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, Refi, 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, Midland, and Detroit among others. We have data for 21 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% 4/21/24
    30 Year Conventional Refi 6.47% 4/21/24
    30 Year Cash-out Refi 6.59% 4/21/24
    30 Year USDA Purchase 7.03% 4/21/24
    15 Year Conventional Purchase 6.92% 4/21/24
    15 Year Conventional Refi 7.04% 4/21/24
    15 Year Cash-out Refi 7.04% 4/21/24
    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

    1,879

    Origination Dollar Volume (All Markets)

    $299,565,000
    Show all (10) 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) 723 $120,235,000 $166,300 $2,146 3.18%
    Outside of Metro Areas 569 $77,175,000 $135,633 $2,164 3.26%
    BAY CITY, MI (FHA|USDA|VA) 194 $30,490,000 $157,165 $1,967 3.31%
    FLINT, MI (FHA|USDA|VA) 157 $21,815,000 $138,949 $2,104 3.27%
    MIDLAND, MI (FHA|USDA|VA) 82 $17,230,000 $210,122 $1,790 3.59%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 75 $13,975,000 $186,333 $2,193 3.34%
    Traverse City, MI (FHA|USDA|VA) 11 $4,485,000 $407,727 $1,249 3.49%
    ANN ARBOR, MI (FHA|USDA|VA) 6 $3,730,000 $621,667 $2,861 2.63%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 17 $2,795,000 $164,412 $2,449 3.41%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 20 $2,680,000 $134,000 $1,606 5.54%
    Mount Pleasant, MI (FHA|USDA|VA) 5 $1,365,000 $273,000 $1,761 2.90%
    Cadillac, MI (FHA|USDA|VA) 3 $645,000 $215,000 $2,301 2.67%
    Alma, MI (FHA|USDA|VA) 4 $640,000 $160,000 $1,677 2.63%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $580,000 $290,000 $857 4.44%
    MONROE, MI (FHA|USDA|VA) 2 $360,000 $180,000 $2,347 2.50%
    Adrian, MI (FHA|USDA|VA) 2 $320,000 $160,000 $3,073 2.19%
    MUSKEGON, MI (FHA|USDA|VA) 1 $275,000 $275,000 $2,564 2.25%
    Big Rapids, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,806 3.69%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.25%
    JACKSON, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,679 2.69%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $85,000 $85,000 $2,264 3.25%
    Frankenmuth Credit Union's top markets include Saginaw, Bay City, Flint, Midland, and Detroit 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: 54
    FinancialEdge Community Credit Union
    Similarity Rank: 112
    Lake Huron Credit Union
    Similarity Rank: 204
    MEMBERS FIRST Credit Union
    Similarity Rank: 204
    Polish-American Federal Credit Union
    Similarity Rank: 212
    Isabella Bank
    Similarity Rank: 294
    St James Mortgage Corporation
    Similarity Rank: 304
    JOLT CREDIT UNION
    Similarity Rank: 360
    UNITED FINANCIAL Credit Union
    Similarity Rank: 495
    T&I Credit union
    Similarity Rank: 618

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,827 $293,035,000 $160,391 $2,057 3.28%
    USDA 52 $6,530,000 $125,577 $3,919 2.96%

    For 2021, Frankenmuth Credit Union's most frequently originated type of loan was Conventional, with 1,827 originations. Their 2nd most popular type was USDA, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 781 $142,925,000 $183,003 $2,117 3.65%
    Refi 495 $73,835,000 $149,162 $2,097 2.60%
    Cash Out Refi 457 $68,565,000 $150,033 $2,375 2.91%
    Home Improvement 84 $5,980,000 $71,190 $1,217 4.89%
    Other 62 $8,260,000 $133,226 $1,330 4.43%

    For 2021, Frankenmuth Credit Union's most frequently cited loan purpose was Home Purchase, with 781 originations. The 2nd most popular reason was Refi, with 495 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 966 $182,040,000 $188,447 $2,337 3.10%
    15 Year 604 $76,760,000 $127,086 $1,854 3.25%
    20 Year 143 $21,895,000 $153,112 $2,305 2.98%
    10 Year 100 $10,480,000 $104,800 $1,713 3.79%
    5 Year 40 $4,460,000 $111,500 $1,100 6.38%
    Other 20 $1,840,000 $92,000 $1,074 5.82%
    30+ year 6 $2,090,000 $348,333 $2,346 3.19%

    For 2021, Frankenmuth Credit Union's most frequently cited loan duration was 30 Year, with 966 originations. The 2nd most popular length was 15 Year, with 604 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,554 $239,620,000 $154,196
    $1k-2k 183 $29,385,000 $160,574
    $2k-3k 73 $13,055,000 $178,836
    $3k-4k 33 $7,395,000 $224,091
    $4k-5k 17 $4,815,000 $283,235
    $5k+ 13 $4,835,000 $371,923

    Frankenmuth Credit Union's average total fees were $2,337, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,554 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 629 $91,875,000 $146,065
    2.5-3% 573 $106,055,000 $185,087
    3-4% 447 $84,605,000 $189,273
    5-6% 80 $6,940,000 $86,750
    Over 8% 51 $1,815,000 $35,588
    7-8% 50 $2,970,000 $59,400
    6-7% 30 $2,580,000 $86,000
    4-5% 19 $2,725,000 $143,421

    During 2021, Frankenmuth Credit Union's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was <2.5%, with 629 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 743 $104,555,000 $140,720 $2,265 2.90%
    $100,000 or less 649 $41,995,000 $64,707 $1,623 3.93%
    $200k-400k 405 $109,135,000 $269,469 $2,563 2.96%
    $400k-600k 71 $33,535,000 $472,324 $2,471 2.93%
    $600k-1MM 8 $5,840,000 $730,000 $0 3.03%
    $1MM+ 3 $4,505,000 $1,501,667 $3,527 2.71%

    2021 saw Frankenmuth Credit Union place emphasis on $100k-200k loans with 743 originations, totaling $104,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 488 $63,120,000 $129,344 $2,118 3.29%
    $50k or less 463 $40,765,000 $88,045 $1,894 3.62%
    $75k-100k 363 $54,895,000 $151,226 $2,148 3.29%
    $100k-150k 343 $69,725,000 $203,280 $2,227 3.00%
    $150k-250k 163 $45,875,000 $281,442 $2,312 2.92%
    $250k+ 57 $24,935,000 $437,456 $2,224 2.81%

    Frankenmuth Credit Union lent most frequently to those with incomes in the $50k-75k range, with 488 originations. The second most popular income band? $50k or less, with 463 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 521 $81,305,000 $156,056 $2,125 3.12%
    30-36% 390 $62,880,000 $161,231 $2,168 3.32%
    <20% 252 $36,160,000 $143,492 $2,008 3.05%
    36% 75 $10,875,000 $145,000 $2,188 3.24%
    44% 71 $13,065,000 $184,014 $2,302 3.45%
    40% 64 $10,360,000 $161,875 $2,122 3.44%
    43% 59 $9,795,000 $166,017 $1,803 3.14%
    38% 58 $9,770,000 $168,448 $2,282 3.27%
    37% 58 $8,880,000 $153,103 $2,269 3.28%
    39% 52 $9,500,000 $182,692 $2,426 3.16%
    42% 48 $8,830,000 $183,958 $2,185 3.28%
    41% 48 $8,790,000 $183,125 $2,046 3.46%
    47% 42 $6,580,000 $156,667 $1,707 4.09%
    45% 39 $7,035,000 $180,385 $1,634 3.58%
    46% 30 $4,710,000 $157,000 $1,851 3.84%
    48% 25 $4,485,000 $179,400 $2,343 3.13%
    49% 19 $2,215,000 $116,579 $1,983 3.22%
    50-60% 17 $3,035,000 $178,529 $1,855 4.48%
    >60% 9 $1,035,000 $115,000 $1,664 5.92%

    Frankenmuth Credit Union lent most frequently to those with DTI ratios of 20-30%, with 521 originations. The next most common DTI ratio? 30-36%, with 390 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,655 $271,985,000 $164,341 $2,160 3.09%
    Not provided 167 $19,685,000 $117,874 $1,588 4.94%
    Black 39 $4,495,000 $115,256 $1,734 3.85%
    American Indian 7 $1,745,000 $249,286 $3,124 3.57%
    Asian 7 $1,055,000 $150,714 $2,434 2.70%
    Not applicable 2 $250,000 $125,000 $0 4.50%
    Chinese 1 $205,000 $205,000 $2,620 3.13%
    Native Hawaiian or Islander 1 $145,000 $145,000 $7,121 2.88%

    Approval Rates

    Total approvals of all applications
    93.96%

    Frankenmuth Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.15%

    Frankenmuth Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,879 $299,565,000 $159,428

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,879 $299,565,000 $159,428

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 111 $9,935,000 $89,505 $1,407 3.88%
    40-60% 268 $32,920,000 $122,836 $1,988 2.98%
    60-80% 782 $127,420,000 $162,941 $2,222 3.12%
    80-100% 664 $124,390,000 $187,334 $2,221 3.38%
    Over 100% 13 $1,945,000 $149,615 $2,112 3.62%
    Under 20% 36 $2,110,000 $58,611 $550 4.89%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 54.5%
    Franklin Credit Management Corporation Conventional home mortgage Trouble during payment process 3 27.3%
    Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 9.1%
    Franklin Credit Management Corporation Other type of mortgage Struggling to pay mortgage 1 9.1%