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
  • Complaints
  • 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 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.

    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

    2,195

    Origination Dollar Volume (All Markets)

    $283,555,000
    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) 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
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 42
    Commonwealth Bank and Trust Company
    Similarity Rank: 133
    Heritage Federal Credit Union
    Similarity Rank: 232
    Mutual Savings Bank
    Similarity Rank: 268
    Independent Federal Credit Union
    Similarity Rank: 318
    First Federal Savings Bank
    Similarity Rank: 416
    The Peoples Bank
    Similarity Rank: 420
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 423
    COMMONWEALTH
    Similarity Rank: 425

    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%