Muskegon Co Op Federal Credit Union Mortgage Rates, Fees & Info
Muskegon, MILEI: 2549006QH61JRY6BYY91
Tax ID: 38-1381220
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Muskegon Co Op Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Muskegon Co Op Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Muskegon.Muskegon Co Op Federal 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.
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.
Originations
39Origination Dollar Volume (All Markets)
$1,455,000Top 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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 36 | $1,330,000 | $36,944 | $731 | 8.28% |
| Outside of Metro Areas | 3 | $125,000 | $41,667 | $779 | 8.57% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $1,455,000 | $37,308 | $735 | 8.30% |
For 2023, Muskegon Co Op Federal Credit Union's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 29 | $1,005,000 | $34,655 | $725 | 8.22% |
| Home Improvement | 9 | $345,000 | $38,333 | $720 | 8.43% |
| Home Purchase | 1 | $105,000 | $105,000 | $1,156 | 9.24% |
For 2023, Muskegon Co Op Federal Credit Union's most frequently cited loan purpose was Other, with 29 originations. The 2nd most popular reason was Home Improvement, with 9 originations.
Loan Duration/Length
For 2023, Muskegon Co Op Federal Credit Union's most frequently cited loan duration was 10 Year, with 19 originations. The 2nd most popular length was Other, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 39 | $1,455,000 | $37,308 |
Muskegon Co Op Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 39 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 20 | $810,000 | $40,500 |
| 7-8% | 11 | $365,000 | $33,182 |
| 6-7% | 7 | $245,000 | $35,000 |
| 4-5% | 1 | $35,000 | $35,000 |
During 2023, Muskegon Co Op Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 20 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 38 | $1,350,000 | $35,526 | $724 | 8.27% |
| $100k-200k | 1 | $105,000 | $105,000 | $1,156 | 9.24% |
2023 saw Muskegon Co Op Federal Credit Union place emphasis on $100,000 or less loans with 38 originations, totaling $1,350,000 in origination value.
Applicant Income
Muskegon Co Op Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
Muskegon Co Op Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.76%
Muskegon Co Op Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.92%
Muskegon Co Op Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 39 | $1,455,000 | $37,308 |