Indiana Members Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300S99IK3EU11AS13

Tax ID: 35-0997241

5 stars - Updated: 4/21/24 - out of 5 stars, based on 42 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Indiana Members Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Indiana Members 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, Evansville, Louisville, Bloomington, and Muncie among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Indiana Members 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. Indiana Members 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) 6.27% 4/21/24
    30 Year Conventional Purchase 6.04% 4/21/24
    30 Year Conventional Refi 6.25% 4/21/24
    30 Year Cash-out Refi 6.45% 4/21/24
    30 Year FHA Purchase 6.58% 4/21/24
    15 Year Conventional Purchase 5.60% 4/21/24
    15 Year Conventional Refi 6.23% 4/21/24
    15 Year Cash-out Refi 6.23% 4/21/24
    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.

    Indiana Members Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Indiana Members 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

    1,739

    Origination Dollar Volume (All Markets)

    $206,605,000
    Show all (7) awards

    Relative Rate

    Indiana Members Credit Union's average 30 year fixed mortgage rate was 5.22%.

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

    This yields a difference of -1.26%.

    Relative Fees (Closing Costs)

    Indiana Members Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,110.

    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 $9,089.

    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) 1,493 $170,745,000 $114,364 $1,703 5.61%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 90 $16,270,000 $180,778 $2,587 5.62%
    LOUISVILLE, KY (FHA|USDA|VA) 20 $2,920,000 $146,000 $2,166 5.15%
    Outside of Metro Areas 20 $2,330,000 $116,500 $2,494 5.31%
    BLOOMINGTON, IN (FHA|USDA|VA) 17 $2,325,000 $136,765 $2,689 5.52%
    MUNCIE, IN (FHA|USDA|VA) 18 $1,960,000 $108,889 $1,049 5.87%
    Marion, IN (FHA|USDA|VA) 27 $1,685,000 $62,407 $567 6.01%
    TERRE HAUTE, IN (FHA|USDA|VA) 8 $970,000 $121,250 $1,352 6.44%
    New Castle, IN (FHA|USDA|VA) 4 $910,000 $227,500 $2,605 5.85%
    Warsaw, IN (FHA|USDA|VA) 3 $875,000 $291,667 $2,760 7.25%
    FORT WAYNE, IN (FHA|USDA|VA) 4 $610,000 $152,500 $2,271 5.29%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $600,000 $300,000 $2,599 7.56%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 5 $575,000 $115,000 $2,262 4.79%
    COLUMBUS, IN (FHA|USDA|VA) 4 $520,000 $130,000 $2,299 4.52%
    Frankfort, IN (FHA|USDA|VA) 4 $510,000 $127,500 $2,795 5.11%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $495,000 $495,000 $0 6.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $450,000 $225,000 $0 5.05%
    Crawfordsville, IN (FHA|USDA|VA) 5 $415,000 $83,000 $3,087 4.79%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $330,000 $165,000 $2,816 4.70%
    KOKOMO, IN (FHA|USDA|VA) 3 $325,000 $108,333 $1,138 5.80%
    Bedford, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,582 6.00%
    Jasper, IN (FHA|USDA|VA) 1 $225,000 $225,000 $0 6.13%
    Richmond, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,223 4.75%
    Huntington, IN (FHA|USDA|VA) 2 $70,000 $35,000 $0 5.30%
    North Vernon, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.90%
    Wabash, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.90%
    Indiana Members Credit Union's top markets include Indianapolis, Evansville, Louisville, Bloomington, and Muncie among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against INDIANA MEMBERS CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Federal Savings Bank
    Similarity Rank: 90
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 132
    Heritage Federal Credit Union
    Similarity Rank: 154
    The Peoples Bank
    Similarity Rank: 270
    Peoples Bank
    Similarity Rank: 325
    Abound Federal Credit Union
    Similarity Rank: 420
    Mutual Savings Bank
    Similarity Rank: 460
    Forcht Bank
    Similarity Rank: 494
    Wilson & Muir Bank & Trust Company
    Similarity Rank: 532
    Greenfield Banking Company
    Similarity Rank: 581

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,046 $88,280,000 $84,398 n/a 4.84%
    Conventional 679 $114,955,000 $169,300 $1,643 6.76%
    FHA 14 $3,370,000 $240,714 $7,142 6.52%

    For 2023, Indiana Members Credit Union's most frequently originated type of loan was HELOC, with 1,046 originations. Their 2nd most popular type was Conventional, with 679 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 714 $44,820,000 $62,773 $0 4.70%
    Home Purchase 345 $91,865,000 $266,275 $3,151 6.26%
    Cash Out Refi 282 $31,890,000 $113,085 $1,215 5.99%
    Refi 265 $26,405,000 $99,642 $542 7.10%
    Other 133 $11,625,000 $87,406 $0 4.97%

    For 2023, Indiana Members Credit Union's most frequently cited loan purpose was Home Improvement, with 714 originations. The 2nd most popular reason was Home Purchase, with 345 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,423 $184,695,000 $129,793 $3,110 5.22%
    15 Year 118 $10,160,000 $86,102 $330 7.71%
    5 Year 78 $2,800,000 $35,897 $0 6.81%
    10 Year 69 $4,395,000 $63,696 $51 7.57%
    Other 37 $2,005,000 $54,189 $82 7.24%
    20 Year 12 $2,260,000 $188,333 $2,534 6.64%
    3 Year 1 $205,000 $205,000 $0 8.75%
    30+ year 1 $85,000 $85,000 $0 4.50%

    For 2023, Indiana Members Credit Union's most frequently cited loan duration was 30 Year, with 1,423 originations. The 2nd most popular length was 15 Year, with 118 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 566 $84,610,000 $149,488
    $1k-2k 38 $13,750,000 $361,842
    $2k-3k 16 $4,040,000 $252,500
    $5k+ 11 $3,425,000 $311,364
    $3k-4k 7 $2,305,000 $329,286
    $4k-5k 4 $790,000 $197,500

    Indiana Members Credit Union's average total fees were $3,110, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 566 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 821 $63,805,000 $77,716
    6-7% 323 $58,805,000 $182,059
    Over 8% 230 $23,600,000 $102,609
    7-8% 198 $18,700,000 $94,444
    5-6% 147 $38,185,000 $259,762
    <2.5% 11 $695,000 $63,182
    4-5% 9 $2,815,000 $312,778

    During 2023, Indiana Members Credit Union's average interest rate for loans was 5.22%, while their most frequently originated rate bucket for loans was 3-4%, with 821 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,014 $51,790,000 $51,075 $322 5.38%
    $100k-200k 426 $56,860,000 $133,474 $2,118 5.71%
    $200k-400k 235 $63,675,000 $270,957 $3,311 6.22%
    $400k-600k 49 $22,415,000 $457,449 $3,559 6.18%
    $600k-1MM 12 $8,160,000 $680,000 $3,270 5.94%
    $1MM+ 3 $3,705,000 $1,235,000 $4,729 5.22%

    2023 saw Indiana Members Credit Union place emphasis on $100,000 or less loans with 1,014 originations, totaling $51,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 439 $52,135,000 $118,759 $1,809 5.47%
    $150k-250k 340 $53,670,000 $157,853 $2,045 5.51%
    $50k-75k 325 $28,945,000 $89,062 $1,577 5.85%
    $75k-100k 313 $31,065,000 $99,249 $1,754 5.51%
    $50k or less 203 $13,535,000 $66,675 $1,544 5.70%
    $250k+ 111 $25,635,000 $230,946 $2,269 5.72%

    Indiana Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 439 originations. The second most popular income band? $150k-250k, with 340 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 455 $62,015,000 $136,297 $2,149 5.63%
    30-36% 306 $35,750,000 $116,830 $1,542 5.55%
    <20% 285 $39,725,000 $139,386 $2,279 5.58%
    49% 90 $7,520,000 $83,556 $128 4.89%
    37% 57 $5,165,000 $90,614 $1,454 5.53%
    38% 57 $5,265,000 $92,368 $965 6.11%
    40% 51 $4,825,000 $94,608 $1,635 5.24%
    48% 50 $4,840,000 $96,800 $2,258 5.04%
    41% 46 $4,450,000 $96,739 $1,197 5.85%
    44% 45 $4,045,000 $89,889 $0 5.79%
    36% 43 $4,755,000 $110,581 $1,282 5.87%
    43% 40 $3,960,000 $99,000 $2,088 5.75%
    45% 38 $3,000,000 $78,947 $375 5.99%
    46% 36 $3,520,000 $97,778 $1,911 5.50%
    39% 35 $3,795,000 $108,429 $925 6.09%
    42% 34 $4,690,000 $137,941 $1,776 5.63%
    50-60% 30 $2,910,000 $97,000 $0 5.86%
    47% 29 $2,835,000 $97,759 $920 6.14%
    >60% 12 $3,540,000 $295,000 $0 6.12%

    Indiana Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 455 originations. The next most common DTI ratio? 30-36%, with 306 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,382 $157,380,000 $113,878 $1,642 5.61%
    Not provided 132 $17,960,000 $136,061 $1,952 5.48%
    Asian 96 $15,270,000 $159,063 $2,931 5.68%
    Black 109 $10,605,000 $97,294 $1,390 5.62%
    Asian Indian 13 $4,295,000 $330,385 $2,089 5.74%
    American Indian 4 $870,000 $217,500 $2,535 6.32%
    Filipino 2 $200,000 $100,000 $0 5.26%
    Other Asian 1 $25,000 $25,000 $0 7.38%

    Approval Rates

    Total approvals of all applications
    86.12%

    Indiana Members Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.94%

    Indiana Members Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,739 $206,605,000 $118,807

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,739 $206,605,000 $118,807

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 497 $46,555,000 $93,672 $634 5.51%
    40-60% 124 $21,310,000 $171,855 $2,130 6.07%
    60-80% 188 $45,950,000 $244,415 $2,804 6.30%
    80-100% 204 $56,920,000 $279,020 $3,299 6.27%
    Under 20% 726 $35,870,000 $49,408 $31 5.23%