Indiana Members Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300S99IK3EU11AS13

Tax ID: 35-0997241

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

Jump to:

  • 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

    Indiana Members Credit Union is a smaller credit union specializing in Cash Out Refi 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, Muncie, Marion, Bloomington, and Terre Haute among others. We have data for 18 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% 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

    1,556

    Origination Dollar Volume (All Markets)

    $156,340,000
    Show all (7) 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) 1,462 $150,180,000 $102,722 $2,237 3.92%
    MUNCIE, IN (FHA|USDA|VA) 31 $1,935,000 $62,419 $1,899 4.07%
    Marion, IN (FHA|USDA|VA) 28 $1,260,000 $45,000 $2,171 4.18%
    Outside of Metro Areas 7 $705,000 $100,714 $2,624 3.76%
    BLOOMINGTON, IN (FHA|USDA|VA) 7 $665,000 $95,000 $2,143 4.61%
    TERRE HAUTE, IN (FHA|USDA|VA) 4 $310,000 $77,500 $2,065 3.76%
    New Castle, IN (FHA|USDA|VA) 3 $235,000 $78,333 $3,077 4.13%
    Frankfort, IN (FHA|USDA|VA) 1 $225,000 $225,000 $1,969 4.63%
    Greensburg, IN (FHA|USDA|VA) 1 $215,000 $215,000 $2,080 3.88%
    COLUMBUS, IN (FHA|USDA|VA) 3 $175,000 $58,333 $2,039 3.14%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $160,000 $80,000 $1,312 3.94%
    Warsaw, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,058 4.75%
    Wabash, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.50%
    KOKOMO, IN (FHA|USDA|VA) 1 $35,000 $35,000 $1,913 4.63%
    Richmond, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 2.90%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.90%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 2.90%
    Huntington, IN (FHA|USDA|VA) 1 $5,000 $5,000 $0 2.90%
    Indiana Members Credit Union's top markets include Indianapolis, Muncie, Marion, Bloomington, and Terre Haute among others.

    Their top states include:
  • Indiana (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.

    Heritage Federal Credit Union
    Similarity Rank: 96
    EVANSVILLE
    Similarity Rank: 120
    The Peoples Bank
    Similarity Rank: 120
    First Federal Savings Bank
    Similarity Rank: 160
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 162
    Greenfield Banking Company
    Similarity Rank: 255
    COMMONWEALTH
    Similarity Rank: 345
    CLASS ACT FEDERAL CREDIT UNION
    Similarity Rank: 357
    First Harrison Bank
    Similarity Rank: 357
    Abound Federal Credit Union
    Similarity Rank: 375

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 780 $111,070,000 $142,397 $2,141 4.55%
    HELOC 733 $39,385,000 $53,731 n/a 3.23%
    FHA 43 $5,885,000 $136,860 $3,520 4.47%

    For 2018, Indiana Members Credit Union's most frequently originated type of loan was Conventional, with 780 originations. Their 2nd most popular type was HELOC, with 733 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 473 $19,145,000 $40,476 $2,542 3.29%
    Cash Out Refi 397 $40,485,000 $101,977 $2,289 4.07%
    Home Purchase 393 $68,425,000 $174,109 $2,219 4.42%
    Refi 240 $25,790,000 $107,458 $2,184 4.31%
    Other 52 $2,470,000 $47,500 $1,782 3.10%
    NA 1 $25,000 $25,000 $0 6.50%

    For 2018, Indiana Members Credit Union's most frequently cited loan purpose was Home Improvement, with 473 originations. The 2nd most popular reason was Cash Out Refi, with 397 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,161 $116,525,000 $100,366 $2,290 3.70%
    15 Year 234 $28,060,000 $119,915 $2,103 4.42%
    10 Year 74 $4,040,000 $54,595 $1,945 5.04%
    5 Year 46 $1,080,000 $23,478 $169 5.14%
    20 Year 35 $5,735,000 $163,857 $2,270 4.21%
    Other 5 $895,000 $179,000 $2,588 4.45%
    3 Year 1 $5,000 $5,000 $0 6.25%

    For 2018, Indiana Members Credit Union's most frequently cited loan duration was 30 Year, with 1,161 originations. The 2nd most popular length was 15 Year, with 234 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 584 $94,850,000 $162,414
    $1k-2k 73 $11,295,000 $154,726
    $2k-3k 10 $2,420,000 $242,000
    $4k-5k 3 $795,000 $265,000

    Indiana Members Credit Union's average total fees were $2,290, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 584 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 565 $77,215,000 $136,664
    2.5-3% 457 $22,445,000 $49,114
    3-4% 196 $37,210,000 $189,847
    5-6% 176 $11,330,000 $64,375
    <2.5% 121 $5,965,000 $49,298
    6-7% 26 $1,440,000 $55,385
    7-8% 15 $735,000 $49,000

    During 2018, Indiana Members Credit Union's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 4-5%, with 565 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 921 $40,165,000 $43,610 $2,113 3.74%
    $100k-200k 457 $63,355,000 $138,632 $2,177 4.21%
    $200k-400k 161 $43,745,000 $271,708 $2,429 4.15%
    $400k-600k 13 $5,915,000 $455,000 $2,633 4.16%
    $600k-1MM 4 $3,160,000 $790,000 $2,737 3.97%

    2018 saw Indiana Members Credit Union place emphasis on $100,000 or less loans with 921 originations, totaling $40,165,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 397 $34,765,000 $87,569 $2,157 3.99%
    $100k-150k 338 $38,920,000 $115,148 $2,396 3.90%
    $50k or less 323 $21,685,000 $67,136 $2,126 4.05%
    $75k-100k 287 $28,035,000 $97,683 $2,236 3.81%
    $150k-250k 169 $23,995,000 $141,982 $2,333 3.82%
    $250k+ 38 $8,440,000 $222,105 $2,140 3.75%

    Indiana Members Credit Union lent most frequently to those with incomes in the $50k-75k range, with 397 originations. The second most popular income band? $100k-150k, with 338 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 445 $42,645,000 $95,831 $2,204 3.98%
    30-36% 272 $27,740,000 $101,985 $2,213 3.96%
    <20% 251 $20,695,000 $82,450 $2,026 3.79%
    38% 49 $5,745,000 $117,245 $2,456 3.99%
    37% 46 $5,740,000 $124,783 $2,305 4.32%
    44% 45 $5,595,000 $124,333 $2,038 3.91%
    49% 42 $4,560,000 $108,571 $2,487 3.73%
    40% 42 $4,470,000 $106,429 $2,415 3.73%
    46% 42 $4,430,000 $105,476 $2,430 3.72%
    50-60% 41 $4,005,000 $97,683 $2,632 4.03%
    42% 40 $4,150,000 $103,750 $2,192 4.33%
    43% 40 $3,870,000 $96,750 $2,181 3.77%
    36% 39 $5,265,000 $135,000 $2,194 4.10%
    41% 36 $4,340,000 $120,556 $2,018 3.73%
    47% 33 $3,165,000 $95,909 $2,226 4.09%
    39% 32 $3,600,000 $112,500 $2,027 3.85%
    45% 30 $3,180,000 $106,000 $2,838 3.97%
    48% 24 $2,900,000 $120,833 $2,510 3.54%
    >60% 7 $245,000 $35,000 $0 3.32%

    Indiana Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 445 originations. The next most common DTI ratio? 30-36%, with 272 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,365 $134,725,000 $98,700 $2,222 3.91%
    Asian 63 $9,365,000 $148,651 $2,457 3.88%
    Black 91 $8,015,000 $88,077 $2,238 4.21%
    Not provided 29 $3,605,000 $124,310 $2,091 3.70%
    Native Hawaiian or Islander 2 $250,000 $125,000 $1,025 5.00%
    American Indian 4 $240,000 $60,000 $1,977 3.73%
    Not applicable 1 $105,000 $105,000 $0 5.50%
    Asian Indian 1 $35,000 $35,000 $0 1.90%

    Approval Rates

    Total approvals of all applications
    87.35%

    Indiana Members Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.15%

    Indiana Members Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    680.0 1 $455,000 $455,000
    NA 1,555 $155,885,000 $100,248

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 1,555 $156,305,000 $100,518

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 293 $17,735,000 $60,529 $2,089 3.80%
    40-60% 170 $17,160,000 $100,941 $2,087 4.02%
    60-80% 320 $53,180,000 $166,188 $2,235 4.21%
    80-100% 317 $54,185,000 $170,931 $2,285 4.42%
    Under 20% 456 $14,080,000 $30,877 $798 3.43%