Bourns Employees Federal Credit Union Mortgage Rates, Fees & Info
Riverside, CALEI: 549300RZ68QC00DWOC19
Tax ID: 95-2452643
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Mortgage Data
Review & Overview
Bourns Employees Federal Credit Union is a smaller credit union specializing in Other, Home Improvement, and Home Purchase loans. Bourns Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Riverside, Modesto, Hartford, Sacramento, and Los Angeles among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Bourns Employees Federal 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. Bourns 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/21/24 |
| 30 Year Conventional Purchase | 6.60% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.43% | 11/21/24 |
| 15 Year Conventional Purchase | 5.18% | 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. | ||
Bourns Employees Federal 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
22Origination Dollar Volume (All Markets)
$3,070,000Top 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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 14 | $1,570,000 | $112,143 | $0 | 5.00% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,584 | 4.75% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,690 | 5.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,925 | 4.38% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 5.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.50% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.00% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against BOURNS EMPLOYEES FEDERAL 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 |
|---|---|---|---|---|---|
| HELOC | 19 | $1,975,000 | $103,947 | n/a | 4.86% |
| Conventional | 3 | $1,095,000 | $365,000 | $4,733 | 4.79% |
For 2022, Bourns Employees Federal Credit Union's most frequently originated type of loan was HELOC, with 19 originations. Their 2nd most popular type was Conventional, with 3 originations.
Loan Reason
For 2022, Bourns Employees Federal Credit Union's most frequently cited loan purpose was Other, with 13 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 19 | $1,975,000 | $103,947 | $0 | 4.86% |
| 15 Year | 2 | $840,000 | $420,000 | $5,137 | 5.00% |
| 30 Year | 1 | $255,000 | $255,000 | $3,925 | 4.38% |
For 2022, Bourns Employees Federal Credit Union's most frequently cited loan duration was Other, with 19 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 3 | $1,095,000 | $365,000 |
Bourns Employees Federal Credit Union's average total fees were $3,925, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 9 | $925,000 | $102,778 |
| 5-6% | 7 | $945,000 | $135,000 |
| 4-5% | 3 | $775,000 | $258,333 |
| 6-7% | 3 | $425,000 | $141,667 |
During 2022, Bourns Employees Federal Credit Union's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 3-4%, with 9 originations.
Loan Sizing
2022 saw Bourns Employees Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $810,000 in origination value.
Applicant Income
Bourns Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 6 originations.
Applicant Debt to Income Ratio
Bourns Employees Federal Credit Union lent most frequently to those with DTI ratios of 44%, with 4 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.59%
Bourns Employees Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination36.36%
Bourns Employees Federal 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 | 22 | $3,070,000 | $139,545 |