Inspire Federal Credit Union Mortgage Rates, Fees & Info
Newtown, PALEI: 549300U001ZTHCHO4196
Tax ID: 23-1390605
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Mortgage Data
Review & Overview
Inspire Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Inspire Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Trenton, Allentown, and Reading among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Inspire Federal 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 5.42% | 4/14/24 |
| 15 Year Conventional Refi | 7.11% | 4/14/24 |
| 15 Year Cash-out Refi | 7.11% | 4/14/24 |
| 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. | ||
Inspire Federal 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
108Origination Dollar Volume (All Markets)
$8,640,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 103 | $7,345,000 | $71,311 | $344 | 7.87% |
| Outside of Metro Areas | 2 | $1,040,000 | $520,000 | $0 | 6.75% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $61 | 5.85% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $365 | 9.50% |
| READING, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $94 | 6.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 108 | $8,640,000 | $80,000 | $334 | 7.84% |
For 2023, Inspire Federal Credit Union's most frequently originated type of loan was Conventional, with 108 originations.
Loan Reason
For 2023, Inspire Federal Credit Union's most frequently cited loan purpose was Other, with 66 originations. The 2nd most popular reason was Home Improvement, with 34 originations.
Loan Duration/Length
For 2023, Inspire Federal Credit Union's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 10 Year, with 26 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 53 | $4,745,000 | $89,528 |
Inspire Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 39 | $2,325,000 | $59,615 |
| 6-7% | 30 | $2,350,000 | $78,333 |
| 7-8% | 28 | $2,070,000 | $73,929 |
| 5-6% | 11 | $1,895,000 | $172,273 |
During 2023, Inspire Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 39 originations.
Loan Sizing
2023 saw Inspire Federal Credit Union place emphasis on $100,000 or less loans with 85 originations, totaling $4,175,000 in origination value.
Applicant Income
Inspire Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $75k-100k, with 25 originations.
Applicant Debt to Income Ratio
Inspire Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 30-36%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.55%
Inspire Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination65.74%
Inspire Federal 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 | 108 | $8,640,000 | $80,000 |