Consumers Credit Union Illinois Mortgage Interest Rate and Cost Review

Is Consumers Credit Union Illinois a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Consumers Credit Union Illinois with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.14%)
Loan Related Closing Costshigher than average (+$672)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.myconsumers.org

On average, Consumers Credit Union Illinois’s interest rates were lower than those of other lenders (-0.14%) for a comparable set of borrowers. Its average total loan related closing cost was 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 4.0 out of 5.0 stars.

Consumers Credit Union Illinois’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Consumers Credit Union Illinois was most active in:

  1. Chicago, IL
  2. Cape Coral, FL
  3. Phoenix, AZ
  4. Valparaiso, IN
  5. Myrtle Beach, SC

You can click through to check out Consumers Credit Union Illinois’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Consumers Credit Union Illinois’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumbo
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%
Star Rating(4.0)(3.5)(3.5)
Refinance MortgagesConforming
Interest Rate Difference-0.15%
Loan Related Closing Cost Difference+$634
Cost Adjusted Rate Difference-0.10%
Star Rating(4.0)

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, and we always recommend shopping among several lenders in your area before signing.

Other information about Consumers Credit Union Illinois:

Registered name: Consumers Credit Union
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.