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, Home Purchase, and Refi loans. Teachers Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, South Bend, Fort Wayne, Elkhart, and Chicago among others. We have data for 58 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% 3/28/24
30 Year Conventional Refi 6.62% 3/28/24
30 Year Cash-out Refi 7.05% 3/28/24
30 Year FHA Purchase 7.51% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
30 Year VA Purchase 6.36% 3/28/24
30 Year VA Refi 6.27% 3/28/24
15 Year Conventional Purchase 6.33% 3/28/24
15 Year Conventional Refi 6.23% 3/28/24
15 Year Cash-out Refi 6.23% 3/28/24
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

3,706

Origination Dollar Volume (All Markets)

$526,550,000
Show all (13) 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) 923 $129,205,000 $139,984 $2,289 3.54%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 922 $108,450,000 $117,625 $2,218 3.52%
FORT WAYNE, IN (FHA|USDA|VA) 548 $100,670,000 $183,704 $2,236 3.30%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 267 $36,385,000 $136,273 $2,218 3.57%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 225 $35,935,000 $159,711 $2,405 3.51%
NILES, MI (FHA|USDA|VA) 90 $17,970,000 $199,667 $2,687 3.41%
Warsaw, IN (FHA|USDA|VA) 114 $15,580,000 $136,667 $2,471 3.59%
Outside of Metro Areas 93 $12,095,000 $130,054 $2,364 3.51%
Plymouth, IN (FHA|USDA|VA) 103 $10,655,000 $103,447 $2,137 3.51%
Huntington, IN (FHA|USDA|VA) 63 $7,765,000 $123,254 $2,393 3.49%
Crawfordsville, IN (FHA|USDA|VA) 75 $7,505,000 $100,067 $2,108 3.55%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 55 $7,025,000 $127,727 $2,372 3.61%
Auburn, IN (FHA|USDA|VA) 30 $6,190,000 $206,333 $2,522 3.39%
Angola, IN (FHA|USDA|VA) 20 $4,880,000 $244,000 $2,299 3.22%
LOUISVILLE, KY (FHA|USDA|VA) 32 $4,450,000 $139,063 $2,348 3.51%
TERRE HAUTE, IN (FHA|USDA|VA) 22 $2,430,000 $110,455 $2,192 3.39%
Decatur, IN (FHA|USDA|VA) 12 $1,880,000 $156,667 $2,097 3.64%
Bluffton, IN (FHA|USDA|VA) 13 $1,755,000 $135,000 $1,935 3.60%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 7 $1,425,000 $203,571 $2,007 3.39%
KOKOMO, IN (FHA|USDA|VA) 5 $1,175,000 $235,000 $2,140 3.20%
Kendallville, IN (FHA|USDA|VA) 8 $1,150,000 $143,750 $2,137 3.48%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,605 3.34%
Sturgis, MI (FHA|USDA|VA) 7 $755,000 $107,857 $2,560 3.62%
MUNCIE, IN (FHA|USDA|VA) 5 $675,000 $135,000 $2,391 3.40%
Peru, IN (FHA|USDA|VA) 5 $665,000 $133,000 $1,987 3.08%
Holland, MI (FHA|USDA|VA) 1 $605,000 $605,000 $3,249 3.75%
Wabash, IN (FHA|USDA|VA) 5 $605,000 $121,000 $3,144 3.67%
Marion, IN (FHA|USDA|VA) 4 $590,000 $147,500 $1,841 3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $560,000 $280,000 $3,540 3.25%
New Castle, IN (FHA|USDA|VA) 4 $540,000 $135,000 $2,075 3.50%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.49%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $505,000 $505,000 $3,220 2.75%
Frankfort, IN (FHA|USDA|VA) 4 $430,000 $107,500 $2,382 4.03%
BLOOMINGTON, IN (FHA|USDA|VA) 3 $335,000 $111,667 $1,947 3.58%
Bedford, IN (FHA|USDA|VA) 3 $295,000 $98,333 $3,711 3.62%
Jasper, IN (FHA|USDA|VA) 2 $280,000 $140,000 $2,097 3.19%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,156 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $2,980 3.50%
North Vernon, IN (FHA|USDA|VA) 2 $240,000 $120,000 $2,165 3.06%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $220,000 $110,000 $3,250 2.94%
Hillsdale, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,762 3.00%
COLUMBUS, IN (FHA|USDA|VA) 3 $215,000 $71,667 $2,099 3.74%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $4,885 3.00%
Ludington, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,574 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,600 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,000 3.13%
Connersville, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,266 3.00%
SAGINAW, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,394 3.75%
Richmond, IN (FHA|USDA|VA) 2 $150,000 $75,000 $2,147 3.62%
Washington, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,668 3.88%
Clinton, IA (FHA|USDA|VA) 1 $135,000 $135,000 $2,887 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,934 3.00%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,424 3.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,428 3.25%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,036 3.25%
Celina, OH (FHA|USDA|VA) 1 $75,000 $75,000 $2,628 2.88%
Logansport, IN (FHA|USDA|VA) 1 $65,000 $65,000 $2,357 3.00%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $50,000 $25,000 $0 4.87%
Teachers Credit Union's top markets include Indianapolis, South Bend, Fort Wayne, Elkhart, and Chicago among others.

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

    Chiphone Federal Credit Union
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    Circle Federal Credit Union
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    Independent Federal Credit Union
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    COMMONWEALTH
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    CROWN MORTGAGE COMPANY
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,881 $483,965,000 $167,985 $2,285 3.32%
    HELOC 825 $42,585,000 $51,618 n/a 4.08%

    For 2020, Teachers Credit Union's most frequently originated type of loan was Conventional, with 2,881 originations. Their 2nd most popular type was HELOC, with 825 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,724 $175,720,000 $101,926 $2,367 3.77%
    Home Purchase 1,045 $193,165,000 $184,847 $2,268 3.40%
    Refi 922 $156,130,000 $169,338 $2,227 3.07%
    Home Improvement 14 $1,530,000 $109,286 $2,377 3.55%
    Other 1 $5,000 $5,000 $0 3.99%

    For 2020, Teachers Credit Union's most frequently cited loan purpose was Cash Out Refi, with 1,724 originations. The 2nd most popular reason was Home Purchase, with 1,045 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,722 $307,740,000 $178,711 $2,261 3.45%
    Other 832 $44,190,000 $53,113 $3,097 4.07%
    15 Year 590 $84,540,000 $143,288 $2,226 2.93%
    20 Year 286 $47,640,000 $166,573 $2,284 3.20%
    10 Year 218 $20,470,000 $93,899 $2,225 3.59%
    30+ year 58 $21,970,000 $378,793 $3,647 3.28%

    For 2020, Teachers Credit Union's most frequently cited loan duration was 30 Year, with 1,722 originations. The 2nd most popular length was Other, with 832 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,844 $477,960,000 $168,059
    $1k-2k 20 $2,060,000 $103,000
    $2k-3k 9 $1,595,000 $177,222
    $5k+ 4 $1,300,000 $325,000
    $3k-4k 2 $700,000 $350,000
    $4k-5k 2 $350,000 $175,000

    Teachers Credit Union's average total fees were $2,261, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,844 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,413 $338,305,000 $140,201
    2.5-3% 889 $148,725,000 $167,295
    4-5% 280 $27,000,000 $96,429
    5-6% 65 $2,615,000 $40,231
    <2.5% 59 $9,905,000 $167,881

    During 2020, Teachers Credit Union's average interest rate for loans was 3.45%, while their most frequently originated rate bucket for loans was 3-4%, with 2,413 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,463 $79,935,000 $54,638 $2,129 3.77%
    $100k-200k 1,433 $206,295,000 $143,960 $2,203 3.34%
    $200k-400k 722 $190,500,000 $263,850 $2,476 3.25%
    $400k-600k 67 $31,295,000 $467,090 $2,901 3.26%
    $600k-1MM 16 $10,860,000 $678,750 $3,473 3.14%
    $1MM+ 5 $7,665,000 $1,533,000 $5,453 3.35%

    2020 saw Teachers Credit Union place emphasis on $100,000 or less loans with 1,463 originations, totaling $79,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 941 $114,385,000 $121,557 $2,292 3.50%
    $50k or less 889 $78,625,000 $88,442 $2,107 3.57%
    $100k-150k 723 $121,855,000 $168,541 $2,384 3.46%
    $75k-100k 703 $100,705,000 $143,250 $2,310 3.49%
    $150k-250k 303 $68,265,000 $225,297 $2,450 3.36%
    $250k+ 76 $32,690,000 $430,132 $2,867 3.24%

    Teachers Credit Union lent most frequently to those with incomes in the $50k-75k range, with 941 originations. The second most popular income band? $50k or less, with 889 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,124 $158,470,000 $140,988 $2,280 3.44%
    30-36% 743 $110,365,000 $148,540 $2,292 3.51%
    <20% 600 $73,110,000 $121,850 $2,249 3.38%
    44% 146 $18,440,000 $126,301 $2,458 3.85%
    38% 119 $18,305,000 $153,824 $2,334 3.53%
    41% 116 $17,820,000 $153,621 $2,242 3.57%
    43% 115 $15,955,000 $138,739 $2,256 3.59%
    39% 110 $15,730,000 $143,000 $2,327 3.61%
    36% 109 $15,095,000 $138,486 $2,312 3.61%
    37% 106 $15,780,000 $148,868 $2,225 3.60%
    40% 104 $15,120,000 $145,385 $2,262 3.61%
    42% 101 $16,145,000 $159,851 $2,377 3.59%
    45% 47 $6,835,000 $145,426 $2,160 3.51%
    47% 42 $7,220,000 $171,905 $2,298 3.33%
    48% 41 $6,835,000 $166,707 $2,316 3.33%
    46% 33 $5,985,000 $181,364 $2,213 3.35%
    50-60% 24 $4,020,000 $167,500 $2,268 3.45%
    49% 21 $4,305,000 $205,000 $2,464 3.22%
    >60% 5 $1,015,000 $203,000 $2,088 3.45%

    Teachers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,124 originations. The next most common DTI ratio? 30-36%, with 743 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,211 $455,985,000 $142,007 $2,287 3.50%
    Not provided 295 $44,585,000 $151,136 $2,279 3.40%
    Black 162 $21,030,000 $129,815 $2,257 3.58%
    Asian 23 $2,675,000 $116,304 $2,187 3.36%
    Asian Indian 3 $845,000 $281,667 $2,212 3.13%
    American Indian 7 $645,000 $92,143 $2,339 3.98%
    Japanese 1 $345,000 $345,000 $2,988 3.00%
    Native Hawaiian or Islander 2 $300,000 $150,000 $2,259 3.31%
    Filipino 1 $75,000 $75,000 $2,367 3.25%
    Other Asian 1 $65,000 $65,000 $1,825 2.50%

    Approval Rates

    Total approvals of all applications
    89.98%

    Teachers Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.55%

    Teachers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    250.0 825 $42,585,000 $51,618
    NA 2,881 $483,965,000 $167,985

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 37 $3,265,000 $88,243
    Single Family (1-4 Units):Site-Built 3,669 $523,285,000 $142,623

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 477 $31,915,000 $66,908 $2,219 3.77%
    40-60% 552 $73,500,000 $133,152 $2,239 3.20%
    60-80% 1,135 $201,005,000 $177,097 $2,299 3.29%
    80-100% 1,109 $206,565,000 $186,262 $2,297 3.45%
    Under 20% 433 $13,565,000 $31,328 $2,379 4.18%