Forum Credit Union Mortgage Rates, Fees & Info

Fishers, IN

LEI: 549300S4PNXPKYHHRE82

Tax ID: 35-0779057

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • 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

    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, Bloomington, and Columbus among others. We have data for 30 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 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
    Home Equity Line of Credit (HELOC) 6.37% 11/17/24
    30 Year Conventional Purchase 6.18% 11/17/24
    30 Year Conventional Refi 6.20% 11/17/24
    30 Year Cash-out Refi 6.28% 11/17/24
    30 Year FHA Purchase 6.89% 11/17/24
    30 Year FHA Refi 7.21% 11/17/24
    15 Year Conventional Purchase 5.60% 11/17/24
    15 Year Conventional Refi 6.27% 11/17/24
    15 Year Cash-out Refi 6.27% 11/17/24
    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

    1,717

    Origination Dollar Volume (All Markets)

    $252,595,000
    Show all (6) 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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,577 $229,395,000 $145,463 $2,052 5.37%
    Outside of Metro Areas 17 $3,285,000 $193,235 $3,157 5.92%
    New Castle, IN (FHA|USDA|VA) 13 $2,775,000 $213,462 $2,690 4.60%
    MUNCIE, IN (FHA|USDA|VA) 13 $2,435,000 $187,308 $2,138 5.36%
    BLOOMINGTON, IN (FHA|USDA|VA) 8 $1,940,000 $242,500 $3,724 6.00%
    COLUMBUS, IN (FHA|USDA|VA) 8 $1,740,000 $217,500 $2,134 4.39%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 11 $1,525,000 $138,636 $1,934 6.44%
    TERRE HAUTE, IN (FHA|USDA|VA) 6 $910,000 $151,667 $2,203 4.79%
    Crawfordsville, IN (FHA|USDA|VA) 8 $810,000 $101,250 $1,559 5.65%
    Richmond, IN (FHA|USDA|VA) 8 $760,000 $95,000 $1,382 5.13%
    FORT WAYNE, IN (FHA|USDA|VA) 6 $740,000 $123,333 $3,039 6.41%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $600,000 $150,000 $2,106 5.00%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 3 $545,000 $181,667 $2,349 5.08%
    Bluffton, IN (FHA|USDA|VA) 2 $520,000 $260,000 $3,332 4.38%
    Warsaw, IN (FHA|USDA|VA) 2 $510,000 $255,000 $3,674 5.19%
    Connersville, IN (FHA|USDA|VA) 2 $510,000 $255,000 $2,306 4.69%
    Greensburg, IN (FHA|USDA|VA) 3 $505,000 $168,333 $2,819 4.54%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $425,000 $141,667 $3,010 4.25%
    North Vernon, IN (FHA|USDA|VA) 1 $405,000 $405,000 $3,309 3.88%
    KOKOMO, IN (FHA|USDA|VA) 3 $375,000 $125,000 $1,346 6.04%
    Seymour, IN (FHA|USDA|VA) 2 $350,000 $175,000 $1,694 7.81%
    Bedford, IN (FHA|USDA|VA) 1 $315,000 $315,000 $6,962 4.50%
    Marion, IN (FHA|USDA|VA) 4 $260,000 $65,000 $1,480 6.19%
    Huntington, IN (FHA|USDA|VA) 1 $215,000 $215,000 $2,078 3.13%
    Frankfort, IN (FHA|USDA|VA) 4 $180,000 $45,000 $2,140 6.00%
    Plymouth, IN (FHA|USDA|VA) 2 $170,000 $85,000 $0 4.88%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $165,000 $165,000 $1,513 2.75%
    Logansport, IN (FHA|USDA|VA) 2 $130,000 $65,000 $664 4.93%
    Washington, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,414 5.50%
    Angola, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.99%
    Forum Credit Union's top markets include Indianapolis, New Castle, Muncie, Bloomington, and Columbus 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.

    PrimeTrust Financial Federal Credit Union
    Similarity Rank: 8
    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    Greenfield Banking Company
    Similarity Rank: 476
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 580
    Home Bank SB
    Similarity Rank: 700
    CIBM Bank
    Similarity Rank: 768
    Madison County Federal Credit Union
    Similarity Rank: 804
    CRANE
    Similarity Rank: 1003
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1053

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,183 $204,795,000 $173,115 $1,967 5.48%
    HELOC 512 $42,460,000 $82,930 n/a 5.16%
    FHA 22 $5,340,000 $242,727 $6,493 4.70%

    For 2022, Forum Credit Union's most frequently originated type of loan was Conventional, with 1,183 originations. Their 2nd most popular type was HELOC, with 512 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 509 $47,755,000 $93,821 $1,798 5.87%
    Home Improvement 472 $40,820,000 $86,483 $1,577 5.60%
    Home Purchase 375 $108,995,000 $290,653 $2,495 5.00%
    Refi 234 $31,030,000 $132,607 $1,629 4.81%
    Cash Out Refi 127 $23,995,000 $188,937 $1,932 4.67%

    For 2022, Forum Credit Union's most frequently cited loan purpose was Other, with 509 originations. The 2nd most popular reason was Home Improvement, with 472 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 646 $61,460,000 $95,139 $1,735 5.01%
    30 Year 535 $147,035,000 $274,832 $2,384 4.74%
    Other 434 $31,600,000 $72,811 $992 6.83%
    10 Year 78 $8,500,000 $108,974 $1,178 4.99%
    20 Year 23 $3,865,000 $168,043 $2,219 4.11%
    3 Year 1 $135,000 $135,000 $0 3.75%

    For 2022, Forum Credit Union's most frequently cited loan duration was 15 Year, with 646 originations. The 2nd most popular length was 30 Year, with 535 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 998 $153,010,000 $153,317
    $1k-2k 70 $15,240,000 $217,714
    $2k-3k 14 $2,750,000 $196,429
    $3k-4k 8 $2,010,000 $251,250
    $5k+ 5 $2,475,000 $495,000
    $4k-5k 3 $905,000 $301,667

    Forum Credit Union's average total fees were $2,384, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 998 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 435 $70,215,000 $161,414
    5-6% 400 $64,940,000 $162,350
    6-7% 293 $39,335,000 $134,249
    4-5% 260 $39,280,000 $151,077
    Over 8% 115 $7,265,000 $63,174
    7-8% 110 $8,520,000 $77,455
    2.5-3% 73 $18,225,000 $249,658
    <2.5% 31 $4,815,000 $155,323

    During 2022, Forum Credit Union's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 3-4%, with 435 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 858 $45,910,000 $53,508 $1,150 5.96%
    $100k-200k 413 $57,495,000 $139,213 $1,925 4.89%
    $200k-400k 342 $92,130,000 $269,386 $2,242 4.74%
    $400k-600k 74 $35,150,000 $475,000 $3,146 4.48%
    $600k-1MM 28 $19,860,000 $709,286 $4,077 4.53%
    $1MM+ 2 $2,050,000 $1,025,000 $3,872 5.61%

    2022 saw Forum Credit Union place emphasis on $100,000 or less loans with 858 originations, totaling $45,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 502 $77,020,000 $153,426 $2,028 5.36%
    $50k-75k 336 $37,360,000 $111,190 $1,928 5.46%
    $75k-100k 312 $41,650,000 $133,494 $2,156 5.41%
    $150k-250k 286 $55,480,000 $193,986 $2,702 5.35%
    $50k or less 188 $16,620,000 $88,404 $1,739 5.09%
    $250k+ 77 $18,475,000 $239,935 $2,596 5.65%

    Forum Credit Union lent most frequently to those with incomes in the $100k-150k range, with 502 originations. The second most popular income band? $50k-75k, with 336 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 383 $52,315,000 $136,593 $1,927 4.93%
    30-36% 345 $50,515,000 $146,420 $2,079 5.20%
    <20% 122 $15,160,000 $124,262 $1,730 4.74%
    42% 105 $18,245,000 $173,762 $2,448 5.82%
    40% 83 $12,125,000 $146,084 $2,305 5.65%
    41% 82 $12,970,000 $158,171 $2,335 5.68%
    39% 80 $12,420,000 $155,250 $2,117 5.54%
    44% 69 $11,185,000 $162,101 $2,981 6.08%
    38% 68 $10,220,000 $150,294 $1,767 5.20%
    37% 65 $8,985,000 $138,231 $1,799 4.81%
    43% 64 $9,260,000 $144,688 $1,812 5.83%
    36% 56 $8,740,000 $156,071 $1,730 5.31%
    50-60% 52 $4,890,000 $94,038 $3,983 7.03%
    49% 36 $6,270,000 $174,167 $2,714 5.83%
    >60% 22 $1,820,000 $82,727 $165 7.36%
    48% 20 $4,030,000 $201,500 $1,820 5.35%
    45% 20 $2,350,000 $117,500 $1,829 6.38%
    47% 15 $2,825,000 $188,333 $2,751 4.90%
    46% 14 $2,280,000 $162,857 $1,842 5.80%

    Forum Credit Union lent most frequently to those with DTI ratios of 20-30%, with 383 originations. The next most common DTI ratio? 30-36%, with 345 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,358 $190,240,000 $140,088 $2,048 5.42%
    Not provided 193 $32,255,000 $167,124 $2,109 5.14%
    Black 93 $14,235,000 $153,065 $2,491 5.37%
    Not applicable 40 $9,160,000 $229,000 $2,232 5.51%
    Asian 29 $6,105,000 $210,517 $2,483 4.71%
    American Indian 3 $385,000 $128,333 $1,754 4.79%
    Native Hawaiian or Islander 1 $215,000 $215,000 $2,248 3.13%

    Approval Rates

    Total approvals of all applications
    88.36%

    Forum Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    60.69%

    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
    150.0 1 $105,000 $105,000
    200.0 12 $1,150,000 $95,833
    250.0 436 $36,230,000 $83,096
    290.0 1 $105,000 $105,000
    300.0 1 $45,000 $45,000
    330.0 20 $1,620,000 $81,000
    410.0 4 $470,000 $117,500
    NA 1,242 $212,870,000 $171,393

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,717 $252,595,000 $147,114

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 394 $37,920,000 $96,244 $1,326 5.85%
    40-60% 159 $26,035,000 $163,742 $1,791 4.41%
    60-80% 311 $74,335,000 $239,019 $2,172 4.38%
    80-100% 263 $81,815,000 $311,084 $2,618 4.91%
    Over 100% 5 $3,065,000 $613,000 $0 6.16%
    Under 20% 585 $29,425,000 $50,299 $278 6.04%