Melrose Federal Credit Union
Headquarters
13930 Queens Blvd
Briarwood, NY 11435
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2024 Overview
General Credit Union Information
Melrose is an NCUA insured institution located in Briarwood, NY. It was founded in 1922 and has approximately $1122.5 millions in assets.
Who can join?
Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation field of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership.
All applicants are subject to approval by Equifax Credit Services to determine eligibility and product offerings.
| NCUA Insured | Yes / Federally Chartered |
| Charter Number # | # 62005 |
| Date Established | 1922 |
| Assets | $1,122.50 million |
| Loans | $1,245.51 million |
| Deposits | $1,259.36 million |
| Capital | $-359.69 million |
Field of Membership Restrictions
Melrose Credit Union has an open New York charter. Membership is open to anyone regardless of geographic location or affiliations.
Deposit Rates - April 19, 2024
Your Current Location: Ohio, OH 43085
We do not yet have rates for Melrose
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Loan Rates - April 19, 2024
Your Current Location: Ohio, OH 43085
| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 3 Year | 2.99% | 2.99% | $726.92 | |
| 4 Year | 2.99% | 2.99% | $553.25 | |
| 5 Year | 2.99% | 2.99% | $449.11 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Jumbo See Amortization Table |
7.91% | 7.88% | $3,035.96 | |
| 15 Year Fixed Conforming See Amortization Table |
7.95% | 7.88% | $3,035.96 | |
| 20 Year Fixed Jumbo See Amortization Table |
8.03% | 8.00% | $2,676.61 | |
| 20 Year Fixed Conforming See Amortization Table |
8.06% | 8.00% | $2,676.61 | |
| 30 Year Fixed Jumbo See Amortization Table |
8.40% | 8.38% | $2,433.36 | |
| 30 Year Fixed Conforming See Amortization Table |
8.42% | 8.38% | $2,433.36 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
7.95% | 7.88% | $3,035.96 | |
| 15 Year Fixed Jumbo See Amortization Table |
7.91% | 7.88% | $3,035.96 | |
| 20 Year Fixed Conforming See Amortization Table |
8.06% | 8.00% | $2,676.61 | |
| 20 Year Fixed Jumbo See Amortization Table |
8.03% | 8.00% | $2,676.61 | |
| 30 Year Fixed Jumbo See Amortization Table |
8.40% | 8.38% | $2,433.36 | |
Compare with 6.994% APR and 6.875% 30-Year Fixed RATE from Tomo Mortgage, LLC.
See All Mortgage Rates |
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| 30 Year Fixed Conforming See Amortization Table |
8.42% | 8.38% | $2,433.36 | |
|
Compare with 6.994% APR and 6.875% 30-Year Fixed RATE from Tomo Mortgage, LLC.
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Below are Melrose branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
MELROSE is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.
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Financial Details
Melrose Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Melrose. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Melrose | U.S. Average |
|---|---|
| -46.85% | 6.97 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of December 31, 2023, Melrose had $21,871,529 in non-current loans and $24,913,058 in owned assets. To cover these potential losses it had $-359,686,820 in net worth and $259,836,899 in loans loss reserves. That gives it a Texas Ratio of -46.85%.
Net Worth
| Melrose | U.S. Average |
|---|---|
| -32.04% | 13.62% |
Melrose FCU has a net worth of -32.04% versus the BestCashCow average of 13.62. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Customer Reviews for Melrose
Jason
June 21, 2017 |
Very easy account opening process, but I see here now that rates are going up so fast I am having a little buyer's remorse after locking in for 5 years.
Is this review helpful? Yes:0 / No: 0
thewhits45@yahoo.com
May 31, 2016
Is membership available to non NY residents
Is this review helpful? Yes:1 / No: 0
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