IU Credit Union Mortgage Interest Rate and Cost Review

Is IU 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 IU Credit Union to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of IU Credit Union nationally:

Review ItemIU Credit Union
Interest Ratehigher than other lenders (+0.11%)
Loan Related Closing Costslower than other lenders (-$493)
National Rate and Closing Cost Star Rating(3.5)

On average, IU Credit Union’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$493. Overall, combining interest rates and closing costs we estimate that IU 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. To visit IU Credit Union, its website is located at: https://www.iucu.org.

IU Credit Union’s Rate Review by City

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

  1. Bloomington, IN
  2. Indianapolis, IN
  3. Fort Wayne, IN
  4. Valparaiso, IN
  5. Terre Haute, IN

You can click through to check out IU Credit Union’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

IU 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, IU Credit Union 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumbo
Interest Rate Difference-0.06%-0.02%-0.00%
Loan Related Closing Cost Difference-$431-$11-$30
Cost Adjusted Rate Difference-0.10%-0.02%-0.00%
National Star Rating(4)(3.5)(3.5)
Refinance MortgagesConforming
Interest Rate Difference+0.22%
Loan Related Closing Cost Difference-$535
Cost Adjusted Rate Difference+0.10%
Average Star Rating(3)

As a summary, IU Credit Union is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA and Jumbo purchase mortgages. For refinancing mortgages, IU Credit Union is more expensive than 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 IU Credit Union:

Registered name: IU Credit Union
Registered city and state: Bloomington, IN, 47401
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 IU 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.