Teachers Credit Union Mortgage Rates, Fees & Info

South Bend, IN

LEI: 549300SXT4VBB68QCC26

Tax ID: 35-0702986

5 stars - Updated: 5/20/24 - out of 5 stars, based on 51 reviews

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

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Mortgage Data

Review & Overview

Teachers Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase 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 by origination volume include: Indianapolis, South Bend, Fort Wayne, Elkhart, and Warsaw among others. We have data for 61 markets. (Some data included below & more in-depth data is available with an active subscription.)

Teachers 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. Teachers 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 relatively high 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
30 Year Conventional Purchase 7.07% 5/20/24
30 Year Conventional Refi 6.62% 5/20/24
30 Year Cash-out Refi 7.05% 5/20/24
30 Year FHA Purchase 7.51% 5/20/24
30 Year FHA Refi 6.27% 5/20/24
30 Year VA Purchase 6.36% 5/20/24
30 Year VA Refi 6.27% 5/20/24
15 Year Conventional Purchase 6.33% 5/20/24
15 Year Conventional Refi 6.23% 5/20/24
15 Year Cash-out Refi 6.23% 5/20/24
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.

Teachers Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Teachers 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

2,560

Origination Dollar Volume (All Markets)

$310,990,000
Show all (14) awards

Relative Rate

Teachers Credit Union's average 30 year fixed mortgage rate was 7.01%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.53%.

Relative Fees (Closing Costs)

Teachers Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,182.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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) 703 $84,825,000 $120,661 $2,197 4.92%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 622 $66,880,000 $107,524 $2,720 5.34%
FORT WAYNE, IN (FHA|USDA|VA) 239 $47,375,000 $198,222 $3,103 6.26%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 242 $27,430,000 $113,347 $3,069 5.40%
Warsaw, IN (FHA|USDA|VA) 113 $12,005,000 $106,239 $2,785 5.98%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 109 $9,975,000 $91,514 $1,692 6.00%
Plymouth, IN (FHA|USDA|VA) 92 $8,900,000 $96,739 $2,178 5.39%
NILES, MI (FHA|USDA|VA) 49 $5,785,000 $118,061 $3,513 5.59%
Huntington, IN (FHA|USDA|VA) 43 $5,335,000 $124,070 $2,838 5.38%
Outside of Metro Areas 61 $5,015,000 $82,213 $2,547 5.36%
Crawfordsville, IN (FHA|USDA|VA) 50 $4,440,000 $88,800 $2,326 5.65%
Kendallville, IN (FHA|USDA|VA) 16 $3,780,000 $236,250 $2,761 6.53%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 30 $3,620,000 $120,667 $2,830 6.53%
LOUISVILLE, KY (FHA|USDA|VA) 26 $2,460,000 $94,615 $1,815 5.87%
BLOOMINGTON, IN (FHA|USDA|VA) 11 $2,295,000 $208,636 $2,920 4.80%
Auburn, IN (FHA|USDA|VA) 17 $2,275,000 $133,824 $2,588 7.26%
Decatur, IN (FHA|USDA|VA) 10 $1,590,000 $159,000 $2,526 7.25%
TERRE HAUTE, IN (FHA|USDA|VA) 13 $1,565,000 $120,385 $3,382 5.57%
Angola, IN (FHA|USDA|VA) 10 $1,310,000 $131,000 $1,958 6.04%
Wabash, IN (FHA|USDA|VA) 11 $1,155,000 $105,000 $3,520 6.47%
Bluffton, IN (FHA|USDA|VA) 6 $890,000 $148,333 $2,447 4.83%
Sturgis, MI (FHA|USDA|VA) 7 $845,000 $120,714 $2,627 4.05%
North Vernon, IN (FHA|USDA|VA) 1 $785,000 $785,000 $0 7.86%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 7 $725,000 $103,571 $2,109 6.82%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $595,000 $595,000 $10,258 7.38%
New Castle, IN (FHA|USDA|VA) 6 $590,000 $98,333 $2,196 6.54%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $535,000 $535,000 $3,486 6.63%
MUNCIE, IN (FHA|USDA|VA) 5 $485,000 $97,000 $2,522 5.70%
Peru, IN (FHA|USDA|VA) 6 $480,000 $80,000 $2,929 7.73%
COLUMBUS, IN (FHA|USDA|VA) 6 $460,000 $76,667 $2,807 4.85%
Coldwater, MI (FHA|USDA|VA) 3 $395,000 $131,667 $4,524 7.17%
Marion, IN (FHA|USDA|VA) 4 $350,000 $87,500 $1,928 5.53%
KOKOMO, IN (FHA|USDA|VA) 4 $340,000 $85,000 $1,165 5.31%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $325,000 $325,000 $2,433 7.25%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $315,000 $105,000 $3,104 7.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $295,000 $295,000 $4,439 7.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,083 6.75%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $275,000 $275,000 $2,664 7.25%
Connersville, IN (FHA|USDA|VA) 1 $275,000 $275,000 $3,125 7.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,998 7.25%
Defiance, OH (FHA|USDA|VA) 2 $270,000 $135,000 $3,391 3.00%
JACKSON, MI (FHA|USDA|VA) 1 $265,000 $265,000 $5,865 5.88%
Laurel, MS (FHA|USDA|VA) 1 $245,000 $245,000 $2,938 7.13%
Logansport, IN (FHA|USDA|VA) 3 $225,000 $75,000 $1,827 8.46%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $225,000 $225,000 $3,524 8.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,978 6.50%
Frankfort, IN (FHA|USDA|VA) 2 $220,000 $110,000 $2,582 3.75%
Marquette, MI (FHA|USDA|VA) 1 $215,000 $215,000 $3,135 8.63%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Scottsburg, IN (FHA|USDA|VA) 2 $190,000 $95,000 $0 4.75%
Greeneville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,874 7.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $165,000 $165,000 $4,976 7.00%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,975 6.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.88%
Hillsdale, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,934 7.38%
Bedford, IN (FHA|USDA|VA) 2 $110,000 $55,000 $0 3.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
Richmond, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Madison, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.00%
Seymour, IN (FHA|USDA|VA) 1 $25,000 $25,000 $535 7.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Teachers Credit Union's top markets include Indianapolis, South Bend, Fort Wayne, Elkhart, and Warsaw among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against TEACHERS CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
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    INOVA FEDERAL CREDIT UNION
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,348 $87,590,000 $64,978 n/a 3.92%
    Conventional 1,140 $208,010,000 $182,465 $2,408 7.22%
    FHA 58 $12,130,000 $209,138 $6,258 6.57%
    VA 14 $3,260,000 $232,857 $6,064 6.55%

    For 2023, Teachers Credit Union's most frequently originated type of loan was HELOC, with 1,348 originations. Their 2nd most popular type was Conventional, with 1,140 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,054 $77,180,000 $73,226 $1,333 2.34%
    Home Purchase 733 $179,755,000 $245,232 $3,227 6.95%
    Other 410 $24,420,000 $59,561 $32 8.34%
    Home Improvement 295 $18,115,000 $61,407 $0 8.46%
    Refi 68 $11,520,000 $169,412 $3,630 7.50%

    For 2023, Teachers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 1,054 originations. The 2nd most popular reason was Home Purchase, with 733 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 1,362 $92,900,000 $68,209 $2,773 3.91%
    30 Year 748 $151,550,000 $202,607 $3,182 7.01%
    15 Year 214 $16,150,000 $75,467 $909 7.62%
    10 Year 144 $13,590,000 $94,375 $240 7.79%
    30+ year 55 $29,115,000 $529,364 $5,105 7.11%
    5 Year 31 $875,000 $28,226 $36 7.30%
    Other 6 $6,810,000 $1,135,000 $2,253 7.57%

    For 2023, Teachers Credit Union's most frequently cited loan duration was 20 Year, with 1,362 originations. The 2nd most popular length was 30 Year, with 748 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 702 $118,480,000 $168,775
    $1k-2k 254 $54,250,000 $213,583
    $2k-3k 47 $11,885,000 $252,872
    $3k-4k 24 $8,680,000 $361,667
    $5k+ 10 $4,150,000 $415,000
    $4k-5k 7 $1,915,000 $273,571

    Teachers Credit Union's average total fees were $3,182, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 702 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 721 $47,205,000 $65,472
    7-8% 622 $96,490,000 $155,129
    Over 8% 619 $46,385,000 $74,935
    6-7% 512 $93,830,000 $183,262
    5-6% 86 $27,080,000 $314,884

    During 2023, Teachers Credit Union's average interest rate for loans was 7.01%, while their most frequently originated rate bucket for loans was <2.5%, with 721 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,529 $75,025,000 $49,068 $1,013 4.95%
    $100k-200k 631 $88,925,000 $140,927 $2,884 5.86%
    $200k-400k 323 $86,395,000 $267,477 $3,634 6.72%
    $400k-600k 52 $24,750,000 $475,962 $4,225 7.03%
    $600k-1MM 17 $12,905,000 $759,118 $4,519 7.39%
    $1MM+ 8 $22,990,000 $2,873,750 $8,253 6.20%

    2023 saw Teachers Credit Union place emphasis on $100,000 or less loans with 1,529 originations, totaling $75,025,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 636 $56,950,000 $89,544 $2,454 5.24%
    $50k or less 570 $40,080,000 $70,316 $2,407 5.59%
    $100k-150k 525 $68,205,000 $129,914 $2,910 5.38%
    $75k-100k 471 $52,355,000 $111,157 $2,580 5.72%
    $150k-250k 246 $45,710,000 $185,813 $2,976 5.54%
    $250k+ 65 $28,715,000 $441,769 $4,354 5.42%

    Teachers Credit Union lent most frequently to those with incomes in the $50k-75k range, with 636 originations. The second most popular income band? $50k or less, with 570 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 524 $60,060,000 $114,618 $2,508 5.31%
    30-36% 429 $48,745,000 $113,625 $2,632 5.43%
    <20% 222 $18,300,000 $82,432 $2,375 4.20%
    49% 160 $15,490,000 $96,813 $2,288 5.61%
    48% 112 $11,450,000 $102,232 $1,920 5.59%
    44% 107 $16,175,000 $151,168 $3,104 5.81%
    46% 101 $10,025,000 $99,257 $1,984 5.58%
    43% 97 $13,305,000 $137,165 $3,191 5.87%
    42% 94 $13,690,000 $145,638 $2,789 6.29%
    47% 90 $8,060,000 $89,556 $2,663 4.91%
    40% 89 $12,345,000 $138,708 $2,762 5.24%
    39% 89 $12,445,000 $139,831 $2,855 5.84%
    41% 89 $11,865,000 $133,315 $2,779 6.07%
    45% 84 $10,020,000 $119,286 $2,292 6.01%
    38% 75 $8,645,000 $115,267 $2,675 5.12%
    37% 73 $8,535,000 $116,918 $2,802 5.96%
    36% 73 $7,745,000 $106,096 $2,420 5.33%
    50-60% 41 $8,295,000 $202,317 $5,770 7.32%
    >60% 6 $1,720,000 $286,667 $3,575 7.83%

    Teachers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 524 originations. The next most common DTI ratio? 30-36%, with 429 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,146 $244,980,000 $114,157 $2,632 5.48%
    Not provided 145 $20,785,000 $143,345 $2,709 5.78%
    Black 196 $19,130,000 $97,602 $3,621 5.03%
    Not applicable 5 $14,075,000 $2,815,000 $0 7.25%
    Asian 37 $9,035,000 $244,189 $2,110 5.28%
    American Indian 21 $2,435,000 $115,952 $2,215 6.23%
    Native Hawaiian or Islander 7 $305,000 $43,571 $0 3.16%
    Japanese 1 $135,000 $135,000 $0 8.50%
    Asian Indian 2 $110,000 $55,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    80.51%

    Teachers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.04%

    Teachers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    23.0 1 $25,000 $25,000
    NA 2,559 $310,965,000 $121,518

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,560 $310,990,000 $121,480

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 671 $50,395,000 $75,104 $1,080 4.66%
    40-60% 204 $30,060,000 $147,353 $2,614 5.22%
    60-80% 268 $63,310,000 $236,231 $3,345 6.61%
    80-100% 554 $130,040,000 $234,729 $3,297 6.94%
    Over 100% 4 $1,910,000 $477,500 $11,289 6.29%
    Under 20% 859 $35,275,000 $41,065 $154 4.83%