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

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  • 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

    Preferred Credit Union is a smaller credit union specializing in Cash Out Refi and Refi 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, Holland, Kalamazoo, and Detroit among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Preferred 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. 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% 4/28/24
    30 Year Conventional Refi 6.50% 4/28/24
    30 Year Cash-out Refi 6.95% 4/28/24
    30 Year USDA Purchase 7.99% 4/28/24
    15 Year Conventional Purchase 6.25% 4/28/24
    15 Year Conventional Refi 5.89% 4/28/24
    15 Year Cash-out Refi 5.89% 4/28/24
    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

    330

    Origination Dollar Volume (All Markets)

    $39,540,000
    Show all (8) 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) 177 $22,795,000 $128,785 $1,749 3.08%
    Ludington, MI (FHA|USDA|VA) 81 $8,145,000 $100,556 $1,922 3.04%
    Outside of Metro Areas 39 $4,685,000 $120,128 $1,747 3.73%
    Holland, MI (FHA|USDA|VA) 7 $705,000 $100,714 $2,012 3.89%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 6 $680,000 $113,333 $1,568 2.67%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $640,000 $320,000 $3,019 3.94%
    MUSKEGON, MI (FHA|USDA|VA) 3 $305,000 $101,667 $1,766 3.41%
    Big Rapids, MI (FHA|USDA|VA) 3 $255,000 $85,000 $2,015 2.38%
    Coldwater, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,483 3.63%
    Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,057 2.88%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $205,000 $205,000 $1,971 2.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,013 2.63%
    Traverse City, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,721 3.13%
    MONROE, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,818 4.00%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,282 4.13%
    Alma, MI (FHA|USDA|VA) 2 $90,000 $45,000 $1,637 4.63%
    BAY CITY, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,646 3.50%
    Preferred Credit Union's top markets include Grand Rapids, Ludington, Holland, Kalamazoo, and Detroit 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.

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 459
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629
    AAC Credit Union
    Similarity Rank: 752
    Pacor Mortgage Corp
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 320 $38,870,000 $121,469 $1,806 3.14%
    HELOC 8 $410,000 $51,250 n/a 4.31%
    USDA 2 $260,000 $130,000 $3,896 3.13%

    For 2020, Preferred Credit Union's most frequently originated type of loan was Conventional, with 320 originations. Their 2nd most popular type was HELOC, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 112 $12,920,000 $115,357 $1,608 3.07%
    Refi 97 $13,505,000 $139,227 $2,005 2.85%
    Home Purchase 58 $7,640,000 $131,724 $2,429 3.19%
    Other 44 $3,670,000 $83,409 $1,344 3.77%
    Home Improvement 19 $1,805,000 $95,000 $1,121 3.98%

    For 2020, Preferred Credit Union's most frequently cited loan purpose was Cash Out Refi, with 112 originations. The 2nd most popular reason was Refi, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 123 $12,955,000 $105,325 $1,424 3.02%
    30 Year 120 $19,340,000 $161,167 $2,538 3.02%
    10 Year 48 $3,970,000 $82,708 $1,133 2.96%
    20 Year 22 $2,140,000 $97,273 $2,499 3.37%
    5 Year 10 $860,000 $86,000 $676 5.06%
    Other 7 $275,000 $39,286 $1,387 6.54%

    For 2020, Preferred Credit Union's most frequently cited loan duration was 15 Year, with 123 originations. The 2nd most popular length was 30 Year, with 120 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 322 $39,130,000 $121,522

    Preferred Credit Union's average total fees were $2,538, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 322 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 129 $18,045,000 $139,884
    <2.5% 84 $8,390,000 $99,881
    3-4% 79 $11,075,000 $140,190
    4-5% 19 $1,065,000 $56,053
    5-6% 6 $270,000 $45,000
    6-7% 6 $260,000 $43,333
    7-8% 4 $160,000 $40,000
    Over 8% 3 $275,000 $91,667

    During 2020, Preferred Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 129 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 154 $9,200,000 $59,740 $1,401 3.46%
    $100k-200k 131 $18,285,000 $139,580 $2,130 2.91%
    $200k-400k 41 $10,045,000 $245,000 $2,325 2.93%
    $400k-600k 3 $1,405,000 $468,333 $2,455 2.96%
    $600k-1MM 1 $605,000 $605,000 $0 3.13%

    2020 saw Preferred Credit Union place emphasis on $100,000 or less loans with 154 originations, totaling $9,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 108 $8,820,000 $81,667 $1,789 3.21%
    $50k-75k 85 $9,655,000 $113,588 $1,802 3.10%
    $100k-150k 60 $8,440,000 $140,667 $1,828 3.15%
    $75k-100k 50 $6,160,000 $123,200 $1,948 3.23%
    $150k-250k 18 $4,050,000 $225,000 $1,625 3.38%
    $250k+ 9 $2,415,000 $268,333 $1,937 2.76%

    Preferred Credit Union lent most frequently to those with incomes in the $50k or less range, with 108 originations. The second most popular income band? $50k-75k, with 85 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 118 $14,070,000 $119,237 $1,769 3.16%
    30-36% 69 $8,055,000 $116,739 $1,770 3.19%
    <20% 45 $5,855,000 $130,111 $1,766 2.83%
    42% 12 $1,460,000 $121,667 $1,964 3.53%
    39% 11 $1,035,000 $94,091 $2,020 3.41%
    37% 11 $1,455,000 $132,273 $2,262 3.30%
    40% 10 $1,000,000 $100,000 $1,757 3.41%
    36% 9 $865,000 $96,111 $1,497 3.78%
    41% 8 $1,070,000 $133,750 $2,084 3.11%
    38% 7 $1,125,000 $160,714 $1,984 3.48%
    43% 6 $580,000 $96,667 $1,463 3.79%
    44% 5 $705,000 $141,000 $2,452 3.20%
    47% 4 $640,000 $160,000 $2,359 2.69%
    45% 4 $290,000 $72,500 $1,939 2.59%
    >60% 3 $165,000 $55,000 $912 3.17%
    46% 3 $415,000 $138,333 $2,548 3.17%
    48% 2 $280,000 $140,000 $1,516 3.00%
    50-60% 2 $240,000 $120,000 $950 2.75%
    49% 1 $235,000 $235,000 $2,768 2.63%

    Preferred Credit Union lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 283 $34,165,000 $120,724 $1,808 3.15%
    Not provided 40 $4,690,000 $117,250 $1,965 3.27%
    Black 5 $425,000 $85,000 $1,987 3.48%
    American Indian 2 $260,000 $130,000 $385 3.93%

    Approval Rates

    Total approvals of all applications
    93.60%

    Preferred Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    41.52%

    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 330 $39,540,000 $119,818

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 17 $1,345,000 $79,118
    Single Family (1-4 Units):Site-Built 313 $38,195,000 $122,029

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $2,930,000 $63,696 $1,375 3.15%
    40-60% 79 $8,085,000 $102,342 $1,555 3.03%
    60-80% 130 $19,720,000 $151,692 $1,959 3.03%
    80-100% 55 $8,305,000 $151,000 $2,558 3.14%
    Under 20% 20 $500,000 $25,000 $616 4.82%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PREFERRED MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    PREFERRED MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 50.0%