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

Jump to:

  • 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 Home Purchase and Cash Out Refi loans. Aac Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Traverse City, and Kalamazoo among others. We have data for 10 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% 11/21/24
    30 Year Conventional Refi 6.82% 11/21/24
    30 Year Cash-out Refi 7.03% 11/21/24
    15 Year Conventional Purchase 6.59% 11/21/24
    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

    156

    Origination Dollar Volume (All Markets)

    $19,420,000

    Awards

    AAC Credit Union 30 Year Conventional Loans gold AAC Credit Union 30 Year Conventional Loans silver
    Show all (2) 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) 116 $13,910,000 $119,914 $1,369 5.35%
    Holland, MI (FHA|USDA|VA) 16 $2,140,000 $133,750 $1,790 5.65%
    MUSKEGON, MI (FHA|USDA|VA) 13 $1,345,000 $103,462 $1,264 6.28%
    Outside of Metro Areas 5 $825,000 $165,000 $2,054 4.33%
    Traverse City, MI (FHA|USDA|VA) 1 $545,000 $545,000 $3,514 4.38%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,673 6.13%
    NILES, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,440 5.63%
    Big Rapids, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,183 3.38%
    Ludington, MI (FHA|USDA|VA) 1 $45,000 $45,000 $558 4.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $45,000 $45,000 $753 6.24%
    Aac Credit Union's top markets include Grand Rapids, Holland, Muskegon, Traverse City, and Kalamazoo 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.

    RIVER VALLEY CREDIT UNION
    Similarity Rank: 318
    OAK MORTGAGE, LLC
    Similarity Rank: 384
    Macatawa Bank
    Similarity Rank: 396
    Honor Credit Union
    Similarity Rank: 549
    Adventure Credit Union
    Similarity Rank: 560
    Community West Credit Union
    Similarity Rank: 600
    PFCU
    Similarity Rank: 756
    PREFERRED CREDIT UNION
    Similarity Rank: 840
    Isabella Bank
    Similarity Rank: 860
    AAC Credit Union
    Similarity Rank: 930

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 156 $19,420,000 $124,487 $1,450 5.41%

    For 2022, Aac Credit Union's most frequently originated type of loan was Conventional, with 156 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $10,455,000 $232,333 $2,568 5.46%
    Other 43 $2,685,000 $62,442 $689 5.71%
    Home Improvement 31 $1,145,000 $36,935 $512 5.41%
    Cash Out Refi 31 $4,105,000 $132,419 $1,671 5.08%
    Refi 6 $1,030,000 $171,667 $2,230 4.67%

    For 2022, Aac Credit Union's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Other, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 59 $13,495,000 $228,729 $2,584 5.45%
    15 Year 44 $2,850,000 $64,773 $804 5.12%
    10 Year 32 $1,160,000 $36,250 $624 5.39%
    20 Year 19 $1,395,000 $73,421 $665 6.09%
    30+ year 1 $385,000 $385,000 $3,477 4.38%
    5 Year 1 $135,000 $135,000 $2,329 4.88%

    For 2022, Aac Credit Union's most frequently cited loan duration was 30 Year, with 59 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 156 $19,420,000 $124,487

    Aac Credit Union's average total fees were $2,584, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 156 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 62 $5,650,000 $91,129
    5-6% 47 $6,665,000 $141,809
    6-7% 18 $2,730,000 $151,667
    3-4% 14 $2,760,000 $197,143
    7-8% 10 $1,390,000 $139,000
    Over 8% 5 $225,000 $45,000

    During 2022, Aac Credit Union's average interest rate for loans was 5.45%, while their most frequently originated rate bucket for loans was 4-5%, with 62 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 85 $3,605,000 $42,412 $646 5.53%
    $100k-200k 38 $5,730,000 $150,789 $2,020 5.30%
    $200k-400k 28 $7,350,000 $262,500 $2,645 5.30%
    $400k-600k 4 $1,990,000 $497,500 $4,249 4.53%
    $600k-1MM 1 $745,000 $745,000 $3,543 6.25%

    2022 saw Aac Credit Union place emphasis on $100,000 or less loans with 85 originations, totaling $3,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 49 $5,275,000 $107,653 $1,390 5.72%
    $50k or less 30 $2,670,000 $89,000 $1,403 5.45%
    $100k-150k 28 $3,940,000 $140,714 $1,514 5.03%
    $75k-100k 27 $2,635,000 $97,593 $1,075 5.46%
    $150k-250k 19 $3,025,000 $159,211 $1,810 5.07%
    $250k+ 3 $1,875,000 $625,000 $3,421 5.33%

    Aac Credit Union lent most frequently to those with incomes in the $50k-75k range, with 49 originations. The second most popular income band? $50k or less, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $6,880,000 $137,600 $1,482 5.22%
    30-36% 28 $2,700,000 $96,429 $1,145 5.35%
    <20% 11 $565,000 $51,364 $715 5.16%
    39% 10 $1,160,000 $116,000 $1,525 4.73%
    50-60% 8 $1,050,000 $131,250 $1,587 5.50%
    38% 7 $585,000 $83,571 $953 5.55%
    44% 6 $840,000 $140,000 $2,083 8.00%
    41% 5 $565,000 $113,000 $1,679 5.02%
    37% 5 $225,000 $45,000 $787 6.27%
    >60% 4 $790,000 $197,500 $2,268 4.66%
    42% 4 $740,000 $185,000 $1,824 6.63%
    46% 4 $1,090,000 $272,500 $2,572 5.47%
    36% 3 $645,000 $215,000 $2,159 4.25%
    40% 3 $315,000 $105,000 $1,316 5.66%
    43% 3 $585,000 $195,000 $2,446 5.96%
    45% 2 $50,000 $25,000 $553 5.50%
    48% 2 $420,000 $210,000 $2,509 5.94%
    49% 1 $215,000 $215,000 $2,231 4.75%

    Aac Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 148 $18,570,000 $125,473 $1,467 5.36%
    Black 7 $545,000 $77,857 $913 6.70%
    Asian 1 $305,000 $305,000 $2,772 3.75%

    Approval Rates

    Total approvals of all applications
    92.22%

    Aac Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.59%

    Aac Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 156 $19,420,000 $124,487

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    156 $19,420,000 $124,487

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $2,310,000 $67,941 $865 5.28%
    40-60% 15 $2,135,000 $142,333 $1,500 5.04%
    60-80% 34 $7,160,000 $210,588 $2,395 5.39%
    80-100% 27 $6,415,000 $237,593 $2,583 5.66%
    Under 20% 46 $1,400,000 $30,435 $504 5.50%