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 Home Improvement, Other, and Refi loans. Inspire Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Allentown, Trenton, and New York among others. We have data for 6 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. Inspire Federal Credit Union is typically an average 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 Refi | 5.42% | 4/28/24 |
| 15 Year Conventional Refi | 7.11% | 4/28/24 |
| 15 Year Cash-out Refi | 7.11% | 4/28/24 |
| 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
87Origination Dollar Volume (All Markets)
$6,555,000Top 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) | 79 | $5,565,000 | $70,443 | $334 | 5.70% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $250 | 4.74% |
| Outside of Metro Areas | 3 | $215,000 | $71,667 | $225 | 6.74% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.10% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.35% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $250 | 5.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 87 | $6,555,000 | $75,345 | $318 | 5.66% |
For 2022, Inspire Federal Credit Union's most frequently originated type of loan was Conventional, with 87 originations.
Loan Reason
For 2022, Inspire Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 35 originations. The 2nd most popular reason was Other, with 35 originations.
Loan Duration/Length
For 2022, Inspire Federal Credit Union's most frequently cited loan duration was 15 Year, with 33 originations. The 2nd most popular length was 10 Year, with 17 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 80 | $6,150,000 | $76,875 |
Inspire Federal Credit Union's average total fees were $6,736, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 80 originations.
Interest Rates
During 2022, Inspire Federal Credit Union's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 28 originations.
Loan Sizing
2022 saw Inspire Federal Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,370,000 in origination value.
Applicant Income
Inspire Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $150k-250k, with 19 originations.
Applicant Debt to Income Ratio
Inspire Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.97%
Inspire Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination63.22%
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 | 87 | $6,555,000 | $75,345 |