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 Refi, Cash Out 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, Marshalltown, and Storm Lake among others. We have data for 18 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

    886

    Origination Dollar Volume (All Markets)

    $153,740,000

    Awards

    Community Choice Credit Union 30 Year Conventional Loans silver Community Choice Credit Union 30 Year Conventional Loans silver Community Choice Credit Union 30 Year Conventional Loans gold
    Show all (3) 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) 763 $136,975,000 $179,522 $1,419 3.51%
    AMES, IA (FHA|USDA|VA) 59 $6,725,000 $113,983 $933 3.70%
    Outside of Metro Areas 24 $4,140,000 $172,500 $1,531 3.39%
    Pella, IA (FHA|USDA|VA) 12 $1,900,000 $158,333 $1,009 3.38%
    Marshalltown, IA (FHA|USDA|VA) 6 $1,270,000 $211,667 $2,004 3.06%
    Storm Lake, IA (FHA|USDA|VA) 2 $720,000 $360,000 $2,219 3.75%
    Burlington, IA-IL (FHA|USDA|VA) 3 $445,000 $148,333 $1,370 3.31%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $375,000 $125,000 $701 4.56%
    IOWA CITY, IA (FHA|USDA|VA) 2 $290,000 $145,000 $2,079 3.31%
    Ottumwa, IA (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.35%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $130,000 $65,000 $87 4.22%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $125,000 $125,000 $2,224 2.75%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 2 $100,000 $50,000 $87 3.64%
    Oskaloosa, IA (FHA|USDA|VA) 2 $90,000 $45,000 $87 4.92%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.28%
    Clinton, IA (FHA|USDA|VA) 1 $85,000 $85,000 $2,035 2.75%
    Spirit Lake, IA (FHA|USDA|VA) 1 $65,000 $65,000 $1,950 3.00%
    Fort Dodge, IA (FHA|USDA|VA) 1 $65,000 $65,000 $173 4.55%
    Community Choice Credit Union's top markets include Des Moines, Ames, Pella, Marshalltown, and Storm 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.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 172
    GREATER IOWA CREDIT UNION
    Similarity Rank: 276
    Fidelity Bank
    Similarity Rank: 387
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 442
    Premier Credit Union
    Similarity Rank: 588
    MEMBERS1st Community Credit Union
    Similarity Rank: 749
    Raccoon Valley Bank
    Similarity Rank: 828
    Luana Savings Bank
    Similarity Rank: 1248
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 1470
    Bank Iowa
    Similarity Rank: 1512

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 886 $153,740,000 $173,521 $1,371 3.52%

    For 2020, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 886 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 330 $58,020,000 $175,818 $1,475 3.40%
    Cash Out Refi 217 $46,645,000 $214,954 $1,914 3.42%
    Home Purchase 187 $40,055,000 $214,198 $1,825 3.18%
    Other 80 $4,880,000 $61,000 $41 4.38%
    Home Improvement 72 $4,140,000 $57,500 $14 4.31%

    For 2020, Community Choice Credit Union's most frequently cited loan purpose was Refi, with 330 originations. The 2nd most popular reason was Cash Out Refi, with 217 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 352 $77,660,000 $220,625 $1,917 3.19%
    15 Year 201 $29,515,000 $146,841 $1,290 3.47%
    10 Year 116 $18,170,000 $156,638 $462 4.00%
    Other 74 $6,920,000 $93,514 $194 3.90%
    5 Year 71 $8,645,000 $121,761 $113 4.26%
    20 Year 70 $12,620,000 $180,286 $1,241 3.39%
    1 Year 2 $210,000 $105,000 $0 4.20%

    For 2020, Community Choice Credit Union's most frequently cited loan duration was 30 Year, with 352 originations. The 2nd most popular length was 15 Year, with 201 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 395 $79,755,000 $201,911
    $<1k 381 $50,115,000 $131,535
    $2k-3k 7 $1,585,000 $226,429
    $3k-4k 3 $685,000 $228,333

    Community Choice Credit Union's average total fees were $1,917, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 395 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 440 $85,700,000 $194,773
    2.5-3% 254 $50,120,000 $197,323
    4-5% 138 $14,370,000 $104,130
    5-6% 38 $2,490,000 $65,526
    6-7% 12 $490,000 $40,833
    <2.5% 4 $570,000 $142,500

    During 2020, Community Choice Credit Union's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 440 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 334 $50,840,000 $152,216 $1,682 3.29%
    $100,000 or less 284 $16,630,000 $58,556 $358 4.10%
    $200k-400k 239 $65,465,000 $273,912 $1,880 3.17%
    $400k-600k 21 $9,375,000 $446,429 $1,836 3.14%
    $600k-1MM 5 $3,675,000 $735,000 $2,168 3.92%
    $1MM+ 3 $7,755,000 $2,585,000 $0 3.85%

    2020 saw Community Choice Credit Union place emphasis on $100k-200k loans with 334 originations, totaling $50,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 222 $38,710,000 $174,369 $1,380 3.54%
    $50k-75k 164 $20,090,000 $122,500 $1,244 3.46%
    $75k-100k 152 $24,510,000 $161,250 $1,462 3.35%
    $150k-250k 123 $29,025,000 $235,976 $1,452 3.37%
    $50k or less 75 $7,395,000 $98,600 $1,183 3.41%
    $250k+ 31 $8,465,000 $273,065 $1,607 3.50%

    Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 222 originations. The second most popular income band? $50k-75k, with 164 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 289 $48,175,000 $166,696 $1,415 3.39%
    30-36% 156 $27,460,000 $176,026 $1,321 3.53%
    <20% 114 $19,720,000 $172,982 $1,271 3.27%
    39% 35 $5,705,000 $163,000 $1,376 3.59%
    38% 32 $4,650,000 $145,313 $1,274 3.58%
    42% 27 $4,515,000 $167,222 $1,451 3.55%
    36% 26 $4,110,000 $158,077 $1,499 3.44%
    37% 24 $3,510,000 $146,250 $1,239 3.60%
    40% 23 $3,365,000 $146,304 $1,066 3.57%
    41% 22 $3,400,000 $154,545 $1,469 3.56%
    43% 17 $3,285,000 $193,235 $1,753 3.28%
    44% 5 $635,000 $127,000 $1,111 3.50%
    45% 4 $670,000 $167,500 $951 3.55%
    46% 3 $455,000 $151,667 $1,923 3.04%
    47% 1 $265,000 $265,000 $1,884 2.75%

    Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 289 originations. The next most common DTI ratio? 30-36%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 633 $108,195,000 $170,924 $1,374 3.42%
    Not applicable 105 $22,215,000 $211,571 $1,375 4.15%
    Not provided 129 $20,245,000 $156,938 $1,346 3.49%
    Asian 10 $1,530,000 $153,000 $1,354 3.53%
    Black 6 $950,000 $158,333 $1,301 3.40%
    American Indian 1 $285,000 $285,000 $1,965 3.25%
    Asian Indian 1 $225,000 $225,000 $1,824 3.13%
    Chinese 1 $95,000 $95,000 $1,894 3.38%

    Approval Rates

    Total approvals of all applications
    95.54%

    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 origination
    93.57%

    Community Choice Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 886 $153,740,000 $173,521

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $11,175,000 $1,015,909
    Single Family (1-4 Units):Manufactured 6 $1,240,000 $206,667
    Single Family (1-4 Units):Site-Built 869 $141,325,000 $162,629

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $7,215,000 $82,931 $355 4.14%
    40-60% 111 $14,775,000 $133,108 $1,374 3.37%
    60-80% 370 $78,320,000 $211,676 $1,773 3.34%
    80-100% 219 $46,195,000 $210,936 $1,649 3.23%
    Over 100% 15 $3,485,000 $232,333 $0 4.29%
    Under 20% 78 $2,600,000 $33,333 $43 4.55%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Struggling to pay mortgage 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Other type of mortgage Closing on a mortgage 1 33.3%