Charlotte Metro Federal Credit Union Mortgage Rates, Fees & Info

Charlotte, NC

LEI: 549300WMQ4WI6QXK7803

Tax ID: 56-0772380

3.8 stars - Updated: 12/2/24 - out of 5 stars, based on 30 reviews

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

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Mortgage Data

Review & Overview

Charlotte Metro Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Charlotte Metro Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Asheville, Winston, Shelby, and Forest City among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

Charlotte Metro Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Charlotte Metro Federal Credit Union is typically an average 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
30 Year Conventional Purchase 6.12% 12/2/24
30 Year Conventional Refi 6.32% 12/2/24
30 Year Cash-out Refi 6.43% 12/2/24
15 Year Conventional Purchase 5.43% 12/2/24
15 Year Conventional Refi 6.19% 12/2/24
15 Year Cash-out Refi 6.19% 12/2/24
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.

Charlotte Metro 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 Charlotte Metro 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

909

Origination Dollar Volume (All Markets)

$140,255,000

Awards

CHARLOTTE METRO FEDERAL CREDIT UNION 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Charlotte Metro Federal Credit Union's average 30 year fixed mortgage rate was 8.15%.

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

This yields a difference of 1.67%.

Relative Fees (Closing Costs)

Charlotte Metro Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,257.

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 723 $112,995,000 $156,286 $3,584 8.13%
ASHEVILLE, NC (FHA|USDA|VA) 22 $4,260,000 $193,636 $6,045 7.97%
WINSTON-SALEM, NC (FHA|USDA|VA) 12 $2,410,000 $200,833 $4,147 7.63%
Shelby, NC (FHA|USDA|VA) 19 $2,375,000 $125,000 $2,919 8.57%
Forest City, NC (FHA|USDA|VA) 28 $2,260,000 $80,714 $3,474 8.39%
RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,785,000 $357,000 $7,187 6.53%
WILMINGTON, NC (FHA|USDA|VA) 4 $1,280,000 $320,000 $7,192 7.06%
Outside of Metro Areas 6 $1,270,000 $211,667 $6,009 7.41%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 14 $1,110,000 $79,286 $2,747 8.18%
BURLINGTON, NC (FHA|USDA|VA) 13 $1,005,000 $77,308 $3,368 8.20%
Albemarle, NC (FHA|USDA|VA) 8 $820,000 $102,500 $4,652 8.64%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $705,000 $705,000 $0 7.50%
FAYETTEVILLE, NC (FHA|USDA|VA) 7 $705,000 $100,714 $4,064 7.96%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $700,000 $350,000 $4,706 7.25%
Marion, NC (FHA|USDA|VA) 5 $655,000 $131,000 $6,829 8.05%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 5 $515,000 $103,000 $0 8.50%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 4 $490,000 $122,500 $4,132 8.81%
COLUMBIA, SC (FHA|USDA|VA) 3 $475,000 $158,333 $3,889 9.68%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $450,000 $112,500 $0 8.56%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $440,000 $110,000 $2,805 8.13%
GREENVILLE, NC (FHA|USDA|VA) 2 $440,000 $220,000 $4,487 6.70%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $425,000 $425,000 $0 6.75%
Gaffney, SC (FHA|USDA|VA) 2 $400,000 $200,000 $3,037 6.80%
Brevard, NC (FHA|USDA|VA) 2 $360,000 $180,000 $5,228 8.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $345,000 $345,000 $0 8.50%
Boone, NC (FHA|USDA|VA) 1 $335,000 $335,000 $6,601 5.24%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $265,000 $265,000 $6,438 5.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.50%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 8.75%
North Wilkesboro, NC (FHA|USDA|VA) 1 $105,000 $105,000 $4,181 9.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
Orangeburg, SC (FHA|USDA|VA) 1 $65,000 $65,000 $3,625 4.99%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
NEW BERN, NC (FHA|USDA|VA) 1 $45,000 $45,000 $55 8.35%
RICHMOND, VA (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%
Charlotte Metro Federal Credit Union's top markets include Charlotte, Asheville, Winston, Shelby, and Forest City among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 1377
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 1395
    United Bank
    Similarity Rank: 1584
    Shea Mortgage Inc.
    Similarity Rank: 2204
    RBC Bank, (Georgia)
    Similarity Rank: 2522
    Peoples Bank
    Similarity Rank: 2560
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 2849
    First Community Bank
    Similarity Rank: 2925

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 622 $65,260,000 $104,920 n/a 8.64%
    Conventional 287 $74,995,000 $261,307 $3,796 7.00%

    For 2023, Charlotte Metro Federal Credit Union's most frequently originated type of loan was HELOC, with 622 originations. Their 2nd most popular type was Conventional, with 287 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 514 $48,910,000 $95,156 $163 8.61%
    Home Purchase 181 $60,665,000 $335,166 $5,296 6.47%
    Cash Out Refi 168 $24,170,000 $143,869 $1,802 8.46%
    Refi 26 $4,880,000 $187,692 $1,980 7.72%
    Home Improvement 20 $1,630,000 $81,500 $77 8.15%

    For 2023, Charlotte Metro Federal Credit Union's most frequently cited loan purpose was Other, with 514 originations. The 2nd most popular reason was Home Purchase, with 181 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 794 $124,290,000 $156,537 $5,257 8.15%
    15 Year 78 $6,920,000 $88,718 $574 8.25%
    5 Year 23 $5,175,000 $225,000 $0 7.04%
    Other 7 $1,795,000 $256,429 $3,824 8.04%
    10 Year 5 $1,855,000 $371,000 $0 6.80%
    20 Year 1 $75,000 $75,000 $0 7.25%
    3 Year 1 $145,000 $145,000 $0 7.75%

    For 2023, Charlotte Metro Federal Credit Union's most frequently cited loan duration was 30 Year, with 794 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 75 $6,995,000 $93,267
    $1k-2k 72 $18,370,000 $255,139
    $3k-4k 35 $10,515,000 $300,429
    $2k-3k 26 $6,300,000 $242,308
    $5k+ 24 $15,590,000 $649,583
    $4k-5k 22 $8,830,000 $401,364

    Charlotte Metro Federal Credit Union's average total fees were $5,257, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 75 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 527 $53,085,000 $100,731
    7-8% 206 $30,030,000 $145,777
    6-7% 102 $30,840,000 $302,353
    5-6% 55 $20,935,000 $380,636
    4-5% 12 $4,720,000 $393,333

    During 2023, Charlotte Metro Federal Credit Union's average interest rate for loans was 8.15%, while their most frequently originated rate bucket for loans was Over 8%, with 527 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 442 $24,750,000 $55,995 $567 8.62%
    $100k-200k 231 $30,465,000 $131,883 $2,525 8.25%
    $200k-400k 165 $46,765,000 $283,424 $4,504 7.20%
    $400k-600k 52 $23,820,000 $458,077 $6,502 6.76%
    $600k-1MM 18 $13,020,000 $723,333 $9,459 6.49%
    $1MM+ 1 $1,435,000 $1,435,000 $19,565 5.49%

    2023 saw Charlotte Metro Federal Credit Union place emphasis on $100,000 or less loans with 442 originations, totaling $24,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 233 $38,045,000 $163,283 $4,351 8.05%
    $50k-75k 182 $17,860,000 $98,132 $2,756 8.24%
    $75k-100k 160 $19,230,000 $120,188 $2,720 8.34%
    $150k-250k 154 $32,910,000 $213,701 $5,130 8.02%
    $50k or less 102 $7,220,000 $70,784 $2,204 8.27%
    $250k+ 45 $16,595,000 $368,778 $7,670 7.83%

    Charlotte Metro Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 233 originations. The second most popular income band? $50k-75k, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 254 $37,330,000 $146,969 $4,052 8.27%
    30-36% 208 $29,010,000 $139,471 $4,270 8.22%
    <20% 168 $26,550,000 $158,036 $3,891 8.26%
    36% 33 $4,285,000 $129,848 $3,908 8.16%
    38% 30 $4,310,000 $143,667 $3,707 8.02%
    40% 27 $4,225,000 $156,481 $3,599 7.83%
    37% 27 $2,625,000 $97,222 $3,029 8.35%
    41% 25 $4,895,000 $195,800 $4,725 7.55%
    42% 24 $4,770,000 $198,750 $3,494 7.45%
    39% 23 $4,195,000 $182,391 $5,179 7.81%
    43% 15 $2,495,000 $166,333 $2,230 7.63%
    44% 14 $1,590,000 $113,571 $2,163 7.69%
    45% 10 $2,090,000 $209,000 $3,027 7.70%
    >60% 5 $1,175,000 $235,000 $2,946 7.60%
    46% 5 $965,000 $193,000 $3,571 8.44%
    49% 5 $1,435,000 $287,000 $4,607 7.16%
    47% 4 $640,000 $160,000 $1,690 8.69%
    48% 3 $355,000 $118,333 $1,831 9.78%
    50-60% 1 $405,000 $405,000 $2,443 5.85%

    Charlotte Metro Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 254 originations. The next most common DTI ratio? 30-36%, with 208 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 349 $57,125,000 $163,682 $4,006 7.91%
    Not provided 379 $49,485,000 $130,567 $3,170 8.38%
    Black 135 $19,765,000 $146,407 $3,317 8.23%
    Not applicable 28 $6,910,000 $246,786 $0 7.29%
    Asian 11 $4,305,000 $391,364 $6,760 7.01%
    Asian Indian 4 $1,400,000 $350,000 $8,008 7.19%
    American Indian 2 $660,000 $330,000 $9,716 7.38%
    Native Hawaiian or Islander 1 $605,000 $605,000 $9,477 6.25%

    Approval Rates

    Total approvals of all applications
    77.58%

    Charlotte Metro Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    97.14%

    Charlotte Metro Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 909 $140,255,000 $154,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    909 $140,255,000 $154,296

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 260 $34,990,000 $134,577 $1,273 8.50%
    40-60% 79 $14,855,000 $188,038 $2,957 8.31%
    60-80% 68 $20,040,000 $294,706 $5,878 6.95%
    80-100% 140 $48,150,000 $343,929 $5,069 6.55%
    Under 20% 362 $22,220,000 $61,381 $73 8.64%