Aac Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 2549003QXUI2HKRWW551

Tax ID: 38-0299643

5 stars - Updated: 4/18/24 - out of 5 stars, based on 12 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Aac Credit Union is a smaller credit union specializing in Other, Cash Out Refi, and Home Purchase loans. Aac Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Muskegon, Holland, Midland, and South Bend among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Aac Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Aac Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.93% 4/18/24
    30 Year Conventional Refi 6.82% 4/18/24
    30 Year Cash-out Refi 7.03% 4/18/24
    15 Year Conventional Purchase 6.59% 4/18/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Aac Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Aac Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    154

    Origination Dollar Volume (All Markets)

    $13,840,000

    Awards

    AAC Credit Union 30 Year Conventional Loans gold AAC Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Aac Credit Union's average 30 year fixed mortgage rate was 7.06%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.58%.

    Relative Fees (Closing Costs)

    Aac Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,657.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 106 $9,730,000 $91,792 $1,031 7.75%
    MUSKEGON, MI (FHA|USDA|VA) 22 $1,490,000 $67,727 $1,113 8.10%
    Holland, MI (FHA|USDA|VA) 14 $1,230,000 $87,857 $1,240 7.41%
    Outside of Metro Areas 8 $820,000 $102,500 $1,766 7.25%
    MIDLAND, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,935 6.50%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,583 6.50%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,628 7.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $15,000 $15,000 $426 7.24%
    Aac Credit Union's top markets include Grand Rapids, Muskegon, Holland, Midland, and South Bend among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against AAC Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    Macatawa Bank
    Similarity Rank: 210
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 253
    PFCU
    Similarity Rank: 400
    Isabella Bank
    Similarity Rank: 400
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 462
    AAC Credit Union
    Similarity Rank: 488
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 528
    Community West Credit Union
    Similarity Rank: 552

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 154 $13,840,000 $89,870 $1,129 7.72%

    For 2023, Aac Credit Union's most frequently originated type of loan was Conventional, with 154 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 54 $2,940,000 $54,444 $689 7.98%
    Home Improvement 41 $1,645,000 $40,122 $623 7.57%
    Cash Out Refi 32 $2,860,000 $89,375 $1,124 8.10%
    Home Purchase 25 $6,025,000 $241,000 $2,822 6.98%
    Refi 2 $370,000 $185,000 $2,300 6.81%

    For 2023, Aac Credit Union's most frequently cited loan purpose was Other, with 54 originations. The 2nd most popular reason was Home Improvement, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 48 $2,440,000 $50,833 $708 7.87%
    10 Year 44 $1,330,000 $30,227 $575 7.42%
    20 Year 30 $3,200,000 $106,667 $988 8.61%
    30 Year 29 $6,545,000 $225,690 $2,657 7.06%
    5 Year 2 $160,000 $80,000 $2,103 7.44%
    30+ year 1 $165,000 $165,000 $3,715 6.75%

    For 2023, Aac Credit Union's most frequently cited loan duration was 15 Year, with 48 originations. The 2nd most popular length was 10 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 154 $13,840,000 $89,870

    Aac Credit Union's average total fees were $2,657, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 154 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 76 $6,280,000 $82,632
    Over 8% 40 $2,810,000 $70,250
    6-7% 38 $4,750,000 $125,000

    During 2023, Aac Credit Union's average interest rate for loans was 7.06%, while their most frequently originated rate bucket for loans was 7-8%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 115 $5,005,000 $43,522 $700 7.89%
    $100k-200k 20 $2,910,000 $145,500 $2,150 7.15%
    $200k-400k 16 $4,380,000 $273,750 $2,491 7.31%
    $400k-600k 2 $920,000 $460,000 $3,537 7.13%
    $600k-1MM 1 $625,000 $625,000 $3,466 7.50%

    2023 saw Aac Credit Union place emphasis on $100,000 or less loans with 115 originations, totaling $5,005,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 41 $3,165,000 $77,195 $1,218 7.73%
    $75k-100k 32 $2,960,000 $92,500 $1,101 7.89%
    $50k or less 31 $1,335,000 $43,065 $740 7.98%
    $100k-150k 30 $3,000,000 $100,000 $1,204 7.46%
    $150k-250k 14 $2,080,000 $148,571 $1,171 7.67%
    $250k+ 6 $1,300,000 $216,667 $2,207 6.86%

    Aac Credit Union lent most frequently to those with incomes in the $50k-75k range, with 41 originations. The second most popular income band? $75k-100k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $2,805,000 $75,811 $923 7.59%
    30-36% 30 $2,360,000 $78,667 $1,257 7.54%
    <20% 20 $1,620,000 $81,000 $1,120 7.27%
    40% 9 $745,000 $82,778 $1,227 7.87%
    42% 8 $490,000 $61,250 $994 8.12%
    43% 8 $1,110,000 $138,750 $1,448 8.01%
    38% 7 $915,000 $130,714 $1,435 7.59%
    50-60% 6 $1,170,000 $195,000 $1,389 8.74%
    44% 5 $495,000 $99,000 $1,000 8.34%
    45% 4 $400,000 $100,000 $1,146 9.28%
    36% 3 $195,000 $65,000 $887 7.74%
    41% 3 $75,000 $25,000 $584 8.76%
    39% 3 $315,000 $105,000 $1,716 7.71%
    46% 3 $105,000 $35,000 $445 7.16%
    >60% 3 $385,000 $128,333 $956 7.16%
    37% 2 $340,000 $170,000 $1,750 6.63%
    49% 2 $250,000 $125,000 $1,680 7.00%
    48% 1 $65,000 $65,000 $451 9.49%

    Aac Credit Union lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 30 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 142 $13,130,000 $92,465 $1,150 7.72%
    Black 8 $480,000 $60,000 $982 8.03%
    Asian 2 $110,000 $55,000 $480 6.53%
    Filipino 1 $95,000 $95,000 $880 7.99%
    Not provided 1 $25,000 $25,000 $851 7.99%

    Approval Rates

    Total approvals of all applications
    95.38%

    Aac Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.86%

    Aac Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 154 $13,840,000 $89,870

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    154 $13,840,000 $89,870

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $2,930,000 $66,591 $814 8.05%
    40-60% 13 $1,315,000 $101,154 $1,535 7.85%
    60-80% 17 $4,685,000 $275,588 $2,457 7.16%
    80-100% 13 $2,835,000 $218,077 $2,742 7.30%
    Under 20% 67 $2,075,000 $30,970 $607 7.70%