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 loans. Frankenmuth Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Flint, Bay City, Detroit, and Midland among others. We have data for 17 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% 4/14/24
    30 Year Conventional Refi 6.47% 4/14/24
    30 Year Cash-out Refi 6.59% 4/14/24
    30 Year USDA Purchase 7.03% 4/14/24
    15 Year Conventional Purchase 6.92% 4/14/24
    15 Year Conventional Refi 7.04% 4/14/24
    15 Year Cash-out Refi 7.04% 4/14/24
    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

    1,014

    Origination Dollar Volume (All Markets)

    $126,920,000
    Show all (6) 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) 410 $56,350,000 $137,439 $2,237 4.54%
    Outside of Metro Areas 327 $34,045,000 $104,113 $2,017 4.71%
    FLINT, MI (FHA|USDA|VA) 97 $10,225,000 $105,412 $2,092 4.74%
    BAY CITY, MI (FHA|USDA|VA) 78 $8,010,000 $102,692 $2,120 4.57%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 46 $6,790,000 $147,609 $2,486 4.75%
    MIDLAND, MI (FHA|USDA|VA) 22 $4,540,000 $206,364 $2,706 4.53%
    Traverse City, MI (FHA|USDA|VA) 7 $2,345,000 $335,000 $2,843 4.29%
    ANN ARBOR, MI (FHA|USDA|VA) 5 $1,305,000 $261,000 $1,779 4.55%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $930,000 $116,250 $1,985 5.17%
    Hillsdale, MI (FHA|USDA|VA) 1 $585,000 $585,000 $10,287 4.75%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $545,000 $181,667 $1,710 4.21%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $450,000 $112,500 $1,632 4.69%
    Holland, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,545 4.00%
    MONROE, MI (FHA|USDA|VA) 1 $185,000 $185,000 $7,725 4.75%
    Alma, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,809 4.75%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,426 3.75%
    Cadillac, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,219 4.38%
    Frankenmuth Credit Union's top markets include Saginaw, Flint, Bay City, Detroit, and Midland 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.

    United Bay Community Credit Union
    Similarity Rank: 32
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 96
    Lake Huron Credit Union
    Similarity Rank: 120
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    MEMBERS FIRST Credit Union
    Similarity Rank: 256
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    Isabella Bank
    Similarity Rank: 324
    Wanigas Credit Union
    Similarity Rank: 350

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 937 $119,355,000 $127,380 $2,074 4.65%
    USDA 77 $7,565,000 $98,247 $3,411 4.32%

    For 2019, Frankenmuth Credit Union's most frequently originated type of loan was Conventional, with 937 originations. Their 2nd most popular type was USDA, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 497 $70,155,000 $141,157 $2,739 4.41%
    Other 168 $11,530,000 $68,631 $828 6.01%
    Refi 145 $23,015,000 $158,724 $2,202 3.67%
    Cash Out Refi 139 $18,595,000 $133,777 $2,553 4.02%
    Home Improvement 65 $3,625,000 $55,769 $490 6.18%

    For 2019, Frankenmuth Credit Union's most frequently cited loan purpose was Home Purchase, with 497 originations. The 2nd most popular reason was Other, with 168 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 556 $83,990,000 $151,061 $2,771 4.29%
    15 Year 352 $30,880,000 $87,727 $1,228 5.20%
    20 Year 48 $6,970,000 $145,208 $2,362 3.78%
    10 Year 34 $3,050,000 $89,706 $2,234 3.87%
    5 Year 24 $2,030,000 $84,583 $1,837 6.80%

    For 2019, Frankenmuth Credit Union's most frequently cited loan duration was 30 Year, with 556 originations. The 2nd most popular length was 15 Year, with 352 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 722 $84,910,000 $117,604
    $1k-2k 197 $23,785,000 $120,736
    $2k-3k 60 $8,660,000 $144,333
    $3k-4k 22 $4,400,000 $200,000
    $5k+ 8 $3,930,000 $491,250
    $4k-5k 5 $1,235,000 $247,000

    Frankenmuth Credit Union's average total fees were $2,771, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 722 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 455 $68,495,000 $150,538
    4-5% 227 $32,495,000 $143,150
    5-6% 215 $17,645,000 $82,070
    6-7% 37 $2,635,000 $71,216
    Over 8% 36 $2,180,000 $60,556
    7-8% 28 $1,570,000 $56,071
    2.5-3% 16 $1,900,000 $118,750

    During 2019, Frankenmuth Credit Union's average interest rate for loans was 4.29%, while their most frequently originated rate bucket for loans was 3-4%, with 455 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 513 $30,495,000 $59,444 $1,701 5.05%
    $100k-200k 344 $47,580,000 $138,314 $2,562 4.22%
    $200k-400k 133 $34,555,000 $259,812 $2,688 4.14%
    $400k-600k 17 $8,055,000 $473,824 $4,547 4.08%
    $600k-1MM 6 $4,590,000 $765,000 $2,893 4.31%
    $1MM+ 1 $1,645,000 $1,645,000 $0 4.00%

    2019 saw Frankenmuth Credit Union place emphasis on $100,000 or less loans with 513 originations, totaling $30,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 346 $26,180,000 $75,665 $2,150 4.78%
    $50k-75k 255 $27,435,000 $107,588 $2,132 4.65%
    $75k-100k 167 $21,955,000 $131,467 $1,927 4.60%
    $100k-150k 149 $24,775,000 $166,275 $2,329 4.51%
    $150k-250k 75 $16,565,000 $220,867 $2,444 4.28%
    $250k+ 21 $9,895,000 $471,190 $2,978 4.12%

    Frankenmuth Credit Union lent most frequently to those with incomes in the $50k or less range, with 346 originations. The second most popular income band? $50k-75k, with 255 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 285 $38,555,000 $135,281 $2,256 4.29%
    30-36% 216 $25,650,000 $118,750 $2,172 4.76%
    <20% 111 $11,635,000 $104,820 $2,015 4.32%
    37% 42 $4,840,000 $115,238 $2,399 4.77%
    40% 39 $4,515,000 $115,769 $2,229 4.59%
    36% 37 $3,805,000 $102,838 $2,358 4.78%
    44% 34 $4,220,000 $124,118 $2,421 4.74%
    41% 32 $4,460,000 $139,375 $2,095 4.72%
    38% 28 $3,610,000 $128,929 $2,518 4.94%
    42% 27 $3,225,000 $119,444 $2,297 4.92%
    39% 27 $2,965,000 $109,815 $2,240 4.99%
    50-60% 27 $3,825,000 $141,667 $1,620 5.69%
    43% 26 $3,010,000 $115,769 $1,871 4.86%
    45% 23 $3,145,000 $136,739 $2,182 5.01%
    48% 17 $2,605,000 $153,235 $2,116 4.48%
    46% 14 $2,320,000 $165,714 $1,935 5.13%
    47% 13 $2,355,000 $181,154 $1,864 4.66%
    49% 9 $1,275,000 $141,667 $1,780 5.03%
    >60% 6 $790,000 $131,667 $561 6.13%

    Frankenmuth Credit Union lent most frequently to those with DTI ratios of 20-30%, with 285 originations. The next most common DTI ratio? 30-36%, with 216 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 960 $121,390,000 $126,448 $2,175 4.61%
    Black 34 $2,500,000 $73,529 $2,278 5.28%
    Not provided 12 $1,670,000 $139,167 $2,351 4.49%
    American Indian 5 $1,025,000 $205,000 $1,213 4.48%
    Asian 3 $335,000 $111,667 $2,276 3.63%

    Approval Rates

    Total approvals of all applications
    96.32%

    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
    91.62%

    Frankenmuth Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,014 $126,920,000 $125,168

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 38 $2,580,000 $67,895
    Single Family (1-4 Units):Site-Built 976 $124,340,000 $127,398

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 113 $6,465,000 $57,212 $862 5.79%
    40-60% 97 $10,985,000 $113,247 $1,833 4.32%
    60-80% 268 $37,600,000 $140,299 $2,319 4.15%
    80-100% 475 $68,755,000 $144,747 $2,666 4.53%
    Over 100% 7 $1,125,000 $160,714 $2,840 5.32%
    Under 20% 53 $1,875,000 $35,377 $371 5.94%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 3 21.4%
    Franklin Credit Management Corporation Conventional home mortgage Trouble during payment process 2 14.3%
    Franklin Credit Management Corporation FHA mortgage Struggling to pay mortgage 2 14.3%
    Franklin Credit Management Corporation Other type of mortgage Struggling to pay mortgage 5 35.7%
    Franklin Credit Management Corporation Other type of mortgage Trouble during payment process 2 14.3%