MCT Credit Union Mortgage Interest Rate and Cost Review

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

Interest Ratehigher than average (+0.11%)
Loan Related Closing Costslower than average (-$275)
National Rate and Closing Cost Rating(3.0)

On average, MCT Credit Union’s interest rates were higher than those of other lenders (+0.11%) for a comparable set of borrowers. Its average total loan related closing cost was 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 3.0 out of 5.0 stars.

MCT Credit Union’s Rates by Area

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

  1. Beaumont, TX
  2. Houston, TX
  3. Fort Worth, TX
  4. Nacogdoches, TX

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

MCT Credit Union’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, MCT Credit Union originated Conforming mortgages for new home purchases. It also originated Conforming and Jumbo 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 MortgagesConforming
Interest Rate Difference+0.09%
Loan Related Closing Cost Difference-$83
Cost Adjusted Rate Difference+0.08%
Star Rating(3.0)
Refinance MortgagesConformingJumbo
Interest Rate Difference+0.13%+0.00%
Loan Related Closing Cost Difference-$487+$0
Cost Adjusted Rate Difference+0.03%+0.00%
Star Rating(3.5)(3.5)

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

Other information about MCT Credit Union:

Registered name: 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.