Ashland Credit Union Mortgage Rates, Fees & Info

ASHLAND, KY

LEI: 549300ZUA8339ZH6W934

Tax ID: 61-6024972

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

Review & Overview

Ashland Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Ashland Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Huntington, Minneapolis, Lexington, Columbus, and Cincinnati among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ashland 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. Ashland 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 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.

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	7.03%	5/4/24
30 Year Conventional Refi	6.80%	5/4/24
30 Year Cash-out Refi	7.20%	5/4/24
30 Year FHA Purchase	6.75%	5/4/24
30 Year VA Purchase	6.42%	5/4/24
30 Year USDA Purchase	6.68%	5/4/24
15 Year Conventional Purchase	6.42%	5/4/24
15 Year Conventional Refi	6.09%	5/4/24
15 Year Cash-out Refi	6.09%	5/4/24
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.

Ashland 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

400

Origination Dollar Volume (All Markets)

$71,410,000

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
HUNTINGTON-ASHLAND, WV-KY-OH (FHA\|USDA\|VA)	155	$21,815,000	$140,742	$2,233	2.62%
Outside of Metro Areas	115	$20,335,000	$176,826	$1,897	2.55%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	85	$19,875,000	$233,824	$2,383	2.57%
LEXINGTON-FAYETTE, KY (FHA\|USDA\|VA)	16	$3,790,000	$236,875	$2,723	2.66%
COLUMBUS, OH (FHA\|USDA\|VA)	9	$2,075,000	$230,556	$2,191	2.39%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	3	$625,000	$208,333	$7,432	3.21%
LOUISVILLE, KY (FHA\|USDA\|VA)	2	$520,000	$260,000	$3,186	3.56%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	1	$315,000	$315,000	$4,096	2.88%
TUCSON, AZ (FHA\|USDA\|VA)	1	$295,000	$295,000	$11,719	2.88%
Clarksburg, WV (FHA\|USDA\|VA)	1	$245,000	$245,000	$3,260	3.38%
BOWLING GREEN, KY (FHA\|USDA\|VA)	1	$235,000	$235,000	$3,237	3.25%
DeRidder, LA (FHA\|USDA\|VA)	1	$215,000	$215,000	$3,779	3.50%
Portsmouth, OH (FHA\|USDA\|VA)	2	$200,000	$100,000	$3,006	3.13%
PITTSBURGH, PA (FHA\|USDA\|VA)	1	$175,000	$175,000	$4,024	3.38%
MORGANTOWN, WV (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,395	3.88%
Brevard, NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$3,787	3.50%
Brainerd, MN (FHA\|USDA\|VA)	1	$115,000	$115,000	$3,326	2.88%
OCEAN CITY, NJ (FHA\|USDA\|VA)	1	$85,000	$85,000	$3,288	2.25%
Somerset, KY (FHA\|USDA\|VA)	1	$65,000	$65,000	$4,213	3.00%
Bluefield, WV-VA (FHA\|USDA\|VA)	1	$65,000	$65,000	$3,065	3.25%
Union City, TN (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,396	4.25%

Ashland Credit Union's top markets include Huntington, Minneapolis, Lexington, Columbus, and Cincinnati among others.

Their top states include:

Kentucky (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

West Virginia (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Similar Lenders

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

Huntington Federal Savings Bank
Similarity Rank: 12

DESCO
Similarity Rank: 392

Community Trust Bank, Inc.
Similarity Rank: 590

Farmers & Merchants Savings Bank
Similarity Rank: 720

Anoka Hennepin Credit Union
Similarity Rank: 826

The Ohio Valley Bank Company
Similarity Rank: 1178

MY Credit Union
Similarity Rank: 1200

MYCUMORTGAGE, LLC
Similarity Rank: 1397

City National Bank of West Virginia
Similarity Rank: 1470

Liberty Bank Minnesota
Similarity Rank: 1488

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	391	$69,585,000	$177,967	$2,184	2.61%
VA	6	$1,330,000	$221,667	$9,424	2.92%
FHA	2	$380,000	$190,000	$1,750	2.50%
USDA	1	$115,000	$115,000	$4,688	2.75%

For 2021, Ashland Credit Union's most frequently originated type of loan was Conventional, with 391 originations. Their 2nd most popular type was VA, with 6 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	217	$40,635,000	$187,258	$1,937	2.58%
Refi	113	$18,585,000	$164,469	$1,768	2.38%
Home Purchase	67	$11,815,000	$176,343	$4,206	3.12%
Other	3	$375,000	$125,000	$4,275	2.54%

For 2021, Ashland Credit Union's most frequently cited loan purpose was Cash Out Refi, with 217 originations. The 2nd most popular reason was Refi, with 113 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	156	$26,080,000	$167,179	$1,769	2.32%
20 Year	73	$14,295,000	$195,822	$2,143	2.67%
Other	70	$14,030,000	$200,429	$1,929	3.02%
30 Year	56	$10,850,000	$193,750	$4,890	3.23%
10 Year	45	$6,155,000	$136,778	$1,643	2.14%

For 2021, Ashland Credit Union's most frequently cited loan duration was 15 Year, with 156 originations. The 2nd most popular length was 20 Year, with 73 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	64	$10,590,000	$165,469
$2k-3k	6	$1,100,000	$183,333
$5k+	6	$1,070,000	$178,333
$3k-4k	3	$485,000	$161,667
$4k-5k	3	$325,000	$108,333
$<1k	2	$280,000	$140,000

Ashland Credit Union's average total fees were $4,890, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 64 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
<2.5%	221	$37,605,000	$170,158
2.5-3%	115	$21,855,000	$190,043
3-4%	61	$11,625,000	$190,574
4-5%	3	$325,000	$108,333

During 2021, Ashland Credit Union's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was <2.5%, with 221 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	173	$25,245,000	$145,925	$2,340	2.57%
$200k-400k	133	$34,715,000	$261,015	$2,398	2.66%
$100,000 or less	83	$6,175,000	$74,398	$2,130	2.63%
$400k-600k	11	$5,275,000	$479,545	$1,793	2.69%

2021 saw Ashland Credit Union place emphasis on $100k-200k loans with 173 originations, totaling $25,245,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	115	$22,395,000	$194,739	$2,060	2.59%
$150k-250k	85	$19,105,000	$224,765	$2,391	2.48%
$50k-75k	82	$10,990,000	$134,024	$2,524	2.78%
$75k-100k	70	$11,330,000	$161,857	$2,182	2.57%
$50k or less	31	$3,635,000	$117,258	$2,500	2.74%
$250k+	10	$2,740,000	$274,000	$1,914	2.59%

Ashland Credit Union lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $150k-250k, with 85 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	70	$10,190,000	$145,571	$2,204	2.57%
50-60%	65	$14,255,000	$219,308	$1,749	2.59%
30-36%	60	$10,140,000	$169,000	$2,490	2.64%
<20%	30	$4,340,000	$144,667	$2,629	2.51%
>60%	23	$4,555,000	$198,043	$1,837	2.58%
40%	20	$3,630,000	$181,500	$3,457	2.68%
37%	16	$3,650,000	$228,125	$2,368	2.69%
36%	15	$2,655,000	$177,000	$2,307	2.62%
39%	15	$2,495,000	$166,333	$2,570	2.76%
43%	14	$2,500,000	$178,571	$2,148	2.60%
38%	12	$1,810,000	$150,833	$3,493	2.86%
42%	12	$2,740,000	$228,333	$2,130	2.71%
41%	10	$1,760,000	$176,000	$2,016	2.73%
47%	10	$1,370,000	$137,000	$1,667	2.50%
45%	7	$1,405,000	$200,714	$1,970	2.34%
48%	6	$1,150,000	$191,667	$1,750	2.58%
49%	5	$1,075,000	$215,000	$1,871	2.38%
44%	5	$785,000	$157,000	$2,061	2.73%
46%	4	$710,000	$177,500	$2,150	2.97%

Ashland Credit Union lent most frequently to those with DTI ratios of 20-30%, with 70 originations. The next most common DTI ratio? 50-60%, with 65 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	354	$63,280,000	$178,757	$2,205	2.60%
Not provided	38	$6,000,000	$157,895	$3,287	2.78%
Asian	4	$1,370,000	$342,500	$1,875	2.59%
Black	3	$675,000	$225,000	$1,500	2.67%
American Indian	1	$85,000	$85,000	$2,998	2.13%

Approval Rates

Total approvals of all applications
92.45%

Ashland Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
71.50%

Ashland Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	3	$695,000	$231,667
NA	397	$70,715,000	$178,123

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	400	$71,410,000	$178,525

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	28	$3,070,000	$109,643	$1,595	2.34%
40-60%	81	$13,115,000	$161,914	$1,780	2.33%
60-80%	203	$39,525,000	$194,704	$2,240	2.63%
80-100%	82	$14,710,000	$179,390	$2,877	2.98%
Over 100%	3	$735,000	$245,000	$11,629	2.88%
Under 20%	3	$255,000	$85,000	$1,500	2.13%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
ACE LENDING GROUP, LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%