Aac Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 2549003QXUI2HKRWW551

Tax ID: 38-0299643

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Cash Out Refi, Refi, and Home Purchase loans. Aac Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Lansing, and Big Rapids 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.93% 11/22/24
    30 Year Conventional Refi 6.82% 11/22/24
    30 Year Cash-out Refi 7.03% 11/22/24
    15 Year Conventional Purchase 6.59% 11/22/24
    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

    323

    Origination Dollar Volume (All Markets)

    $48,575,000
    Show all (5) awards

    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) 225 $34,245,000 $152,200 $1,882 3.38%
    Holland, MI (FHA|USDA|VA) 36 $5,770,000 $160,278 $1,926 3.56%
    MUSKEGON, MI (FHA|USDA|VA) 36 $4,130,000 $114,722 $1,652 3.58%
    Outside of Metro Areas 12 $2,010,000 $167,500 $2,045 3.22%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 9 $1,765,000 $196,111 $2,256 3.11%
    Big Rapids, MI (FHA|USDA|VA) 2 $290,000 $145,000 $2,193 3.19%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $250,000 $125,000 $2,226 3.69%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,319 4.00%
    Aac Credit Union's top markets include Grand Rapids, Holland, Muskegon, Lansing, and Big Rapids among others.

    Their top states include:
  • Michigan (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.

    HARBORLIGHT
    Similarity Rank: 42
    FIRST GENERAL
    Similarity Rank: 117
    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 323 $48,575,000 $150,387 $1,878 3.41%

    For 2020, Aac Credit Union's most frequently originated type of loan was Conventional, with 323 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 132 $20,730,000 $157,045 $1,883 3.51%
    Refi 108 $16,040,000 $148,519 $1,819 3.02%
    Home Purchase 71 $10,995,000 $154,859 $2,183 3.44%
    Home Improvement 8 $250,000 $31,250 $128 5.56%
    Other 4 $560,000 $140,000 $1,015 5.91%

    For 2020, Aac Credit Union's most frequently cited loan purpose was Cash Out Refi, with 132 originations. The 2nd most popular reason was Refi, with 108 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 187 $31,245,000 $167,086 $2,040 3.42%
    15 Year 81 $10,945,000 $135,123 $1,727 3.01%
    20 Year 34 $4,700,000 $138,235 $1,755 3.45%
    10 Year 16 $930,000 $58,125 $898 4.63%
    30+ year 2 $590,000 $295,000 $3,013 5.44%
    5 Year 2 $130,000 $65,000 $1,881 4.38%
    Other 1 $35,000 $35,000 $88 8.50%

    For 2020, Aac Credit Union's most frequently cited loan duration was 30 Year, with 187 originations. The 2nd most popular length was 15 Year, with 81 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 299 $46,825,000 $156,605
    $2k-3k 4 $800,000 $200,000
    $1k-2k 1 $105,000 $105,000
    $3k-4k 1 $305,000 $305,000

    Aac Credit Union's average total fees were $2,040, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 299 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 147 $23,455,000 $159,558
    2.5-3% 125 $19,485,000 $155,880
    4-5% 28 $3,190,000 $113,929
    <2.5% 9 $1,275,000 $141,667
    5-6% 8 $980,000 $122,500
    6-7% 3 $85,000 $28,333
    Over 8% 2 $90,000 $45,000
    7-8% 1 $15,000 $15,000

    During 2020, Aac Credit Union's average interest rate for loans was 3.42%, while their most frequently originated rate bucket for loans was 3-4%, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 176 $25,840,000 $146,818 $1,941 3.26%
    $100,000 or less 83 $5,675,000 $68,373 $1,475 3.83%
    $200k-400k 62 $16,040,000 $258,710 $2,205 3.27%
    $400k-600k 2 $1,020,000 $510,000 $3,212 4.38%

    2020 saw Aac Credit Union place emphasis on $100k-200k loans with 176 originations, totaling $25,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 86 $11,720,000 $136,279 $1,845 3.31%
    $50k or less 72 $7,680,000 $106,667 $1,784 3.65%
    $75k-100k 65 $10,085,000 $155,154 $1,898 3.49%
    $100k-150k 62 $11,540,000 $186,129 $1,965 3.21%
    $150k-250k 34 $6,640,000 $195,294 $1,954 3.42%
    $250k+ 4 $910,000 $227,500 $2,106 3.25%

    Aac Credit Union lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $50k or less, with 72 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 101 $14,955,000 $148,069 $1,934 3.38%
    <20% 63 $8,185,000 $129,921 $1,791 3.09%
    30-36% 63 $10,135,000 $160,873 $1,872 3.45%
    40% 11 $1,735,000 $157,727 $1,644 3.99%
    50-60% 11 $1,765,000 $160,455 $1,915 3.27%
    36% 10 $1,970,000 $197,000 $2,083 3.46%
    39% 10 $1,390,000 $139,000 $1,640 4.43%
    38% 9 $1,235,000 $137,222 $1,800 3.64%
    46% 7 $1,105,000 $157,857 $1,734 3.27%
    43% 6 $1,190,000 $198,333 $2,309 3.96%
    42% 5 $615,000 $123,000 $1,557 3.48%
    44% 4 $680,000 $170,000 $1,951 3.44%
    45% 4 $470,000 $117,500 $2,002 4.09%
    37% 4 $810,000 $202,500 $2,138 3.00%
    >60% 4 $640,000 $160,000 $1,863 3.13%
    49% 3 $535,000 $178,333 $2,232 3.46%
    41% 3 $475,000 $158,333 $1,986 4.08%
    47% 3 $345,000 $115,000 $2,061 3.46%
    48% 2 $340,000 $170,000 $1,842 2.81%

    Aac Credit Union lent most frequently to those with DTI ratios of 20-30%, with 101 originations. The next most common DTI ratio? <20%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 315 $47,095,000 $149,508 $1,871 3.41%
    Black 5 $1,085,000 $217,000 $2,188 3.75%
    Not provided 2 $260,000 $130,000 $2,208 3.13%
    Asian 1 $135,000 $135,000 $1,944 3.75%

    Approval Rates

    Total approvals of all applications
    96.90%

    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
    93.50%

    Aac Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 323 $48,575,000 $150,387

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $870,000 $108,750
    Single Family (1-4 Units):Site-Built 315 $47,705,000 $151,444

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $2,370,000 $79,000 $1,399 3.72%
    40-60% 72 $9,820,000 $136,389 $1,888 3.12%
    60-80% 143 $24,585,000 $171,923 $1,961 3.33%
    80-100% 68 $11,560,000 $170,000 $2,150 3.45%
    Under 20% 10 $240,000 $24,000 $86 5.60%