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. Their top markets by origination volume include: Grand Rapids, Ludington, Traverse City, Kalamazoo, and Ann Arbor among others. We have data for 10 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 6.94% 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

    202

    Origination Dollar Volume (All Markets)

    $15,990,000

    Awards

    PREFERRED CREDIT UNION 30 Year Conventional Loans silver PREFERRED CREDIT UNION 30 Year Conventional Loans gold PREFERRED CREDIT UNION 30 Year Conventional Loans bronze PREFERRED CREDIT UNION 30 Year Conventional Loans silver
    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 110 $8,450,000 $76,818 $947 4.87%
    Ludington, MI (FHA|USDA|VA) 44 $3,350,000 $76,136 $1,445 4.30%
    Outside of Metro Areas 35 $3,005,000 $85,857 $1,756 4.55%
    Traverse City, MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,562 4.31%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $300,000 $75,000 $1,162 4.56%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $270,000 $135,000 $2,244 5.19%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $135,000 $135,000 $4,293 3.63%
    Hillsdale, MI (FHA|USDA|VA) 1 $95,000 $95,000 $756 4.75%
    MUSKEGON, MI (FHA|USDA|VA) 2 $40,000 $20,000 $0 3.87%
    MIDLAND, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.74%
    Preferred Credit Union's top markets include Grand Rapids, Ludington, Traverse City, Kalamazoo, and Ann Arbor 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: 297
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Community West Credit Union
    Similarity Rank: 513
    PREFERRED CREDIT UNION
    Similarity Rank: 690
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 714
    AAC Credit Union
    Similarity Rank: 720
    Isabella Bank
    Similarity Rank: 792
    Adventure Credit Union
    Similarity Rank: 793
    PFCU
    Similarity Rank: 910

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $14,630,000 $78,656 $1,238 4.62%
    HELOC 16 $1,360,000 $85,000 n/a 5.30%

    For 2019, Preferred Credit Union's most frequently originated type of loan was Conventional, with 186 originations. Their 2nd most popular type was HELOC, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 55 $4,395,000 $79,909 $981 4.47%
    Other 50 $2,790,000 $55,800 $1,033 5.15%
    Home Purchase 45 $5,945,000 $132,111 $2,356 4.22%
    Home Improvement 41 $1,785,000 $43,537 $538 4.87%
    Refi 11 $1,075,000 $97,727 $1,187 4.56%

    For 2019, Preferred Credit Union's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Other, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 73 $5,665,000 $77,603 $720 4.49%
    30 Year 48 $5,860,000 $122,083 $2,540 4.21%
    10 Year 37 $1,275,000 $34,459 $410 4.38%
    20 Year 17 $1,565,000 $92,059 $2,481 5.09%
    5 Year 15 $575,000 $38,333 $511 5.95%
    Other 12 $1,050,000 $87,500 $2,377 6.34%

    For 2019, Preferred Credit Union's most frequently cited loan duration was 15 Year, with 73 originations. The 2nd most popular length was 30 Year, with 48 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 175 $12,835,000 $73,343
    $1k-2k 8 $1,070,000 $133,750
    $4k-5k 2 $520,000 $260,000
    $3k-4k 1 $205,000 $205,000

    Preferred Credit Union's average total fees were $2,540, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 175 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 78 $6,490,000 $83,205
    4-5% 66 $5,850,000 $88,636
    5-6% 36 $2,640,000 $73,333
    6-7% 12 $540,000 $45,000
    7-8% 5 $155,000 $31,000
    Over 8% 3 $275,000 $91,667
    <2.5% 2 $40,000 $20,000

    During 2019, Preferred Credit Union's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 78 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 141 $6,355,000 $45,071 $841 4.76%
    $100k-200k 49 $6,465,000 $131,939 $1,819 4.41%
    $200k-400k 11 $2,565,000 $233,182 $3,389 4.56%
    $600k-1MM 1 $605,000 $605,000 $0 5.75%

    2019 saw Preferred Credit Union place emphasis on $100,000 or less loans with 141 originations, totaling $6,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 68 $3,950,000 $58,088 $1,324 4.56%
    $50k-75k 63 $4,975,000 $78,968 $1,380 4.62%
    $75k-100k 31 $3,215,000 $103,710 $1,356 4.86%
    $100k-150k 28 $2,120,000 $75,714 $679 4.72%
    $150k-250k 11 $1,125,000 $102,273 $863 4.90%
    $250k+ 1 $605,000 $605,000 $0 5.75%

    Preferred Credit Union lent most frequently to those with incomes in the $50k or less range, with 68 originations. The second most popular income band? $50k-75k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 67 $5,005,000 $74,701 $1,265 4.61%
    30-36% 43 $3,635,000 $84,535 $1,334 5.06%
    <20% 32 $1,830,000 $57,188 $1,080 4.17%
    38% 9 $865,000 $96,111 $1,626 4.55%
    41% 8 $660,000 $82,500 $1,807 4.75%
    39% 7 $315,000 $45,000 $540 4.96%
    40% 6 $510,000 $85,000 $1,177 4.46%
    37% 6 $440,000 $73,333 $1,397 4.10%
    >60% 5 $285,000 $57,000 $374 4.99%
    36% 4 $380,000 $95,000 $759 5.69%
    50-60% 3 $635,000 $211,667 $175 5.33%
    45% 2 $300,000 $150,000 $1,694 3.75%
    48% 2 $170,000 $85,000 $516 6.37%
    49% 2 $170,000 $85,000 $1,604 4.06%
    47% 2 $290,000 $145,000 $2,462 4.06%
    43% 2 $370,000 $185,000 $2,691 5.31%
    42% 1 $65,000 $65,000 $770 3.63%
    44% 1 $65,000 $65,000 $2,319 3.75%

    Preferred Credit Union lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 162 $12,830,000 $79,198 $1,138 4.71%
    Not provided 33 $2,785,000 $84,394 $1,954 4.54%
    Black 4 $190,000 $47,500 $627 4.22%
    American Indian 2 $120,000 $60,000 $385 4.87%
    Filipino 1 $65,000 $65,000 $2,410 4.25%

    Approval Rates

    Total approvals of all applications
    89.21%

    Preferred Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    25.74%

    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 202 $15,990,000 $79,158

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 17 $995,000 $58,529
    Single Family (1-4 Units):Site-Built 185 $14,995,000 $81,054

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $2,225,000 $45,408 $588 4.94%
    40-60% 38 $3,390,000 $89,211 $1,259 4.23%
    60-80% 40 $5,240,000 $131,000 $1,715 4.65%
    80-100% 32 $4,100,000 $128,125 $2,597 4.24%
    Under 20% 43 $1,035,000 $24,070 $263 5.08%