Mil-way Federal Credit Union Mortgage Rates, Fees & Info
TEXARKANA, ARLEI: 549300U4EQSH700I1044
Tax ID: 71-0292564
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Mil-way Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Mil-way Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Texarkana.Mil-way Federal 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. Mil-way 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 relatively high rates.
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Originations
24Origination Dollar Volume (All Markets)
$1,950,000Relative Rate
Mil-way Federal Credit Union's average 30 year fixed mortgage rate was
6.77%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.29%.
Relative Fees (Closing Costs)
Mil-way Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,237.
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 $9,089.
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 |
|---|---|---|---|---|---|
| TEXARKANA, TX-AR (FHA|USDA|VA) | 22 | $1,860,000 | $84,545 | $2,667 | 7.28% |
| Outside of Metro Areas | 2 | $90,000 | $45,000 | $2,443 | 7.44% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $1,950,000 | $81,250 | $2,649 | 7.30% |
For 2023, Mil-way Federal Credit Union's most frequently originated type of loan was Conventional, with 24 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 17 | $945,000 | $55,588 | $2,455 | 7.56% |
| Home Purchase | 6 | $940,000 | $156,667 | $3,179 | 6.54% |
| Refi | 1 | $65,000 | $65,000 | $2,762 | 7.38% |
For 2023, Mil-way Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 17 originations. The 2nd most popular reason was Home Purchase, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 10 | $440,000 | $44,000 | $2,334 | 7.80% |
| 15 Year | 7 | $395,000 | $56,429 | $2,510 | 7.11% |
| 30 Year | 7 | $1,115,000 | $159,286 | $3,237 | 6.77% |
For 2023, Mil-way Federal Credit Union's most frequently cited loan duration was 10 Year, with 10 originations. The 2nd most popular length was 15 Year, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 13 | $755,000 | $58,077 |
| 6-7% | 8 | $1,040,000 | $130,000 |
| Over 8% | 3 | $155,000 | $51,667 |
During 2023, Mil-way Federal Credit Union's average interest rate for loans was 6.77%, while their most frequently originated rate bucket for loans was 7-8%, with 13 originations.
Loan Sizing
2023 saw Mil-way Federal Credit Union place emphasis on $100,000 or less loans with 18 originations, totaling $900,000 in origination value.
Applicant Income
Mil-way Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
Mil-way Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 7 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 22 | $1,820,000 | $82,727 | $2,662 | 7.31% |
| Black | 2 | $130,000 | $65,000 | $2,495 | 7.13% |
Approval Rates
Total approvals of all applications87.88%
Mil-way Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.17%
Mil-way Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 24 | $1,950,000 | $81,250 |