Chocolate Bayou Community Federal Credit Union Mortgage Rates, Fees & Info
Alvin, TXLEI: 549300VEIFZEX6HJVA94
Tax ID: 74-6043196
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Mortgage Data
Review & Overview
Chocolate Bayou Community Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Chocolate Bayou Community Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Houston.Chocolate Bayou Community 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. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/11/24 |
| 30 Year Conventional Refi | 6.27% | 11/11/24 |
| 15 Year Conventional Purchase | 5.68% | 11/11/24 |
| 15 Year Conventional Refi | 5.68% | 11/11/24 |
| 15 Year Cash-out Refi | 5.68% | 11/11/24 |
| 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. | ||
Chocolate Bayou Community Federal 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
59Origination Dollar Volume (All Markets)
$8,095,000Relative Rate
Chocolate Bayou Community Federal Credit Union's average 30 year fixed mortgage rate was
6.25%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.23%.
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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 59 | $8,095,000 | $137,203 | $0 | 5.37% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 59 | $8,095,000 | $137,203 | $0 | 5.37% |
For 2023, Chocolate Bayou Community Federal Credit Union's most frequently originated type of loan was Conventional, with 59 originations.
Loan Reason
For 2023, Chocolate Bayou Community Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2023, Chocolate Bayou Community Federal Credit Union's most frequently cited loan duration was 15 Year, with 29 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
Chocolate Bayou Community Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 31 | $4,505,000 | $145,323 |
| 5-6% | 14 | $1,980,000 | $141,429 |
| 6-7% | 9 | $1,225,000 | $136,111 |
| 7-8% | 4 | $330,000 | $82,500 |
| 3-4% | 1 | $55,000 | $55,000 |
During 2023, Chocolate Bayou Community Federal Credit Union's average interest rate for loans was 6.25%, while their most frequently originated rate bucket for loans was 4-5%, with 31 originations.
Loan Sizing
2023 saw Chocolate Bayou Community Federal Credit Union place emphasis on $100,000 or less loans with 35 originations, totaling $1,915,000 in origination value.
Applicant Income
Chocolate Bayou Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
Chocolate Bayou Community Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 52 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications75.81%
Chocolate Bayou Community Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination69.49%
Chocolate Bayou Community Federal 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 | 59 | $8,095,000 | $137,203 |