Preferred Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 254900DOBILWQF3MQ479
Tax ID: 38-1878763
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Preferred Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Preferred Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Ludington, Kalamazoo, and Holland among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Preferred 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. Preferred 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.78% | 4/5/25 |
| 30 Year Conventional Refi | 6.55% | 4/5/25 |
| 30 Year Cash-out Refi | 6.73% | 4/5/25 |
| 30 Year USDA Purchase | 7.61% | 4/5/25 |
| 15 Year Conventional Purchase | 6.25% | 4/5/25 |
| 15 Year Conventional Refi | 6.92% | 4/5/25 |
| 15 Year Cash-out Refi | 6.92% | 4/5/25 |
| 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. | ||
Preferred Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Preferred 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
116Origination Dollar Volume (All Markets)
$9,210,000Awards
PREFERRED CREDIT UNION - 2024
PREFERRED CREDIT UNION is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
Work for PREFERRED CREDIT UNION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Preferred Credit Union's average 30 year fixed mortgage rate was
6.72%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.17%.
Relative Fees (Closing Costs)
Preferred Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,160.
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 $8,356.
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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 65 | $5,045,000 | $77,615 | $758 | 7.43% |
| Outside of Metro Areas | 22 | $2,300,000 | $104,545 | $556 | 7.52% |
| Ludington, MI (FHA|USDA|VA) | 18 | $1,240,000 | $68,889 | $420 | 7.43% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 8 | $470,000 | $58,750 | $1,079 | 7.17% |
| Holland, MI (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against PREFERRED CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 64
Similarity Rank: 120
Similarity Rank: 138
Similarity Rank: 322
Similarity Rank: 480
Similarity Rank: 594
Similarity Rank: 918
Similarity Rank: 1020
Similarity Rank: 1071
Similarity Rank: 1275
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 115 | $9,065,000 | $78,826 | $620 | 7.43% |
| USDA | 1 | $145,000 | $145,000 | $6,369 | 6.88% |
For 2024, Preferred Credit Union's most frequently originated type of loan was Conventional, with 115 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2024, Preferred Credit Union's most frequently cited loan purpose was Other, with 44 originations. The 2nd most popular reason was Home Improvement, with 38 originations.
Loan Duration/Length
For 2024, Preferred Credit Union's most frequently cited loan duration was 15 Year, with 44 originations. The 2nd most popular length was 10 Year, with 42 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 111 | $8,505,000 | $76,622 |
| $2k-3k | 3 | $455,000 | $151,667 |
| $1k-2k | 2 | $250,000 | $125,000 |
Preferred Credit Union's average total fees were $2,160, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 111 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 51 | $4,695,000 | $92,059 |
| 7-8% | 43 | $3,065,000 | $71,279 |
| Over 8% | 19 | $985,000 | $51,842 |
| 5-6% | 3 | $465,000 | $155,000 |
During 2024, Preferred Credit Union's average interest rate for loans was 6.72%, while their most frequently originated rate bucket for loans was 6-7%, with 51 originations.
Loan Sizing
2024 saw Preferred Credit Union place emphasis on $100,000 or less loans with 85 originations, totaling $3,635,000 in origination value.
Applicant Income
Preferred Credit Union lent most frequently to those with incomes in the $50k-75k range, with 42 originations. The second most popular income band? $100k-150k, with 27 originations.
Applicant Debt to Income Ratio
Preferred Credit Union lent most frequently to those with DTI ratios of 20-30%, with 38 originations. The next most common DTI ratio? 30-36%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.16%
Preferred Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination68.10%
Preferred Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 116 | $9,210,000 | $79,397 |