Minnco Credit Union Mortgage Rates, Fees & Info

Cambridge, MN

LEI: 549300X83ACLZT2UNN87

Tax ID: 41-0174775

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Mortgage Data

Review & Overview

Minnco Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Minnco Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Duluth, Grand Rapids, and Fergus Falls among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Minnco 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. Minnco Credit Union is typically a low 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 11.97% 12/16/24
30 Year Conventional Refi 6.27% 12/16/24
30 Year Cash-out Refi 6.27% 12/16/24
15 Year Conventional Purchase 8.48% 12/16/24
15 Year Conventional Refi 9.07% 12/16/24
15 Year Cash-out Refi 9.07% 12/16/24
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.

Minnco Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Minnco 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

220

Origination Dollar Volume (All Markets)

$24,250,000

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
Outside of Metro Areas 154 $14,720,000 $95,584 $490 3.51%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 61 $8,845,000 $145,000 $1,134 3.24%
ST. CLOUD, MN (FHA|USDA|VA) 2 $380,000 $190,000 $1,553 3.13%
DULUTH, MN-WI (FHA|USDA|VA) 1 $135,000 $135,000 $140 2.75%
Grand Rapids, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,489 3.25%
Fergus Falls, MN (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.50%
Minnco Credit Union's top markets include Minneapolis, St. Cloud, Duluth, Grand Rapids, and Fergus Falls among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 220 $24,250,000 $110,227 $684 3.43%

    For 2021, Minnco Credit Union's most frequently originated type of loan was Conventional, with 220 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 78 $10,440,000 $133,846 $734 3.05%
    Other 59 $3,115,000 $52,797 $131 3.94%
    Cash Out Refi 36 $5,800,000 $161,111 $1,246 3.08%
    Home Improvement 31 $1,825,000 $58,871 $161 3.95%
    Home Purchase 16 $3,070,000 $191,875 $2,200 3.17%

    For 2021, Minnco Credit Union's most frequently cited loan purpose was Refi, with 78 originations. The 2nd most popular reason was Other, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 106 $16,250,000 $153,302 $994 2.94%
    10 Year 79 $4,175,000 $52,848 $150 4.08%
    5 Year 16 $830,000 $51,875 $194 3.56%
    30 Year 9 $2,345,000 $260,556 $3,228 2.93%
    Other 9 $445,000 $49,444 $0 3.81%
    20 Year 1 $205,000 $205,000 $708 2.88%

    For 2021, Minnco Credit Union's most frequently cited loan duration was 15 Year, with 106 originations. The 2nd most popular length was 10 Year, with 79 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 210 $22,040,000 $104,952
    $1k-2k 7 $1,665,000 $237,857
    $2k-3k 2 $490,000 $245,000

    Minnco Credit Union's average total fees were $3,228, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 107 $9,465,000 $88,458
    2.5-3% 86 $13,420,000 $156,047
    4-5% 18 $880,000 $48,889
    5-6% 8 $340,000 $42,500
    <2.5% 1 $145,000 $145,000

    During 2021, Minnco Credit Union's average interest rate for loans was 2.93%, while their most frequently originated rate bucket for loans was 3-4%, with 107 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 117 $5,485,000 $46,880 $236 3.82%
    $100k-200k 69 $9,735,000 $141,087 $927 2.96%
    $200k-400k 32 $8,110,000 $253,438 $1,602 3.01%
    $400k-600k 2 $920,000 $460,000 $3,681 3.01%

    2021 saw Minnco Credit Union place emphasis on $100,000 or less loans with 117 originations, totaling $5,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $5,655,000 $102,818 $475 3.54%
    $75k-100k 54 $5,800,000 $107,407 $693 3.64%
    $50k-75k 46 $4,260,000 $92,609 $644 3.30%
    $50k or less 28 $2,340,000 $83,571 $754 3.33%
    $150k-250k 22 $3,320,000 $150,909 $581 3.31%
    $250k+ 4 $1,160,000 $290,000 $2,074 3.04%

    Minnco Credit Union lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $75k-100k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $6,795,000 $119,211 $758 3.33%
    30-36% 36 $3,730,000 $103,611 $661 3.30%
    <20% 31 $2,765,000 $89,194 $552 3.29%
    42% 12 $1,640,000 $136,667 $732 3.33%
    41% 11 $1,615,000 $146,818 $955 3.44%
    36% 9 $1,145,000 $127,222 $804 3.74%
    46% 8 $650,000 $81,250 $382 3.73%
    43% 8 $410,000 $51,250 $294 3.83%
    38% 7 $735,000 $105,000 $501 3.64%
    37% 6 $640,000 $106,667 $510 3.68%
    44% 6 $830,000 $138,333 $991 3.56%
    47% 6 $650,000 $108,333 $1,117 3.53%
    39% 5 $565,000 $113,000 $1,302 3.66%
    48% 4 $470,000 $117,500 $425 3.31%
    49% 4 $250,000 $62,500 $177 4.06%
    45% 3 $195,000 $65,000 $0 4.00%
    50-60% 3 $375,000 $125,000 $678 3.63%
    >60% 3 $615,000 $205,000 $783 2.92%
    40% 1 $175,000 $175,000 $2,010 2.75%

    Minnco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 203 $22,305,000 $109,877 $705 3.42%
    Not provided 17 $1,945,000 $114,412 $443 3.55%

    Approval Rates

    Total approvals of all applications
    93.02%

    Minnco Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.09%

    Minnco 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 220 $24,250,000 $110,227

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    220 $24,250,000 $110,227

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $3,650,000 $79,348 $545 3.40%
    40-60% 36 $4,990,000 $138,611 $939 2.97%
    60-80% 39 $8,115,000 $208,077 $1,195 2.95%
    80-100% 22 $4,620,000 $210,000 $1,785 3.02%
    Under 20% 77 $2,875,000 $37,338 $68 4.02%