Merco Credit Union Mortgage Rates, Fees & Info
Merced, CALEI: 549300U5KJDUGZIWF098
Tax ID: 94-1366983
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Mortgage Data
Review & Overview
Merco Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Merco Credit Union has a high proportion of conventional loans. Their top (well, only) market is Merced.Merco 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. Merco 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.58% | 12/9/24 |
| 30 Year Conventional Refi | 6.27% | 12/9/24 |
| 30 Year Cash-out Refi | 6.66% | 12/9/24 |
| 15 Year Conventional Refi | 5.68% | 12/9/24 |
| 15 Year Cash-out Refi | 5.68% | 12/9/24 |
| 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. | ||
Merco Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
22Origination Dollar Volume (All Markets)
$2,410,000Top 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 |
|---|---|---|---|---|---|
| MERCED, CA (FHA|USDA|VA) | 21 | $2,285,000 | $108,810 | $2,730 | 4.83% |
| Outside of Metro Areas | 1 | $125,000 | $125,000 | $4,155 | 5.13% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against MERCO 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 | 22 | $2,410,000 | $109,545 | $2,795 | 4.84% |
For 2018, Merco Credit Union's most frequently originated type of loan was Conventional, with 22 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 19 | $1,885,000 | $99,211 | $2,445 | 4.90% |
| Home Purchase | 3 | $525,000 | $175,000 | $5,012 | 4.49% |
For 2018, Merco Credit Union's most frequently cited loan purpose was Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
For 2018, Merco Credit Union's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was 30 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $655,000 | $59,545 |
| $1k-2k | 9 | $1,185,000 | $131,667 |
| $2k-3k | 1 | $255,000 | $255,000 |
| $3k-4k | 1 | $315,000 | $315,000 |
Merco Credit Union's average total fees were $3,713, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 13 | $1,485,000 | $114,231 |
| 5-6% | 7 | $615,000 | $87,857 |
| 3-4% | 1 | $255,000 | $255,000 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2018, Merco Credit Union's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.
Loan Sizing
2018 saw Merco Credit Union place emphasis on $100,000 or less loans with 10 originations, totaling $520,000 in origination value.
Applicant Income
Merco Credit Union lent most frequently to those with incomes in the $50k or less range, with 8 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Merco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.29%
Merco Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.36%
Merco Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 22 | $2,410,000 | $109,545 |