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 Cash Out Refi loans. Merco Credit Union has a high proportion of conventional loans. Their top two markets are Merced and Madera .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% | 12/4/24 |
| 30 Year Conventional Refi | 6.27% | 12/4/24 |
| 30 Year Cash-out Refi | 6.66% | 12/4/24 |
| 15 Year Conventional Refi | 5.68% | 12/4/24 |
| 15 Year Cash-out Refi | 5.68% | 12/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
20Origination Dollar Volume (All Markets)
$2,560,000Top 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) | 15 | $1,905,000 | $127,000 | $3,080 | 4.78% |
| Outside of Metro Areas | 4 | $380,000 | $95,000 | $2,334 | 4.22% |
| MADERA, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,349 | 4.38% |
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 | 20 | $2,560,000 | $128,000 | $2,994 | 4.65% |
For 2019, Merco Credit Union's most frequently originated type of loan was Conventional, with 20 originations.
Loan Reason
For 2019, Merco Credit Union's most frequently cited loan purpose was Refi, with 14 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
For 2019, Merco Credit Union's most frequently cited loan duration was 15 Year, with 12 originations. The 2nd most popular length was 30 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $715,000 | $65,000 |
| $1k-2k | 5 | $785,000 | $157,000 |
| $2k-3k | 4 | $1,060,000 | $265,000 |
Merco Credit Union's average total fees were $4,615, 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% | 12 | $1,440,000 | $120,000 |
| 5-6% | 5 | $675,000 | $135,000 |
| 3-4% | 3 | $445,000 | $148,333 |
During 2019, Merco Credit Union's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.
Loan Sizing
2019 saw Merco Credit Union place emphasis on $100,000 or less loans with 10 originations, totaling $480,000 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? $100k-150k, 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? 44%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.35%
Merco Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination60.00%
Merco 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 | 20 | $2,560,000 | $128,000 |