Teachers Credit Union Mortgage Rates, Fees & Info

South Bend, IN

LEI: 549300SXT4VBB68QCC26

Tax ID: 35-0702986

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

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  • 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

    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: South Bend, Indianapolis, Elkhart, Chicago, and Warsaw among others. We have data for 51 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.

    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% 4/21/24
    30 Year Conventional Refi 6.62% 4/21/24
    30 Year Cash-out Refi 7.05% 4/21/24
    30 Year FHA Purchase 7.51% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 6.36% 4/21/24
    30 Year VA Refi 6.27% 4/21/24
    15 Year Conventional Purchase 6.33% 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.

    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

    1,825

    Origination Dollar Volume (All Markets)

    $180,945,000
    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
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 629 $59,215,000 $94,141 $2,144 4.57%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 482 $50,200,000 $104,149 $2,246 4.65%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 163 $17,235,000 $105,736 $2,199 4.50%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 110 $12,240,000 $111,273 $2,374 4.59%
    Warsaw, IN (FHA|USDA|VA) 70 $7,810,000 $111,571 $2,190 4.70%
    Plymouth, IN (FHA|USDA|VA) 61 $5,585,000 $91,557 $2,288 4.62%
    Crawfordsville, IN (FHA|USDA|VA) 52 $4,130,000 $79,423 $2,115 4.46%
    Outside of Metro Areas 47 $3,915,000 $83,298 $2,205 4.41%
    NILES, MI (FHA|USDA|VA) 36 $3,450,000 $95,833 $2,252 4.53%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 24 $2,660,000 $110,833 $2,292 4.40%
    Huntington, IN (FHA|USDA|VA) 36 $2,630,000 $73,056 $2,098 4.63%
    FORT WAYNE, IN (FHA|USDA|VA) 16 $2,060,000 $128,750 $2,206 4.34%
    LOUISVILLE, KY (FHA|USDA|VA) 21 $1,575,000 $75,000 $2,022 4.87%
    BLOOMINGTON, IN (FHA|USDA|VA) 9 $815,000 $90,556 $2,261 4.32%
    Sturgis, MI (FHA|USDA|VA) 6 $630,000 $105,000 $2,076 4.33%
    TERRE HAUTE, IN (FHA|USDA|VA) 7 $445,000 $63,571 $2,266 4.48%
    Wabash, IN (FHA|USDA|VA) 3 $435,000 $145,000 $2,037 4.29%
    Bluffton, IN (FHA|USDA|VA) 4 $380,000 $95,000 $2,205 4.75%
    COLUMBUS, IN (FHA|USDA|VA) 2 $330,000 $165,000 $2,241 4.25%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 6 $290,000 $48,333 $1,977 5.18%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $290,000 $145,000 $2,385 4.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $285,000 $285,000 $2,121 4.38%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,979 4.00%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $255,000 $255,000 $3,426 4.50%
    Paducah, KY-IL (FHA|USDA|VA) 1 $235,000 $235,000 $1,843 4.88%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,542 4.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,226 4.38%
    Marion, IN (FHA|USDA|VA) 2 $210,000 $105,000 $1,914 4.00%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $205,000 $205,000 $3,198 3.63%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,399 4.13%
    Richmond, IN (FHA|USDA|VA) 1 $205,000 $205,000 $2,406 3.63%
    New Castle, IN (FHA|USDA|VA) 2 $200,000 $100,000 $2,274 3.50%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,022 3.88%
    Peru, IN (FHA|USDA|VA) 3 $185,000 $61,667 $1,825 4.87%
    MUNCIE, IN (FHA|USDA|VA) 2 $180,000 $90,000 $2,189 4.06%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,399 3.63%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,225 4.19%
    KOKOMO, IN (FHA|USDA|VA) 3 $165,000 $55,000 $1,900 4.66%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $3,221 4.38%
    Seymour, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,993 4.13%
    Angola, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,985 3.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,870 4.75%
    Coldwater, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,329 4.13%
    Decatur, IN (FHA|USDA|VA) 1 $105,000 $105,000 $1,955 4.00%
    Logansport, IN (FHA|USDA|VA) 2 $80,000 $40,000 $2,292 4.50%
    CHARLESTON, WV (FHA|USDA|VA) 1 $55,000 $55,000 $2,501 4.75%
    SAGINAW, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $45,000 $45,000 $2,617 3.75%
    PEORIA, IL (FHA|USDA|VA) 1 $45,000 $45,000 $1,429 3.50%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.24%
    Scottsburg, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.24%
    Teachers Credit Union's top markets include South Bend, Indianapolis, Elkhart, Chicago, and Warsaw among others.

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

    Hoosier Heartland State Bank
    Similarity Rank: 8
    Fire Police City County Federal Credit Union
    Similarity Rank: 72
    Liberty Bank for Savings
    Similarity Rank: 85
    BEACON CREDIT UNION
    Similarity Rank: 130
    Circle Federal Credit Union
    Similarity Rank: 243
    EDUCATORS CREDIT UNION
    Similarity Rank: 352
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 360
    Advanz Federal Credit Union
    Similarity Rank: 360
    The Peoples Bank
    Similarity Rank: 400
    COMMONWEALTH
    Similarity Rank: 408

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,135 $149,275,000 $131,520 $2,211 4.25%
    HELOC 690 $31,670,000 $45,899 n/a 5.11%

    For 2019, Teachers Credit Union's most frequently originated type of loan was Conventional, with 1,135 originations. Their 2nd most popular type was HELOC, with 690 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,114 $73,490,000 $65,969 $2,345 4.94%
    Home Purchase 524 $80,870,000 $154,332 $2,096 4.09%
    Refi 148 $21,880,000 $147,838 $2,328 3.70%
    Home Improvement 36 $4,600,000 $127,778 $2,303 3.86%
    Other 3 $105,000 $35,000 $0 6.08%

    For 2019, Teachers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 1,114 originations. The 2nd most popular reason was Home Purchase, with 524 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 691 $32,125,000 $46,491 $3,196 5.11%
    30 Year 678 $103,790,000 $153,083 $2,177 4.15%
    10 Year 190 $9,650,000 $50,789 $2,239 5.36%
    15 Year 173 $21,405,000 $123,728 $2,303 3.62%
    20 Year 89 $13,125,000 $147,472 $2,264 3.95%
    30+ year 4 $850,000 $212,500 $0 3.56%

    For 2019, Teachers Credit Union's most frequently cited loan duration was Other, with 691 originations. The 2nd most popular length was 30 Year, with 678 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,108 $144,990,000 $130,857
    $1k-2k 19 $2,665,000 $140,263
    $3k-4k 4 $760,000 $190,000
    $2k-3k 3 $525,000 $175,000
    $4k-5k 1 $335,000 $335,000

    Teachers Credit Union's average total fees were $2,177, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,108 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 769 $75,495,000 $98,173
    3-4% 545 $82,025,000 $150,505
    5-6% 460 $20,540,000 $44,652
    6-7% 33 $965,000 $29,242
    2.5-3% 10 $1,690,000 $169,000
    7-8% 8 $230,000 $28,750

    During 2019, Teachers Credit Union's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 4-5%, with 769 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,088 $51,170,000 $47,031 $2,122 4.90%
    $100k-200k 537 $76,535,000 $142,523 $2,177 4.14%
    $200k-400k 187 $45,875,000 $245,321 $2,421 4.01%
    $400k-600k 11 $4,975,000 $452,273 $2,550 3.72%
    $1MM+ 1 $1,505,000 $1,505,000 $4,111 3.50%
    $600k-1MM 1 $885,000 $885,000 $2,949 4.00%

    2019 saw Teachers Credit Union place emphasis on $100,000 or less loans with 1,088 originations, totaling $51,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 485 $42,465,000 $87,557 $2,179 4.60%
    $50k or less 468 $33,490,000 $71,560 $2,088 4.51%
    $100k-150k 354 $40,090,000 $113,249 $2,335 4.67%
    $75k-100k 344 $37,390,000 $108,692 $2,249 4.58%
    $150k-250k 117 $17,955,000 $153,462 $2,483 4.52%
    $250k+ 25 $6,715,000 $268,600 $2,569 4.36%

    Teachers Credit Union lent most frequently to those with incomes in the $50k-75k range, with 485 originations. The second most popular income band? $50k or less, with 468 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 571 $57,075,000 $99,956 $2,227 4.53%
    30-36% 335 $33,245,000 $99,239 $2,159 4.67%
    <20% 296 $26,030,000 $87,939 $2,233 4.41%
    44% 84 $6,100,000 $72,619 $2,377 5.02%
    39% 80 $7,610,000 $95,125 $2,108 4.61%
    36% 68 $7,330,000 $107,794 $2,224 4.57%
    42% 63 $6,415,000 $101,825 $2,255 4.73%
    37% 63 $6,305,000 $100,079 $2,192 4.61%
    43% 55 $5,835,000 $106,091 $2,137 4.72%
    41% 54 $7,230,000 $133,889 $2,285 4.54%
    40% 52 $5,520,000 $106,154 $2,227 4.66%
    38% 49 $4,735,000 $96,633 $2,079 4.62%
    45% 20 $2,780,000 $139,000 $2,331 4.15%
    47% 10 $1,540,000 $154,000 $2,353 4.14%
    46% 8 $1,540,000 $192,500 $2,376 4.05%
    48% 6 $790,000 $131,667 $2,029 3.90%
    >60% 5 $315,000 $63,000 $0 5.09%
    50-60% 3 $195,000 $65,000 $0 5.16%
    49% 2 $300,000 $150,000 $2,115 3.56%

    Teachers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 571 originations. The next most common DTI ratio? 30-36%, with 335 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,610 $157,810,000 $98,019 $2,214 4.59%
    Not provided 110 $12,190,000 $110,818 $2,174 4.49%
    Black 77 $6,715,000 $87,208 $2,166 4.60%
    Asian 12 $2,150,000 $179,167 $2,378 4.27%
    American Indian 11 $1,455,000 $132,273 $2,245 4.29%
    Other Pacific Islander 1 $285,000 $285,000 $1,778 5.13%
    Native Hawaiian or Islander 2 $130,000 $65,000 $0 5.87%
    Asian Indian 1 $125,000 $125,000 $2,449 4.63%
    Other Asian 1 $85,000 $85,000 $2,386 3.38%

    Approval Rates

    Total approvals of all applications
    79.80%

    Teachers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.45%

    Teachers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,825 $180,945,000 $99,148

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 16 $1,610,000 $100,625
    Single Family (1-4 Units):Site-Built 1,809 $179,335,000 $99,135

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 356 $21,250,000 $59,691 $2,320 4.94%
    40-60% 216 $21,380,000 $98,981 $2,293 4.28%
    60-80% 386 $56,780,000 $147,098 $2,280 4.14%
    80-100% 445 $70,005,000 $157,315 $2,112 4.13%
    Under 20% 421 $11,475,000 $27,257 $2,339 5.30%