Space Coast Credit Union Mortgage Rates, Fees & Info

Melbourne, FL

LEI: 549300VN9E1DEKF26E34

Tax ID: 59-0746906

5 stars - out of 5 stars, based on 80 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Space Coast Credit Union is a small credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Space Coast Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Miami, Palm Bay, Deltona, Orlando, and Sebastian among others. Space Coast Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Space Coast Credit Union is typically a low fee lendor.


Originations

6,439

Origination Dollar Volume (All Markets)

$1,093,305,000
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Relative Rate

Space Coast Credit Union's average 30 year fixed rate mortgage of loans were 3.25%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.1%.

Relative Fees

Space Coast Credit Union's average total fees for a 30 year fixed rate mortgage are $2,341.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2,286 $431,160,000 $188,609 $2,239 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2,216 $351,920,000 $158,809 $1,818 2.82%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1,021 $147,935,000 $144,892 $1,734 2.84%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 282 $53,940,000 $191,277 $1,902 2.91%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 280 $39,270,000 $140,250 $2,281 2.86%
PORT ST. LUCIE, FL (FHA|USDA|VA) 123 $21,325,000 $173,374 $1,953 2.85%
JACKSONVILLE, FL (FHA|USDA|VA) 51 $10,425,000 $204,412 $1,689 2.82%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 44 $7,890,000 $179,318 $2,417 2.92%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 26 $4,770,000 $183,462 $1,853 2.80%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 11 $3,865,000 $351,364 $4,718 2.75%
Key West, FL (FHA|USDA|VA) 9 $3,585,000 $398,333 $1,381 2.97%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 13 $3,105,000 $238,846 $1,652 2.87%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 11 $2,955,000 $268,636 $4,050 2.55%
OCALA, FL (FHA|USDA|VA) 15 $1,815,000 $121,000 $1,630 2.96%
GAINESVILLE, FL (FHA|USDA|VA) 10 $1,570,000 $157,000 $1,255 2.81%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $0 2.92%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 9 $1,255,000 $139,444 $3,373 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 4 $880,000 $220,000 $2,135 3.22%
TALLAHASSEE, FL (FHA|USDA|VA) 5 $805,000 $161,000 $3,058 3.50%
THE VILLAGES, FL (FHA|USDA|VA) 5 $735,000 $147,000 $732 2.93%
Okeechobee, FL (FHA|USDA|VA) 3 $695,000 $231,667 $1,843 3.21%
Palatka, FL (FHA|USDA|VA) 3 $625,000 $208,333 $1,704 3.04%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $585,000 $195,000 $2,433 2.75%
Outside of Metro Areas 3 $365,000 $121,667 $990 3.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,421 2.75%
PANAMA CITY, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,931 3.63%
Lake City, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.00%

Space Coast Credit Union's top markets include Miami, Palm Bay, Deltona, Orlando, and Sebastian among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 6,381 $1,078,125,000 $168,959 $1,910 2.85%
FHA 33 $6,975,000 $211,364 $7,473 2.94%
VA 25 $8,205,000 $328,200 $7,275 2.90%

For the 2021 period, Space Coast Credit Union's most frequently originated loan type of loans were Conventional, with 6,381 originations. Their 2nd most popular type is FHA, with 33 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 2,156 $176,720,000 $81,967 $523 2.59%
Cash Out Refi 1,769 $388,865,000 $219,822 $2,147 3.01%
Refi 1,394 $272,610,000 $195,560 $1,466 2.90%
Home Purchase 800 $224,990,000 $281,238 $2,863 3.18%
Other 320 $30,120,000 $94,125 $163 2.74%

For the 2021, Space Coast Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 2,156 originations. The 2nd most popular reason of loans were Cash Out Refi, with 1,769 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,235 $554,935,000 $248,293 $2,341 3.25%
Other 2,184 $175,530,000 $80,371 $2,130 2.33%
15 Year 1,123 $205,795,000 $183,255 $1,587 2.72%
20 Year 568 $96,490,000 $169,877 $1,547 3.55%
10 Year 272 $41,050,000 $150,919 $1,191 2.71%
30+ year 46 $19,200,000 $417,391 $2,889 3.57%
5 Year 11 $305,000 $27,727 $0 4.95%

For the 2021, Space Coast Credit Union's most frequently cited loan length of loans were 30 Year, with 2,235 originations. The 2nd most popular length of loans were Other, with 2,184 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,041 $421,175,000 $206,357
$1k-2k 1,621 $372,215,000 $229,621
$2k-3k 158 $32,750,000 $207,278
$3k-4k 130 $34,380,000 $264,462
$5k+ 44 $21,240,000 $482,727

$2,341 of loans were Space Coast Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,041 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 2,546 $279,730,000 $109,870
3-4% 2,207 $493,905,000 $223,790
2.5-3% 1,422 $299,440,000 $210,577
4-5% 167 $14,475,000 $86,677
5-6% 92 $5,460,000 $59,348
6-7% 4 $190,000 $47,500
7-8% 1 $105,000 $105,000

During 2021, Space Coast Credit Union's average interest rate of loans were 3.25%, while their most frequently originated rate bucket of loans were <2.5%, with 2,546 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 2,287 $131,685,000 $57,580 $1,014 2.68%
$100k-200k 2,077 $300,755,000 $144,803 $1,663 2.86%
$200k-400k 1,727 $463,505,000 $268,387 $2,306 3.02%
$400k-600k 256 $121,970,000 $476,445 $3,011 3.10%
$600k-1MM 78 $56,500,000 $724,359 $4,705 3.11%
$1MM+ 14 $18,890,000 $1,349,286 $10,730 2.94%

2021 saw Space Coast Credit Union place emphasis on $100,000 or less loans with 2,287 originations, totaling $131,685,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,645 $298,645,000 $181,547 $1,955 2.87%
$50k-75k 1,332 $170,500,000 $128,003 $1,677 2.92%
$75k-100k 1,182 $180,620,000 $152,809 $1,913 2.84%
$150k-250k 1,069 $225,235,000 $210,697 $2,353 2.73%
$50k or less 729 $72,715,000 $99,746 $1,566 3.01%
$250k+ 386 $128,230,000 $332,202 $4,084 2.70%

Space Coast Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,645 originations. The second most popular income band? $50k-75k, with 1,332 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,500 $251,180,000 $167,453 $1,760 2.86%
30-36% 1,256 $218,880,000 $174,268 $2,002 2.87%
<20% 556 $90,750,000 $163,219 $1,555 2.79%
49% 270 $33,330,000 $123,444 $2,860 2.51%
41% 252 $43,130,000 $171,151 $2,306 2.96%
39% 251 $48,565,000 $193,486 $2,190 3.00%
40% 248 $46,620,000 $187,984 $2,304 2.98%
42% 243 $45,155,000 $185,823 $1,899 3.02%
44% 230 $40,140,000 $174,522 $2,211 2.91%
36% 223 $43,085,000 $193,206 $2,186 2.94%
43% 220 $38,230,000 $173,773 $2,390 2.96%
38% 216 $40,820,000 $188,981 $2,036 2.89%
37% 195 $35,125,000 $180,128 $1,839 2.95%
45% 170 $27,070,000 $159,235 $2,112 2.77%
47% 168 $29,060,000 $172,976 $2,081 2.72%
46% 162 $27,010,000 $166,728 $2,696 2.83%
48% 160 $23,240,000 $145,250 $2,248 2.63%
50-60% 112 $11,390,000 $101,696 $2,790 2.42%
>60% 7 $525,000 $75,000 $0 2.39%

Space Coast Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,500 originations. The next most common DTI ratio? 30-36%, with 1,256 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,697 $800,865,000 $170,506 $1,988 2.85%
Not provided 1,087 $170,535,000 $156,886 $1,851 2.84%
Black 424 $73,170,000 $172,571 $2,251 2.97%
Asian 161 $35,705,000 $221,770 $2,012 2.70%
American Indian 43 $8,185,000 $190,349 $2,280 2.89%
Asian Indian 7 $1,275,000 $182,143 $2,367 2.95%
Native Hawaiian 11 $1,215,000 $110,455 $1,381 3.02%
Other Asian 3 $1,095,000 $365,000 $2,373 3.21%
Filipino 2 $710,000 $355,000 $0 3.81%
Other Pacific Islander 2 $360,000 $180,000 $4,330 2.37%
Korean 1 $105,000 $105,000 $3,759 3.50%
Samoan 1 $85,000 $85,000 $2,177 2.25%

Approval Rates

Total approvals of all applications
74.86%

Space Coast Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
72.98%

Space Coast Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 6,439 $1,093,305,000 $169,794

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
6,439 $1,093,305,000 $169,794

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,281 $150,915,000 $117,810 $1,307 2.65%
40-60% 1,283 $238,985,000 $186,270 $1,750 2.84%
60-80% 1,669 $430,885,000 $258,170 $2,285 3.12%
80-100% 620 $180,570,000 $291,242 $2,672 3.19%
Under 20% 1,586 $91,950,000 $57,976 $208 2.61%