Community Choice Credit Union Mortgage Rates, Fees & Info
Johnston, IALEI: 254900CQVBYQI6BDWS96
Tax ID: 42-0778245
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Mortgage Data
Review & Overview
Community Choice Credit Union is a smaller credit union specializing in Home Purchase loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Cedar Rapids, Mason City, and Pella among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Community Choice Credit Union has an above 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 1.62% | 12/2/24 |
| 30 Year Conventional Purchase | 6.04% | 12/2/24 |
| 30 Year Conventional Refi | 5.67% | 12/2/24 |
| 30 Year Cash-out Refi | 6.16% | 12/2/24 |
| 15 Year Conventional Purchase | 5.68% | 12/2/24 |
| 15 Year Conventional Refi | 6.58% | 12/2/24 |
| 15 Year Cash-out Refi | 6.58% | 12/2/24 |
| 15 Year VA Refi | 5.68% | 12/2/24 |
| 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. | ||
Community Choice Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
246Origination Dollar Volume (All Markets)
$28,550,000Awards
Community Choice Credit Union - 2018
Community Choice Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 205 | $24,775,000 | $120,854 | $790 | 4.91% |
| Outside of Metro Areas | 17 | $2,085,000 | $122,647 | $691 | 4.80% |
| AMES, IA (FHA|USDA|VA) | 15 | $935,000 | $62,333 | $576 | 4.52% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,298 | 4.50% |
| Mason City, IA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $105 | 4.43% |
| Pella, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $105 | 5.33% |
| Marshalltown, IA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $268 | 4.82% |
| Fort Dodge, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,045 | 4.25% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $105 | 5.59% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $105 | 6.04% |
| Burlington, IA-IL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $105 | 3.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 246 | $28,550,000 | $116,057 | $760 | 4.88% |
For 2018, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 246 originations.
Loan Reason
For 2018, Community Choice Credit Union's most frequently cited loan purpose was Home Purchase, with 86 originations. The 2nd most popular reason was Other, with 63 originations.
Loan Duration/Length
For 2018, Community Choice Credit Union's most frequently cited loan duration was 10 Year, with 68 originations. The 2nd most popular length was Other, with 66 originations.
Origination Fees/Closing Costs
Community Choice Credit Union's average total fees were $2,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 159 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 118 | $17,210,000 | $145,847 |
| 5-6% | 55 | $3,395,000 | $61,727 |
| 3-4% | 41 | $6,745,000 | $164,512 |
| 6-7% | 24 | $880,000 | $36,667 |
| 7-8% | 8 | $320,000 | $40,000 |
During 2018, Community Choice Credit Union's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 118 originations.
Loan Sizing
2018 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 152 originations, totaling $6,630,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $75k-100k, with 45 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.12%
Community Choice 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 origination89.02%
Community Choice Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 246 | $28,550,000 | $116,057 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $410,000 | $205,000 |
| Single Family (1-4 Units):Site-Built | 244 | $28,140,000 | $115,328 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Community Lending of America, Inc. | VA mortgage | Closing on a mortgage | 1 | 100.0% |