Forum Credit Union Mortgage Rates, Fees & Info

Fishers, IN

LEI: 549300S4PNXPKYHHRE82

Tax ID: 35-0779057

5 stars - Updated: 3/27/24 - out of 5 stars, based on 35 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

Forum Credit Union is a smaller credit union specializing in Home Purchase loans. Forum 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: Indianapolis, New Castle, Muncie, Terre Haute, and Kokomo among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

Forum 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. Forum 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 relatively high 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
Home Equity Line of Credit (HELOC) 6.37% 3/27/24
30 Year Conventional Purchase 6.18% 3/27/24
30 Year Conventional Refi 6.20% 3/27/24
30 Year Cash-out Refi 6.28% 3/27/24
30 Year FHA Purchase 6.89% 3/27/24
30 Year FHA Refi 7.21% 3/27/24
15 Year Conventional Purchase 5.60% 3/27/24
15 Year Conventional Refi 6.27% 3/27/24
15 Year Cash-out Refi 6.27% 3/27/24
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.

Forum Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Forum 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

1,259

Origination Dollar Volume (All Markets)

$186,175,000

Awards

FORUM Credit Union 30 Year Conventional Loans bronze FORUM Credit Union FHA Loans gold FORUM Credit Union 30 Year Conventional Loans silver FORUM Credit Union FHA Loans gold
Show all (4) awards

Relative Rate

Forum Credit Union's average 30 year fixed mortgage rate was 6.57%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.09%.

Relative Fees (Closing Costs)

Forum Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,264.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,142 $166,170,000 $145,508 $1,762 8.19%
Outside of Metro Areas 15 $3,165,000 $211,000 $2,193 7.18%
New Castle, IN (FHA|USDA|VA) 11 $2,595,000 $235,909 $3,937 7.56%
MUNCIE, IN (FHA|USDA|VA) 11 $1,535,000 $139,545 $1,874 7.52%
TERRE HAUTE, IN (FHA|USDA|VA) 6 $1,370,000 $228,333 $1,921 7.73%
KOKOMO, IN (FHA|USDA|VA) 8 $1,130,000 $141,250 $1,672 7.81%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,025,000 $341,667 $4,274 6.46%
Crawfordsville, IN (FHA|USDA|VA) 6 $910,000 $151,667 $5,043 8.43%
Warsaw, IN (FHA|USDA|VA) 3 $785,000 $261,667 $2,174 6.71%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $720,000 $180,000 $1,159 7.06%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $690,000 $345,000 $2,762 7.00%
BLOOMINGTON, IN (FHA|USDA|VA) 7 $685,000 $97,857 $1,295 8.53%
COLUMBUS, IN (FHA|USDA|VA) 3 $565,000 $188,333 $9,497 7.29%
LOUISVILLE, KY (FHA|USDA|VA) 3 $545,000 $181,667 $1,021 8.66%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $480,000 $240,000 $1,537 6.28%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 4 $470,000 $117,500 $767 9.15%
Marion, IN (FHA|USDA|VA) 4 $410,000 $102,500 $2,155 6.44%
Greensburg, IN (FHA|USDA|VA) 2 $390,000 $195,000 $9,789 6.69%
Angola, IN (FHA|USDA|VA) 2 $330,000 $165,000 $8,480 7.13%
FORT WAYNE, IN (FHA|USDA|VA) 1 $285,000 $285,000 $2,063 6.50%
Jasper, IN (FHA|USDA|VA) 1 $205,000 $205,000 $1,580 6.75%
Peru, IN (FHA|USDA|VA) 3 $195,000 $65,000 $945 7.12%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $190,000 $95,000 $1,511 5.94%
Washington, IN (FHA|USDA|VA) 1 $185,000 $185,000 $4,412 6.50%
Logansport, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,364 6.50%
Scottsburg, IN (FHA|USDA|VA) 1 $145,000 $145,000 $3,485 5.88%
North Vernon, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,826 7.00%
Connersville, IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,048 6.63%
Richmond, IN (FHA|USDA|VA) 2 $110,000 $55,000 $250 12.37%
Vincennes, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,917 7.00%
Huntington, IN (FHA|USDA|VA) 1 $75,000 $75,000 $250 10.99%
Decatur, IN (FHA|USDA|VA) 1 $75,000 $75,000 $250 10.99%
Seymour, IN (FHA|USDA|VA) 1 $65,000 $65,000 $250 11.74%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $65,000 $65,000 $1,452 7.38%
Bedford, IN (FHA|USDA|VA) 1 $55,000 $55,000 $250 12.24%
Frankfort, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
Forum Credit Union's top markets include Indianapolis, New Castle, Muncie, Terre Haute, and Kokomo among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FORUM 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 829 $144,085,000 $173,806 $1,664 8.05%
    HELOC 400 $34,560,000 $86,400 n/a 8.44%
    FHA 26 $6,390,000 $245,769 $6,613 6.71%
    VA 4 $1,140,000 $285,000 $7,026 6.38%

    For 2023, Forum Credit Union's most frequently originated type of loan was Conventional, with 829 originations. Their 2nd most popular type was HELOC, with 400 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 453 $36,595,000 $80,784 $643 9.00%
    Home Purchase 379 $111,515,000 $294,235 $3,271 6.54%
    Home Improvement 301 $23,185,000 $77,027 $496 8.77%
    Refi 80 $6,310,000 $78,875 $935 8.64%
    Cash Out Refi 46 $8,570,000 $186,304 $1,458 7.99%

    For 2023, Forum Credit Union's most frequently cited loan purpose was Other, with 453 originations. The 2nd most popular reason was Home Purchase, with 379 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 613 $45,485,000 $74,201 $293 9.43%
    30 Year 400 $112,330,000 $280,825 $3,264 6.57%
    15 Year 211 $20,135,000 $95,427 $1,672 7.66%
    20 Year 21 $4,965,000 $236,429 $1,601 6.35%
    10 Year 13 $3,185,000 $245,000 $1,828 6.55%
    5 Year 1 $75,000 $75,000 $0 8.00%

    For 2023, Forum Credit Union's most frequently cited loan duration was Other, with 613 originations. The 2nd most popular length was 30 Year, with 400 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 323 $75,055,000 $232,368
    $1k-2k 41 $9,975,000 $243,293
    $5k+ 23 $10,795,000 $469,348
    $2k-3k 13 $3,225,000 $248,077
    $3k-4k 5 $1,505,000 $301,000
    $4k-5k 2 $730,000 $365,000

    Forum Credit Union's average total fees were $3,264, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 323 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 622 $47,470,000 $76,318
    6-7% 337 $86,345,000 $256,217
    7-8% 211 $26,335,000 $124,810
    5-6% 78 $21,990,000 $281,923
    4-5% 11 $4,035,000 $366,818

    During 2023, Forum Credit Union's average interest rate for loans was 6.57%, while their most frequently originated rate bucket for loans was Over 8%, with 622 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 633 $33,035,000 $52,188 $485 9.01%
    $100k-200k 301 $40,985,000 $136,163 $1,515 7.93%
    $200k-400k 236 $62,980,000 $266,864 $2,943 6.77%
    $400k-600k 65 $32,165,000 $494,846 $5,642 6.34%
    $600k-1MM 22 $14,740,000 $670,000 $5,452 6.36%
    $1MM+ 2 $2,270,000 $1,135,000 $6,406 7.38%

    2023 saw Forum Credit Union place emphasis on $100,000 or less loans with 633 originations, totaling $33,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 350 $48,610,000 $138,886 $2,013 8.32%
    $150k-250k 264 $51,680,000 $195,758 $2,160 8.17%
    $75k-100k 227 $25,465,000 $112,181 $1,399 8.30%
    $50k-75k 224 $22,750,000 $101,563 $1,436 8.08%
    $50k or less 97 $7,995,000 $82,423 $1,336 7.61%
    $250k+ 82 $25,090,000 $305,976 $3,894 7.92%

    Forum Credit Union lent most frequently to those with incomes in the $100k-150k range, with 350 originations. The second most popular income band? $150k-250k, with 264 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 241 $37,835,000 $156,992 $1,815 7.91%
    20-30% 200 $30,970,000 $154,850 $1,873 7.62%
    50-60% 94 $8,570,000 $91,170 $708 9.46%
    44% 92 $14,530,000 $157,935 $2,113 8.69%
    <20% 87 $10,685,000 $122,816 $1,560 7.55%
    39% 63 $10,305,000 $163,571 $2,762 7.82%
    42% 60 $9,810,000 $163,500 $2,122 8.19%
    43% 59 $9,875,000 $167,373 $2,990 8.43%
    40% 57 $8,265,000 $145,000 $1,986 8.13%
    41% 54 $5,310,000 $98,333 $1,018 8.57%
    38% 45 $6,645,000 $147,667 $2,243 8.31%
    37% 44 $7,800,000 $177,273 $1,621 7.84%
    36% 25 $4,085,000 $163,400 $1,855 7.88%
    46% 24 $4,000,000 $166,667 $1,566 7.75%
    49% 24 $3,870,000 $161,250 $2,597 7.92%
    >60% 23 $1,655,000 $71,957 $255 10.03%
    45% 20 $2,900,000 $145,000 $1,805 8.45%
    48% 18 $2,370,000 $131,667 $1,023 9.02%
    47% 15 $2,215,000 $147,667 $2,294 7.79%

    Forum Credit Union lent most frequently to those with DTI ratios of 30-36%, with 241 originations. The next most common DTI ratio? 20-30%, with 200 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,002 $149,380,000 $149,082 $1,899 8.12%
    Not provided 126 $16,350,000 $129,762 $1,423 8.34%
    Black 74 $8,780,000 $118,649 $1,889 8.26%
    Not applicable 30 $7,190,000 $239,667 $1,499 7.83%
    Asian 22 $4,050,000 $184,091 $2,011 8.19%
    American Indian 4 $350,000 $87,500 $1,013 8.31%
    Native Hawaiian or Islander 1 $75,000 $75,000 $250 8.99%

    Approval Rates

    Total approvals of all applications
    84.22%

    Forum Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.90%

    Forum 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
    250.0 368 $31,430,000 $85,408
    330.0 22 $2,160,000 $98,182
    410.0 1 $45,000 $45,000
    NA 868 $152,540,000 $175,737

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,259 $186,175,000 $147,875

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 301 $31,995,000 $106,296 $649 9.00%
    40-60% 103 $16,765,000 $162,767 $1,936 7.28%
    60-80% 148 $41,440,000 $280,000 $3,298 6.66%
    80-100% 234 $71,070,000 $303,718 $3,356 6.58%
    Over 100% 3 $1,065,000 $355,000 $0 6.64%
    Under 20% 470 $23,840,000 $50,723 $300 9.04%