Community Choice Credit Union Mortgage Rates, Fees & Info

Johnston, IA

LEI: 254900CQVBYQI6BDWS96

Tax ID: 42-0778245

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Mortgage Data

Review & Overview

Community Choice Credit Union is a smaller credit union specializing in Refi, Other, 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 Fort Dodge among others. We have data for 12 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.

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% 12/8/24
30 Year Conventional Purchase 6.04% 12/8/24
30 Year Conventional Refi 5.67% 12/8/24
30 Year Cash-out Refi 6.16% 12/8/24
15 Year Conventional Purchase 5.68% 12/8/24
15 Year Conventional Refi 6.58% 12/8/24
15 Year Cash-out Refi 6.58% 12/8/24
15 Year VA Refi 5.68% 12/8/24
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

659

Origination Dollar Volume (All Markets)

$105,765,000

Awards

Community Choice Credit Union 30 Year Conventional Loans bronze Community Choice Credit Union 30 Year Conventional Loans silver
Show all (2) 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) 557 $93,375,000 $167,639 $742 3.28%
AMES, IA (FHA|USDA|VA) 47 $6,045,000 $128,617 $487 3.31%
Outside of Metro Areas 28 $3,110,000 $111,071 $537 3.16%
Pella, IA (FHA|USDA|VA) 4 $680,000 $170,000 $1,058 3.13%
Marshalltown, IA (FHA|USDA|VA) 7 $665,000 $95,000 $259 3.31%
Fort Dodge, IA (FHA|USDA|VA) 4 $620,000 $155,000 $530 3.28%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 4 $420,000 $105,000 $0 3.30%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $330,000 $82,500 $525 3.61%
Mason City, IA (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.19%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.05%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.06%
Oskaloosa, IA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.97%
Community Choice Credit Union's top markets include Des Moines, Ames, Pella, Marshalltown, and Fort Dodge among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 657 $105,675,000 $160,845 $697 3.28%
    HELOC 2 $90,000 $45,000 n/a 4.00%

    For 2021, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 657 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 224 $35,970,000 $160,580 $657 3.09%
    Other 190 $21,220,000 $111,684 $365 3.51%
    Cash Out Refi 110 $19,940,000 $181,273 $1,515 3.11%
    Home Improvement 74 $6,260,000 $84,595 $28 3.66%
    Home Purchase 61 $22,375,000 $366,803 $1,896 3.14%

    For 2021, Community Choice Credit Union's most frequently cited loan purpose was Refi, with 224 originations. The 2nd most popular reason was Other, with 190 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 235 $32,575,000 $138,617 $605 3.17%
    20 Year 137 $24,075,000 $175,730 $353 3.26%
    30 Year 95 $24,955,000 $262,684 $2,224 3.08%
    10 Year 94 $11,800,000 $125,532 $245 3.64%
    Other 63 $4,465,000 $70,873 $103 3.35%
    5 Year 33 $7,675,000 $232,576 $0 3.56%
    1 Year 2 $220,000 $110,000 $0 4.23%

    For 2021, Community Choice Credit Union's most frequently cited loan duration was 15 Year, with 235 originations. The 2nd most popular length was 20 Year, with 137 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 429 $56,195,000 $130,991
    $1k-2k 175 $33,225,000 $189,857
    $2k-3k 3 $1,005,000 $335,000
    $5k+ 1 $685,000 $685,000

    Community Choice Credit Union's average total fees were $2,224, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 429 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 361 $58,445,000 $161,898
    2.5-3% 157 $29,165,000 $185,764
    <2.5% 72 $11,750,000 $163,194
    5-6% 36 $1,800,000 $50,000
    4-5% 33 $4,605,000 $139,545

    During 2021, Community Choice Credit Union's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 361 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 265 $38,315,000 $144,585 $775 3.05%
    $100,000 or less 244 $14,350,000 $58,811 $196 3.67%
    $200k-400k 126 $32,640,000 $259,048 $1,122 3.03%
    $400k-600k 14 $6,720,000 $480,000 $2,793 3.14%
    $1MM+ 6 $10,930,000 $1,821,667 $3,568 3.52%
    $600k-1MM 4 $2,810,000 $702,500 $3,486 2.88%

    2021 saw Community Choice Credit Union place emphasis on $100k-200k loans with 265 originations, totaling $38,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 156 $24,200,000 $155,128 $689 3.29%
    $50k-75k 149 $17,065,000 $114,530 $585 3.29%
    $75k-100k 124 $16,970,000 $136,855 $708 3.16%
    $150k-250k 98 $19,420,000 $198,163 $894 3.35%
    $50k or less 61 $6,065,000 $99,426 $597 3.19%
    $250k+ 21 $7,175,000 $341,667 $881 3.13%

    Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 156 originations. The second most popular income band? $50k-75k, with 149 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 203 $30,485,000 $150,172 $685 3.22%
    30-36% 129 $19,765,000 $153,217 $679 3.23%
    <20% 109 $15,265,000 $140,046 $691 3.06%
    36% 25 $3,925,000 $157,000 $653 3.40%
    37% 23 $3,315,000 $144,130 $273 3.39%
    42% 23 $3,915,000 $170,217 $1,318 3.50%
    43% 18 $2,380,000 $132,222 $562 3.68%
    38% 17 $1,995,000 $117,353 $499 3.42%
    39% 16 $2,700,000 $168,750 $748 3.11%
    41% 16 $2,090,000 $130,625 $609 3.55%
    40% 10 $1,230,000 $123,000 $239 3.96%
    44% 7 $1,075,000 $153,571 $852 3.17%
    45% 6 $600,000 $100,000 $985 3.07%
    47% 4 $770,000 $192,500 $1,560 3.26%
    46% 3 $1,025,000 $341,667 $1,284 3.08%

    Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 203 originations. The next most common DTI ratio? 30-36%, with 129 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 475 $73,225,000 $154,158 $726 3.23%
    Not provided 125 $16,365,000 $130,920 $567 3.38%
    Not applicable 45 $14,145,000 $314,333 $0 3.64%
    Black 9 $1,155,000 $128,333 $876 3.26%
    Asian 3 $365,000 $121,667 $0 3.32%
    Asian Indian 1 $335,000 $335,000 $1,985 2.25%
    American Indian 1 $175,000 $175,000 $1,937 3.00%

    Approval Rates

    Total approvals of all applications
    91.17%

    Community Choice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.16%

    Community Choice Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 659 $105,765,000 $160,493

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    659 $105,765,000 $160,493

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $6,745,000 $81,265 $367 3.51%
    40-60% 103 $13,755,000 $133,544 $954 2.88%
    60-80% 206 $43,990,000 $213,544 $1,078 3.05%
    80-100% 176 $36,030,000 $204,716 $613 3.24%
    Over 100% 1 $575,000 $575,000 $0 3.50%
    Under 20% 87 $3,825,000 $43,966 $0 4.16%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    COMMUNITY MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%