Is Consumers Credit Union Illinois a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Consumers Credit Union Illinois to those of other lenders for a comparable set of borrowers. Here is our review of Consumers Credit Union Illinois nationally:
| Review Item | Consumers Credit Union Illinois |
|---|---|
| Interest Rate | lower than other lenders (-0.14%) |
| Loan Related Closing Costs | higher than other lenders (+$672) |
| National Rate and Closing Cost Star Rating | (4) |
On average, Consumers Credit Union Illinois’s interest rates were lower than those of other lenders (-0.14%). On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$672. Overall, combining interest rates and closing costs we estimate that Consumers Credit Union Illinois tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Consumers Credit Union Illinois, check out its website at: https://www.myconsumers.org.
Consumers Credit Union Illinois’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Consumers Credit Union Illinois was most active in:
Consumers Credit Union Illinois’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Consumers Credit Union Illinois originated Conforming, FHA and Jumbo mortgages for new home purchases. It also originated Conforming mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
| New Purchase Mortgages | Conforming | FHA | Jumbo |
|---|---|---|---|
| Interest Rate Difference | -0.12% | -0.00% | +0.00% |
| Loan Related Closing Cost Difference | +$714 | -$22 | +$20 |
| Cost Adjusted Rate Difference | -0.06% | -0.00% | +0.00% |
| National Star Rating |
| Refinance Mortgages | Conforming |
|---|---|
| Interest Rate Difference | -0.15% |
| Loan Related Closing Cost Difference | +$634 |
| Cost Adjusted Rate Difference | -0.10% |
| Average Star Rating |
As a summary, Consumers Credit Union Illinois is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA and Jumbo purchase mortgages. For refinancing mortgages, Consumers Credit Union Illinois is cheap for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about Consumers Credit Union Illinois:
Registered city and state: Gurnee, IL, 60031
Regulator: National Credit Union Administration (NCUA)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Consumers Credit Union Illinois’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.