Teachers Credit Union Mortgage Rates, Fees & Info

South Bend, IN

LEI: 549300SXT4VBB68QCC26

Tax ID: 35-0702986

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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. Their top markets by origination volume include: Indianapolis, South Bend, Elkhart, Chicago, and Warsaw among others. We have data for 42 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 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
30 Year Conventional Purchase 7.07% 4/18/24
30 Year Conventional Refi 6.62% 4/18/24
30 Year Cash-out Refi 7.05% 4/18/24
30 Year FHA Purchase 7.51% 4/18/24
30 Year FHA Refi 6.27% 4/18/24
30 Year VA Purchase 6.36% 4/18/24
30 Year VA Refi 6.27% 4/18/24
15 Year Conventional Purchase 6.33% 4/18/24
15 Year Conventional Refi 6.23% 4/18/24
15 Year Cash-out Refi 6.23% 4/18/24
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

2,280

Origination Dollar Volume (All Markets)

$187,930,000
Show all (14) 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) 693 $61,455,000 $88,680 $1,361 3.57%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 705 $55,945,000 $79,355 $1,242 3.67%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 190 $15,590,000 $82,053 $1,503 3.68%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 139 $15,335,000 $110,324 $1,431 3.75%
Warsaw, IN (FHA|USDA|VA) 97 $6,815,000 $70,258 $1,395 3.81%
Plymouth, IN (FHA|USDA|VA) 93 $6,565,000 $70,591 $1,155 3.85%
NILES, MI (FHA|USDA|VA) 65 $5,145,000 $79,154 $1,330 3.35%
Outside of Metro Areas 65 $4,075,000 $62,692 $1,260 3.58%
Crawfordsville, IN (FHA|USDA|VA) 65 $3,845,000 $59,154 $1,135 4.07%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 30 $2,310,000 $77,000 $1,387 4.02%
LOUISVILLE, KY (FHA|USDA|VA) 28 $1,910,000 $68,214 $1,399 3.37%
Huntington, IN (FHA|USDA|VA) 26 $1,700,000 $65,385 $1,011 3.81%
FORT WAYNE, IN (FHA|USDA|VA) 14 $1,270,000 $90,714 $1,295 4.18%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 8 $690,000 $86,250 $1,350 4.04%
Wabash, IN (FHA|USDA|VA) 7 $485,000 $69,286 $1,186 3.51%
TERRE HAUTE, IN (FHA|USDA|VA) 9 $445,000 $49,444 $1,280 3.52%
KOKOMO, IN (FHA|USDA|VA) 4 $400,000 $100,000 $2,441 3.62%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $365,000 $121,667 $1,963 3.79%
New Castle, IN (FHA|USDA|VA) 4 $360,000 $90,000 $960 3.43%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $355,000 $355,000 $1,507 4.75%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $295,000 $295,000 $481 4.75%
Kendallville, IN (FHA|USDA|VA) 2 $250,000 $125,000 $1,086 4.31%
BLOOMINGTON, IN (FHA|USDA|VA) 3 $205,000 $68,333 $1,251 4.54%
Bedford, IN (FHA|USDA|VA) 2 $200,000 $100,000 $688 3.88%
MUNCIE, IN (FHA|USDA|VA) 2 $190,000 $95,000 $1,408 3.25%
Bluffton, IN (FHA|USDA|VA) 3 $185,000 $61,667 $0 3.16%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $488 3.63%
North Vernon, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,866 5.13%
Marion, IN (FHA|USDA|VA) 3 $135,000 $45,000 $1,500 3.50%
KNOXVILLE, TN (FHA|USDA|VA) 1 $135,000 $135,000 $2,280 4.13%
Selma, AL (FHA|USDA|VA) 1 $125,000 $125,000 $2,889 4.50%
Sturgis, MI (FHA|USDA|VA) 1 $125,000 $125,000 $1,822 4.75%
Logansport, IN (FHA|USDA|VA) 2 $120,000 $60,000 $1,822 5.31%
OCALA, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,047 4.75%
Greensburg, IN (FHA|USDA|VA) 2 $110,000 $55,000 $655 4.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $95,000 $95,000 $1,384 4.38%
Peru, IN (FHA|USDA|VA) 2 $90,000 $45,000 $0 2.87%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,005 4.13%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $45,000 $45,000 $0 1.49%
COLUMBUS, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.49%
ANN ARBOR, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.49%
Seymour, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
Teachers Credit Union's top markets include Indianapolis, South Bend, Elkhart, Chicago, and Warsaw among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (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.

    UNITED
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    Liberty Bank for Savings
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    The Peoples Bank
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    The Garrett State Bank
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    COMMONWEALTH
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,198 $139,620,000 $116,544 $1,326 4.59%
    HELOC 1,082 $48,310,000 $44,649 n/a 2.64%

    For 2018, Teachers Credit Union's most frequently originated type of loan was Conventional, with 1,198 originations. Their 2nd most popular type was HELOC, with 1,082 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,528 $84,750,000 $55,465 $1,257 3.31%
    Home Purchase 574 $84,920,000 $147,944 $1,475 4.56%
    Refi 167 $17,725,000 $106,138 $924 3.96%
    Other 11 $535,000 $48,636 $0 2.40%

    For 2018, Teachers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 1,528 originations. The 2nd most popular reason was Home Purchase, with 574 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,082 $48,310,000 $44,649 $0 2.64%
    30 Year 657 $93,635,000 $142,519 $1,409 4.63%
    10 Year 247 $12,765,000 $51,680 $1,094 5.03%
    15 Year 202 $22,620,000 $111,980 $1,218 4.08%
    20 Year 92 $10,600,000 $115,217 $1,163 4.30%

    For 2018, Teachers Credit Union's most frequently cited loan duration was Other, with 1,082 originations. The 2nd most popular length was 30 Year, with 657 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,156 $132,690,000 $114,784
    $1k-2k 30 $4,400,000 $146,667
    $2k-3k 10 $1,920,000 $192,000
    $3k-4k 1 $155,000 $155,000
    $5k+ 1 $455,000 $455,000

    Teachers Credit Union's average total fees were $1,409, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,156 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,127 $112,535,000 $99,854
    <2.5% 675 $29,145,000 $43,178
    3-4% 283 $31,105,000 $109,912
    5-6% 151 $13,385,000 $88,642
    6-7% 41 $1,215,000 $29,634
    2.5-3% 3 $545,000 $181,667

    During 2018, Teachers Credit Union's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 1,127 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,575 $71,695,000 $45,521 $1,140 3.39%
    $100k-200k 552 $76,340,000 $138,297 $1,398 4.28%
    $200k-400k 147 $37,245,000 $253,367 $1,558 4.33%
    $400k-600k 6 $2,650,000 $441,667 $2,442 3.96%

    2018 saw Teachers Credit Union place emphasis on $100,000 or less loans with 1,575 originations, totaling $71,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 604 $47,160,000 $78,079 $1,319 3.74%
    $50k or less 586 $38,230,000 $65,239 $1,259 3.98%
    $75k-100k 454 $40,180,000 $88,502 $1,377 3.57%
    $100k-150k 375 $34,735,000 $92,627 $1,389 3.50%
    $150k-250k 178 $18,750,000 $105,337 $1,358 3.20%
    $250k+ 24 $3,360,000 $140,000 $2,956 2.48%

    Teachers Credit Union lent most frequently to those with incomes in the $50k-75k range, with 604 originations. The second most popular income band? $50k or less, with 586 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 640 $47,570,000 $74,328 $1,251 3.66%
    30-36% 446 $36,640,000 $82,152 $1,388 3.68%
    <20% 346 $22,160,000 $64,046 $1,215 3.23%
    39% 73 $5,555,000 $76,096 $1,617 3.59%
    40% 68 $5,690,000 $83,676 $1,410 3.96%
    36% 67 $4,955,000 $73,955 $1,395 3.77%
    37% 62 $5,440,000 $87,742 $1,465 3.72%
    44% 58 $3,110,000 $53,621 $1,089 3.56%
    41% 58 $5,530,000 $95,345 $1,527 3.58%
    42% 57 $5,245,000 $92,018 $1,290 3.37%
    43% 57 $4,755,000 $83,421 $1,133 3.78%
    38% 53 $5,505,000 $103,868 $1,417 3.94%
    45% 38 $4,060,000 $106,842 $1,163 3.73%
    46% 25 $3,135,000 $125,400 $1,403 3.85%
    47% 18 $1,710,000 $95,000 $1,075 4.17%
    48% 15 $1,585,000 $105,667 $1,143 4.04%
    49% 9 $1,325,000 $147,222 $1,484 4.50%
    50-60% 9 $705,000 $78,333 $1,302 3.38%
    >60% 5 $165,000 $33,000 $0 3.99%

    Teachers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 640 originations. The next most common DTI ratio? 30-36%, with 446 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,004 $163,080,000 $81,377 $1,318 3.67%
    Not provided 151 $14,035,000 $92,947 $1,311 3.64%
    Black 88 $7,370,000 $83,750 $1,442 3.68%
    Asian 21 $2,355,000 $112,143 $1,465 3.68%
    American Indian 10 $780,000 $78,000 $1,617 4.03%
    Not applicable 3 $135,000 $45,000 $780 2.29%
    Chinese 1 $105,000 $105,000 $0 4.49%
    Native Hawaiian or Islander 2 $70,000 $35,000 $1,127 4.93%

    Approval Rates

    Total approvals of all applications
    77.81%

    Teachers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.58%

    Teachers Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,280 $187,930,000 $82,425

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 16 $970,000 $60,625
    Single Family (1-4 Units):Site-Built 2,264 $186,960,000 $82,580

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 490 $25,650,000 $52,347 $1,062 3.26%
    40-60% 253 $22,025,000 $87,055 $1,164 3.69%
    60-80% 384 $50,300,000 $130,990 $1,283 4.13%
    80-100% 364 $52,070,000 $143,049 $1,429 4.52%
    Under 20% 637 $17,115,000 $26,868 $1,008 3.00%