Frankenmuth Credit Union Mortgage Rates, Fees & Info

Frankenmuth, MI

LEI: 254900BQVRDMH5K9QS04

Tax ID: 38-1796409

5 stars - Updated: 12/4/23 - out of 5 stars, based on 35 reviews

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

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Mortgage Data

Review & Overview

Frankenmuth Credit Union is a smaller credit union specializing in Home Purchase loans. Frankenmuth Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Detroit, and Flint among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Frankenmuth Credit Union 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. Frankenmuth 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 7.02% 12/4/23
30 Year Conventional Refi 6.47% 12/4/23
30 Year Cash-out Refi 6.59% 12/4/23
30 Year USDA Purchase 7.03% 12/4/23
15 Year Conventional Purchase 6.92% 12/4/23
15 Year Conventional Refi 7.04% 12/4/23
15 Year Cash-out Refi 7.04% 12/4/23
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.

Frankenmuth Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Frankenmuth 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

1,252

Origination Dollar Volume (All Markets)

$188,450,000
Show all (10) awards

Relative Rate

Frankenmuth Credit Union's average 30 year fixed mortgage rate was 5.34%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.58%.

Relative Fees (Closing Costs)

Frankenmuth Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,094.

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 $4,750.

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
SAGINAW, MI (FHA|USDA|VA) 438 $72,150,000 $164,726 $1,483 5.69%
Outside of Metro Areas 392 $47,240,000 $120,510 $1,850 5.64%
BAY CITY, MI (FHA|USDA|VA) 132 $19,030,000 $144,167 $1,485 5.70%
MIDLAND, MI (FHA|USDA|VA) 85 $16,535,000 $194,529 $1,179 5.75%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 54 $12,630,000 $233,889 $1,493 5.98%
FLINT, MI (FHA|USDA|VA) 94 $11,580,000 $123,191 $1,337 5.90%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 20 $3,060,000 $153,000 $1,945 5.94%
Traverse City, MI (FHA|USDA|VA) 9 $2,545,000 $282,778 $2,152 5.89%
Alma, MI (FHA|USDA|VA) 11 $1,285,000 $116,818 $1,311 5.78%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $470,000 $78,333 $0 6.79%
Mount Pleasant, MI (FHA|USDA|VA) 2 $320,000 $160,000 $1,417 5.38%
Alpena, MI (FHA|USDA|VA) 1 $295,000 $295,000 $0 4.50%
Cadillac, MI (FHA|USDA|VA) 1 $295,000 $295,000 $2,734 3.25%
NILES, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.75%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $0 5.50%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $185,000 $185,000 $0 5.38%
Marquette, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,560 7.13%
Sturgis, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,460 5.00%
Escanaba, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.50%
Hillsdale, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.50%
Frankenmuth Credit Union's top markets include Saginaw, Bay City, Midland, Detroit, and Flint among others.

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

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

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 45
    St James Mortgage Corporation
    Similarity Rank: 114
    Lake Huron Credit Union
    Similarity Rank: 136
    MEMBERS FIRST Credit Union
    Similarity Rank: 180
    Isabella Bank
    Similarity Rank: 280
    JOLT CREDIT UNION
    Similarity Rank: 330
    UNITED FINANCIAL Credit Union
    Similarity Rank: 550

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,221 $184,435,000 $151,052 $1,509 5.72%
    USDA 31 $4,015,000 $129,516 $4,051 5.69%

    For 2022, Frankenmuth Credit Union's most frequently originated type of loan was Conventional, with 1,221 originations. Their 2nd most popular type was USDA, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 654 $128,900,000 $197,095 $1,871 5.62%
    Home Improvement 221 $14,855,000 $67,217 $485 6.72%
    Cash Out Refi 185 $23,885,000 $129,108 $2,261 4.89%
    Other 104 $7,280,000 $70,000 $699 6.61%
    Refi 88 $13,530,000 $153,750 $2,015 4.60%

    For 2022, Frankenmuth Credit Union's most frequently cited loan purpose was Home Purchase, with 654 originations. The 2nd most popular reason was Home Improvement, with 221 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 641 $118,795,000 $185,328 $2,094 5.34%
    15 Year 453 $40,635,000 $89,702 $818 6.29%
    5 Year 53 $14,675,000 $276,887 $874 5.90%
    20 Year 38 $4,340,000 $114,211 $2,507 5.03%
    10 Year 35 $4,065,000 $116,143 $1,769 4.57%
    Other 32 $5,940,000 $185,625 $404 6.90%

    For 2022, Frankenmuth Credit Union's most frequently cited loan duration was 30 Year, with 641 originations. The 2nd most popular length was 15 Year, with 453 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 931 $129,015,000 $138,577
    $1k-2k 140 $19,210,000 $137,214
    $2k-3k 39 $5,475,000 $140,385
    $3k-4k 23 $5,935,000 $258,043
    $5k+ 19 $7,075,000 $372,368
    $4k-5k 7 $2,375,000 $339,286

    Frankenmuth Credit Union's average total fees were $2,094, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 931 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 340 $55,060,000 $161,941
    6-7% 258 $36,520,000 $141,550
    4-5% 185 $35,355,000 $191,108
    3-4% 176 $34,720,000 $197,273
    7-8% 144 $14,350,000 $99,653
    Over 8% 92 $6,030,000 $65,543
    2.5-3% 39 $4,705,000 $120,641
    <2.5% 18 $1,710,000 $95,000

    During 2022, Frankenmuth Credit Union's average interest rate for loans was 5.34%, while their most frequently originated rate bucket for loans was 5-6%, with 340 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 561 $32,395,000 $57,745 $1,029 6.13%
    $100k-200k 453 $64,055,000 $141,402 $1,879 5.47%
    $200k-400k 172 $48,180,000 $280,116 $2,222 5.25%
    $400k-600k 46 $22,050,000 $479,348 $3,268 5.13%
    $600k-1MM 13 $8,795,000 $676,538 $1,570 5.13%
    $1MM+ 7 $12,975,000 $1,853,571 $0 4.88%

    2022 saw Frankenmuth Credit Union place emphasis on $100,000 or less loans with 561 originations, totaling $32,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 340 $38,380,000 $112,882 $1,653 5.50%
    $50k or less 310 $26,450,000 $85,323 $1,374 5.81%
    $75k-100k 218 $27,680,000 $126,972 $1,347 6.00%
    $100k-150k 179 $29,725,000 $166,061 $1,484 5.84%
    $150k-250k 122 $37,370,000 $306,311 $2,153 5.60%
    $250k+ 35 $17,285,000 $493,857 $2,533 5.56%

    Frankenmuth Credit Union lent most frequently to those with incomes in the $50k-75k range, with 340 originations. The second most popular income band? $50k or less, with 310 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 271 $40,285,000 $148,653 $1,886 5.52%
    30-36% 244 $36,560,000 $149,836 $1,752 5.57%
    <20% 95 $9,865,000 $103,842 $1,522 5.45%
    36% 54 $7,120,000 $131,852 $1,479 5.62%
    43% 48 $6,520,000 $135,833 $1,616 5.53%
    39% 48 $8,210,000 $171,042 $1,815 5.48%
    44% 47 $6,795,000 $144,574 $1,219 5.87%
    38% 45 $5,545,000 $123,222 $1,270 5.99%
    42% 44 $5,650,000 $128,409 $1,517 6.07%
    41% 41 $6,025,000 $146,951 $1,456 6.04%
    37% 41 $6,605,000 $161,098 $1,439 5.89%
    40% 39 $6,565,000 $168,333 $999 5.76%
    46% 35 $4,055,000 $115,857 $1,445 6.44%
    45% 32 $4,820,000 $150,625 $1,621 5.94%
    47% 29 $4,435,000 $152,931 $1,682 6.31%
    50-60% 26 $3,920,000 $150,769 $561 6.48%
    49% 24 $3,310,000 $137,917 $1,176 6.54%
    48% 19 $1,755,000 $92,368 $551 6.61%
    >60% 18 $2,770,000 $153,889 $1,045 5.75%

    Frankenmuth Credit Union lent most frequently to those with DTI ratios of 20-30%, with 271 originations. The next most common DTI ratio? 30-36%, with 244 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,119 $165,015,000 $147,466 $1,612 5.72%
    Not applicable 48 $11,560,000 $240,833 $0 5.27%
    Not provided 46 $8,030,000 $174,565 $1,295 5.58%
    Black 31 $2,735,000 $88,226 $625 6.72%
    American Indian 6 $520,000 $86,667 $1,840 5.15%
    Asian 1 $465,000 $465,000 $0 5.63%
    Native Hawaiian or Islander 1 $125,000 $125,000 $2,550 3.38%

    Approval Rates

    Total approvals of all applications
    94.43%

    Frankenmuth Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.14%

    Frankenmuth Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,252 $188,450,000 $150,519

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,252 $188,450,000 $150,519

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 167 $10,245,000 $61,347 $672 6.34%
    40-60% 142 $13,640,000 $96,056 $1,408 5.58%
    60-80% 294 $53,140,000 $180,748 $2,110 5.29%
    80-100% 530 $103,870,000 $195,981 $1,900 5.60%
    Over 100% 17 $2,495,000 $146,765 $502 6.07%
    Under 20% 98 $4,390,000 $44,796 $306 6.72%