Pfcu Mortgage Rates, Fees & Info

Portland, MI

LEI: 2549008NRAZRGNG0TT58

Tax ID: 38-1379433

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

    Pfcu is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Pfcu has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Lansing, Flint, Detroit, and Saginaw among others. We have data for 14 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 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.

    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% 11/22/24
    30 Year Conventional Refi 6.41% 11/22/24
    30 Year Cash-out Refi 6.77% 11/22/24
    30 Year USDA Purchase 7.09% 11/22/24
    15 Year Conventional Purchase 7.15% 11/22/24
    15 Year Conventional Refi 6.70% 11/22/24
    15 Year Cash-out Refi 6.70% 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.

    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

    565

    Origination Dollar Volume (All Markets)

    $80,385,000
    Show all (7) 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) 285 $43,035,000 $151,000 $2,376 3.30%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 183 $24,245,000 $132,486 $2,286 3.33%
    Outside of Metro Areas 39 $6,025,000 $154,487 $2,393 3.42%
    FLINT, MI (FHA|USDA|VA) 34 $4,070,000 $119,706 $2,270 3.42%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,100,000 $183,333 $2,396 3.17%
    SAGINAW, MI (FHA|USDA|VA) 7 $575,000 $82,143 $2,265 3.46%
    Alma, MI (FHA|USDA|VA) 3 $245,000 $81,667 $1,837 3.29%
    MIDLAND, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,270 3.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,540 2.88%
    MUSKEGON, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,329 2.75%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,582 3.13%
    Big Rapids, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,535 3.38%
    Traverse City, MI (FHA|USDA|VA) 2 $140,000 $70,000 $2,374 2.88%
    Holland, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,185 3.25%
    Pfcu's top markets include Grand Rapids, Lansing, Flint, Detroit, and Saginaw among others.

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

    SECURITY CREDIT UNION
    Similarity Rank: 54
    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Preston Home Loans Inc
    Similarity Rank: 456
    Meijer Credit Union
    Similarity Rank: 490
    LAFCU
    Similarity Rank: 527
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 539 $77,135,000 $143,108 $2,269 3.32%
    USDA 26 $3,250,000 $125,000 $3,742 3.31%

    For 2020, Pfcu's most frequently originated type of loan was Conventional, with 539 originations. Their 2nd most popular type was USDA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 206 $29,390,000 $142,670 $2,281 3.34%
    Refi 173 $24,295,000 $140,434 $2,211 3.17%
    Home Purchase 157 $24,055,000 $153,217 $2,692 3.41%
    Other 20 $1,660,000 $83,000 $1,452 3.63%
    Home Improvement 9 $985,000 $109,444 $2,006 3.40%

    For 2020, Pfcu's most frequently cited loan purpose was Cash Out Refi, with 206 originations. The 2nd most popular reason was Refi, with 173 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 278 $46,370,000 $166,799 $2,635 3.39%
    15 Year 165 $19,725,000 $119,545 $2,090 3.06%
    10 Year 53 $3,745,000 $70,660 $1,400 3.75%
    20 Year 51 $7,855,000 $154,020 $2,420 3.29%
    Other 17 $2,645,000 $155,588 $2,516 3.40%
    5 Year 1 $45,000 $45,000 $1,925 4.25%

    For 2020, Pfcu's most frequently cited loan duration was 30 Year, with 278 originations. The 2nd most popular length was 15 Year, with 165 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 388 $53,630,000 $138,222
    $1k-2k 161 $25,735,000 $159,845

    Pfcu's average total fees were $2,635, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 388 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 321 $48,955,000 $152,508
    2.5-3% 164 $23,720,000 $144,634
    4-5% 40 $3,310,000 $82,750
    <2.5% 30 $3,970,000 $132,333
    5-6% 8 $340,000 $42,500
    6-7% 2 $90,000 $45,000

    During 2020, Pfcu's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 321 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 270 $38,710,000 $143,370 $2,474 3.22%
    $100,000 or less 183 $11,745,000 $64,180 $1,795 3.50%
    $200k-400k 107 $27,365,000 $255,748 $2,800 3.27%
    $400k-600k 4 $1,950,000 $487,500 $3,349 3.31%
    $600k-1MM 1 $615,000 $615,000 $5,115 3.13%

    2020 saw Pfcu place emphasis on $100k-200k loans with 270 originations, totaling $38,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 181 $22,995,000 $127,044 $2,315 3.36%
    $50k or less 137 $13,325,000 $97,263 $2,282 3.34%
    $75k-100k 117 $18,165,000 $155,256 $2,294 3.34%
    $100k-150k 90 $17,560,000 $195,111 $2,441 3.24%
    $150k-250k 35 $7,355,000 $210,143 $2,555 3.10%
    $250k+ 3 $855,000 $285,000 $2,662 3.42%

    Pfcu lent most frequently to those with incomes in the $50k-75k range, with 181 originations. The second most popular income band? $50k or less, with 137 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 176 $25,270,000 $143,580 $2,298 3.29%
    30-36% 118 $17,040,000 $144,407 $2,377 3.31%
    <20% 71 $8,785,000 $123,732 $2,317 3.24%
    39% 26 $3,680,000 $141,538 $2,389 3.50%
    40% 24 $3,480,000 $145,000 $2,725 3.49%
    36% 23 $3,865,000 $168,043 $2,311 3.29%
    41% 23 $3,115,000 $135,435 $2,152 3.46%
    38% 19 $3,045,000 $160,263 $2,443 3.20%
    42% 13 $1,215,000 $93,462 $1,718 3.60%
    44% 13 $2,355,000 $181,154 $2,399 3.49%
    37% 12 $1,950,000 $162,500 $2,382 3.06%
    43% 10 $1,660,000 $166,000 $2,594 3.30%
    45% 8 $1,360,000 $170,000 $2,771 3.13%
    46% 7 $735,000 $105,000 $1,779 3.23%
    48% 6 $940,000 $156,667 $2,539 3.56%
    47% 5 $845,000 $169,000 $2,045 3.15%
    49% 3 $535,000 $178,333 $2,474 2.92%
    50-60% 2 $220,000 $110,000 $2,271 3.31%
    >60% 2 $160,000 $80,000 $2,188 3.00%

    Pfcu lent most frequently to those with DTI ratios of 20-30%, with 176 originations. The next most common DTI ratio? 30-36%, with 118 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 524 $74,640,000 $142,443 $2,339 3.32%
    Not provided 31 $4,465,000 $144,032 $2,386 3.21%
    American Indian 4 $640,000 $160,000 $2,358 3.03%
    Black 4 $510,000 $127,500 $1,675 3.53%
    Not applicable 2 $130,000 $65,000 $0 5.13%

    Approval Rates

    Total approvals of all applications
    98.13%

    Pfcu 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
    85.49%

    Pfcu has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 565 $80,385,000 $142,274

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 18 $1,800,000 $100,000
    Single Family (1-4 Units):Site-Built 547 $78,585,000 $143,665

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $2,045,000 $61,970 $1,329 3.51%
    40-60% 72 $8,460,000 $117,500 $2,235 3.15%
    60-80% 181 $27,565,000 $152,293 $2,426 3.24%
    80-100% 117 $19,795,000 $169,188 $2,784 3.38%
    Over 100% 8 $1,380,000 $172,500 $3,481 3.28%
    Under 20% 25 $885,000 $35,400 $685 4.40%