 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 112 $33,620,000 $300,179
    $1k-2k 52 $8,530,000 $164,038
    $3k-4k 41 $26,595,000 $648,659
    $<1k 33 $2,455,000 $74,394
    $4k-5k 6 $7,100,000 $1,183,333
    $5k+ 1 $705,000 $705,000

    Mayo Employees Federal Credit Union's average total fees were $4,930, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 112 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 430 $79,450,000 $184,767
    5-6% 245 $14,485,000 $59,122
    4-5% 156 $17,300,000 $110,897
    6-7% 27 $1,525,000 $56,481
    2.5-3% 18 $7,090,000 $393,889

    During 2019, Mayo Employees Federal Credit Union's average interest rate for loans was 3.77%, while their most frequently originated rate bucket for loans was 3-4%, with 430 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 543 $24,035,000 $44,263 $169 4.70%
    $100k-200k 154 $22,200,000 $144,156 $1,131 4.07%
    $200k-400k 116 $31,620,000 $272,586 $3,631 3.76%
    $600k-1MM 30 $21,360,000 $712,000 $6,865 3.60%
    $400k-600k 27 $13,045,000 $483,148 $5,415 3.81%
    $1MM+ 6 $7,590,000 $1,265,000 $9,675 3.54%

    2019 saw Mayo Employees Federal Credit Union place emphasis on $100,000 or less loans with 543 originations, totaling $24,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 245 $21,965,000 $89,653 $697 4.63%
    $150k-250k 173 $21,985,000 $127,081 $882 4.58%
    $50k-75k 171 $18,555,000 $108,509 $1,461 4.15%
    $75k-100k 120 $7,430,000 $61,917 $341 4.48%
    $250k+ 112 $45,970,000 $410,446 $3,937 4.09%
    $50k or less 55 $3,945,000 $71,727 $765 3.91%

    Mayo Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 245 originations. The second most popular income band? $150k-250k, with 173 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 281 $39,945,000 $142,153 $1,220 4.47%
    30-36% 192 $20,540,000 $106,979 $926 4.60%
    <20% 175 $29,725,000 $169,857 $1,667 3.94%
    36% 32 $4,190,000 $130,938 $1,055 4.56%
    38% 31 $3,745,000 $120,806 $900 4.52%
    37% 28 $2,610,000 $93,214 $846 4.52%
    39% 25 $2,935,000 $117,400 $1,232 4.53%
    40% 25 $2,055,000 $82,200 $789 4.86%
    43% 15 $2,165,000 $144,333 $1,733 4.60%
    42% 13 $1,415,000 $108,846 $839 4.88%
    41% 13 $1,685,000 $129,615 $1,185 4.57%
    50-60% 9 $1,635,000 $181,667 $651 3.74%
    46% 9 $2,505,000 $278,333 $3,171 4.00%
    45% 7 $1,435,000 $205,000 $3,333 3.75%
    44% 6 $540,000 $90,000 $1,309 4.08%
    >60% 6 $990,000 $165,000 $2,233 4.04%
    49% 4 $610,000 $152,500 $1,288 3.85%
    48% 3 $845,000 $281,667 $3,967 3.13%
    47% 2 $280,000 $140,000 $345 4.37%

    Mayo Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 281 originations. The next most common DTI ratio? 30-36%, with 192 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 772 $90,950,000 $117,811 $975 4.45%
    Asian 42 $11,720,000 $279,048 $3,048 3.83%
    Not provided 37 $10,185,000 $275,270 $3,525 3.87%
    Black 13 $2,255,000 $173,462 $2,553 4.33%
    Asian Indian 4 $2,240,000 $560,000 $6,492 3.63%
    Chinese 2 $900,000 $450,000 $4,967 3.25%
    Vietnamese 1 $785,000 $785,000 $7,342 3.88%
    Korean 1 $395,000 $395,000 $4,936 3.50%
    American Indian 2 $220,000 $110,000 $63 4.52%
    Other Asian 1 $165,000 $165,000 $4,138 3.13%
    Not applicable 1 $35,000 $35,000 $125 5.09%

    Approval Rates

    Total approvals of all applications
    90.58%

    Mayo Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.53%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 876 $119,850,000 $136,815

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 876 $119,850,000 $136,815

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 189 $15,235,000 $80,608 $318 4.53%
    40-60% 82 $11,870,000 $144,756 $823 3.87%
    60-80% 88 $23,470,000 $266,705 $2,463 3.72%
    80-100% 143 $55,615,000 $388,916 $4,966 3.70%
    Under 20% 374 $13,660,000 $36,524 $114 4.85%