Frankenmuth Credit Union Mortgage Rates, Fees & Info

Frankenmuth, MI

LEI: 254900BQVRDMH5K9QS04

Tax ID: 38-1796409

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
  • Complaints
  • 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

    Frankenmuth Credit Union is a smaller credit union specializing in Home Purchase and Other loans. Frankenmuth Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Flint, Bay City, Detroit, and Ann Arbor among others. We have data for 16 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 an above 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.02% 4/18/24
    30 Year Conventional Refi 6.47% 4/18/24
    30 Year Cash-out Refi 6.59% 4/18/24
    30 Year USDA Purchase 7.03% 4/18/24
    15 Year Conventional Purchase 6.92% 4/18/24
    15 Year Conventional Refi 7.04% 4/18/24
    15 Year Cash-out Refi 7.04% 4/18/24
    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.

    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

    1,026

    Origination Dollar Volume (All Markets)

    $109,410,000
    Show all (5) 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
    SAGINAW, MI (FHA|USDA|VA) 425 $49,945,000 $117,518 $2,772 5.09%
    Outside of Metro Areas 317 $27,455,000 $86,609 $2,437 5.39%
    FLINT, MI (FHA|USDA|VA) 110 $12,330,000 $112,091 $2,787 5.22%
    BAY CITY, MI (FHA|USDA|VA) 92 $9,030,000 $98,152 $2,796 5.28%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 22 $2,790,000 $126,818 $2,835 5.19%
    ANN ARBOR, MI (FHA|USDA|VA) 5 $2,055,000 $411,000 $6,363 5.23%
    MIDLAND, MI (FHA|USDA|VA) 18 $1,950,000 $108,333 $2,648 5.58%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 13 $1,375,000 $105,769 $2,469 5.44%
    Traverse City, MI (FHA|USDA|VA) 9 $1,015,000 $112,778 $2,607 5.49%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $700,000 $116,667 $1,863 5.50%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $270,000 $135,000 $2,466 5.63%
    JACKSON, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,383 5.56%
    Alma, MI (FHA|USDA|VA) 2 $160,000 $80,000 $3,171 5.31%
    NILES, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,512 8.25%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,306 5.50%
    Cadillac, MI (FHA|USDA|VA) 1 $25,000 $25,000 $972 6.50%
    Frankenmuth Credit Union's top markets include Saginaw, Flint, Bay City, Detroit, and Ann Arbor 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.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    FinancialEdge Community Credit Union
    Similarity Rank: 56
    St James Mortgage Corporation
    Similarity Rank: 120
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 128
    Dort Financial Credit Union
    Similarity Rank: 180
    MEMBERS FIRST Credit Union
    Similarity Rank: 182
    Wanigas Credit Union
    Similarity Rank: 220
    Isabella Bank
    Similarity Rank: 266
    PFCU
    Similarity Rank: 270

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 910 $99,060,000 $108,857 $2,617 5.26%
    USDA 81 $7,985,000 $98,580 $3,333 4.94%
    HELOC 35 $2,365,000 $67,571 n/a 5.54%

    For 2018, Frankenmuth Credit Union's most frequently originated type of loan was Conventional, with 910 originations. Their 2nd most popular type was USDA, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 602 $77,030,000 $127,957 $3,277 4.93%
    Other 364 $26,140,000 $71,813 $1,642 5.80%
    Cash Out Refi 25 $3,045,000 $121,800 $2,721 4.54%
    Refi 23 $2,475,000 $107,609 $2,262 4.61%
    Home Improvement 12 $720,000 $60,000 $1,479 6.30%

    For 2018, Frankenmuth Credit Union's most frequently cited loan purpose was Home Purchase, with 602 originations. The 2nd most popular reason was Other, with 364 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 585 $74,915,000 $128,060 $3,216 4.91%
    15 Year 328 $23,930,000 $72,957 $1,611 5.78%
    20 Year 62 $6,060,000 $97,742 $3,180 5.17%
    5 Year 32 $2,970,000 $92,813 $3,434 6.28%
    10 Year 19 $1,535,000 $80,789 $2,407 4.58%

    For 2018, Frankenmuth Credit Union's most frequently cited loan duration was 30 Year, with 585 originations. The 2nd most popular length was 15 Year, with 328 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 559 $48,935,000 $87,540
    $1k-2k 243 $22,575,000 $92,901
    $2k-3k 137 $19,035,000 $138,942
    $3k-4k 30 $7,030,000 $234,333
    $4k-5k 14 $4,690,000 $335,000
    $5k+ 8 $4,780,000 $597,500

    Frankenmuth Credit Union's average total fees were $3,216, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 559 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 490 $63,340,000 $129,265
    5-6% 356 $31,840,000 $89,438
    3-4% 55 $6,295,000 $114,455
    6-7% 55 $3,775,000 $68,636
    Over 8% 39 $2,505,000 $64,231
    7-8% 31 $1,655,000 $53,387

    During 2018, Frankenmuth Credit Union's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 490 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 607 $35,575,000 $58,608 $2,103 5.45%
    $100k-200k 318 $43,340,000 $136,289 $3,058 4.99%
    $200k-400k 87 $22,705,000 $260,977 $4,171 4.77%
    $400k-600k 9 $3,915,000 $435,000 $6,776 4.76%
    $600k-1MM 4 $2,690,000 $672,500 $11,264 5.19%
    $1MM+ 1 $1,185,000 $1,185,000 $17,486 4.75%

    2018 saw Frankenmuth Credit Union place emphasis on $100,000 or less loans with 607 originations, totaling $35,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 378 $27,150,000 $71,825 $2,449 5.32%
    $50k-75k 295 $28,115,000 $95,305 $2,495 5.26%
    $75k-100k 154 $16,970,000 $110,195 $2,555 5.33%
    $100k-150k 132 $21,340,000 $161,667 $3,145 5.00%
    $150k-250k 59 $12,035,000 $203,983 $3,525 5.00%
    $250k+ 8 $3,800,000 $475,000 $8,953 4.81%

    Frankenmuth Credit Union lent most frequently to those with incomes in the $50k or less range, with 378 originations. The second most popular income band? $50k-75k, with 295 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 280 $30,050,000 $107,321 $2,754 5.16%
    30-36% 209 $23,605,000 $112,943 $2,771 5.20%
    <20% 78 $7,530,000 $96,538 $2,552 5.02%
    36% 47 $4,675,000 $99,468 $2,555 5.49%
    42% 45 $4,415,000 $98,111 $2,597 5.09%
    37% 43 $4,105,000 $95,465 $2,660 5.37%
    39% 41 $4,825,000 $117,683 $2,881 5.19%
    38% 40 $3,650,000 $91,250 $2,649 5.36%
    41% 36 $4,150,000 $115,278 $2,851 5.14%
    40% 36 $5,310,000 $147,500 $3,306 5.27%
    44% 30 $2,880,000 $96,000 $2,108 5.50%
    43% 26 $2,520,000 $96,923 $2,435 5.24%
    45% 24 $2,660,000 $110,833 $2,946 5.48%
    46% 19 $1,975,000 $103,947 $2,046 5.49%
    50-60% 16 $1,400,000 $87,500 $2,102 5.83%
    47% 15 $1,375,000 $91,667 $2,699 5.60%
    49% 15 $1,645,000 $109,667 $2,239 4.97%
    >60% 13 $1,005,000 $77,308 $1,677 5.88%
    48% 12 $1,560,000 $130,000 $2,424 5.35%

    Frankenmuth Credit Union lent most frequently to those with DTI ratios of 20-30%, with 280 originations. The next most common DTI ratio? 30-36%, with 209 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 967 $105,415,000 $109,012 $2,676 5.22%
    Black 39 $2,375,000 $60,897 $2,760 5.85%
    Not provided 15 $1,195,000 $79,667 $2,567 5.18%
    Asian 2 $290,000 $145,000 $2,524 4.06%
    American Indian 2 $120,000 $60,000 $2,359 4.63%
    Native Hawaiian 1 $15,000 $15,000 $1,205 6.50%

    Approval Rates

    Total approvals of all applications
    97.30%

    Frankenmuth Credit Union 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
    90.84%

    Frankenmuth Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,026 $109,410,000 $106,637

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 40 $2,810,000 $70,250
    Single Family (1-4 Units):Site-Built 986 $106,600,000 $108,114

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 119 $5,885,000 $49,454 $1,340 5.88%
    40-60% 90 $8,580,000 $95,333 $2,243 5.16%
    60-80% 185 $21,045,000 $113,757 $2,746 5.02%
    80-100% 536 $68,510,000 $127,817 $3,092 5.11%
    Over 100% 37 $3,545,000 $95,811 $3,402 5.37%
    Under 20% 59 $1,845,000 $31,271 $1,006 5.92%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Conventional home mortgage Incorrect information on your report 1 7.1%
    Franklin Credit Management Corporation Other type of mortgage Trouble during payment process 1 7.1%
    Franklin Credit Management Corporation Other type of mortgage Struggling to pay mortgage 2 14.3%
    Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 7.1%
    Franklin Credit Management Corporation Conventional home mortgage Trouble during payment process 3 21.4%
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 42.9%