Stark Federal Credit Union Mortgage Rates, Fees & Info

Canton, OH

LEI: 549300U1BTGE4PJ8EK24

Tax ID: 34-0908500

5 stars - Updated: 3/17/24 - out of 5 stars, based on 11 reviews

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

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Mortgage Data

Review & Overview

Stark Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Stark Federal Credit Union has a high proportion of conventional loans. Stark Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Canton, Salem, Wooster, New Philadelphia, and Columbus among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Stark Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Stark Federal 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.01% 3/17/24
30 Year Conventional Refi 6.60% 3/17/24
30 Year Cash-out Refi 7.36% 3/17/24
30 Year FHA Purchase 6.27% 3/17/24
15 Year Conventional Refi 6.90% 3/17/24
15 Year Cash-out Refi 6.90% 3/17/24
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.

Stark Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Stark Federal 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

125

Origination Dollar Volume (All Markets)

$6,825,000

Relative Rate

Stark Federal Credit Union's average 30 year fixed mortgage rate was 4.95%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.19%.

Relative Fees (Closing Costs)

Stark Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,225.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
CANTON-MASSILLON, OH (FHA|USDA|VA) 116 $6,470,000 $55,776 $3,211 5.06%
Salem, OH (FHA|USDA|VA) 3 $125,000 $41,667 $0 5.98%
Wooster, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.99%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.49%
COLUMBUS, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.74%
AKRON, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.50%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $40,000 $20,000 $0 5.37%
Stark Federal Credit Union's top markets include Canton, Salem, Wooster, New Philadelphia, and Columbus among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 101 $5,685,000 $56,287 $3,211 5.11%
    Conventional 24 $1,140,000 $47,500 $0 0.00%

    For 2022, Stark Federal Credit Union's most frequently originated type of loan was Conventional, with 101 originations. Their 2nd most popular type was Conventional, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 94 $4,570,000 $48,617 $3,237 5.31%
    Refi 22 $1,310,000 $59,545 $2,955 4.42%
    Home Purchase 8 $870,000 $108,750 $3,161 5.13%
    Other 1 $75,000 $75,000 $4,531 3.00%

    For 2022, Stark Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 94 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 62 $3,100,000 $50,000 $3,421 5.27%
    Other 24 $1,140,000 $47,500 $0 0.00%
    10 Year 13 $515,000 $39,615 $2,639 4.78%
    30 Year 10 $1,300,000 $130,000 $3,225 4.95%
    5 Year 10 $300,000 $30,000 $0 4.39%
    20 Year 6 $470,000 $78,333 $3,008 5.54%

    For 2022, Stark Federal Credit Union's most frequently cited loan duration was 15 Year, with 62 originations. The 2nd most popular length was Other, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 15 $1,835,000 $122,333
    $2k-3k 1 $75,000 $75,000
    $3k-4k 1 $115,000 $115,000

    Stark Federal Credit Union's average total fees were $3,225, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 47 $2,415,000 $51,383
    3-4% 22 $1,520,000 $69,091
    4-5% 14 $630,000 $45,000
    6-7% 12 $700,000 $58,333
    2.5-3% 4 $310,000 $77,500
    7-8% 2 $110,000 $55,000

    During 2022, Stark Federal Credit Union's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 5-6%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 114 $5,240,000 $45,965 $2,990 5.19%
    $100k-200k 9 $1,125,000 $125,000 $3,273 4.26%
    $200k-400k 2 $460,000 $230,000 $3,600 5.31%

    2022 saw Stark Federal Credit Union place emphasis on $100,000 or less loans with 114 originations, totaling $5,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 39 $1,785,000 $45,769 $2,847 4.58%
    $50k-75k 32 $2,010,000 $62,813 $3,082 5.28%
    $100k-150k 21 $945,000 $45,000 $2,639 5.25%
    $75k-100k 21 $1,395,000 $66,429 $3,552 5.29%
    $150k-250k 6 $320,000 $53,333 $0 5.58%
    $250k+ 4 $290,000 $72,500 $5,488 6.02%

    Stark Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 39 originations. The second most popular income band? $50k-75k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $1,240,000 $47,692 $2,790 5.24%
    Exempt% 24 $1,140,000 $47,500 $0 0.00%
    30-36% 21 $1,055,000 $50,238 $2,835 5.39%
    <20% 12 $600,000 $50,000 $4,195 4.66%
    42% 7 $395,000 $56,429 $2,678 4.82%
    36% 6 $440,000 $73,333 $3,678 5.34%
    41% 6 $340,000 $56,667 $2,689 4.87%
    43% 6 $450,000 $75,000 $3,291 5.17%
    39% 5 $355,000 $71,000 $2,879 5.55%
    44% 4 $380,000 $95,000 $3,523 4.46%
    38% 3 $145,000 $48,333 $4,531 4.66%
    37% 2 $100,000 $50,000 $0 4.12%
    40% 2 $160,000 $80,000 $0 5.87%
    45% 1 $25,000 $25,000 $0 5.00%

    Stark Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? Exempt%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $6,500,000 $54,167 $2,971 5.10%
    Black 5 $325,000 $65,000 $5,010 5.16%

    Approval Rates

    Total approvals of all applications
    93.75%

    Stark Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.60%

    Stark Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 24 $1,140,000 $47,500
    NA 101 $5,685,000 $56,287

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $6,825,000 $54,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $2,025,000 $54,730 $2,740 5.26%
    40-60% 8 $550,000 $68,750 $2,689 4.54%
    60-80% 11 $1,285,000 $116,818 $3,396 4.50%
    80-100% 3 $435,000 $145,000 $3,241 4.88%
    Under 20% 42 $1,390,000 $33,095 $0 5.25%