Credit Union of America Mortgage Interest Rate and Cost Review

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

Interest Ratesimilar to average (-0.08%)
Loan Related Closing Costslower than average (-$323)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.cuofamerica.com

On average, Credit Union of America’s interest rates were similar to those of other lenders (-0.08%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$323. Overall, combining interest rates and closing costs we estimate that Credit Union of America 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 of America’s Rates by Area

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

  1. Wichita, KS
  2. Hutchinson, KS
  3. Kansas City, MO
  4. Tulsa, OK
  5. Manhattan, KS

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

Credit Union of America’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 of America originated Conforming, FHA, Jumbo, USDA and VA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%+0.01%+0.01%-0.02%-0.00%
Loan Related Closing Cost Difference-$315-$20-$7-$4+$13
Cost Adjusted Rate Difference-0.07%+0.00%+0.01%-0.02%-0.00%
Star Rating(4.0)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.19%-0.00%
Loan Related Closing Cost Difference-$357-$4
Cost Adjusted Rate Difference-0.23%-0.00%
Star Rating(4.5)(3.5)

As a summary, Credit Union of America 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 of America is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo 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 of America:

Registered name: Credit Union of America
Registered city and state: WICHITA, KS, 67213
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 Credit Union of America’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.