The Tennessee Credit Union Mortgage Rates, Fees & Info

NASHVILLE, TN

LEI: 549300YUZCW5UUIYIL79

Tax ID: 62-0526770

5 stars - Updated: 12/2/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

The Tennessee Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. The Tennessee Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Knoxville, Sevierville, Cookeville, and Chattanooga among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Tennessee 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. The Tennessee 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 11.36% 12/2/24
30 Year Conventional Refi 11.04% 12/2/24
30 Year Cash-out Refi 9.73% 12/2/24
30 Year FHA Purchase 6.27% 12/2/24
30 Year FHA Refi 6.27% 12/2/24
30 Year USDA Purchase 6.27% 12/2/24
15 Year Conventional Purchase 8.86% 12/2/24
15 Year Conventional Refi 8.82% 12/2/24
15 Year Cash-out Refi 8.82% 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.

The Tennessee Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from The Tennessee 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

234

Origination Dollar Volume (All Markets)

$52,130,000

Awards

THE TENNESSEE CREDIT UNION 30 Year Conventional Loans gold THE TENNESSEE CREDIT UNION 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

The Tennessee Credit Union's average 30 year fixed mortgage rate was 5.72%.

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

This yields a difference of -0.76%.

Relative Fees (Closing Costs)

The Tennessee Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,090.

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 158 $35,510,000 $224,747 $3,090 6.90%
KNOXVILLE, TN (FHA|USDA|VA) 12 $3,800,000 $316,667 $3,528 6.11%
Outside of Metro Areas 10 $2,690,000 $269,000 $3,682 6.29%
Sevierville, TN (FHA|USDA|VA) 3 $2,245,000 $748,333 $6,516 5.21%
Cookeville, TN (FHA|USDA|VA) 15 $1,965,000 $131,000 $2,092 7.18%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $1,255,000 $418,333 $4,889 6.79%
JOHNSON CITY, TN (FHA|USDA|VA) 7 $945,000 $135,000 $3,135 6.36%
MORRISTOWN, TN (FHA|USDA|VA) 11 $705,000 $64,091 $977 7.65%
CLEVELAND, TN (FHA|USDA|VA) 1 $665,000 $665,000 $10,515 5.25%
Crossville, TN (FHA|USDA|VA) 2 $610,000 $305,000 $4,606 5.88%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 3 $575,000 $191,667 $3,536 6.21%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 4 $540,000 $135,000 $1,528 6.69%
Shelbyville, TN (FHA|USDA|VA) 1 $455,000 $455,000 $4,787 6.63%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $120,000 $60,000 $320 6.63%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $35,000 $35,000 $882 7.25%
Newport, TN (FHA|USDA|VA) 1 $15,000 $15,000 $0 9.00%
The Tennessee Credit Union's top markets include Nashville, Knoxville, Sevierville, Cookeville, and Chattanooga among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 169 $46,665,000 $276,124 $3,084 6.23%
    HELOC 65 $5,465,000 $84,077 n/a 8.37%

    For 2023, The Tennessee Credit Union's most frequently originated type of loan was Conventional, with 169 originations. Their 2nd most popular type was HELOC, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 141 $19,245,000 $136,489 $1,731 7.37%
    Home Purchase 67 $30,125,000 $449,627 $5,418 5.78%
    Home Improvement 25 $2,705,000 $108,200 $896 6.51%
    Other 1 $55,000 $55,000 $0 8.25%

    For 2023, The Tennessee Credit Union's most frequently cited loan purpose was Refi, with 141 originations. The 2nd most popular reason was Home Purchase, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 81 $37,665,000 $465,000 $5,090 5.72%
    20 Year 65 $6,625,000 $101,923 $4,285 8.25%
    10 Year 40 $1,990,000 $49,750 $575 6.78%
    15 Year 32 $3,180,000 $99,375 $969 7.11%
    5 Year 13 $665,000 $51,154 $524 6.21%
    30+ year 3 $2,005,000 $668,333 $10,526 5.83%

    For 2023, The Tennessee Credit Union's most frequently cited loan duration was 30 Year, with 81 originations. The 2nd most popular length was 20 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 79 $5,275,000 $66,772
    $1k-2k 76 $34,110,000 $448,816
    $3k-4k 6 $2,860,000 $476,667
    $5k+ 4 $2,780,000 $695,000
    $2k-3k 3 $815,000 $271,667
    $4k-5k 1 $825,000 $825,000

    The Tennessee Credit Union's average total fees were $5,090, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 79 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 63 $10,145,000 $161,032
    5-6% 62 $26,140,000 $421,613
    Over 8% 52 $4,330,000 $83,269
    7-8% 41 $3,445,000 $84,024
    4-5% 16 $8,070,000 $504,375

    During 2023, The Tennessee Credit Union's average interest rate for loans was 5.72%, while their most frequently originated rate bucket for loans was 6-7%, with 63 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 110 $5,140,000 $46,727 $545 7.44%
    $200k-400k 53 $15,205,000 $286,887 $4,275 6.14%
    $100k-200k 34 $4,770,000 $140,294 $2,231 7.26%
    $400k-600k 16 $7,980,000 $498,750 $5,078 5.86%
    $600k-1MM 12 $8,410,000 $700,833 $6,488 5.31%
    $1MM+ 9 $10,625,000 $1,180,556 $8,731 5.42%

    2023 saw The Tennessee Credit Union place emphasis on $100,000 or less loans with 110 originations, totaling $5,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 55 $13,195,000 $239,909 $3,322 6.70%
    $100k-150k 53 $9,525,000 $179,717 $2,628 6.88%
    $50k-75k 37 $3,735,000 $100,946 $2,093 6.82%
    $75k-100k 37 $4,405,000 $119,054 $2,640 7.32%
    $250k+ 36 $19,510,000 $541,944 $5,037 6.25%
    $50k or less 15 $1,685,000 $112,333 $1,287 7.11%

    The Tennessee Credit Union lent most frequently to those with incomes in the $150k-250k range, with 55 originations. The second most popular income band? $100k-150k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $13,065,000 $229,211 $3,441 6.86%
    30-36% 45 $8,205,000 $182,333 $2,806 6.96%
    <20% 33 $7,495,000 $227,121 $3,453 6.75%
    40% 11 $2,285,000 $207,727 $2,525 7.34%
    37% 10 $1,890,000 $189,000 $2,555 6.69%
    50-60% 8 $2,030,000 $253,750 $2,070 6.63%
    38% 8 $890,000 $111,250 $1,883 7.08%
    39% 8 $1,650,000 $206,250 $3,107 6.05%
    45% 8 $1,070,000 $133,750 $1,839 7.42%
    42% 6 $1,700,000 $283,333 $4,942 7.00%
    46% 6 $460,000 $76,667 $692 7.38%
    47% 6 $2,770,000 $461,667 $5,346 5.69%
    49% 6 $1,170,000 $195,000 $3,068 6.17%
    41% 5 $2,905,000 $581,000 $4,321 6.55%
    43% 5 $1,835,000 $367,000 $4,084 6.28%
    36% 5 $885,000 $177,000 $3,286 7.85%
    44% 3 $645,000 $215,000 $2,763 5.83%
    48% 2 $70,000 $35,000 $685 6.75%

    The Tennessee 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 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 164 $34,450,000 $210,061 $2,908 6.86%
    Not provided 28 $7,330,000 $261,786 $2,905 6.73%
    Black 25 $3,275,000 $131,000 $2,502 7.08%
    Asian 8 $3,070,000 $383,750 $5,032 5.77%
    Asian Indian 6 $2,520,000 $420,000 $5,942 6.75%
    American Indian 2 $1,120,000 $560,000 $7,764 6.69%
    Vietnamese 1 $365,000 $365,000 $4,827 6.00%

    Approval Rates

    Total approvals of all applications
    90.00%

    The Tennessee Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    46.15%

    The Tennessee 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 234 $52,130,000 $222,778

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    234 $52,130,000 $222,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $4,090,000 $136,333 $1,596 7.25%
    40-60% 14 $3,470,000 $247,857 $3,458 6.26%
    60-80% 30 $13,140,000 $438,000 $5,683 5.94%
    80-100% 46 $24,700,000 $536,957 $5,374 5.65%
    Under 20% 114 $6,730,000 $59,035 $606 7.49%