Knoxville Teachers Federal Credit Union Mortgage Rates, Fees & Info
Knoxville, TNLEI: 549300ZPDWAT9R7KRW05
Tax ID: 62-0263125
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Knoxville Teachers Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Knoxville Teachers Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Morristown, Sevierville, and Crossville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Knoxville Teachers Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 7.54% | 5/5/24 |
| 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. | ||
Knoxville Teachers Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
206Origination Dollar Volume (All Markets)
$35,270,000Top 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 |
|---|---|---|---|---|---|
| KNOXVILLE, TN (FHA|USDA|VA) | 193 | $33,435,000 | $173,238 | $777 | 3.44% |
| MORRISTOWN, TN (FHA|USDA|VA) | 7 | $1,125,000 | $160,714 | $869 | 3.11% |
| Outside of Metro Areas | 3 | $315,000 | $105,000 | $1,368 | 4.17% |
| Sevierville, TN (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $662 | 3.13% |
| Crossville, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $837 | 2.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 206 | $35,270,000 | $171,214 | $785 | 3.44% |
For 2020, Knoxville Teachers Federal Credit Union's most frequently originated type of loan was Conventional, with 206 originations.
Loan Reason
For 2020, Knoxville Teachers Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 107 originations. The 2nd most popular reason was Home Purchase, with 73 originations.
Loan Duration/Length
For 2020, Knoxville Teachers Federal Credit Union's most frequently cited loan duration was Other, with 172 originations. The 2nd most popular length was 15 Year, with 24 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 67 | $20,565,000 | $306,940 |
| 2.5-3% | 56 | $8,020,000 | $143,214 |
| 3-4% | 44 | $5,040,000 | $114,545 |
| 5-6% | 35 | $1,565,000 | $44,714 |
| 6-7% | 4 | $80,000 | $20,000 |
During 2020, Knoxville Teachers Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was <2.5%, with 67 originations.
Loan Sizing
2020 saw Knoxville Teachers Federal Credit Union place emphasis on $100k-200k loans with 70 originations, totaling $9,840,000 in origination value.
Applicant Income
Knoxville Teachers Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $50k-75k, with 51 originations.
Applicant Debt to Income Ratio
Knoxville Teachers Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 41 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.24%
Knoxville Teachers Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.57%
Knoxville Teachers Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 206 | $35,270,000 | $171,214 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 7 | $445,000 | $63,571 |
| Single Family (1-4 Units):Site-Built | 199 | $34,825,000 | $175,000 |