Is MCT 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 MCT Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of MCT Credit Union nationally:
| Review Item | MCT Credit Union |
|---|---|
| Interest Rate | higher than other lenders (+0.11%) |
| Loan Related Closing Costs | lower than other lenders (-$275) |
| National Rate and Closing Cost Star Rating | (3) |
On average, MCT Credit Union’s interest rates were higher than those of other lenders (+0.11%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$275. Overall, combining interest rates and closing costs we estimate that MCT Credit Union tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit MCT Credit Union, check out its website at: https://www.mctcu.org.
MCT 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 MCT Credit Union was most active in:
MCT 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, MCT Credit Union originated Conforming mortgages for new home purchases. It also originated Conforming and Jumbo 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 |
|---|---|
| Interest Rate Difference | +0.09% |
| Loan Related Closing Cost Difference | -$83 |
| Cost Adjusted Rate Difference | +0.08% |
| National Star Rating |
| Refinance Mortgages | Conforming | Jumbo |
|---|---|---|
| Interest Rate Difference | +0.13% | +0.00% |
| Loan Related Closing Cost Difference | -$487 | +$0 |
| Cost Adjusted Rate Difference | +0.03% | +0.00% |
| Average Star Rating |
As a summary, MCT Credit Union is more expensive than other lenders for Conforming purchase mortgages. For refinancing mortgages, MCT Credit Union is similar to other lenders for Conforming and Jumbo 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 MCT Credit Union:
Registered city and state: PORT NECHES, TX, 77651
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 MCT 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.