Pfcu Mortgage Rates, Fees & Info
Portland, MILEI: 2549008NRAZRGNG0TT58
Tax ID: 38-1379433
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.89% | 11/17/24 |
| 30 Year Conventional Refi | 6.41% | 11/17/24 |
| 30 Year Cash-out Refi | 6.77% | 11/17/24 |
| 30 Year USDA Purchase | 7.09% | 11/17/24 |
| 15 Year Conventional Purchase | 7.15% | 11/17/24 |
| 15 Year Conventional Refi | 6.70% | 11/17/24 |
| 15 Year Cash-out Refi | 6.70% | 11/17/24 |
| 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
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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
171Origination Dollar Volume (All Markets)
$19,925,000Awards
PFCU - 2023
PFCU is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 98
Similarity Rank: 130
Similarity Rank: 168
Similarity Rank: 266
Similarity Rank: 304
Similarity Rank: 312
Similarity Rank: 315
Similarity Rank: 391
Similarity Rank: 400
Similarity Rank: 488
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
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
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
2023 saw Pfcu place emphasis on $100,000 or less loans with 84 originations, totaling $4,180,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.37%
Pfcu has an average approval rate.
Pick Rate
Approvals leading to origination84.21%
Pfcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 171 | $19,925,000 | $116,520 |