Pfcu Mortgage Rates, Fees & Info

Portland, MI

LEI: 2549008NRAZRGNG0TT58

Tax ID: 38-1379433

5 stars - Updated: 12/2/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Pfcu is a smaller credit union specializing in Home Purchase loans. Pfcu has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Lansing, Flint, Alma, and Traverse City among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Pfcu has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Pfcu 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 6.89% 12/2/24
30 Year Conventional Refi 6.41% 12/2/24
30 Year Cash-out Refi 6.77% 12/2/24
30 Year USDA Purchase 7.09% 12/2/24
15 Year Conventional Purchase 7.15% 12/2/24
15 Year Conventional Refi 6.70% 12/2/24
15 Year Cash-out Refi 6.70% 12/2/24
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.

Pfcu Mortgage Calculator






Your Estimates

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

This is not an official calculator from Pfcu. 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

171

Origination Dollar Volume (All Markets)

$19,925,000

Awards

PFCU 30 Year Conventional Loans gold PFCU 30 Year Conventional Loans gold PFCU 30 Year Conventional Loans silver PFCU 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Pfcu's average 30 year fixed mortgage rate was 6.75%.

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

This yields a difference of 0.27%.

Relative Fees (Closing Costs)

Pfcu's average total fees/closing costs for a 30 year fixed rate mortgage were $2,898.

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) 81 $9,475,000 $116,975 $2,050 7.59%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 57 $6,285,000 $110,263 $2,325 6.98%
FLINT, MI (FHA|USDA|VA) 15 $1,265,000 $84,333 $1,778 7.50%
Outside of Metro Areas 7 $995,000 $142,143 $2,309 7.34%
Alma, MI (FHA|USDA|VA) 3 $645,000 $215,000 $2,768 6.96%
Traverse City, MI (FHA|USDA|VA) 2 $450,000 $225,000 $3,140 6.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $380,000 $190,000 $3,101 7.13%
Ludington, MI (FHA|USDA|VA) 1 $265,000 $265,000 $3,470 6.75%
Sturgis, MI (FHA|USDA|VA) 2 $90,000 $45,000 $968 7.44%
SAGINAW, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.43%
Pfcu's top markets include Grand Rapids, Lansing, Flint, Alma, and Traverse City among others.

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

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $19,925,000 $116,520 $2,159 7.32%

    For 2023, Pfcu's most frequently originated type of loan was Conventional, with 171 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 77 $12,465,000 $161,883 $2,848 6.71%
    Refi 38 $1,980,000 $52,105 $1,138 8.34%
    Other 26 $1,490,000 $57,308 $1,134 7.79%
    Cash Out Refi 25 $3,475,000 $139,000 $2,629 7.20%
    Home Improvement 5 $515,000 $103,000 $2,644 7.23%

    For 2023, Pfcu's most frequently cited loan purpose was Home Purchase, with 77 originations. The 2nd most popular reason was Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $15,690,000 $156,900 $2,898 6.75%
    15 Year 34 $1,920,000 $56,471 $1,079 7.75%
    10 Year 30 $1,740,000 $58,000 $830 8.63%
    20 Year 4 $220,000 $55,000 $2,485 7.84%
    5 Year 2 $180,000 $90,000 $0 6.72%
    1 Year 1 $175,000 $175,000 $0 10.00%

    For 2023, Pfcu's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 15 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 107 $16,195,000 $151,355
    $<1k 59 $2,905,000 $49,237
    $2k-3k 1 $105,000 $105,000

    Pfcu's average total fees were $2,898, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 107 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 68 $9,160,000 $134,706
    7-8% 44 $6,300,000 $143,182
    Over 8% 42 $2,500,000 $59,524
    5-6% 17 $1,965,000 $115,588

    During 2023, Pfcu's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 84 $4,180,000 $49,762 $1,365 7.78%
    $100k-200k 60 $8,660,000 $144,333 $2,784 6.78%
    $200k-400k 26 $6,670,000 $256,538 $3,201 7.10%
    $400k-600k 1 $415,000 $415,000 $5,707 7.38%

    2023 saw Pfcu place emphasis on $100,000 or less loans with 84 originations, totaling $4,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 50 $5,490,000 $109,800 $2,195 7.26%
    $100k-150k 40 $5,740,000 $143,500 $2,194 7.28%
    $50k or less 37 $2,795,000 $75,541 $2,015 7.24%
    $75k-100k 31 $3,375,000 $108,871 $2,012 7.61%
    $150k-250k 5 $855,000 $171,000 $2,275 6.78%
    $250k+ 4 $950,000 $237,500 $3,676 7.31%

    Pfcu lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $100k-150k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 44 $4,710,000 $107,045 $2,179 6.96%
    30-36% 38 $4,580,000 $120,526 $2,343 7.30%
    <20% 12 $940,000 $78,333 $2,307 7.09%
    41% 11 $1,355,000 $123,182 $2,314 7.17%
    42% 8 $650,000 $81,250 $1,951 7.27%
    39% 8 $1,160,000 $145,000 $2,142 7.44%
    37% 7 $835,000 $119,286 $1,821 8.50%
    43% 6 $560,000 $93,333 $1,722 8.15%
    38% 6 $520,000 $86,667 $1,518 8.13%
    36% 6 $1,060,000 $176,667 $2,676 7.02%
    45% 5 $835,000 $167,000 $2,926 6.80%
    50-60% 5 $475,000 $95,000 $1,194 7.93%
    40% 4 $170,000 $42,500 $1,157 8.78%
    49% 2 $530,000 $265,000 $2,871 7.31%
    44% 2 $210,000 $105,000 $1,734 6.13%
    46% 1 $345,000 $345,000 $3,523 6.13%
    47% 1 $45,000 $45,000 $533 8.50%
    48% 1 $225,000 $225,000 $2,975 6.75%

    Pfcu lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 159 $18,155,000 $114,182 $2,137 7.33%
    Not applicable 4 $720,000 $180,000 $0 7.64%
    Not provided 4 $550,000 $137,500 $2,792 6.78%
    Black 3 $285,000 $95,000 $2,226 7.50%
    Asian 1 $215,000 $215,000 $2,895 5.75%

    Approval Rates

    Total approvals of all applications
    92.37%

    Pfcu has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.21%

    Pfcu has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 171 $19,925,000 $116,520

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    171 $19,925,000 $116,520

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 28 $1,990,000 $71,071 $1,545 7.58%
    40-60% 21 $2,545,000 $121,190 $2,468 7.17%
    60-80% 28 $4,450,000 $158,929 $2,901 7.03%
    80-100% 53 $9,395,000 $177,264 $2,959 6.76%
    Under 20% 41 $1,545,000 $37,683 $939 8.15%