Montana Federal Credit Union Mortgage Rates, Fees & Info

Great Falls, MT

LEI: 549300WP41C3FFSKY830

Tax ID: 81-0232919

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

Review & Overview

Montana Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Montana Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Great Falls, Missoula, and Helena among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Montana Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Montana 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.78%	11/21/24
30 Year Conventional Refi	6.27%	11/21/24
30 Year Cash-out Refi	6.76%	11/21/24
30 Year VA Purchase	5.89%	11/21/24
30 Year USDA Purchase	6.74%	11/21/24
15 Year Conventional Purchase	3.86%	11/21/24
15 Year Conventional Refi	5.83%	11/21/24
15 Year Cash-out Refi	5.83%	11/21/24
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.

Montana Federal Credit Union Mortgage Calculator

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This is not an official calculator from Montana 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

103

Origination Dollar Volume (All Markets)

$14,795,000

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
GREAT FALLS, MT (FHA\|USDA\|VA)	95	$13,835,000	$145,632	$2,813	4.02%
Outside of Metro Areas	5	$505,000	$101,000	$2,606	4.50%
MISSOULA, MT (FHA\|USDA\|VA)	1	$315,000	$315,000	$3,013	3.49%
Helena, MT (FHA\|USDA\|VA)	2	$140,000	$70,000	$1,008	2.75%

Montana Federal Credit Union's top markets include Great Falls, Missoula, and Helena among others.

Their top states include:

Montana (FHA|USDA|VA)

Similar Lenders

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

Montana Federal Credit Union
Similarity Rank: 76

American Bank Center
Similarity Rank: 126

Opportunity Bank of Montana
Similarity Rank: 391

Stockman Bank of Montana
Similarity Rank: 510

First Interstate Bank
Similarity Rank: 876

UNIVERSAL LENDING CORPORATION
Similarity Rank: 1334

MANN FINANCIAL INC.
Similarity Rank: 3425

Wells Fargo Bank
Similarity Rank: 3676

LOANDEPOT.COM, LLC
Similarity Rank: 6440

NEW DAY FINANCIAL, LLC
Similarity Rank: 6579

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	98	$13,630,000	$139,082	$2,355	3.97%
VA	4	$1,050,000	$262,500	$12,017	4.63%
USDA	1	$115,000	$115,000	$5,557	6.50%

For 2022, Montana Federal Credit Union's most frequently originated type of loan was Conventional, with 98 originations. Their 2nd most popular type was VA, with 4 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	43	$5,245,000	$121,977	$1,893	3.81%
Home Purchase	24	$5,990,000	$249,583	$6,394	4.78%
Refi	17	$2,295,000	$135,000	$1,668	3.45%
Home Improvement	16	$1,040,000	$65,000	$1,036	3.88%
Other	3	$225,000	$75,000	$1,142	4.79%

For 2022, Montana Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 43 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	35	$4,075,000	$116,429	$1,679	4.00%
Other	33	$4,135,000	$125,303	$1,440	3.57%
30 Year	22	$5,350,000	$243,182	$7,190	5.07%
10 Year	10	$1,120,000	$112,000	$1,574	3.20%
5 Year	3	$115,000	$38,333	$817	4.08%

For 2022, Montana Federal Credit Union's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was Other, with 33 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	78	$8,960,000	$114,872
$3k-4k	9	$2,245,000	$249,444
$2k-3k	7	$1,205,000	$172,143
$1k-2k	3	$425,000	$141,667
$4k-5k	3	$1,075,000	$358,333
$5k+	2	$720,000	$360,000

Montana Federal Credit Union's average total fees were $7,190, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	42	$5,520,000	$131,429
4-5%	17	$2,275,000	$133,824
5-6%	16	$2,830,000	$176,875
<2.5%	14	$2,100,000	$150,000
2.5-3%	10	$1,390,000	$139,000
6-7%	4	$680,000	$170,000

During 2022, Montana Federal Credit Union's average interest rate for loans was 5.07%, while their most frequently originated rate bucket for loans was 3-4%, with 42 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	45	$2,475,000	$55,000	$977	4.02%
$100k-200k	30	$4,190,000	$139,667	$2,797	3.67%
$200k-400k	26	$7,200,000	$276,923	$5,017	4.42%
$400k-600k	2	$930,000	$465,000	$14,581	3.81%

2022 saw Montana Federal Credit Union place emphasis on $100,000 or less loans with 45 originations, totaling $2,475,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	31	$4,155,000	$134,032	$3,218	4.34%
$100k-150k	28	$4,060,000	$145,000	$2,529	3.67%
$75k-100k	16	$2,400,000	$150,000	$2,981	4.08%
$150k-250k	12	$2,560,000	$213,333	$2,902	4.08%
$50k or less	11	$1,025,000	$93,182	$2,152	3.91%
$250k+	5	$595,000	$119,000	$1,456	3.80%

Montana Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $100k-150k, with 28 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	31	$3,935,000	$126,935	$2,029	3.91%
30-36%	23	$3,845,000	$167,174	$3,039	3.95%
<20%	14	$1,810,000	$129,286	$1,324	3.23%
42%	5	$585,000	$117,000	$1,758	4.05%
40%	4	$1,010,000	$252,500	$5,612	4.84%
45%	4	$520,000	$130,000	$4,146	4.25%
39%	4	$210,000	$52,500	$890	4.21%
44%	3	$445,000	$148,333	$4,591	5.18%
50-60%	3	$235,000	$78,333	$2,619	5.18%
41%	3	$695,000	$231,667	$3,611	4.12%
37%	3	$455,000	$151,667	$3,016	4.41%
38%	2	$760,000	$380,000	$16,231	5.00%
43%	1	$145,000	$145,000	$2,301	2.50%
47%	1	$65,000	$65,000	$1,080	4.79%
48%	1	$25,000	$25,000	$863	3.49%
49%	1	$55,000	$55,000	$1,401	5.50%

Montana Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 23 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	99	$14,125,000	$142,677	$2,692	3.98%
Black	3	$385,000	$128,333	$4,087	4.35%
Asian	1	$285,000	$285,000	$6,286	6.38%

Approval Rates

Total approvals of all applications
94.16%

Montana Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
82.52%

Montana Federal Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	103	$14,795,000	$143,641

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	103	$14,795,000	$143,641

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	28	$2,600,000	$92,857	$1,438	3.92%
40-60%	17	$2,245,000	$132,059	$2,235	3.43%
60-80%	14	$3,010,000	$215,000	$3,118	3.71%
80-100%	22	$6,070,000	$275,909	$6,794	4.68%
Under 20%	22	$870,000	$39,545	$827	4.13%

Complaints

Bank Name	Product	Issue	2022 CPFB Complaints	% of Total Issues
MOUNTAIN AMERICA FEDERAL CREDIT UNION	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	1	100.0%