Community Choice Credit Union Mortgage Rates, Fees & Info

Johnston, IA

LEI: 254900CQVBYQI6BDWS96

Tax ID: 42-0778245

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • 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

    Community Choice Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Marshalltown, Pella, and Ottumwa among others. We have data for 15 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 an above 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 1.62% 12/4/24
    30 Year Conventional Purchase 6.04% 12/4/24
    30 Year Conventional Refi 5.67% 12/4/24
    30 Year Cash-out Refi 6.16% 12/4/24
    15 Year Conventional Purchase 5.68% 12/4/24
    15 Year Conventional Refi 6.58% 12/4/24
    15 Year Cash-out Refi 6.58% 12/4/24
    15 Year VA Refi 5.68% 12/4/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Community Choice 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

    530

    Origination Dollar Volume (All Markets)

    $90,500,000

    Awards

    Community Choice Credit Union 30 Year Conventional Loans bronze Community Choice Credit Union 30 Year Conventional Loans gold Community Choice Credit Union 30 Year Conventional Loans gold Community Choice Credit Union 30 Year Conventional Loans gold
    Show all (4) 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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 454 $80,890,000 $178,172 $1,361 4.23%
    AMES, IA (FHA|USDA|VA) 31 $2,985,000 $96,290 $662 4.30%
    Outside of Metro Areas 16 $2,340,000 $146,250 $1,494 3.82%
    Marshalltown, IA (FHA|USDA|VA) 6 $970,000 $161,667 $1,655 3.77%
    Pella, IA (FHA|USDA|VA) 6 $570,000 $95,000 $1,115 4.20%
    Ottumwa, IA (FHA|USDA|VA) 1 $525,000 $525,000 $0 5.35%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $430,000 $215,000 $1,226 4.30%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $330,000 $165,000 $996 4.77%
    Muscatine, IA (FHA|USDA|VA) 2 $280,000 $140,000 $2,071 3.94%
    Spirit Lake, IA (FHA|USDA|VA) 1 $265,000 $265,000 $2,073 3.38%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $245,000 $245,000 $2,448 3.75%
    Burlington, IA-IL (FHA|USDA|VA) 2 $210,000 $105,000 $2,001 3.63%
    Mason City, IA (FHA|USDA|VA) 2 $190,000 $95,000 $139 4.06%
    Fort Dodge, IA (FHA|USDA|VA) 3 $175,000 $58,333 $288 6.59%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $95,000 $95,000 $2,380 4.00%
    Community Choice Credit Union's top markets include Des Moines, Ames, Marshalltown, Pella, and Ottumwa 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.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 63
    Raccoon Valley Bank
    Similarity Rank: 145
    Community Choice Credit Union
    Similarity Rank: 255
    Luana Savings Bank
    Similarity Rank: 322
    Peoples Bank
    Similarity Rank: 380
    Fidelity Bank
    Similarity Rank: 388
    Premier Credit Union
    Similarity Rank: 574
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 640
    GREATER IOWA CREDIT UNION
    Similarity Rank: 640
    Farmers State Bank
    Similarity Rank: 1008

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 530 $90,500,000 $170,755 $1,325 4.23%

    For 2019, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 530 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 142 $25,600,000 $180,282 $1,692 4.12%
    Home Purchase 133 $31,855,000 $239,511 $1,897 3.84%
    Refi 122 $23,970,000 $196,475 $1,652 3.73%
    Other 70 $3,620,000 $51,714 $167 5.28%
    Home Improvement 63 $5,455,000 $86,587 $139 5.08%

    For 2019, Community Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 142 originations. The 2nd most popular reason was Home Purchase, with 133 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 248 $53,620,000 $216,210 $1,966 3.70%
    15 Year 101 $11,865,000 $117,475 $934 4.55%
    10 Year 78 $10,800,000 $138,462 $352 5.10%
    Other 58 $5,200,000 $89,655 $179 4.63%
    5 Year 28 $5,790,000 $206,786 $173 4.89%
    20 Year 17 $3,225,000 $189,706 $1,987 3.53%

    For 2019, Community Choice Credit Union's most frequently cited loan duration was 30 Year, with 248 originations. The 2nd most popular length was 15 Year, with 101 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 255 $28,615,000 $112,216
    $1k-2k 231 $45,325,000 $196,212
    $2k-3k 5 $1,235,000 $247,000

    Community Choice Credit Union's average total fees were $1,966, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 255 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 297 $59,115,000 $199,040
    4-5% 110 $19,200,000 $174,545
    5-6% 59 $6,505,000 $110,254
    6-7% 42 $2,380,000 $56,667
    2.5-3% 19 $3,155,000 $166,053
    7-8% 3 $145,000 $48,333

    During 2019, Community Choice Credit Union's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 3-4%, with 297 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 208 $11,110,000 $53,413 $512 4.91%
    $100k-200k 159 $24,005,000 $150,975 $1,765 3.81%
    $200k-400k 143 $39,115,000 $273,531 $1,937 3.69%
    $400k-600k 13 $5,985,000 $460,385 $1,881 4.01%
    $1MM+ 4 $7,940,000 $1,985,000 $0 4.48%
    $600k-1MM 3 $2,345,000 $781,667 $0 5.00%

    2019 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 208 originations, totaling $11,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 142 $22,280,000 $156,901 $1,217 4.36%
    $75k-100k 118 $17,220,000 $145,932 $1,369 4.21%
    $50k-75k 92 $11,810,000 $128,370 $1,484 3.87%
    $150k-250k 75 $15,375,000 $205,000 $1,311 4.22%
    $50k or less 51 $5,025,000 $98,529 $1,241 4.21%
    $250k+ 13 $3,455,000 $265,769 $1,276 4.16%

    Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 142 originations. The second most popular income band? $75k-100k, with 118 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 192 $32,530,000 $169,427 $1,411 4.07%
    30-36% 103 $15,065,000 $146,262 $1,392 4.32%
    <20% 59 $8,585,000 $145,508 $1,259 3.82%
    42% 22 $2,090,000 $95,000 $626 4.95%
    40% 18 $2,590,000 $143,889 $1,328 4.22%
    41% 17 $1,965,000 $115,588 $1,297 4.43%
    39% 15 $2,165,000 $144,333 $1,130 4.26%
    37% 14 $2,290,000 $163,571 $1,342 3.88%
    36% 14 $1,440,000 $102,857 $942 4.65%
    38% 10 $1,050,000 $105,000 $658 5.12%
    43% 8 $1,370,000 $171,250 $1,721 3.53%
    46% 7 $1,305,000 $186,429 $1,384 4.38%
    44% 5 $865,000 $173,000 $1,908 3.79%
    45% 5 $1,105,000 $221,000 $1,566 4.20%
    47% 2 $360,000 $180,000 $2,061 3.19%
    48% 1 $125,000 $125,000 $1,883 4.25%
    49% 1 $195,000 $195,000 $1,988 3.13%

    Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 381 $55,545,000 $145,787 $1,260 4.27%
    Not provided 91 $17,245,000 $189,505 $1,623 3.81%
    Not applicable 36 $14,580,000 $405,000 $1,981 4.80%
    Asian 11 $1,835,000 $166,818 $1,366 4.05%
    Black 7 $745,000 $106,429 $857 4.52%
    American Indian 3 $325,000 $108,333 $723 5.04%
    Asian Indian 1 $225,000 $225,000 $1,718 4.00%

    Approval Rates

    Total approvals of all applications
    93.11%

    Community Choice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.57%

    Community Choice Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 530 $90,500,000 $170,755

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $13,190,000 $942,143
    Single Family (1-4 Units):Site-Built 516 $77,310,000 $149,826

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 70 $4,460,000 $63,714 $387 5.03%
    40-60% 41 $5,795,000 $141,341 $1,236 4.16%
    60-80% 184 $43,760,000 $237,826 $1,906 3.83%
    80-100% 153 $33,465,000 $218,725 $1,750 3.85%
    Under 20% 81 $2,755,000 $34,012 $188 5.19%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 3 60.0%
    COMMUNITY BANK SYSTEM, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 20.0%