MidFlorida Credit Union Mortgage Interest Rate and Cost Review

Is MidFlorida 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 MidFlorida Credit Union to those of other lenders for a comparable set of borrowers. Here is our review of MidFlorida Credit Union nationally:

Review ItemMidFlorida Credit Union
Interest Ratelower than other lenders (-0.12%)
Loan Related Closing Costslower than other lenders (-$548)
National Rate and Closing Cost Star Rating(4.5)

On average, MidFlorida Credit Union’s interest rates were lower than those of other lenders (-0.12%). Its loan related closing costs were also lower than those of other lenders, with a difference of -$548. Overall, combining interest rates and closing costs we estimate that MidFlorida Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.5 out of 5 stars. This is an excellent rating and places it among the top 15% of lenders nationwide.

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

MidFlorida 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 MidFlorida Credit Union was most active in:

  1. Lakeland, FL
  2. Tampa, FL
  3. Orlando, FL
  4. Port St. Lucie, FL
  5. North Port, FL

MidFlorida 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, MidFlorida Credit Union originated Conforming and Jumbo mortgages for new home purchases. It also originated Conforming, Jumbo and VA 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 MortgagesConformingJumbo
Interest Rate Difference-0.11%-0.00%
Loan Related Closing Cost Difference-$385-$2
Cost Adjusted Rate Difference-0.15%-0.00%
National Star Rating(4.5)(3.5)
Refinance MortgagesConformingJumboVA
Interest Rate Difference-0.13%-0.00%+0.01%
Loan Related Closing Cost Difference-$750+$19-$33
Cost Adjusted Rate Difference-0.21%-0.00%+0.01%
Average Star Rating(4.5)(3.5)(3.5)

As a summary, MidFlorida Credit Union is cheap for Conforming purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages. For refinancing mortgages, MidFlorida Credit Union is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo and VA 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 MidFlorida Credit Union:

Registered name: MidFlorida Credit Union
Registered city and state: Lakeland, FL, 33801
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 MidFlorida 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.