Indiana Members Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300S99IK3EU11AS13

Tax ID: 35-0997241

5 stars - Updated: 3/3/24 - out of 5 stars, based on 47 reviews

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

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Mortgage Data

Review & Overview

Indiana Members Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi 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, Muncie, and Bloomington 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 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) 6.27% 3/3/24
30 Year Conventional Purchase 6.04% 3/3/24
30 Year Conventional Refi 6.25% 3/3/24
30 Year Cash-out Refi 6.45% 3/3/24
30 Year FHA Purchase 6.58% 3/3/24
15 Year Conventional Purchase 5.60% 3/3/24
15 Year Conventional Refi 6.23% 3/3/24
15 Year Cash-out Refi 6.23% 3/3/24
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

2,195

Origination Dollar Volume (All Markets)

$283,555,000
Show all (8) awards

Relative Rate

Indiana Members Credit Union's average 30 year fixed mortgage rate was 3.22%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -1.54%.

Relative Fees (Closing Costs)

Indiana Members Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,757.

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) 1,924 $237,990,000 $123,695 $1,930 3.47%
EVANSVILLE, IN-KY (FHA|USDA|VA) 96 $17,730,000 $184,688 $2,646 3.97%
LOUISVILLE, KY (FHA|USDA|VA) 52 $12,040,000 $231,538 $2,299 3.28%
Outside of Metro Areas 23 $3,015,000 $131,087 $1,942 4.37%
MUNCIE, IN (FHA|USDA|VA) 22 $2,700,000 $122,727 $2,364 3.34%
BLOOMINGTON, IN (FHA|USDA|VA) 14 $2,060,000 $147,143 $1,760 4.32%
COLUMBUS, IN (FHA|USDA|VA) 9 $1,725,000 $191,667 $1,603 5.13%
Marion, IN (FHA|USDA|VA) 20 $1,260,000 $63,000 $1,397 3.08%
New Castle, IN (FHA|USDA|VA) 6 $690,000 $115,000 $2,021 4.54%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 3 $605,000 $201,667 $2,657 3.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $550,000 $275,000 $2,120 4.56%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $440,000 $220,000 $2,358 4.44%
FORT WAYNE, IN (FHA|USDA|VA) 1 $365,000 $365,000 $0 4.50%
TERRE HAUTE, IN (FHA|USDA|VA) 4 $360,000 $90,000 $1,208 4.63%
KOKOMO, IN (FHA|USDA|VA) 3 $325,000 $108,333 $1,336 3.01%
Auburn, IN (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.70%
OWENSBORO, KY (FHA|USDA|VA) 3 $215,000 $71,667 $0 3.02%
Warsaw, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,200 4.25%
Connersville, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,165 5.75%
Richmond, IN (FHA|USDA|VA) 1 $165,000 $165,000 $5,860 3.38%
Crawfordsville, IN (FHA|USDA|VA) 2 $160,000 $80,000 $2,467 3.20%
Seymour, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,624 4.25%
Huntington, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,670 5.38%
Scottsburg, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,763 5.88%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.50%
Wabash, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.90%
Indiana Members Credit Union's top markets include Indianapolis, Evansville, Louisville, Muncie, and Bloomington among others.

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

    EVANSVILLE
    Similarity Rank: 21
    First Federal Savings Bank
    Similarity Rank: 144
    Mutual Savings Bank
    Similarity Rank: 176
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 204
    Heritage Federal Credit Union
    Similarity Rank: 224
    The Riddell National Bank
    Similarity Rank: 378
    Independent Federal Credit Union
    Similarity Rank: 420
    United Fidelity Bank, fsb
    Similarity Rank: 544
    COMMONWEALTH
    Similarity Rank: 575

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,207 $92,385,000 $76,541 n/a 2.51%
    Conventional 972 $187,550,000 $192,953 $1,895 4.73%
    FHA 16 $3,620,000 $226,250 $6,418 4.96%

    For 2022, Indiana Members Credit Union's most frequently originated type of loan was HELOC, with 1,207 originations. Their 2nd most popular type was Conventional, with 972 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 841 $48,575,000 $57,759 $0 2.60%
    Home Purchase 486 $129,420,000 $266,296 $2,806 4.81%
    Cash Out Refi 442 $63,040,000 $142,624 $1,924 3.54%
    Refi 313 $33,385,000 $106,661 $1,438 4.26%
    Other 113 $9,135,000 $80,841 $0 2.51%

    For 2022, Indiana Members Credit Union's most frequently cited loan purpose was Home Improvement, with 841 originations. The 2nd most popular reason was Home Purchase, with 486 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,795 $235,675,000 $131,295 $2,757 3.22%
    15 Year 144 $18,760,000 $130,278 $1,567 4.48%
    10 Year 108 $9,980,000 $92,407 $125 5.11%
    5 Year 66 $3,450,000 $52,273 $0 4.77%
    Other 54 $6,560,000 $121,481 $259 5.31%
    20 Year 21 $3,775,000 $179,762 $2,339 4.16%
    1 Year 7 $5,355,000 $765,000 $0 6.02%

    For 2022, Indiana Members Credit Union's most frequently cited loan duration was 30 Year, with 1,795 originations. The 2nd most popular length was 15 Year, with 144 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 842 $144,480,000 $171,591
    $1k-2k 51 $18,025,000 $353,431
    $2k-3k 19 $4,605,000 $242,368
    $3k-4k 7 $2,225,000 $317,857
    $5k+ 3 $955,000 $318,333
    $4k-5k 1 $195,000 $195,000

    Indiana Members Credit Union's average total fees were $2,757, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 842 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 996 $73,250,000 $73,544
    5-6% 340 $56,630,000 $166,559
    4-5% 335 $64,405,000 $192,254
    3-4% 324 $58,430,000 $180,340
    6-7% 126 $18,160,000 $144,127
    2.5-3% 36 $6,610,000 $183,611
    7-8% 31 $5,775,000 $186,290
    Over 8% 7 $295,000 $42,143

    During 2022, Indiana Members Credit Union's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was <2.5%, with 996 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,194 $57,980,000 $48,559 $504 3.07%
    $100k-200k 561 $77,555,000 $138,244 $2,376 3.80%
    $200k-400k 373 $102,445,000 $274,651 $2,782 4.33%
    $400k-600k 43 $20,325,000 $472,674 $3,092 4.41%
    $600k-1MM 18 $12,390,000 $688,333 $3,604 4.05%
    $1MM+ 6 $12,860,000 $2,143,333 $4,828 5.56%

    2022 saw Indiana Members Credit Union place emphasis on $100,000 or less loans with 1,194 originations, totaling $57,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 533 $67,755,000 $127,120 $1,859 3.60%
    $50k-75k 448 $46,610,000 $104,040 $2,025 3.58%
    $75k-100k 427 $46,095,000 $107,951 $2,008 3.26%
    $150k-250k 334 $54,010,000 $161,707 $1,908 3.28%
    $50k or less 327 $30,655,000 $93,746 $1,996 3.75%
    $250k+ 100 $23,740,000 $237,400 $2,299 3.32%

    Indiana Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 533 originations. The second most popular income band? $50k-75k, with 448 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 605 $82,865,000 $136,967 $2,105 3.55%
    <20% 488 $75,820,000 $155,369 $2,275 3.75%
    30-36% 374 $42,240,000 $112,941 $1,891 3.32%
    49% 84 $6,850,000 $81,548 $410 2.82%
    36% 61 $7,065,000 $115,820 $1,587 3.47%
    44% 57 $5,685,000 $99,737 $1,549 3.75%
    48% 51 $4,175,000 $81,863 $527 3.44%
    42% 48 $5,600,000 $116,667 $1,619 3.40%
    37% 48 $4,860,000 $101,250 $1,649 3.13%
    47% 45 $4,025,000 $89,444 $742 3.32%
    43% 44 $4,610,000 $104,773 $1,404 3.81%
    41% 44 $4,950,000 $112,500 $1,872 3.37%
    40% 43 $4,775,000 $111,047 $1,731 2.99%
    39% 41 $3,235,000 $78,902 $383 3.48%
    38% 38 $3,680,000 $96,842 $2,140 3.45%
    46% 37 $3,205,000 $86,622 $904 2.71%
    45% 36 $2,650,000 $73,611 $1,619 3.67%
    50-60% 20 $1,660,000 $83,000 $1,584 4.27%
    >60% 7 $1,095,000 $156,429 $0 3.11%

    Indiana Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 605 originations. The next most common DTI ratio? <20%, with 488 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,706 $203,270,000 $119,150 $1,858 3.43%
    Asian 160 $27,980,000 $174,875 $2,382 3.97%
    Not provided 141 $20,905,000 $148,262 $2,350 3.64%
    Not applicable 24 $14,510,000 $604,583 $0 5.58%
    Black 143 $13,915,000 $97,308 $2,049 3.52%
    American Indian 13 $1,995,000 $153,462 $2,102 3.63%
    Asian Indian 6 $880,000 $146,667 $1,333 4.14%
    Native Hawaiian or Islander 2 $100,000 $50,000 $0 1.90%

    Approval Rates

    Total approvals of all applications
    88.24%

    Indiana Members Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.18%

    Indiana Members Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,195 $283,555,000 $129,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,195 $283,555,000 $129,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 515 $46,375,000 $90,049 $940 3.17%
    40-60% 216 $38,360,000 $177,593 $2,036 3.66%
    60-80% 290 $68,250,000 $235,345 $2,594 4.20%
    80-100% 349 $91,735,000 $262,851 $2,894 4.70%
    Over 100% 2 $2,620,000 $1,310,000 $0 5.50%
    Under 20% 823 $36,215,000 $44,004 $44 2.94%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    INDIANAPOLIS NEIGHBORHOOD HOUSING PARTNERSHIP Conventional home mortgage Struggling to pay mortgage 1 100.0%