American 1 Credit Union Mortgage Rates, Fees & Info

Jackson, MI

LEI: 2549003PJRW71IW7BH70

Tax ID: 38-2323689

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    American 1 Credit Union is a smaller credit union specializing in Home Improvement loans. American 1 Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Jackson, Adrian, Hillsdale, Ann Arbor, and Detroit among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    American 1 Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    78

    Origination Dollar Volume (All Markets)

    $4,140,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    JACKSON, MI (FHA|USDA|VA) 49 $2,495,000 $50,918 $0 7.22%
    Adrian, MI (FHA|USDA|VA) 6 $370,000 $61,667 $0 5.33%
    Hillsdale, MI (FHA|USDA|VA) 7 $325,000 $46,429 $0 7.82%
    ANN ARBOR, MI (FHA|USDA|VA) 6 $240,000 $40,000 $0 7.33%
    Outside of Metro Areas 3 $175,000 $58,333 $0 6.08%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $160,000 $80,000 $0 6.38%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.50%
    Traverse City, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 10.38%
    MONROE, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.50%
    American 1 Credit Union's top markets include Jackson, Adrian, Hillsdale, Ann Arbor, and Detroit among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 59 $3,135,000 $53,136 n/a 6.68%
    Conventional 19 $1,005,000 $52,895 $0 8.75%

    For 2023, American 1 Credit Union's most frequently originated type of loan was HELOC, with 59 originations. Their 2nd most popular type was Conventional, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 78 $4,140,000 $53,077 $0 7.19%

    For 2023, American 1 Credit Union's most frequently cited loan purpose was Home Improvement, with 78 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 60 $3,150,000 $52,500 $0 6.57%
    20 Year 14 $730,000 $52,143 $0 9.36%
    15 Year 3 $235,000 $78,333 $0 9.25%
    10 Year 1 $25,000 $25,000 $0 7.50%

    For 2023, American 1 Credit Union's most frequently cited loan duration was Other, with 60 originations. The 2nd most popular length was 20 Year, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 32 $1,750,000 $54,688
    7-8% 17 $775,000 $45,588
    3-4% 10 $560,000 $56,000
    4-5% 8 $550,000 $68,750
    5-6% 5 $245,000 $49,000
    6-7% 4 $220,000 $55,000
    <2.5% 2 $40,000 $20,000

    During 2023, American 1 Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 69 $3,055,000 $44,275 $0 7.24%
    $100k-200k 9 $1,085,000 $120,556 $0 6.78%

    2023 saw American 1 Credit Union place emphasis on $100,000 or less loans with 69 originations, totaling $3,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 20 $1,020,000 $51,000 $0 6.89%
    $50k or less 17 $1,075,000 $63,235 $0 6.85%
    $150k-250k 14 $830,000 $59,286 $0 7.84%
    $100k-150k 13 $715,000 $55,000 $0 7.44%
    $75k-100k 13 $485,000 $37,308 $0 7.23%
    $250k+ 1 $15,000 $15,000 $0 5.75%

    American 1 Credit Union lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $50k or less, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 24 $1,260,000 $52,500 $0 7.20%
    36% 16 $800,000 $50,000 $0 7.17%
    20-30% 16 $870,000 $54,375 $0 6.91%
    <20% 7 $375,000 $53,571 $0 6.39%
    50-60% 3 $115,000 $38,333 $0 8.17%
    38% 3 $115,000 $38,333 $0 8.17%
    >60% 2 $160,000 $80,000 $0 3.88%
    37% 2 $90,000 $45,000 $0 9.13%
    39% 2 $100,000 $50,000 $0 8.75%
    43% 1 $55,000 $55,000 $0 7.50%
    41% 1 $95,000 $95,000 $0 8.25%
    40% 1 $105,000 $105,000 $0 9.50%

    American 1 Credit Union lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? 36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $3,650,000 $53,676 $0 7.11%
    Black 10 $490,000 $49,000 $0 7.70%

    Approval Rates

    Total approvals of all applications
    87.04%

    American 1 Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    American 1 Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 78 $4,140,000 $53,077

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    78 $4,140,000 $53,077

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $1,440,000 $55,385 $0 7.88%
    40-60% 12 $950,000 $79,167 $0 7.15%
    60-80% 2 $110,000 $55,000 $0 8.13%
    80-100% 4 $430,000 $107,500 $0 4.63%
    Over 100% 1 $125,000 $125,000 $0 9.25%
    Under 20% 33 $1,085,000 $32,879 $0 6.85%