Purdue Federal Credit Union Mortgage Rates, Fees & Info

West Lafayette, IN

LEI: 549300U7UH8QCS8WQ406

Tax ID: 35-1163349

5 stars - Updated: 3/28/24 - out of 5 stars, based on 32 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Purdue Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Purdue Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Indianapolis, Chicago, Frankfort, and Michigan City among others. We have data for 80 markets. (Some data included below & more in-depth data is available with an active subscription.)

Purdue 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. Purdue 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.

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.73% 3/28/24
30 Year Conventional Purchase 6.55% 3/28/24
30 Year Conventional Refi 6.48% 3/28/24
30 Year Cash-out Refi 6.47% 3/28/24
15 Year Conventional Purchase 5.98% 3/28/24
15 Year Conventional Refi 6.06% 3/28/24
15 Year Cash-out Refi 6.06% 3/28/24
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.

Purdue 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 Purdue 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

1,047

Origination Dollar Volume (All Markets)

$188,495,000
Show all (5) awards

Relative Rate

Purdue Federal Credit Union's average 30 year fixed mortgage rate was 6.61%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

Purdue Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,784.

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
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 707 $126,335,000 $178,692 $1,837 7.31%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 83 $14,595,000 $175,843 $2,321 7.23%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 46 $6,760,000 $146,957 $2,474 7.26%
Outside of Metro Areas 44 $5,500,000 $125,000 $2,158 7.43%
Frankfort, IN (FHA|USDA|VA) 25 $2,805,000 $112,200 $1,186 7.51%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 28 $2,360,000 $84,286 $748 7.63%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 9 $2,325,000 $258,333 $3,155 6.56%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $1,990,000 $995,000 $8,549 6.31%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,605,000 $535,000 $2,920 6.29%
FORT WAYNE, IN (FHA|USDA|VA) 6 $1,290,000 $215,000 $1,950 7.15%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 4 $1,030,000 $257,500 $2,449 6.50%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $6,509 6.63%
OKLAHOMA CITY, OK (FHA|USDA|VA) 2 $980,000 $490,000 $4,434 6.31%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $770,000 $385,000 $3,004 7.63%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $750,000 $375,000 $2,302 6.56%
Crawfordsville, IN (FHA|USDA|VA) 6 $710,000 $118,333 $1,987 7.50%
Kendallville, IN (FHA|USDA|VA) 1 $675,000 $675,000 $3,228 5.63%
KOKOMO, IN (FHA|USDA|VA) 3 $675,000 $225,000 $1,887 6.63%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $670,000 $335,000 $4,510 6.88%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $570,000 $285,000 $4,895 6.69%
ASHEVILLE, NC (FHA|USDA|VA) 1 $565,000 $565,000 $3,140 7.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $545,000 $545,000 $2,734 5.75%
Plymouth, IN (FHA|USDA|VA) 3 $535,000 $178,333 $1,433 6.83%
Bluffton, IN (FHA|USDA|VA) 1 $525,000 $525,000 $0 6.38%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $505,000 $505,000 $3,840 5.25%
LOGAN, UT-ID (FHA|USDA|VA) 1 $485,000 $485,000 $2,425 6.50%
Warsaw, IN (FHA|USDA|VA) 1 $435,000 $435,000 $13,777 7.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $430,000 $215,000 $3,937 6.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,402 6.75%
Oxford, MS (FHA|USDA|VA) 1 $385,000 $385,000 $3,391 6.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $385,000 $385,000 $5,993 6.00%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $375,000 $375,000 $3,291 4.50%
NILES, MI (FHA|USDA|VA) 3 $365,000 $121,667 $2,605 7.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $355,000 $355,000 $3,654 7.00%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $355,000 $355,000 $5,024 7.38%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $355,000 $355,000 $5,991 6.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $355,000 $355,000 $8,053 6.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $325,000 $325,000 $1,940 6.50%
Houghton, MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,469 6.50%
TUCSON, AZ (FHA|USDA|VA) 1 $325,000 $325,000 $3,614 7.13%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $315,000 $315,000 $2,377 6.63%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $315,000 $315,000 $6,759 6.50%
DECATUR, IL (FHA|USDA|VA) 1 $315,000 $315,000 $3,068 5.63%
Peru, IN (FHA|USDA|VA) 2 $300,000 $150,000 $1,566 7.50%
JACKSON, MI (FHA|USDA|VA) 1 $295,000 $295,000 $2,315 6.88%
Frankfort, KY (FHA|USDA|VA) 1 $275,000 $275,000 $5,129 6.88%
Angola, IN (FHA|USDA|VA) 2 $270,000 $135,000 $878 7.25%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $265,000 $265,000 $4,933 5.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $265,000 $265,000 $3,325 6.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $245,000 $245,000 $3,248 6.13%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $240,000 $120,000 $1,811 6.75%
COLUMBIA, MO (FHA|USDA|VA) 1 $225,000 $225,000 $6,918 7.63%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,163 5.63%
Greeneville, TN (FHA|USDA|VA) 1 $195,000 $195,000 $2,401 5.75%
COLUMBUS, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,212 6.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $180,000 $90,000 $2,806 6.38%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $175,000 $175,000 $2,163 7.13%
Macomb, IL (FHA|USDA|VA) 1 $175,000 $175,000 $2,519 5.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $165,000 $165,000 $1,699 6.25%
Wabash, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,218 5.25%
DANVILLE, IL (FHA|USDA|VA) 1 $165,000 $165,000 $6,340 7.13%
PITTSBURGH, PA (FHA|USDA|VA) 1 $165,000 $165,000 $3,153 6.63%
LOUISVILLE, KY (FHA|USDA|VA) 1 $155,000 $155,000 $2,057 5.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $145,000 $145,000 $3,635 5.63%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $135,000 $135,000 $440 7.50%
GOLDSBORO, NC (FHA|USDA|VA) 1 $115,000 $115,000 $0 7.75%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,138 5.63%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $2,932 5.88%
Greenville, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $95,000 $95,000 $1,631 7.13%
PEORIA, IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,131 6.38%
GAINESVILLE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.25%
Ottawa, IL (FHA|USDA|VA) 1 $65,000 $65,000 $2,118 6.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $45,000 $45,000 $435 7.25%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.50%
SAVANNAH, GA (FHA|USDA|VA) 1 $35,000 $35,000 $440 8.00%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
Purdue Federal Credit Union's top markets include Lafayette, Indianapolis, Chicago, Frankfort, and Michigan City among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

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

    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Security Federal Savings Bank
    Similarity Rank: 108
    The Fountain Trust Company
    Similarity Rank: 270
    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    Mutual Savings Bank
    Similarity Rank: 460
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    Greenfield Banking Company
    Similarity Rank: 581
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 651

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 690 $156,570,000 $226,913 $2,062 6.81%
    HELOC 357 $31,925,000 $89,426 n/a 8.13%

    For 2023, Purdue Federal Credit Union's most frequently originated type of loan was Conventional, with 690 originations. Their 2nd most popular type was HELOC, with 357 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 499 $143,585,000 $287,745 $2,787 6.66%
    Home Improvement 263 $17,135,000 $65,152 $26 7.89%
    Other 204 $15,800,000 $77,451 $74 7.87%
    Refi 58 $8,160,000 $140,690 $607 7.74%
    Cash Out Refi 23 $3,815,000 $165,870 $3,031 6.42%

    For 2023, Purdue Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 499 originations. The 2nd most popular reason was Home Improvement, with 263 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 374 $33,180,000 $88,717 $347 8.09%
    30 Year 358 $101,890,000 $284,609 $2,784 6.61%
    15 Year 169 $36,865,000 $218,136 $1,699 7.00%
    10 Year 63 $4,205,000 $66,746 $331 7.14%
    5 Year 44 $2,340,000 $53,182 $16 6.82%
    20 Year 31 $5,855,000 $188,871 $1,799 7.13%
    30+ year 8 $4,160,000 $520,000 $5,527 6.59%

    For 2023, Purdue Federal Credit Union's most frequently cited loan duration was Other, with 374 originations. The 2nd most popular length was 30 Year, with 358 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 522 $97,770,000 $187,299
    $1k-2k 80 $25,560,000 $319,500
    $2k-3k 27 $6,945,000 $257,222
    $3k-4k 16 $4,070,000 $254,375
    $5k+ 16 $5,040,000 $315,000
    $4k-5k 6 $1,180,000 $196,667

    Purdue Federal Credit Union's average total fees were $2,784, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 522 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 421 $55,285,000 $131,318
    6-7% 316 $84,310,000 $266,804
    Over 8% 194 $17,480,000 $90,103
    5-6% 111 $29,725,000 $267,793
    4-5% 3 $1,065,000 $355,000
    3-4% 2 $630,000 $315,000

    During 2023, Purdue Federal Credit Union's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 7-8%, with 421 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 447 $21,275,000 $47,595 $295 7.77%
    $200k-400k 275 $76,095,000 $276,709 $2,912 6.77%
    $100k-200k 242 $35,400,000 $146,281 $2,111 7.13%
    $400k-600k 58 $27,560,000 $475,172 $3,275 6.49%
    $600k-1MM 20 $13,540,000 $677,000 $5,083 6.73%
    $1MM+ 5 $14,625,000 $2,925,000 $7,651 6.55%

    2023 saw Purdue Federal Credit Union place emphasis on $100,000 or less loans with 447 originations, totaling $21,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 286 $47,920,000 $167,552 $2,011 7.29%
    $75k-100k 198 $31,410,000 $158,636 $1,979 7.15%
    $50k-75k 188 $18,840,000 $100,213 $1,525 7.34%
    $150k-250k 186 $41,500,000 $223,118 $2,510 7.20%
    $50k or less 88 $7,590,000 $86,250 $1,131 7.38%
    $250k+ 64 $23,750,000 $371,094 $4,343 7.29%

    Purdue Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 286 originations. The second most popular income band? $75k-100k, with 198 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 250 $43,770,000 $175,080 $2,235 7.20%
    30-36% 180 $31,590,000 $175,500 $2,236 7.29%
    <20% 116 $15,120,000 $130,345 $1,755 7.34%
    50-60% 71 $6,375,000 $89,789 $419 7.85%
    40% 36 $6,600,000 $183,333 $1,901 7.13%
    39% 34 $7,550,000 $222,059 $2,789 7.06%
    38% 33 $5,415,000 $164,091 $2,448 6.99%
    46% 32 $4,610,000 $144,063 $1,561 7.25%
    37% 32 $6,200,000 $193,750 $2,179 7.36%
    42% 29 $6,955,000 $239,828 $1,788 7.00%
    47% 29 $5,715,000 $197,069 $2,498 7.19%
    49% 28 $4,890,000 $174,643 $1,719 7.51%
    43% 28 $4,420,000 $157,857 $1,828 7.32%
    44% 27 $4,585,000 $169,815 $2,496 7.02%
    36% 26 $5,080,000 $195,385 $2,396 7.14%
    45% 21 $3,435,000 $163,571 $1,666 7.17%
    41% 20 $4,740,000 $237,000 $2,631 7.30%
    48% 19 $2,725,000 $143,421 $2,416 7.51%
    >60% 9 $1,625,000 $180,556 $500 7.46%

    Purdue Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 250 originations. The next most common DTI ratio? 30-36%, with 180 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 865 $140,845,000 $162,827 $1,942 7.32%
    Not applicable 22 $16,370,000 $744,091 $0 6.56%
    Not provided 75 $11,795,000 $157,267 $2,250 7.30%
    Asian 45 $10,705,000 $237,889 $2,386 6.74%
    Black 16 $2,750,000 $171,875 $2,285 7.29%
    Asian Indian 6 $2,710,000 $451,667 $6,625 6.27%
    Chinese 6 $1,470,000 $245,000 $3,969 6.71%
    American Indian 7 $1,185,000 $169,286 $1,786 7.18%
    Korean 2 $310,000 $155,000 $6,850 6.50%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 8.00%
    Filipino 1 $145,000 $145,000 $3,556 7.13%
    Japanese 1 $55,000 $55,000 $1,355 5.13%

    Approval Rates

    Total approvals of all applications
    78.10%

    Purdue Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.43%

    Purdue Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,047 $188,495,000 $180,033

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,047 $188,495,000 $180,033

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 195 $18,755,000 $96,179 $771 7.76%
    40-60% 115 $22,565,000 $196,217 $1,789 7.13%
    60-80% 201 $55,105,000 $274,154 $3,156 6.66%
    80-100% 219 $66,495,000 $303,630 $2,910 6.72%
    Over 100% 5 $11,875,000 $2,375,000 $0 6.40%
    Under 20% 312 $13,700,000 $43,910 $86 7.78%