Is Credit Union Mortgage Association a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Credit Union Mortgage Association with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||lower than average (-0.12%)|
|Loan Related Closing Costs||similar to average (-$67)|
|National Rate and Closing Cost Rating||(4.0)|
On average, Credit Union Mortgage Association’s interest rates were lower than those of other lenders (-0.12%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$67. Overall, combining interest rates and closing costs we estimate that Credit Union Mortgage Association tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.
Credit Union Mortgage Association’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Credit Union Mortgage Association was most active in:
Furthermore, Credit Union Mortgage Association is our top ranked mortgage lender in terms of interest rate and closing costs in Fayetteville, NC, for Conforming mortgages.
You can click through to check out Credit Union Mortgage Association’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Credit Union Mortgage Association’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, Credit Union Mortgage Association originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA 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.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||-0.07%||-0.04%||-0.01%||+0.01%||-0.02%|
|Loan Related Closing Cost Difference||+$17||+$2||-$2||-$10||-$22|
|Cost Adjusted Rate Difference||-0.07%||-0.04%||-0.01%||+0.01%||-0.02%|
|Interest Rate Difference||-0.18%||-0.04%||+0.00%||+0.00%|
|Loan Related Closing Cost Difference||-$140||+$38||+$54||-$36|
|Cost Adjusted Rate Difference||-0.19%||-0.04%||+0.00%||-0.00%|
As a summary, Credit Union Mortgage Association is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA, Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, Credit Union Mortgage Association is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about Credit Union Mortgage Association:
Registered city and state: FAIRFAX, VA, 22030
Regulator: United States Department of Housing and Urban Development (HUD)
* 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 Credit Union Mortgage Association’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.