Houston Police Federal Credit Union Mortgage Rates, Fees & Info

Houston, TX

LEI: 549300WX4YO71NFO5362

Tax ID: 74-1139126

5 stars - Updated: 3/28/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Houston Police Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Houston Police Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, San Antonio, Tyler, and Longview among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Houston Police 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. Houston Police 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.73% 3/28/24
30 Year Conventional Refi 6.27% 3/28/24
30 Year Cash-out Refi 7.12% 3/28/24
15 Year Conventional Refi 6.22% 3/28/24
15 Year Cash-out Refi 6.22% 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.

Houston Police 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 Houston Police 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

158

Origination Dollar Volume (All Markets)

$19,240,000

Relative Rate

Houston Police Federal Credit Union's average 30 year fixed mortgage rate was 6.96%.

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

This yields a difference of 0.48%.

Relative Fees (Closing Costs)

Houston Police Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,802.

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
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 145 $17,455,000 $120,379 $2,046 7.18%
Outside of Metro Areas 8 $1,310,000 $163,750 $2,820 7.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $245,000 $81,667 $1,910 6.92%
TYLER, TX (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.25%
LONGVIEW, TX (FHA|USDA|VA) 1 $75,000 $75,000 $822 5.75%
Houston Police Federal Credit Union's top markets include Houston, San Antonio, Tyler, and Longview among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 129 $15,375,000 $119,186 $2,055 7.09%
    HELOC 29 $3,865,000 $133,276 n/a 7.44%

    For 2023, Houston Police Federal Credit Union's most frequently originated type of loan was Conventional, with 129 originations. Their 2nd most popular type was HELOC, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 76 $8,990,000 $118,289 $1,517 7.10%
    Home Improvement 69 $7,625,000 $110,507 $1,746 7.20%
    Home Purchase 9 $2,175,000 $241,667 $6,055 6.93%
    Other 3 $145,000 $48,333 $1,198 8.88%
    Refi 1 $305,000 $305,000 $15,800 7.25%

    For 2023, Houston Police Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 76 originations. The 2nd most popular reason was Home Improvement, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 68 $9,410,000 $138,382 $2,510 7.95%
    15 Year 44 $5,080,000 $115,455 $1,806 7.05%
    10 Year 27 $2,245,000 $83,148 $1,205 5.97%
    5 Year 8 $530,000 $66,250 $721 5.06%
    30 Year 6 $1,610,000 $268,333 $6,802 6.96%
    Other 5 $365,000 $73,000 $1,362 7.33%

    For 2023, Houston Police Federal Credit Union's most frequently cited loan duration was 20 Year, with 68 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $4k-5k 3 $1,055,000 $351,667
    $3k-4k 2 $380,000 $190,000
    $2k-3k 1 $175,000 $175,000
    $5k+ 1 $355,000 $355,000

    Houston Police Federal Credit Union's average total fees were $6,802, while their most frequently occuring range of origination fees (closing costs) were in the $4k-5k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 48 $6,170,000 $128,542
    6-7% 37 $5,105,000 $137,973
    Over 8% 33 $3,055,000 $92,576
    5-6% 24 $2,950,000 $122,917
    4-5% 12 $1,710,000 $142,500
    3-4% 2 $90,000 $45,000

    During 2023, Houston Police Federal Credit Union's average interest rate for loans was 6.96%, while their most frequently originated rate bucket for loans was 7-8%, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 83 $5,035,000 $60,663 $798 7.24%
    $100k-200k 47 $6,465,000 $137,553 $2,669 7.35%
    $200k-400k 27 $7,335,000 $271,667 $5,323 6.59%
    $400k-600k 1 $405,000 $405,000 $0 6.50%

    2023 saw Houston Police Federal Credit Union place emphasis on $100,000 or less loans with 83 originations, totaling $5,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 62 $8,790,000 $141,774 $1,948 7.17%
    $100k-150k 41 $4,905,000 $119,634 $2,679 7.20%
    $75k-100k 23 $2,505,000 $108,913 $1,879 7.41%
    $50k-75k 16 $1,760,000 $110,000 $2,073 7.05%
    $50k or less 11 $915,000 $83,182 $1,008 6.75%
    $250k+ 3 $185,000 $61,667 $592 7.67%

    Houston Police Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 62 originations. The second most popular income band? $100k-150k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $3,430,000 $122,500 $1,936 6.63%
    30-36% 24 $2,760,000 $115,000 $1,789 6.99%
    50-60% 19 $2,335,000 $122,895 $2,306 7.32%
    <20% 12 $1,060,000 $88,333 $1,463 6.13%
    39% 9 $1,275,000 $141,667 $2,450 7.13%
    37% 8 $670,000 $83,750 $1,408 7.46%
    42% 7 $785,000 $112,143 $1,630 7.77%
    >60% 6 $750,000 $125,000 $1,503 6.88%
    47% 6 $650,000 $108,333 $1,539 8.63%
    40% 5 $605,000 $121,000 $3,632 8.38%
    38% 5 $575,000 $115,000 $2,368 7.45%
    41% 4 $530,000 $132,500 $1,231 8.42%
    36% 4 $690,000 $172,500 $260 7.56%
    46% 4 $690,000 $172,500 $3,311 7.03%
    45% 4 $970,000 $242,500 $5,423 7.00%
    43% 3 $225,000 $75,000 $1,463 8.08%
    48% 2 $240,000 $120,000 $0 6.50%
    44% 2 $270,000 $135,000 $2,123 6.25%
    49% 1 $335,000 $335,000 $4,282 5.50%

    Houston Police Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 91 $12,165,000 $133,681 $2,450 6.99%
    Black 36 $3,420,000 $95,000 $1,261 7.69%
    Not provided 25 $2,825,000 $113,000 $1,692 6.88%
    Asian 5 $745,000 $149,000 $2,115 7.40%
    Not applicable 1 $85,000 $85,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    89.60%

    Houston Police Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.82%

    Houston Police 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 158 $19,240,000 $121,772

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    158 $19,240,000 $121,772

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $6,300,000 $116,667 $1,653 7.11%
    40-60% 20 $3,270,000 $163,500 $2,425 7.56%
    60-80% 20 $4,820,000 $241,000 $5,242 6.73%
    80-100% 5 $1,225,000 $245,000 $4,149 7.03%
    Under 20% 59 $3,625,000 $61,441 $895 7.21%