Southeast Financial Credit Union Mortgage Rates, Fees & Info

Franklin, TN

LEI: 549300TWLXP5O4IHG211

Tax ID: 62-0382058

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
  • 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

    Southeast Financial Credit Union is a smaller credit union specializing in Home Purchase loans. Southeast Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Memphis, Louisville, Jackson, and Chattanooga among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Southeast Financial 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. Southeast Financial 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 6.92% 5/4/24
    30 Year Conventional Refi 6.92% 5/4/24
    30 Year Cash-out Refi 6.80% 5/4/24
    30 Year FHA Purchase 5.06% 5/4/24
    15 Year Conventional Purchase 6.93% 5/4/24
    15 Year Conventional Refi 7.28% 5/4/24
    15 Year Cash-out Refi 7.28% 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.

    Southeast Financial Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Southeast Financial 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

    106

    Origination Dollar Volume (All Markets)

    $11,330,000

    Awards

    Southeast Financial Credit Union 30 Year Conventional Loans silver Southeast Financial Credit Union 30 Year Conventional Loans bronze Southeast Financial Credit Union 30 Year Conventional Loans bronze
    Show all (3) 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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 83 $9,505,000 $114,518 $1,898 5.51%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 3 $485,000 $161,667 $2,379 5.46%
    Outside of Metro Areas 7 $365,000 $52,143 $1,774 5.89%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $225,000 $225,000 $2,374 4.63%
    JACKSON, TN (FHA|USDA|VA) 2 $190,000 $95,000 $1,828 5.75%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $180,000 $90,000 $2,105 6.25%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $145,000 $145,000 $3,091 7.25%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $55,000 $55,000 $1,082 7.75%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $45,000 $45,000 $1,299 6.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $35,000 $35,000 $838 7.75%
    CLEVELAND, TN (FHA|USDA|VA) 1 $35,000 $35,000 $794 7.25%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $25,000 $25,000 $759 6.75%
    Corinth, MS (FHA|USDA|VA) 1 $25,000 $25,000 $1,569 5.25%
    Fort Payne, AL (FHA|USDA|VA) 1 $15,000 $15,000 $938 5.25%
    Southeast Financial Credit Union's top markets include Nashville, Memphis, Louisville, Jackson, and Chattanooga among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Southeast Financial Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    US COMMUNITY
    Similarity Rank: 555
    Southeast Financial Credit Union
    Similarity Rank: 742
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 750
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    Volunteer State Bank
    Similarity Rank: 1728
    Listerhill Credit Union
    Similarity Rank: 1824
    The Farmers Bank
    Similarity Rank: 2013
    First Farmers and Merchants Bank
    Similarity Rank: 2338
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2548

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 106 $11,330,000 $106,887 $1,864 5.63%

    For 2018, Southeast Financial Credit Union's most frequently originated type of loan was Conventional, with 106 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 25 $1,045,000 $41,800 $886 6.65%
    Refi 22 $2,110,000 $95,909 $2,293 5.55%
    Home Purchase 20 $5,270,000 $263,500 $2,740 4.94%
    Cash Out Refi 20 $2,200,000 $110,000 $2,802 4.54%
    Home Improvement 19 $705,000 $37,105 $885 6.25%

    For 2018, Southeast Financial Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 47 $3,695,000 $78,617 $1,912 6.09%
    30 Year 22 $5,200,000 $236,364 $2,675 4.59%
    10 Year 21 $965,000 $45,952 $1,161 6.12%
    5 Year 12 $920,000 $76,667 $854 5.19%
    20 Year 4 $550,000 $137,500 $2,814 4.69%

    For 2018, Southeast Financial Credit Union's most frequently cited loan duration was 15 Year, with 47 originations. The 2nd most popular length was 30 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 85 $8,765,000 $103,118
    $1k-2k 15 $1,475,000 $98,333
    $2k-3k 3 $455,000 $151,667

    Southeast Financial Credit Union's average total fees were $2,675, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 85 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 36 $6,200,000 $172,222
    5-6% 31 $2,285,000 $73,710
    6-7% 16 $1,030,000 $64,375
    7-8% 11 $635,000 $57,727
    3-4% 6 $990,000 $165,000
    Over 8% 6 $190,000 $31,667

    During 2018, Southeast Financial Credit Union's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 70 $3,510,000 $50,143 $1,436 6.09%
    $100k-200k 20 $2,730,000 $136,500 $2,906 4.84%
    $200k-400k 13 $3,545,000 $272,692 $2,814 4.60%
    $400k-600k 2 $870,000 $435,000 $1,884 4.69%
    $600k-1MM 1 $675,000 $675,000 $1,693 4.13%

    2018 saw Southeast Financial Credit Union place emphasis on $100,000 or less loans with 70 originations, totaling $3,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 34 $2,520,000 $74,118 $1,527 6.01%
    $50k or less 26 $2,210,000 $85,000 $2,375 5.04%
    $75k-100k 19 $1,825,000 $96,053 $1,753 5.91%
    $100k-150k 18 $2,860,000 $158,889 $1,584 5.56%
    $150k-250k 7 $1,315,000 $187,857 $2,756 5.48%
    $250k+ 2 $600,000 $300,000 $1,562 5.25%

    Southeast Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $50k or less, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 13 $2,645,000 $203,462 $2,669 4.64%
    20-30% 11 $1,115,000 $101,364 $2,084 5.43%
    30-36% 11 $815,000 $74,091 $1,690 5.78%
    50-60% 10 $930,000 $93,000 $2,405 5.11%
    <20% 9 $675,000 $75,000 $2,116 4.90%
    47% 7 $695,000 $99,286 $2,060 5.55%
    43% 5 $355,000 $71,000 $1,093 6.18%
    46% 5 $645,000 $129,000 $1,164 6.48%
    48% 5 $525,000 $105,000 $1,511 6.83%
    49% 5 $225,000 $45,000 $1,195 7.10%
    36% 4 $180,000 $45,000 $756 6.50%
    39% 4 $510,000 $127,500 $1,765 4.44%
    45% 3 $265,000 $88,333 $1,679 7.08%
    40% 3 $485,000 $161,667 $2,601 6.08%
    44% 3 $155,000 $51,667 $1,350 6.58%
    38% 2 $470,000 $235,000 $1,250 5.00%
    37% 2 $80,000 $40,000 $818 6.63%
    42% 1 $115,000 $115,000 $2,662 4.50%
    41% 1 $325,000 $325,000 $0 5.75%

    Southeast Financial Credit Union lent most frequently to those with DTI ratios of >60%, with 13 originations. The next most common DTI ratio? 20-30%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 56 $5,520,000 $98,571 $1,788 5.56%
    Not provided 39 $4,475,000 $114,744 $2,022 5.75%
    Black 10 $1,170,000 $117,000 $1,664 5.66%
    Asian 1 $165,000 $165,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    80.30%

    Southeast Financial Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    46.23%

    Southeast Financial Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 106 $11,330,000 $106,887

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $65,000 $65,000
    Single Family (1-4 Units):Site-Built 105 $11,265,000 $107,286

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $1,690,000 $70,417 $1,488 5.91%
    40-60% 19 $1,695,000 $89,211 $2,621 5.13%
    60-80% 19 $3,665,000 $192,895 $2,980 4.99%
    80-100% 9 $2,905,000 $322,778 $2,697 4.64%
    Under 20% 33 $1,255,000 $38,030 $894 6.41%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SOUTHEAST MORTGAGE OF GA INC FHA mortgage Closing on a mortgage 1 50.0%
    SOUTHEAST MORTGAGE OF GA INC FHA mortgage Improper use of your report 1 50.0%