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 Refi, Home Purchase, and Cash Out Refi 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, Flint, Detroit, and Midland among others. We have data for 27 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.

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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

    2,143

    Origination Dollar Volume (All Markets)

    $353,425,000
    Show all (19) 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) 915 $159,125,000 $173,907 $2,179 3.17%
    Outside of Metro Areas 542 $74,540,000 $137,528 $2,158 3.10%
    BAY CITY, MI (FHA|USDA|VA) 174 $27,700,000 $159,195 $2,132 3.28%
    FLINT, MI (FHA|USDA|VA) 184 $26,790,000 $145,598 $2,304 3.14%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 100 $21,330,000 $213,300 $2,401 3.40%
    MIDLAND, MI (FHA|USDA|VA) 104 $19,870,000 $191,058 $1,989 3.35%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 31 $6,215,000 $200,484 $2,152 3.50%
    Traverse City, MI (FHA|USDA|VA) 21 $5,305,000 $252,619 $2,391 2.85%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 35 $5,215,000 $149,000 $2,019 3.02%
    ANN ARBOR, MI (FHA|USDA|VA) 6 $1,950,000 $325,000 $1,777 2.75%
    Alma, MI (FHA|USDA|VA) 5 $1,145,000 $229,000 $2,886 2.88%
    MONROE, MI (FHA|USDA|VA) 4 $630,000 $157,500 $2,671 2.91%
    MUSKEGON, MI (FHA|USDA|VA) 2 $530,000 $265,000 $2,357 2.63%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $510,000 $255,000 $2,673 3.06%
    Adrian, MI (FHA|USDA|VA) 3 $505,000 $168,333 $1,729 3.04%
    JACKSON, MI (FHA|USDA|VA) 2 $340,000 $170,000 $2,567 3.06%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $320,000 $160,000 $3,116 2.94%
    NILES, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,878 2.75%
    Alpena, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,466 2.25%
    Cadillac, MI (FHA|USDA|VA) 2 $190,000 $95,000 $907 3.38%
    Escanaba, MI (FHA|USDA|VA) 1 $175,000 $175,000 $5,570 2.75%
    Sturgis, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,689 2.63%
    Holland, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,403 2.50%
    Marquette, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,577 2.13%
    Hillsdale, MI (FHA|USDA|VA) 1 $95,000 $95,000 $1,780 2.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $55,000 $55,000 $439 7.50%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $35,000 $35,000 $2,102 2.38%
    Frankenmuth Credit Union's top markets include Saginaw, Bay City, Flint, Detroit, and Midland among others.

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

    Great Lakes Federal Credit Union
    Similarity Rank: 28
    FinancialEdge Community Credit Union
    Similarity Rank: 54
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 55
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 154
    JOLT CREDIT UNION
    Similarity Rank: 171
    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    MEMBERS FIRST Credit Union
    Similarity Rank: 304
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    SECURITY CREDIT UNION
    Similarity Rank: 441

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,069 $344,535,000 $166,522 $2,129 3.18%
    USDA 74 $8,890,000 $120,135 $3,719 3.02%

    For 2020, Frankenmuth Credit Union's most frequently originated type of loan was Conventional, with 2,069 originations. Their 2nd most popular type was USDA, with 74 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 781 $133,965,000 $171,530 $2,165 2.69%
    Home Purchase 748 $128,320,000 $171,551 $2,284 3.49%
    Cash Out Refi 464 $77,360,000 $166,724 $2,404 2.91%
    Other 78 $8,760,000 $112,308 $1,244 4.58%
    Home Improvement 72 $5,020,000 $69,722 $976 5.38%

    For 2020, Frankenmuth Credit Union's most frequently cited loan purpose was Refi, with 781 originations. The 2nd most popular reason was Home Purchase, with 748 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,132 $215,090,000 $190,009 $2,421 2.97%
    15 Year 681 $92,125,000 $135,279 $1,893 3.20%
    20 Year 188 $32,520,000 $172,979 $2,292 2.92%
    10 Year 81 $7,005,000 $86,481 $1,644 3.94%
    5 Year 49 $5,985,000 $122,143 $1,447 6.11%
    Other 11 $455,000 $41,364 $399 8.36%
    30+ year 1 $245,000 $245,000 $0 3.00%

    For 2020, Frankenmuth Credit Union's most frequently cited loan duration was 30 Year, with 1,132 originations. The 2nd most popular length was 15 Year, with 681 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,777 $292,095,000 $164,375
    $1k-2k 178 $28,770,000 $161,629
    $2k-3k 67 $12,405,000 $185,149
    $3k-4k 27 $6,445,000 $238,704
    $4k-5k 15 $4,465,000 $297,667
    $5k+ 12 $5,670,000 $472,500

    Frankenmuth Credit Union's average total fees were $2,421, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,777 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 796 $150,610,000 $189,209
    <2.5% 738 $118,550,000 $160,637
    3-4% 357 $63,805,000 $178,725
    5-6% 82 $6,600,000 $80,488
    4-5% 54 $7,450,000 $137,963
    Over 8% 46 $1,610,000 $35,000
    6-7% 35 $2,715,000 $77,571
    7-8% 35 $2,085,000 $59,571

    During 2020, Frankenmuth Credit Union's average interest rate for loans was 2.97%, while their most frequently originated rate bucket for loans was 2.5-3%, with 796 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 906 $130,250,000 $143,764 $2,287 2.86%
    $100,000 or less 646 $42,550,000 $65,867 $1,708 3.86%
    $200k-400k 494 $132,870,000 $268,968 $2,418 2.91%
    $400k-600k 91 $42,865,000 $471,044 $3,234 2.92%
    $600k-1MM 5 $3,725,000 $745,000 $2,003 3.23%
    $1MM+ 1 $1,165,000 $1,165,000 $4,219 2.38%

    2020 saw Frankenmuth Credit Union place emphasis on $100k-200k loans with 906 originations, totaling $130,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 542 $68,610,000 $126,587 $2,128 3.18%
    $50k or less 453 $41,675,000 $91,998 $1,927 3.67%
    $100k-150k 452 $92,630,000 $204,934 $2,330 2.93%
    $75k-100k 388 $62,620,000 $161,392 $2,197 3.08%
    $150k-250k 203 $55,035,000 $271,108 $2,467 2.90%
    $250k+ 90 $30,750,000 $341,667 $2,387 2.72%

    Frankenmuth Credit Union lent most frequently to those with incomes in the $50k-75k range, with 542 originations. The second most popular income band? $50k or less, with 453 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 680 $111,050,000 $163,309 $2,214 3.11%
    30-36% 391 $62,745,000 $160,473 $2,223 3.13%
    <20% 265 $42,715,000 $161,189 $2,094 2.83%
    36% 69 $10,935,000 $158,478 $2,160 3.15%
    37% 69 $10,575,000 $153,261 $2,200 3.06%
    38% 69 $11,105,000 $160,942 $2,147 3.13%
    42% 66 $11,810,000 $178,939 $2,267 3.13%
    39% 64 $10,890,000 $170,156 $2,535 2.99%
    40% 62 $8,740,000 $140,968 $2,039 3.79%
    44% 62 $10,900,000 $175,806 $2,749 3.14%
    41% 60 $10,910,000 $181,833 $2,211 3.20%
    43% 57 $9,775,000 $171,491 $2,212 3.08%
    45% 38 $6,310,000 $166,053 $2,138 3.85%
    46% 37 $6,745,000 $182,297 $2,342 3.10%
    50-60% 34 $6,490,000 $190,882 $1,500 4.92%
    47% 31 $6,615,000 $213,387 $2,123 3.27%
    48% 31 $5,925,000 $191,129 $2,068 3.39%
    49% 23 $3,515,000 $152,826 $1,751 3.58%
    >60% 20 $3,570,000 $178,500 $637 4.77%

    Frankenmuth Credit Union lent most frequently to those with DTI ratios of 20-30%, with 680 originations. The next most common DTI ratio? 30-36%, with 391 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,970 $332,450,000 $168,756 $2,231 3.03%
    Not provided 117 $12,395,000 $105,940 $1,441 5.49%
    Black 19 $2,345,000 $123,421 $1,475 3.44%
    Not applicable 15 $2,105,000 $140,333 $0 4.33%
    American Indian 8 $2,080,000 $260,000 $2,801 3.19%
    Asian 11 $1,145,000 $104,091 $2,240 3.14%
    Other Asian 1 $475,000 $475,000 $2,869 2.25%
    Asian Indian 1 $255,000 $255,000 $2,857 2.50%
    Filipino 1 $175,000 $175,000 $2,679 2.75%

    Approval Rates

    Total approvals of all applications
    96.43%

    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
    93.89%

    Frankenmuth Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,143 $353,425,000 $164,921

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $935,000 $311,667
    Single Family (1-4 Units):Manufactured 89 $4,825,000 $54,213
    Single Family (1-4 Units):Site-Built 2,051 $347,665,000 $169,510

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 122 $11,540,000 $94,590 $1,284 4.33%
    40-60% 277 $39,955,000 $144,242 $1,962 2.95%
    60-80% 903 $158,905,000 $175,975 $2,253 3.02%
    80-100% 795 $138,885,000 $174,698 $2,379 3.19%
    Over 100% 8 $1,950,000 $243,750 $2,986 3.38%
    Under 20% 36 $1,750,000 $48,611 $749 4.48%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 12.5%
    Franklin Credit Management Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 12.5%
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 75.0%