On Tap Credit Union Mortgage Interest Rate and Cost Review

Is On Tap Credit Union a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by On Tap Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of On Tap Credit Union nationally:

Review ItemOn Tap Credit Union
Interest Ratehigher than other lenders (+0.14%)
Loan Related Closing Costslower than other lenders (-$762)
National Rate and Closing Cost Star Rating(3.5)

On average, On Tap Credit Union’s interest rates were higher than those of other lenders (+0.14%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$762. Overall, combining interest rates and closing costs we estimate that On Tap Credit Union tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit On Tap Credit Union, check out its website at: https://www.ontapcu.org.

On Tap Credit Union’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 On Tap Credit Union was most active in:

  1. Denver, CO
  2. Fort Collins, CO

On Tap Credit Union’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, On Tap Credit Union specialized in mortgage refinancing, and originated Conforming 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.

Refinance MortgagesConforming
Interest Rate Difference+0.14%
Loan Related Closing Cost Difference-$762
Cost Adjusted Rate Difference+0.03%
Average Star Rating(3.5)

As a summary, On Tap Credit Union is similar to other lenders 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 On Tap Credit Union:

Registered name: On Tap Credit Union
Registered city and state: GOLDEN, CO, 80401
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 On Tap Credit Union’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.