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 Refi 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, Bloomington, and Muncie among others. We have data for 30 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.

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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

    3,057

    Origination Dollar Volume (All Markets)

    $474,525,000
    Show all (8) 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) 2,776 $425,730,000 $153,361 $2,012 2.85%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 119 $26,445,000 $222,227 $2,133 2.88%
    LOUISVILLE, KY (FHA|USDA|VA) 24 $4,710,000 $196,250 $2,211 2.51%
    BLOOMINGTON, IN (FHA|USDA|VA) 13 $3,175,000 $244,231 $1,991 2.77%
    MUNCIE, IN (FHA|USDA|VA) 22 $1,880,000 $85,455 $1,950 3.27%
    Marion, IN (FHA|USDA|VA) 24 $1,830,000 $76,250 $2,003 2.83%
    Outside of Metro Areas 16 $1,790,000 $111,875 $2,295 2.78%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 8 $1,270,000 $158,750 $1,778 2.69%
    COLUMBUS, IN (FHA|USDA|VA) 9 $1,205,000 $133,889 $1,695 2.66%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $860,000 $215,000 $2,062 2.81%
    TERRE HAUTE, IN (FHA|USDA|VA) 5 $715,000 $143,000 $1,722 3.13%
    Warsaw, IN (FHA|USDA|VA) 2 $700,000 $350,000 $2,427 2.63%
    KOKOMO, IN (FHA|USDA|VA) 4 $560,000 $140,000 $2,064 2.60%
    New Castle, IN (FHA|USDA|VA) 4 $550,000 $137,500 $2,101 2.48%
    FORT WAYNE, IN (FHA|USDA|VA) 3 $485,000 $161,667 $2,253 2.72%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $450,000 $112,500 $2,269 2.81%
    Jasper, IN (FHA|USDA|VA) 2 $330,000 $165,000 $2,107 2.75%
    Crawfordsville, IN (FHA|USDA|VA) 4 $320,000 $80,000 $1,573 2.48%
    Angola, IN (FHA|USDA|VA) 1 $245,000 $245,000 $1,710 3.63%
    Bluffton, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,208 2.75%
    Greensburg, IN (FHA|USDA|VA) 1 $215,000 $215,000 $2,295 3.13%
    Wabash, IN (FHA|USDA|VA) 2 $170,000 $85,000 $2,335 2.76%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,058 2.88%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $150,000 $75,000 $2,245 2.20%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,123 3.13%
    Logansport, IN (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.50%
    Bedford, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.75%
    Peru, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.90%
    Plymouth, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.90%
    Decatur, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 2.90%
    Indiana Members Credit Union's top markets include Indianapolis, Evansville, Louisville, Bloomington, and Muncie among others.

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

    EVANSVILLE
    Similarity Rank: 60
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 126
    The Elberfeld State Bank
    Similarity Rank: 130
    United Fidelity Bank, fsb
    Similarity Rank: 165
    Heritage Federal Credit Union
    Similarity Rank: 180
    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    Independent Federal Credit Union
    Similarity Rank: 441
    Madison County Federal Credit Union
    Similarity Rank: 488
    COMMONWEALTH
    Similarity Rank: 625
    Security Federal Savings Bank
    Similarity Rank: 750

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,190 $417,470,000 $190,626 $1,992 2.99%
    HELOC 843 $52,975,000 $62,841 n/a 2.46%
    FHA 24 $4,080,000 $170,000 $4,170 3.20%

    For 2020, Indiana Members Credit Union's most frequently originated type of loan was Conventional, with 2,190 originations. Their 2nd most popular type was HELOC, with 843 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,328 $246,710,000 $185,776 $1,998 2.86%
    Cash Out Refi 802 $122,830,000 $153,155 $2,047 3.01%
    Home Improvement 490 $22,530,000 $45,980 $0 2.41%
    Home Purchase 376 $77,910,000 $207,207 $2,190 3.09%
    Other 61 $4,545,000 $74,508 $0 2.39%

    For 2020, Indiana Members Credit Union's most frequently cited loan purpose was Refi, with 1,328 originations. The 2nd most popular reason was Cash Out Refi, with 802 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,783 $259,335,000 $145,449 $2,180 2.80%
    15 Year 816 $145,740,000 $178,603 $1,979 2.69%
    20 Year 245 $47,235,000 $192,796 $2,108 2.94%
    10 Year 131 $15,085,000 $115,153 $1,358 3.56%
    Other 50 $5,790,000 $115,800 $1,488 3.73%
    5 Year 31 $1,135,000 $36,613 $0 4.32%
    30+ year 1 $205,000 $205,000 $3,634 3.75%

    For 2020, Indiana Members Credit Union's most frequently cited loan duration was 30 Year, with 1,783 originations. The 2nd most popular length was 15 Year, with 816 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,041 $396,945,000 $194,486
    $1k-2k 87 $13,035,000 $149,828
    $2k-3k 11 $1,715,000 $155,909
    $3k-4k 5 $1,725,000 $345,000
    $5k+ 2 $770,000 $385,000
    $4k-5k 1 $345,000 $345,000

    Indiana Members Credit Union's average total fees were $2,180, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,041 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,089 $199,855,000 $183,522
    <2.5% 1,054 $138,050,000 $130,977
    3-4% 725 $121,025,000 $166,931
    4-5% 154 $13,850,000 $89,935
    5-6% 23 $1,205,000 $52,391
    6-7% 7 $275,000 $39,286
    7-8% 5 $265,000 $53,000

    During 2020, Indiana Members Credit Union's average interest rate for loans was 2.80%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,089 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,141 $164,325,000 $144,018 $2,030 2.91%
    $100,000 or less 1,083 $56,745,000 $52,396 $1,576 2.76%
    $200k-400k 733 $200,365,000 $273,349 $2,140 2.87%
    $400k-600k 82 $37,800,000 $460,976 $2,526 2.81%
    $600k-1MM 14 $10,980,000 $784,286 $2,902 2.81%
    $1MM+ 4 $4,310,000 $1,077,500 $3,054 2.75%

    2020 saw Indiana Members Credit Union place emphasis on $100k-200k loans with 1,141 originations, totaling $164,325,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 728 $122,240,000 $167,912 $2,005 2.80%
    $50k-75k 609 $72,755,000 $119,466 $2,000 2.87%
    $50k or less 576 $56,990,000 $98,941 $1,991 2.95%
    $75k-100k 555 $79,935,000 $144,027 $1,987 2.85%
    $150k-250k 433 $94,255,000 $217,679 $2,046 2.80%
    $250k+ 134 $44,500,000 $332,090 $2,313 2.66%

    Indiana Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 728 originations. The second most popular income band? $50k-75k, with 609 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 939 $150,575,000 $160,357 $1,977 2.85%
    30-36% 552 $85,280,000 $154,493 $2,055 2.87%
    <20% 529 $84,155,000 $159,083 $1,971 2.72%
    38% 100 $16,880,000 $168,800 $1,958 2.93%
    37% 95 $15,685,000 $165,105 $2,044 2.89%
    44% 86 $14,070,000 $163,605 $2,064 2.96%
    36% 84 $11,980,000 $142,619 $2,022 2.87%
    41% 78 $11,390,000 $146,026 $2,176 2.88%
    43% 74 $11,640,000 $157,297 $2,090 3.02%
    39% 74 $11,460,000 $154,865 $1,984 2.96%
    42% 71 $11,015,000 $155,141 $2,021 2.99%
    40% 70 $9,970,000 $142,429 $2,227 2.93%
    49% 65 $7,365,000 $113,308 $1,805 2.69%
    45% 63 $8,345,000 $132,460 $2,114 2.73%
    47% 54 $6,870,000 $127,222 $1,980 2.70%
    48% 43 $7,035,000 $163,605 $2,117 2.91%
    46% 42 $6,800,000 $161,905 $2,068 2.79%
    50-60% 28 $3,230,000 $115,357 $2,274 2.88%
    >60% 9 $735,000 $81,667 $0 2.78%

    Indiana Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 939 originations. The next most common DTI ratio? 30-36%, with 552 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,363 $367,075,000 $155,343 $2,024 2.85%
    Asian 364 $54,670,000 $150,192 $2,041 2.74%
    Not provided 170 $29,100,000 $171,176 $1,958 2.89%
    Black 144 $19,000,000 $131,944 $1,916 2.99%
    Asian Indian 7 $3,425,000 $489,286 $1,892 2.68%
    American Indian 6 $730,000 $121,667 $2,021 2.90%
    Other Asian 2 $470,000 $235,000 $2,340 2.44%
    Korean 1 $55,000 $55,000 $1,219 3.38%

    Approval Rates

    Total approvals of all applications
    92.93%

    Indiana Members Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.96%

    Indiana Members Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,057 $474,525,000 $155,226

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $55,000 $55,000
    Single Family (1-4 Units):Site-Built 3,056 $474,470,000 $155,259

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 384 $30,950,000 $80,599 $1,638 2.73%
    40-60% 497 $76,865,000 $154,658 $1,981 2.77%
    60-80% 1,134 $234,520,000 $206,808 $2,083 2.93%
    80-100% 541 $114,125,000 $210,952 $2,167 3.04%
    Under 20% 501 $18,065,000 $36,058 $206 2.60%