Smart Financial Credit Union Mortgage Rates, Fees & Info

Houston, TX

LEI: 549300Z54IIB4Q3AKI90

Tax ID: 74-0695355

5 stars - Updated: 11/17/24 - out of 5 stars, based on 13 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Smart Financial Credit Union is a smaller credit union specializing in Other, Home Improvement, and Home Purchase loans. Smart Financial Credit Union has a high proportion of conventional loans. Their top two markets are Houston and Austin .

    Smart Financial Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Smart Financial 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 6.27% 11/17/24
    30 Year Conventional Refi 6.27% 11/17/24
    30 Year Cash-out Refi 6.27% 11/17/24
    30 Year FHA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 5.68% 11/17/24
    15 Year Conventional Refi 5.68% 11/17/24
    15 Year Cash-out Refi 5.68% 11/17/24
    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.

    Smart Financial Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Smart Financial 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

    173

    Origination Dollar Volume (All Markets)

    $22,645,000

    Awards

    SMART FINANCIAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) awards

    Relative Rate

    Smart Financial Credit Union's average 30 year fixed mortgage rate was 5.42%.

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

    This yields a difference of -1.06%.

    Relative Fees (Closing Costs)

    Smart Financial Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,459.

    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) 170 $21,460,000 $126,235 $605 6.32%
    Outside of Metro Areas 2 $1,130,000 $565,000 $5,441 6.50%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
    Smart Financial Credit Union's top markets include Houston and Austin among others.

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

    • Similar Lenders

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

    AMOCO
    Similarity Rank: 258
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 300
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    East West Bank
    Similarity Rank: 703
    COMMUNITY RESOURCE CREDIT UNION
    Similarity Rank: 714
    AAXY L.L.C.
    Similarity Rank: 736
    SCHLUMBERGER EMPLOYEES CREDIT UNION
    Similarity Rank: 770
    PRIMEWAY
    Similarity Rank: 1048
    HOMEWAY MORTGAGE LLC
    Similarity Rank: 1050
    FIRST SERVICE Credit Union
    Similarity Rank: 1054

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 131 $19,045,000 $145,382 $682 6.50%
    HELOC 42 $3,600,000 $85,714 n/a 5.70%

    For 2023, Smart Financial Credit Union's most frequently originated type of loan was Conventional, with 131 originations. Their 2nd most popular type was HELOC, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 82 $6,380,000 $77,805 $45 6.25%
    Home Improvement 52 $5,210,000 $100,192 $201 6.45%
    Cash Out Refi 24 $3,370,000 $140,417 $30 6.77%
    Home Purchase 14 $7,360,000 $525,714 $6,459 5.55%
    Refi 1 $325,000 $325,000 $2,072 3.13%

    For 2023, Smart Financial Credit Union's most frequently cited loan purpose was Other, with 82 originations. The 2nd most popular reason was Home Improvement, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 72 $7,880,000 $109,444 $258 5.96%
    15 Year 53 $5,375,000 $101,415 $108 7.14%
    10 Year 24 $1,560,000 $65,000 $0 6.42%
    5 Year 12 $490,000 $40,833 $0 5.58%
    30 Year 11 $7,015,000 $637,727 $6,459 5.42%
    Other 1 $325,000 $325,000 $2,072 3.13%

    For 2023, Smart Financial Credit Union's most frequently cited loan duration was 20 Year, with 72 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 131 $19,045,000 $145,382

    Smart Financial Credit Union's average total fees were $6,459, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 66 $9,590,000 $145,303
    6-7% 48 $4,270,000 $88,958
    7-8% 30 $2,940,000 $98,000
    4-5% 20 $4,710,000 $235,500
    Over 8% 7 $755,000 $107,857
    3-4% 2 $380,000 $190,000

    During 2023, Smart Financial Credit Union's average interest rate for loans was 5.42%, while their most frequently originated rate bucket for loans was 5-6%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $5,595,000 $55,396 $15 6.30%
    $100k-200k 49 $6,965,000 $142,143 $143 6.61%
    $200k-400k 16 $4,140,000 $258,750 $2,274 5.90%
    $1MM+ 4 $4,270,000 $1,067,500 $9,087 5.43%
    $400k-600k 2 $1,000,000 $500,000 $5,665 5.24%
    $600k-1MM 1 $675,000 $675,000 $6,222 4.99%

    2023 saw Smart Financial Credit Union place emphasis on $100,000 or less loans with 101 originations, totaling $5,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 55 $4,785,000 $87,000 $415 6.48%
    $150k-250k 41 $5,455,000 $133,049 $595 6.37%
    $75k-100k 28 $2,810,000 $100,357 $425 6.13%
    $250k+ 18 $7,230,000 $401,667 $3,479 6.39%
    $50k-75k 18 $1,560,000 $86,667 $0 6.04%
    $50k or less 13 $805,000 $61,923 $0 6.06%

    Smart Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 55 originations. The second most popular income band? $150k-250k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 44 $3,570,000 $81,136 $140 6.15%
    44% 20 $2,760,000 $138,000 $710 6.68%
    30-36% 18 $2,300,000 $127,778 $521 6.09%
    43% 15 $1,605,000 $107,000 $0 6.77%
    38% 15 $2,095,000 $139,667 $643 6.23%
    41% 13 $1,785,000 $137,308 $691 6.40%
    39% 10 $950,000 $95,000 $100 6.78%
    42% 8 $1,920,000 $240,000 $3,653 5.93%
    37% 7 $995,000 $142,143 $1,399 6.09%
    40% 6 $1,420,000 $236,667 $1,731 5.93%
    45% 5 $315,000 $63,000 $0 6.60%
    <20% 4 $1,580,000 $395,000 $2,879 5.53%
    36% 4 $360,000 $90,000 $316 6.34%
    46% 1 $55,000 $55,000 $0 6.75%
    47% 1 $195,000 $195,000 $0 7.50%
    48% 1 $475,000 $475,000 $5,104 5.49%
    49% 1 $265,000 $265,000 $3,898 5.99%

    Smart Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 44%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 106 $11,430,000 $107,830 $446 6.31%
    Not provided 24 $3,960,000 $165,000 $991 6.40%
    Black 27 $3,605,000 $133,519 $377 6.35%
    Asian 13 $2,435,000 $187,308 $1,737 6.12%
    Other Asian 1 $1,025,000 $1,025,000 $9,146 5.99%
    American Indian 2 $190,000 $95,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    58.43%

    Smart Financial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    43.93%

    Smart Financial 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 173 $22,645,000 $130,896

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    173 $22,645,000 $130,896

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $6,180,000 $110,357 $118 6.45%
    40-60% 14 $1,860,000 $132,857 $204 6.13%
    60-80% 27 $6,515,000 $241,296 $1,621 6.25%
    80-100% 8 $4,660,000 $582,500 $5,359 5.09%
    Under 20% 68 $3,430,000 $50,441 $0 6.40%