Community Choice Credit Union Mortgage Rates, Fees & Info

Johnston, IA

LEI: 254900CQVBYQI6BDWS96

Tax ID: 42-0778245

5 stars - out of 5 stars, based on 34 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Community Choice Credit Union is a smaller credit union specializing in Other, Refi, and Home Purchase loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Pella, Iowa City, and Spirit Lake among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community Choice Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Community Choice 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.

    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
    Home Equity Line of Credit (HELOC) 1.62% 3/27/23
    30 Year Conventional Purchase 6.04% 3/27/23
    30 Year Conventional Refi 5.67% 3/27/23
    30 Year Cash-out Refi 6.16% 3/27/23
    15 Year Conventional Purchase 5.68% 3/27/23
    15 Year Conventional Refi 6.58% 3/27/23
    15 Year Cash-out Refi 6.58% 3/27/23
    15 Year VA Refi 5.68% 3/27/23
    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.


    Originations

    1,171

    Origination Dollar Volume (All Markets)

    $136,095,000

    Awards

    Community Choice Credit Union 30 Year Conventional Loans bronze Community Choice Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Community Choice Credit Union's average 30 year fixed mortgage rate was 2.43%.

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

    This yields a difference of -2.33%.

    Relative Fees (Closing Costs)

    Community Choice Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,307.

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1,001 $119,225,000 $119,106 $748 3.55%
    AMES, IA (FHA|USDA|VA) 73 $6,665,000 $91,301 $368 3.00%
    Outside of Metro Areas 36 $3,950,000 $109,722 $525 3.22%
    Pella, IA (FHA|USDA|VA) 17 $1,935,000 $113,824 $707 4.41%
    IOWA CITY, IA (FHA|USDA|VA) 5 $1,055,000 $211,000 $2,071 3.50%
    Spirit Lake, IA (FHA|USDA|VA) 2 $580,000 $290,000 $1,069 4.73%
    Marshalltown, IA (FHA|USDA|VA) 6 $380,000 $63,333 $0 3.08%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 5 $375,000 $75,000 $1,532 3.19%
    Oskaloosa, IA (FHA|USDA|VA) 5 $345,000 $69,000 $679 3.39%
    Ottumwa, IA (FHA|USDA|VA) 1 $295,000 $295,000 $2,086 4.38%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,116 4.00%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 3 $205,000 $68,333 $0 0.99%
    Fort Dodge, IA (FHA|USDA|VA) 2 $170,000 $85,000 $0 4.96%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $165,000 $55,000 $2,678 2.66%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $140,000 $35,000 $0 4.18%
    Carroll, IA (FHA|USDA|VA) 2 $120,000 $60,000 $0 2.33%
    Muscatine, IA (FHA|USDA|VA) 2 $100,000 $50,000 $0 3.68%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.99%
    Mason City, IA (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.99%
    Burlington, IA-IL (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.61%
    Community Choice Credit Union's top markets include Des Moines, Ames, Pella, Iowa City, and Spirit Lake among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

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

    Bank
    Similarity Rank: 82
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 90
    VisionBank of Iowa
    Similarity Rank: 130
    Serve Credit Union
    Similarity Rank: 640
    Luana Savings Bank
    Similarity Rank: 660
    GREATER IOWA CREDIT UNION
    Similarity Rank: 690
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 750
    Bank Iowa
    Similarity Rank: 840
    Peoples Bank
    Similarity Rank: 952
    MEMBERS1st Community Credit Union
    Similarity Rank: 1029

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 592 $41,570,000 $70,220 n/a 2.20%
    Conventional 579 $94,525,000 $163,256 $727 4.85%

    For 2022, Community Choice Credit Union's most frequently originated type of loan was HELOC, with 592 originations. Their 2nd most popular type was Conventional, with 579 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 413 $28,815,000 $69,770 $0 3.07%
    Home Improvement 342 $21,950,000 $64,181 $137 2.79%
    Refi 227 $39,925,000 $175,881 $233 4.62%
    Home Purchase 139 $33,095,000 $238,094 $2,137 4.48%
    Cash Out Refi 50 $12,310,000 $246,200 $1,050 4.33%

    For 2022, Community Choice Credit Union's most frequently cited loan purpose was Other, with 413 originations. The 2nd most popular reason was Home Improvement, with 342 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 642 $52,130,000 $81,199 $2,307 2.43%
    10 Year 227 $31,185,000 $137,379 $822 4.51%
    5 Year 110 $10,040,000 $91,273 $0 5.20%
    Other 70 $23,790,000 $339,857 $0 4.47%
    15 Year 61 $6,535,000 $107,131 $37 5.42%
    20 Year 55 $9,045,000 $164,455 $41 5.00%
    1 Year 6 $3,370,000 $561,667 $0 6.04%

    For 2022, Community Choice Credit Union's most frequently cited loan duration was 30 Year, with 642 originations. The 2nd most popular length was 10 Year, with 227 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 294 $26,930,000 $91,599
    $1k-2k 126 $32,500,000 $257,937
    $3k-4k 3 $745,000 $248,333
    $2k-3k 2 $830,000 $415,000
    $5k+ 2 $660,000 $330,000

    Community Choice Credit Union's average total fees were $2,307, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 294 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 408 $27,230,000 $66,740
    3-4% 252 $34,210,000 $135,754
    4-5% 207 $39,295,000 $189,831
    5-6% 171 $19,385,000 $113,363
    6-7% 87 $11,895,000 $136,724
    7-8% 27 $2,325,000 $86,111
    2.5-3% 15 $1,585,000 $105,667
    Over 8% 4 $170,000 $42,500

    During 2022, Community Choice Credit Union's average interest rate for loans was 2.43%, while their most frequently originated rate bucket for loans was <2.5%, with 408 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 785 $40,035,000 $51,000 $138 3.27%
    $100k-200k 237 $33,305,000 $140,527 $793 3.96%
    $200k-400k 111 $30,505,000 $274,820 $1,689 3.96%
    $400k-600k 28 $13,660,000 $487,857 $2,399 3.98%
    $600k-1MM 7 $6,115,000 $873,571 $2,036 5.09%
    $1MM+ 3 $12,475,000 $4,158,333 $0 4.93%

    2022 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 785 originations, totaling $40,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 304 $25,520,000 $83,947 $453 3.15%
    $50k-75k 200 $15,530,000 $77,650 $628 3.36%
    $150k-250k 197 $26,755,000 $135,812 $1,062 3.29%
    $75k-100k 189 $17,155,000 $90,767 $824 3.36%
    $50k or less 74 $4,340,000 $58,649 $801 3.59%
    $250k+ 48 $10,180,000 $212,083 $775 3.03%

    Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 304 originations. The second most popular income band? $50k-75k, with 200 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 294 $23,800,000 $80,952 $339 2.82%
    30-36% 217 $19,515,000 $89,931 $579 3.33%
    <20% 109 $10,805,000 $99,128 $400 3.21%
    36% 47 $6,035,000 $128,404 $1,288 3.71%
    39% 44 $3,360,000 $76,364 $252 3.81%
    38% 43 $3,125,000 $72,674 $619 3.29%
    41% 39 $2,235,000 $57,308 $419 2.92%
    42% 38 $3,940,000 $103,684 $507 2.83%
    40% 38 $3,360,000 $88,421 $433 3.83%
    37% 34 $3,050,000 $89,706 $597 3.52%
    43% 32 $4,570,000 $142,813 $870 3.92%
    44% 13 $1,385,000 $106,538 $488 4.36%
    46% 6 $750,000 $125,000 $529 3.81%
    45% 6 $280,000 $46,667 $0 3.20%
    47% 2 $100,000 $50,000 $2,071 5.19%
    48% 2 $190,000 $95,000 $2,256 4.63%
    50-60% 2 $290,000 $145,000 $0 0.99%
    49% 1 $95,000 $95,000 $2,236 6.00%

    Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 294 originations. The next most common DTI ratio? 30-36%, with 217 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 798 $82,690,000 $103,622 $745 3.39%
    Not applicable 151 $35,015,000 $231,887 $0 4.97%
    Not provided 196 $16,450,000 $83,929 $572 2.87%
    Black 13 $845,000 $65,000 $564 3.21%
    Asian 9 $615,000 $68,333 $1,233 3.46%
    American Indian 2 $360,000 $180,000 $2,071 5.44%
    Native Hawaiian or Islander 2 $120,000 $60,000 $0 2.87%

    Approval Rates

    Total approvals of all applications
    86.26%

    Community Choice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.63%

    Community Choice Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,171 $136,095,000 $116,221

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,171 $136,095,000 $116,221

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 310 $23,530,000 $75,903 $85 2.99%
    40-60% 124 $14,020,000 $113,065 $374 4.29%
    60-80% 138 $29,770,000 $215,725 $1,082 4.35%
    80-100% 141 $32,135,000 $227,908 $1,041 4.38%
    Over 100% 11 $7,725,000 $702,273 $0 5.42%
    Under 20% 399 $15,525,000 $38,910 $0 2.92%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) FHA mortgage Struggling to pay mortgage 2 66.7%
    Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) Other type of mortgage Trouble during payment process 1 33.3%