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 Home Purchase, Cash Out Refi, and 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, Marion, Bloomington, Muncie, and New Castle among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Indiana Members Credit Union has an above 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.

    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% 12/16/24
    30 Year Conventional Purchase 6.04% 12/16/24
    30 Year Conventional Refi 6.25% 12/16/24
    30 Year Cash-out Refi 6.45% 12/16/24
    30 Year FHA Purchase 6.58% 12/16/24
    15 Year Conventional Purchase 5.60% 12/16/24
    15 Year Conventional Refi 6.23% 12/16/24
    15 Year Cash-out Refi 6.23% 12/16/24
    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

    1,918

    Origination Dollar Volume (All Markets)

    $241,930,000
    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) 1,816 $230,930,000 $127,164 $2,657 3.78%
    Marion, IN (FHA|USDA|VA) 28 $1,910,000 $68,214 $1,942 4.01%
    Outside of Metro Areas 21 $1,675,000 $79,762 $2,495 4.03%
    BLOOMINGTON, IN (FHA|USDA|VA) 7 $1,385,000 $197,857 $1,336 3.73%
    MUNCIE, IN (FHA|USDA|VA) 19 $1,335,000 $70,263 $1,844 4.01%
    New Castle, IN (FHA|USDA|VA) 6 $870,000 $145,000 $2,287 3.92%
    COLUMBUS, IN (FHA|USDA|VA) 3 $535,000 $178,333 $2,054 3.43%
    FORT WAYNE, IN (FHA|USDA|VA) 3 $535,000 $178,333 $2,995 3.10%
    Wabash, IN (FHA|USDA|VA) 2 $510,000 $255,000 $1,995 3.63%
    Warsaw, IN (FHA|USDA|VA) 1 $375,000 $375,000 $2,359 3.25%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $340,000 $170,000 $2,351 4.31%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,061 3.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $250,000 $125,000 $1,788 5.50%
    Peru, IN (FHA|USDA|VA) 1 $215,000 $215,000 $3,889 3.88%
    Crawfordsville, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,280 3.38%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $185,000 $185,000 $2,280 3.88%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,822 4.88%
    Scottsburg, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,171 4.25%
    KOKOMO, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.88%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $45,000 $45,000 $0 2.90%
    Indiana Members Credit Union's top markets include Indianapolis, Marion, Bloomington, Muncie, and New Castle 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.

    EVANSVILLE
    Similarity Rank: 32
    Heritage Federal Credit Union
    Similarity Rank: 72
    Advanz Federal Credit Union
    Similarity Rank: 360
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 360
    The Peoples Bank
    Similarity Rank: 400
    COMMONWEALTH
    Similarity Rank: 408
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 434
    Hendricks County Bank and Trust Company
    Similarity Rank: 456
    TRANSCEND
    Similarity Rank: 702
    Abound Federal Credit Union
    Similarity Rank: 752

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,122 $197,290,000 $175,838 $2,603 4.00%
    HELOC 751 $37,815,000 $50,353 n/a 3.49%
    FHA 45 $6,825,000 $151,667 $3,216 3.79%

    For 2019, Indiana Members Credit Union's most frequently originated type of loan was Conventional, with 1,122 originations. Their 2nd most popular type was HELOC, with 751 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 482 $97,940,000 $203,195 $3,282 3.88%
    Home Improvement 481 $17,475,000 $36,331 $0 3.40%
    Cash Out Refi 476 $57,560,000 $120,924 $2,151 3.91%
    Refi 433 $66,475,000 $153,522 $1,985 3.98%
    Other 44 $2,380,000 $54,091 $0 4.07%
    NA 2 $100,000 $50,000 $0 2.90%

    For 2019, Indiana Members Credit Union's most frequently cited loan purpose was Home Purchase, with 482 originations. The 2nd most popular reason was Home Improvement, with 481 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,344 $160,560,000 $119,464 $3,119 3.68%
    15 Year 303 $53,135,000 $175,363 $1,876 3.62%
    10 Year 93 $7,585,000 $81,559 $1,939 4.79%
    20 Year 79 $15,205,000 $192,468 $2,037 3.95%
    5 Year 67 $1,585,000 $23,657 $0 4.89%
    Other 32 $3,860,000 $120,625 $2,411 4.70%

    For 2019, Indiana Members Credit Union's most frequently cited loan duration was 30 Year, with 1,344 originations. The 2nd most popular length was 15 Year, with 303 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 899 $176,565,000 $196,402
    $1k-2k 75 $10,635,000 $141,800
    $2k-3k 11 $2,195,000 $199,545
    $4k-5k 2 $470,000 $235,000
    $3k-4k 1 $235,000 $235,000

    Indiana Members Credit Union's average total fees were $3,119, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 899 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 684 $135,650,000 $198,319
    2.5-3% 677 $50,215,000 $74,173
    4-5% 317 $41,775,000 $131,782
    5-6% 169 $10,085,000 $59,675
    6-7% 39 $1,975,000 $50,641
    7-8% 32 $2,230,000 $69,688

    During 2019, Indiana Members Credit Union's average interest rate for loans was 3.68%, while their most frequently originated rate bucket for loans was 3-4%, with 684 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 973 $43,035,000 $44,229 $1,915 3.81%
    $100k-200k 547 $78,885,000 $144,214 $2,406 3.87%
    $200k-400k 351 $94,995,000 $270,641 $3,237 3.67%
    $400k-600k 38 $17,970,000 $472,895 $2,331 3.57%
    $600k-1MM 7 $4,655,000 $665,000 $2,302 3.43%
    $1MM+ 2 $2,390,000 $1,195,000 $3,248 2.88%

    2019 saw Indiana Members Credit Union place emphasis on $100,000 or less loans with 973 originations, totaling $43,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 444 $42,330,000 $95,338 $1,990 3.80%
    $100k-150k 441 $60,455,000 $137,086 $3,974 3.79%
    $50k or less 365 $27,875,000 $76,370 $1,968 3.79%
    $75k-100k 345 $42,305,000 $122,623 $2,868 3.87%
    $150k-250k 248 $48,410,000 $195,202 $2,088 3.69%
    $250k+ 64 $18,200,000 $284,375 $2,120 3.82%

    Indiana Members Credit Union lent most frequently to those with incomes in the $50k-75k range, with 444 originations. The second most popular income band? $100k-150k, with 441 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 593 $75,305,000 $126,990 $3,428 3.79%
    30-36% 365 $48,175,000 $131,986 $2,107 3.78%
    <20% 291 $35,655,000 $122,526 $3,135 3.68%
    42% 62 $7,130,000 $115,000 $2,119 4.09%
    37% 57 $8,645,000 $151,667 $1,850 3.87%
    40% 56 $7,510,000 $134,107 $2,018 3.70%
    36% 53 $6,325,000 $119,340 $2,032 3.88%
    39% 48 $5,500,000 $114,583 $2,383 4.16%
    43% 47 $7,075,000 $150,532 $1,919 3.93%
    49% 44 $4,440,000 $100,909 $1,836 3.71%
    41% 44 $5,430,000 $123,409 $2,007 3.83%
    44% 42 $4,650,000 $110,714 $1,921 3.69%
    38% 38 $5,030,000 $132,368 $1,881 3.77%
    46% 38 $5,320,000 $140,000 $2,071 3.75%
    50-60% 38 $4,360,000 $114,737 $2,031 3.87%
    48% 37 $3,125,000 $84,459 $2,627 3.74%
    45% 35 $5,035,000 $143,857 $2,264 3.89%
    47% 21 $2,525,000 $120,238 $1,812 3.58%
    >60% 9 $695,000 $77,222 $0 4.00%

    Indiana Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 593 originations. The next most common DTI ratio? 30-36%, with 365 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,585 $194,645,000 $122,804 $2,240 3.82%
    Asian 126 $19,640,000 $155,873 $6,060 3.47%
    Black 144 $16,370,000 $113,681 $2,184 3.72%
    Not provided 54 $9,660,000 $178,889 $2,183 3.89%
    Asian Indian 4 $1,110,000 $277,500 $1,642 3.50%
    American Indian 3 $345,000 $115,000 $2,091 4.13%
    Other Asian 1 $125,000 $125,000 $2,092 3.63%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 2.90%

    Approval Rates

    Total approvals of all applications
    90.46%

    Indiana Members Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.58%

    Indiana Members Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,918 $241,930,000 $126,137

    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 1,917 $241,895,000 $126,184

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 321 $20,305,000 $63,255 $1,897 3.91%
    40-60% 172 $20,840,000 $121,163 $1,912 3.75%
    60-80% 461 $88,155,000 $191,226 $2,066 3.78%
    80-100% 463 $97,755,000 $211,134 $3,363 3.86%
    Under 20% 501 $14,875,000 $29,691 $2,085 3.68%