Teachers Credit Union Mortgage Rates, Fees & Info

South Bend, IN

LEI: 549300SXT4VBB68QCC26

Tax ID: 35-0702986

5 stars - out of 5 stars, based on 68 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Teachers Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Teachers 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 include Indianapolis, South Bend, Fort Wayne, Chicago, and Elkhart among others. Teachers Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Teachers Credit Union is typically a low fee lendor.


Originations

4,646

Origination Dollar Volume (All Markets)

$715,470,000
Show all (17) awards

Relative Rate

Teachers Credit Union's average 30 year fixed rate mortgage of loans were 3.32%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.17%.

Relative Fees

Teachers Credit Union's average total fees for a 30 year fixed rate mortgage are $2,472.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,111 $199,555,000 $179,617 $2,477 3.39%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1,180 $146,860,000 $124,458 $2,299 3.22%
FORT WAYNE, IN (FHA|USDA|VA) 622 $116,440,000 $187,203 $2,491 3.18%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 320 $51,290,000 $160,281 $2,547 3.48%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 370 $47,610,000 $128,676 $2,238 3.32%
Outside of Metro Areas 154 $22,810,000 $148,117 $2,457 3.31%
NILES, MI (FHA|USDA|VA) 114 $21,290,000 $186,754 $2,777 3.13%
Warsaw, IN (FHA|USDA|VA) 132 $18,810,000 $142,500 $2,367 3.34%
Plymouth, IN (FHA|USDA|VA) 130 $14,310,000 $110,077 $2,197 3.32%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 75 $10,455,000 $139,400 $2,349 3.39%
Crawfordsville, IN (FHA|USDA|VA) 103 $10,355,000 $100,534 $2,207 3.20%
Huntington, IN (FHA|USDA|VA) 58 $5,560,000 $95,862 $2,364 3.29%
Angola, IN (FHA|USDA|VA) 21 $4,605,000 $219,286 $2,446 2.93%
Kendallville, IN (FHA|USDA|VA) 23 $4,025,000 $175,000 $2,560 3.08%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 33 $3,975,000 $120,455 $2,111 3.34%
Auburn, IN (FHA|USDA|VA) 18 $3,350,000 $186,111 $2,867 3.09%
TERRE HAUTE, IN (FHA|USDA|VA) 22 $2,780,000 $126,364 $2,507 2.90%
KOKOMO, IN (FHA|USDA|VA) 6 $2,560,000 $426,667 $2,600 3.33%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $2,445,000 $815,000 $5,011 3.25%
MUNCIE, IN (FHA|USDA|VA) 4 $2,400,000 $600,000 $2,025 3.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $1,850,000 $308,333 $3,970 3.19%
Bluffton, IN (FHA|USDA|VA) 11 $1,585,000 $144,091 $2,103 3.17%
Sevierville, TN (FHA|USDA|VA) 3 $1,445,000 $481,667 $3,730 3.54%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 10 $1,350,000 $135,000 $2,044 3.30%
Holland, MI (FHA|USDA|VA) 3 $1,295,000 $431,667 $4,291 2.92%
Decatur, IN (FHA|USDA|VA) 8 $1,230,000 $153,750 $2,207 3.17%
BLOOMINGTON, IN (FHA|USDA|VA) 9 $1,155,000 $128,333 $1,999 3.61%
Sturgis, MI (FHA|USDA|VA) 7 $1,135,000 $162,143 $2,771 3.07%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $1,010,000 $168,333 $2,877 3.65%
Wabash, IN (FHA|USDA|VA) 13 $965,000 $74,231 $2,324 3.49%
PUNTA GORDA, FL (FHA|USDA|VA) 4 $800,000 $200,000 $3,562 2.91%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $730,000 $365,000 $3,920 3.31%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 5 $655,000 $131,000 $2,516 2.80%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $620,000 $155,000 $3,220 2.56%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $595,000 $198,333 $2,517 3.38%
Marion, IN (FHA|USDA|VA) 6 $540,000 $90,000 $2,391 3.31%
Bedford, IN (FHA|USDA|VA) 2 $470,000 $235,000 $2,180 3.31%
Logansport, IN (FHA|USDA|VA) 3 $445,000 $148,333 $2,629 3.83%
COLUMBUS, IN (FHA|USDA|VA) 3 $395,000 $131,667 $2,446 3.38%
North Vernon, IN (FHA|USDA|VA) 4 $380,000 $95,000 $2,333 2.97%
New Castle, IN (FHA|USDA|VA) 5 $355,000 $71,000 $1,231 3.40%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,042 3.25%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $325,000 $325,000 $2,833 4.63%
Frankfort, IN (FHA|USDA|VA) 2 $320,000 $160,000 $2,410 3.56%
Scottsburg, IN (FHA|USDA|VA) 2 $320,000 $160,000 $3,502 3.13%
Coldwater, MI (FHA|USDA|VA) 1 $305,000 $305,000 $4,530 2.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $4,199 2.25%
Madison, IN (FHA|USDA|VA) 2 $260,000 $130,000 $1,269 4.38%
Ludington, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,811 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,453 3.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,545 2.25%
North Wilkesboro, NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,991 3.38%
Jasper, IN (FHA|USDA|VA) 1 $205,000 $205,000 $1,225 3.50%
COLUMBUS, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,003 3.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,362 2.63%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,251 3.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,385 2.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $155,000 $155,000 $3,542 3.88%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,173 3.38%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $135,000 $135,000 $2,687 3.00%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,150 2.63%
Greensburg, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,577 3.50%
Celina, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,203 2.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $115,000 $115,000 $2,681 2.38%
Peru, IN (FHA|USDA|VA) 2 $60,000 $30,000 $1,355 2.94%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $55,000 $55,000 $2,313 3.25%
Seymour, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.75%

Teachers Credit Union's top markets include Indianapolis, South Bend, Fort Wayne, Chicago, and Elkhart among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,598 $706,000,000 $153,545 $2,377 3.29%
FHA 29 $5,415,000 $186,724 $5,519 2.83%
VA 19 $4,055,000 $213,421 $5,030 2.62%

For the 2021 period, Teachers Credit Union's most frequently originated loan type of loans were Conventional, with 4,598 originations. Their 2nd most popular type is FHA, with 29 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,475 $352,795,000 $239,183 $2,668 3.27%
Cash Out Refi 1,411 $162,075,000 $114,865 $2,341 3.40%
Other 847 $63,895,000 $75,437 $1,835 3.58%
Refi 761 $115,225,000 $151,413 $2,235 2.79%
Home Improvement 152 $21,480,000 $141,316 $2,367 3.24%

For the 2021, Teachers Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 1,475 originations. The 2nd most popular reason of loans were Cash Out Refi, with 1,411 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,142 $396,490,000 $185,103 $2,472 3.32%
20 Year 1,065 $102,055,000 $95,826 $2,311 3.33%
15 Year 708 $92,720,000 $130,960 $2,182 2.73%
Other 382 $26,690,000 $69,869 $3,526 3.93%
10 Year 224 $24,580,000 $109,732 $1,667 3.36%
30+ year 107 $72,285,000 $675,561 $4,748 3.25%
5 Year 18 $650,000 $36,111 $0 4.25%

For the 2021, Teachers Credit Union's most frequently cited loan length of loans were 30 Year, with 2,142 originations. The 2nd most popular length of loans were 20 Year, with 1,065 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,477 $622,425,000 $179,012
$1k-2k 36 $5,190,000 $144,167
$2k-3k 16 $4,170,000 $260,625
$3k-4k 10 $3,130,000 $313,000
$5k+ 7 $7,625,000 $1,089,286

$2,472 of loans were Teachers Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,477 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,620 $397,020,000 $151,534
2.5-3% 1,124 $201,380,000 $179,164
<2.5% 562 $81,130,000 $144,359
4-5% 237 $31,485,000 $132,848
5-6% 94 $4,000,000 $42,553
6-7% 9 $455,000 $50,556

During 2021, Teachers Credit Union's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 2,620 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,960 $111,240,000 $56,755 $1,998 3.45%
$100k-200k 1,699 $243,715,000 $143,446 $2,336 3.19%
$200k-400k 806 $215,200,000 $266,998 $2,747 3.15%
$400k-600k 113 $53,725,000 $475,442 $3,334 3.02%
$600k-1MM 37 $27,115,000 $732,838 $4,054 3.15%
$1MM+ 31 $64,475,000 $2,079,839 $6,786 3.33%

2021 saw Teachers Credit Union place emphasis on $100,000 or less loans with 1,960 originations, totaling $111,240,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,222 $146,230,000 $119,664 $2,377 3.31%
$50k or less 1,214 $111,950,000 $92,216 $2,223 3.28%
$75k-100k 810 $119,780,000 $147,877 $2,441 3.27%
$100k-150k 784 $135,490,000 $172,819 $2,467 3.29%
$150k-250k 374 $88,600,000 $236,898 $2,633 3.27%
$250k+ 137 $87,355,000 $637,628 $3,798 3.27%

Teachers Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,222 originations. The second most popular income band? $50k or less, with 1,214 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,365 $191,535,000 $140,319 $2,326 3.22%
30-36% 883 $134,255,000 $152,044 $2,390 3.33%
<20% 782 $104,210,000 $133,261 $2,310 3.12%
44% 175 $19,795,000 $113,114 $2,368 3.56%
36% 164 $30,980,000 $188,902 $2,468 3.32%
37% 153 $26,615,000 $173,954 $2,592 3.37%
39% 148 $22,360,000 $151,081 $2,492 3.30%
43% 147 $21,755,000 $147,993 $2,427 3.38%
42% 142 $26,260,000 $184,930 $2,602 3.51%
40% 138 $19,870,000 $143,986 $2,469 3.51%
38% 124 $23,550,000 $189,919 $2,503 3.44%
41% 123 $20,005,000 $162,642 $2,462 3.45%
45% 68 $12,420,000 $182,647 $2,740 3.27%
50-60% 48 $11,140,000 $232,083 $2,810 3.34%
46% 45 $8,825,000 $196,111 $2,986 3.31%
47% 43 $7,905,000 $183,837 $2,659 3.34%
48% 41 $9,515,000 $232,073 $3,029 3.22%
49% 40 $8,150,000 $203,750 $2,596 3.26%
>60% 5 $2,055,000 $411,000 $3,679 3.43%

Teachers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,365 originations. The next most common DTI ratio? 30-36%, with 883 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,870 $583,180,000 $150,693 $2,411 3.28%
Not provided 424 $65,760,000 $155,094 $2,391 3.27%
Black 261 $33,835,000 $129,636 $2,477 3.38%
Not applicable 7 $13,475,000 $1,925,000 $0 3.96%
Asian 45 $10,705,000 $237,889 $2,558 3.36%
Asian Indian 5 $4,325,000 $865,000 $4,386 2.98%
American Indian 23 $2,855,000 $124,130 $2,645 3.35%
Native Hawaiian 4 $470,000 $117,500 $1,382 3.97%
Other Asian 4 $300,000 $75,000 $1,693 3.69%
Japanese 1 $295,000 $295,000 $2,429 3.13%
Vietnamese 1 $165,000 $165,000 $2,078 2.75%
Filipino 1 $105,000 $105,000 $2,821 3.88%

Approval Rates

Total approvals of all applications
86.57%

Teachers Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.75%

Teachers Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,646 $715,470,000 $153,997

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,646 $715,470,000 $153,997

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 691 $51,235,000 $74,146 $2,041 3.42%
40-60% 749 $92,635,000 $123,678 $2,269 2.93%
60-80% 1,286 $268,440,000 $208,740 $2,465 3.13%
80-100% 1,329 $281,395,000 $211,734 $2,596 3.33%
Over 100% 5 $1,325,000 $265,000 $9,372 2.65%
Under 20% 586 $20,440,000 $34,881 $449 3.83%