Tech Credit Union Mortgage Rates, Fees & Info
Crown Point, INLEI: 549300QYV7W4MRNEFK89
Tax ID: 35-0885375
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Mortgage Data
Review & Overview
Tech Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Tech Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Michigan City, and Niles among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Tech Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Tech 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.89% | 4/28/24 |
| 30 Year Conventional Refi | 6.67% | 4/28/24 |
| 30 Year Cash-out Refi | 6.93% | 4/28/24 |
| 15 Year Conventional Purchase | 6.03% | 4/28/24 |
| 15 Year Conventional Refi | 5.91% | 4/28/24 |
| 15 Year Cash-out Refi | 5.91% | 4/28/24 |
| 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. | ||
Tech Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
230Origination Dollar Volume (All Markets)
$11,670,000Awards
TECH Credit Union - 2018
TECH Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 226 | $11,250,000 | $49,779 | $736 | 4.32% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $1,980 | 4.55% |
| NILES, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,619 | 5.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against TECH 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 | 230 | $11,670,000 | $50,739 | $761 | 4.33% |
For 2018, Tech Credit Union's most frequently originated type of loan was Conventional, with 230 originations.
Loan Reason
For 2018, Tech Credit Union's most frequently cited loan purpose was Home Improvement, with 132 originations. The 2nd most popular reason was Refi, with 51 originations.
Loan Duration/Length
For 2018, Tech Credit Union's most frequently cited loan duration was Other, with 121 originations. The 2nd most popular length was 10 Year, with 73 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $3,480,000 | $158,182 |
| $1k-2k | 2 | $110,000 | $55,000 |
Tech Credit Union's average total fees were $2,607, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 114 | $6,280,000 | $55,088 |
| 3-4% | 96 | $3,410,000 | $35,521 |
| 5-6% | 16 | $1,810,000 | $113,125 |
| 6-7% | 4 | $170,000 | $42,500 |
During 2018, Tech Credit Union's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 4-5%, with 114 originations.
Loan Sizing
2018 saw Tech Credit Union place emphasis on $100,000 or less loans with 205 originations, totaling $7,545,000 in origination value.
Applicant Income
Tech Credit Union lent most frequently to those with incomes in the $75k-100k range, with 66 originations. The second most popular income band? $100k-150k, with 52 originations.
Applicant Debt to Income Ratio
Tech Credit Union lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.83%
Tech Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination93.48%
Tech Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1970.0 | 1 | $55,000 | $55,000 |
| 3417.9 | 1 | $145,000 | $145,000 |
| NA | 228 | $11,470,000 | $50,307 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $65,000 | $65,000 |
| Single Family (1-4 Units):Site-Built | 229 | $11,605,000 | $50,677 |