Preferred Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 254900DOBILWQF3MQ479

Tax ID: 38-1878763

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
  • 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

    Preferred Credit Union is a smaller credit union specializing in Cash Out Refi 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.94% 12/16/24
    30 Year Conventional Refi 6.50% 12/16/24
    30 Year Cash-out Refi 6.95% 12/16/24
    30 Year USDA Purchase 7.99% 12/16/24
    15 Year Conventional Purchase 6.25% 12/16/24
    15 Year Conventional Refi 5.89% 12/16/24
    15 Year Cash-out Refi 5.89% 12/16/24
    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.

    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

    117

    Origination Dollar Volume (All Markets)

    $10,215,000

    Awards

    PREFERRED CREDIT UNION 30 Year Conventional Loans bronze PREFERRED CREDIT UNION 30 Year Conventional Loans gold PREFERRED CREDIT UNION 30 Year Conventional Loans silver
    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 63 $5,475,000 $86,905 $1,373 5.19%
    Ludington, MI (FHA|USDA|VA) 37 $3,085,000 $83,378 $1,566 4.61%
    Outside of Metro Areas 14 $1,330,000 $95,000 $1,593 5.31%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,503 4.81%
    Holland, MI (FHA|USDA|VA) 1 $105,000 $105,000 $756 4.50%
    Preferred Credit Union's top markets include Grand Rapids, Ludington, Kalamazoo, and Holland among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • 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.

    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    Community West Credit Union
    Similarity Rank: 276
    West Michigan Community Bank
    Similarity Rank: 328
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 395
    PFCU
    Similarity Rank: 520
    AAC Credit Union
    Similarity Rank: 544
    Adventure Credit Union
    Similarity Rank: 752
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 110 $9,870,000 $89,727 $1,446 4.99%
    HELOC 6 $200,000 $33,333 n/a 5.29%
    USDA 1 $145,000 $145,000 $4,716 5.25%

    For 2018, Preferred Credit Union's most frequently originated type of loan was Conventional, with 110 originations. Their 2nd most popular type was HELOC, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 41 $3,295,000 $80,366 $1,043 4.67%
    Home Purchase 35 $4,295,000 $122,714 $2,436 4.78%
    Refi 18 $1,640,000 $91,111 $1,069 4.85%
    Other 12 $510,000 $42,500 $929 6.09%
    Home Improvement 11 $475,000 $43,182 $640 6.09%

    For 2018, Preferred Credit Union's most frequently cited loan purpose was Cash Out Refi, with 41 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 48 $4,370,000 $91,042 $1,004 4.44%
    30 Year 36 $4,450,000 $123,611 $2,445 5.11%
    Other 12 $490,000 $40,833 $659 6.92%
    10 Year 9 $455,000 $50,556 $649 4.51%
    20 Year 9 $385,000 $42,778 $1,725 5.31%
    5 Year 3 $65,000 $21,667 $638 5.83%

    For 2018, Preferred Credit Union's most frequently cited loan duration was 15 Year, with 48 originations. The 2nd most popular length was 30 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 58 $4,020,000 $69,310
    $1k-2k 41 $4,865,000 $118,659

    Preferred Credit Union's average total fees were $2,445, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 65 $5,915,000 $91,000
    5-6% 23 $2,125,000 $92,391
    3-4% 15 $1,555,000 $103,667
    7-8% 9 $265,000 $29,444
    6-7% 3 $195,000 $65,000
    Over 8% 2 $160,000 $80,000

    During 2018, Preferred Credit Union's average interest rate for loans was 5.11%, while their most frequently originated rate bucket for loans was 4-5%, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 72 $3,920,000 $54,444 $1,102 5.26%
    $100k-200k 43 $5,745,000 $133,605 $2,039 4.63%
    $200k-400k 2 $550,000 $275,000 $2,782 4.31%

    2018 saw Preferred Credit Union place emphasis on $100,000 or less loans with 72 originations, totaling $3,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 42 $3,560,000 $84,762 $1,358 4.99%
    $50k or less 35 $2,975,000 $85,000 $1,795 4.82%
    $75k-100k 23 $1,975,000 $85,870 $1,248 4.96%
    $100k-150k 12 $960,000 $80,000 $1,349 5.56%
    $150k-250k 5 $745,000 $149,000 $1,272 5.43%

    Preferred Credit Union lent most frequently to those with incomes in the $50k-75k range, with 42 originations. The second most popular income band? $50k or less, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $2,645,000 $75,571 $1,313 4.99%
    30-36% 23 $1,785,000 $77,609 $1,308 5.50%
    <20% 13 $875,000 $67,308 $992 4.80%
    40% 7 $825,000 $117,857 $1,993 4.71%
    36% 6 $480,000 $80,000 $1,438 4.96%
    38% 5 $345,000 $69,000 $1,679 5.20%
    37% 4 $340,000 $85,000 $1,449 4.66%
    39% 3 $305,000 $101,667 $937 4.08%
    41% 3 $485,000 $161,667 $2,554 4.92%
    42% 2 $110,000 $55,000 $615 4.69%
    43% 2 $160,000 $80,000 $1,580 6.19%
    45% 2 $250,000 $125,000 $2,444 5.06%
    48% 2 $300,000 $150,000 $2,297 5.13%
    49% 2 $310,000 $155,000 $2,580 4.75%
    50-60% 1 $135,000 $135,000 $2,659 6.50%
    >60% 1 $165,000 $165,000 $756 4.38%
    46% 1 $155,000 $155,000 $2,518 4.88%
    47% 1 $75,000 $75,000 $2,314 4.75%

    Preferred Credit Union lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 110 $9,720,000 $88,364 $1,477 5.02%
    Black 5 $375,000 $75,000 $1,196 4.78%
    Not provided 2 $120,000 $60,000 $2,286 4.94%

    Approval Rates

    Total approvals of all applications
    73.58%

    Preferred Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    -17.09%

    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 117 $10,215,000 $87,308

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $465,000 $93,000
    Single Family (1-4 Units):Site-Built 112 $9,750,000 $87,054

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $925,000 $48,684 $740 5.09%
    40-60% 17 $1,445,000 $85,000 $1,024 4.78%
    60-80% 31 $3,305,000 $106,613 $1,598 4.69%
    80-100% 33 $4,125,000 $125,000 $2,272 4.78%
    Under 20% 17 $415,000 $24,412 $576 6.20%