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, Sevierville, and Morristown among others. We have data for 4 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
195Origination Dollar Volume (All Markets)
$31,655,000Top 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) | 185 | $30,005,000 | $162,189 | $733 | 3.54% |
| Sevierville, TN (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $1,008 | 2.58% |
| MORRISTOWN, TN (FHA|USDA|VA) | 6 | $680,000 | $113,333 | $571 | 4.00% |
| Outside of Metro Areas | 1 | $275,000 | $275,000 | $762 | 2.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 195 | $31,655,000 | $162,333 | $732 | 3.53% |
For 2021, Knoxville Teachers Federal Credit Union's most frequently originated type of loan was Conventional, with 195 originations.
Loan Reason
For 2021, Knoxville Teachers Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 123 originations. The 2nd most popular reason was Home Purchase, with 56 originations.
Loan Duration/Length
For 2021, 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 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 85 | $14,835,000 | $174,529 |
| 5-6% | 36 | $1,600,000 | $44,444 |
| <2.5% | 35 | $11,565,000 | $330,429 |
| 3-4% | 34 | $3,410,000 | $100,294 |
| 6-7% | 5 | $245,000 | $49,000 |
During 2021, Knoxville Teachers Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 85 originations.
Loan Sizing
2021 saw Knoxville Teachers Federal Credit Union place emphasis on $100,000 or less loans with 68 originations, totaling $3,410,000 in origination value.
Applicant Income
Knoxville Teachers Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 47 originations.
Applicant Debt to Income Ratio
Knoxville Teachers Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.51%
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 origination99.49%
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 | 195 | $31,655,000 | $162,333 |