Minnequa Works Credit Union Mortgage Rates, Fees & Info
Pueblo, COLEI: 549300T5KC70WN8M2956
Tax ID: 84-0398950
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Mortgage Data
Review & Overview
Minnequa Works Credit Union is a smaller credit union specializing in Cash Out Refi loans. Minnequa Works Credit Union has a high proportion of conventional loans. Their top two markets are Pueblo and Cañon City .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. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
35Origination Dollar Volume (All Markets)
$4,735,000Top 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) | 33 | $4,575,000 | $138,636 | $0 | 4.22% |
| Outside of Metro Areas | 1 | $105,000 | $105,000 | $0 | 4.55% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.85% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $4,735,000 | $135,286 | $0 | 4.19% |
For 2022, Minnequa Works Credit Union's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
For 2022, Minnequa Works Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
For 2022, Minnequa Works Credit Union's most frequently cited loan duration was 20 Year, with 11 originations. The 2nd most popular length was 15 Year, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 15 | $2,165,000 | $144,333 |
| 4-5% | 10 | $1,380,000 | $138,000 |
| 6-7% | 4 | $300,000 | $75,000 |
| 2.5-3% | 3 | $305,000 | $101,667 |
| 5-6% | 3 | $585,000 | $195,000 |
During 2022, Minnequa Works Credit Union's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 3-4%, with 15 originations.
Loan Sizing
2022 saw Minnequa Works Credit Union place emphasis on $100k-200k loans with 17 originations, totaling $2,465,000 in origination value.
Applicant Income
Minnequa Works Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Minnequa Works Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $4,090,000 | $136,333 | $0 | 4.11% |
| Not provided | 4 | $530,000 | $132,500 | $0 | 5.11% |
| Black | 1 | $115,000 | $115,000 | $0 | 2.98% |
Approval Rates
Total approvals of all applications93.62%
Minnequa Works Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
Minnequa Works Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 35 | $4,735,000 | $135,286 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MONEY SOURCE, THE | Conventional home mortgage | Trouble during payment process | 3 | 50.0% |
| MONEY SOURCE, THE | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 16.7% |
| MONEY SOURCE, THE | FHA mortgage | Struggling to pay mortgage | 2 | 33.3% |