CEFCU Mortgage Interest Rate and Cost Review

Is CEFCU a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by CEFCU to those of other lenders for a comparable set of borrowers. Here is our review of CEFCU nationally:

Review ItemCEFCU
Interest Ratesimilar to other lenders (-0.08%)
Loan Related Closing Costslower than other lenders (-$305)
National Rate and Closing Cost Star Rating(4)

On average, CEFCU’s interest rates were similar to those of other lenders (-0.08%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$305. Overall, combining interest rates and closing costs we estimate that CEFCU tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit CEFCU, its website is located at: https://www.cefcu.com.

CEFCU’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track CEFCU was most active in:

  1. Peoria, IL
  2. Bloomington, IL
  3. Springfield, IL
  4. Canton, IL
  5. Decatur, IL

In addition, CEFCU is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

CEFCU’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, CEFCU originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, Jumbo, USDA 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.07%-0.01%+0.01%-0.02%-0.00%
Loan Related Closing Cost Difference-$330+$12-$14-$97+$10
Cost Adjusted Rate Difference-0.11%-0.01%+0.01%-0.04%-0.00%
National Star Rating(4)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingJumboUSDAVA
Interest Rate Difference-0.10%+0.00%+0.00%+0.00%
Loan Related Closing Cost Difference-$275+$23+$0+$15
Cost Adjusted Rate Difference-0.15%+0.00%+0.00%+0.00%
Average Star Rating(4)(3.5)(3.5)(3.5)

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

Registered name: Citizens Equity First Credit Union (CEFCU)
Registered city and state: PEORIA, IL, 61607
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 CEFCU’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.