Minnequa Works Credit Union Mortgage Rates, Fees & Info

Pueblo, CO

LEI: 549300T5KC70WN8M2956

Tax ID: 84-0398950

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Minnequa Works Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Minnequa Works Credit Union has a high proportion of conventional loans. Their top two markets are Pueblo and Colorado Springs .

    Minnequa Works Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Minnequa Works 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 6.27% 5/4/24
    30 Year Conventional Refi 6.27% 5/4/24
    30 Year Cash-out Refi 6.27% 5/4/24
    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.

    Minnequa Works Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Minnequa Works 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

    38

    Origination Dollar Volume (All Markets)

    $4,400,000

    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
    PUEBLO, CO (FHA|USDA|VA) 35 $4,015,000 $114,714 $2,003 4.56%
    Outside of Metro Areas 2 $200,000 $100,000 $3,009 4.61%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $185,000 $185,000 $1,701 4.72%
    Minnequa Works Credit Union's top markets include Pueblo and Colorado Springs among others.

    Their top states include:
  • Colorado (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $4,400,000 $115,789 $2,050 4.57%

    For 2018, Minnequa Works Credit Union's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 27 $3,065,000 $113,519 $1,762 4.57%
    Home Purchase 6 $890,000 $148,333 $4,368 4.73%
    Refi 5 $445,000 $89,000 $1,230 4.38%

    For 2018, Minnequa Works Credit Union's most frequently cited loan purpose was Cash Out Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 14 $2,060,000 $147,143 $1,968 4.81%
    10 Year 9 $645,000 $71,667 $1,161 4.28%
    15 Year 6 $570,000 $95,000 $1,191 4.62%
    30 Year 6 $860,000 $143,333 $4,462 4.73%
    5 Year 3 $265,000 $88,333 $1,414 3.77%

    For 2018, Minnequa Works Credit Union's most frequently cited loan duration was 20 Year, with 14 originations. The 2nd most popular length was 10 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 20 $1,670,000 $83,500
    $1k-2k 8 $1,030,000 $128,750
    $2k-3k 7 $1,275,000 $182,143
    $3k-4k 1 $205,000 $205,000

    Minnequa Works Credit Union's average total fees were $4,462, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 31 $3,795,000 $122,419
    3-4% 3 $265,000 $88,333
    5-6% 3 $295,000 $98,333

    During 2018, Minnequa Works Credit Union's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 4-5%, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 18 $2,580,000 $143,333 $2,565 4.58%
    $100,000 or less 17 $1,085,000 $63,824 $1,179 4.52%
    $200k-400k 3 $735,000 $245,000 $3,778 4.76%

    2018 saw Minnequa Works Credit Union place emphasis on $100k-200k loans with 18 originations, totaling $2,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 10 $940,000 $94,000 $2,350 4.91%
    $100k-150k 9 $1,435,000 $159,444 $2,341 4.60%
    $50k-75k 8 $710,000 $88,750 $1,387 4.52%
    $75k-100k 6 $640,000 $106,667 $2,039 4.22%
    $150k-250k 4 $500,000 $125,000 $1,972 4.13%

    Minnequa Works Credit Union lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 16 $1,800,000 $112,500 $1,751 4.45%
    30-36% 9 $1,175,000 $130,556 $2,392 4.77%
    <20% 6 $400,000 $66,667 $1,118 4.37%
    41% 1 $115,000 $115,000 $4,261 4.75%
    43% 1 $135,000 $135,000 $3,938 4.75%
    44% 1 $165,000 $165,000 $4,235 4.38%
    45% 1 $185,000 $185,000 $4,580 4.25%
    36% 1 $95,000 $95,000 $471 4.98%
    37% 1 $155,000 $155,000 $1,831 5.33%

    Minnequa Works Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $3,435,000 $118,448 $2,027 4.54%
    Not provided 6 $550,000 $91,667 $2,450 4.69%
    Black 1 $185,000 $185,000 $1,701 4.72%
    Not applicable 1 $175,000 $175,000 $0 4.75%
    American Indian 1 $55,000 $55,000 $1,083 4.47%

    Approval Rates

    Total approvals of all applications
    93.88%

    Minnequa Works Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.21%

    Minnequa Works Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 38 $4,400,000 $115,789

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $205,000 $68,333
    Single Family (1-4 Units):Site-Built 35 $4,195,000 $119,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $240,000 $60,000 $1,083 4.24%
    40-60% 5 $565,000 $113,000 $1,790 4.57%
    60-80% 17 $2,245,000 $132,059 $2,067 4.64%
    80-100% 9 $1,215,000 $135,000 $2,860 4.56%
    Under 20% 3 $135,000 $45,000 $856 4.65%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MONEY SOURCE, THE Conventional home mortgage Closing on a mortgage 2 4.5%
    MONEY SOURCE, THE Conventional home mortgage Struggling to pay mortgage 3 6.8%
    MONEY SOURCE, THE Conventional home mortgage Trouble during payment process 9 20.5%
    MONEY SOURCE, THE FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.3%
    MONEY SOURCE, THE FHA mortgage Closing on a mortgage 1 2.3%
    MONEY SOURCE, THE FHA mortgage Struggling to pay mortgage 6 13.6%
    MONEY SOURCE, THE FHA mortgage Trouble during payment process 8 18.2%
    MONEY SOURCE, THE Other type of mortgage Struggling to pay mortgage 1 2.3%
    MONEY SOURCE, THE Other type of mortgage Trouble during payment process 2 4.5%
    MONEY SOURCE, THE VA mortgage Closing on a mortgage 2 4.5%
    MONEY SOURCE, THE VA mortgage Struggling to pay mortgage 2 4.5%
    MONEY SOURCE, THE VA mortgage Trouble during payment process 7 15.9%