Teachers Credit Union Mortgage Rates, Fees & Info
South Bend, INLEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.07% | 11/17/24 |
| 30 Year Conventional Refi | 6.62% | 11/17/24 |
| 30 Year Cash-out Refi | 7.05% | 11/17/24 |
| 30 Year FHA Purchase | 7.51% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.36% | 11/17/24 |
| 30 Year VA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.33% | 11/17/24 |
| 15 Year Conventional Refi | 6.23% | 11/17/24 |
| 15 Year Cash-out Refi | 6.23% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,706Origination Dollar Volume (All Markets)
$526,550,000Awards
TEACHERS CREDIT UNION - 2020
TEACHERS CREDIT UNION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications89.98%
Teachers Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination74.55%
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 |