Preferred Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 254900DOBILWQF3MQ479
Tax ID: 38-1878763
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Mortgage Data
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. Preferred Credit Union has a low ratio of conventional loans.They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Ludington, Muskegon, Kalamazoo, and Big Rapids 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
158Origination Dollar Volume (All Markets)
$15,070,000Top 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) | 93 | $8,575,000 | $92,204 | $1,258 | 5.04% |
| Ludington, MI (FHA|USDA|VA) | 24 | $2,030,000 | $84,583 | $1,546 | 4.17% |
| Outside of Metro Areas | 23 | $2,025,000 | $88,043 | $1,281 | 4.99% |
| MUSKEGON, MI (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $2,398 | 5.97% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 5 | $445,000 | $89,000 | $1,752 | 3.03% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,816 | 5.75% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $1,591 | 5.41% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,076 | 6.50% |
| Holland, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 152 | $14,540,000 | $95,658 | $1,321 | 4.92% |
| Conventional | 4 | $260,000 | $65,000 | $0 | 0.00% |
| USDA | 2 | $270,000 | $135,000 | $4,723 | 5.75% |
For 2022, Preferred Credit Union's most frequently originated type of loan was Conventional, with 152 originations. Their 2nd most popular type was Conventional, with 4 originations.
Loan Reason
For 2022, Preferred Credit Union's most frequently cited loan purpose was Cash Out Refi, with 50 originations. The 2nd most popular reason was Home Improvement, with 40 originations.
Loan Duration/Length
For 2022, Preferred Credit Union's most frequently cited loan duration was 15 Year, with 56 originations. The 2nd most popular length was 10 Year, with 38 originations.
Origination Fees/Closing Costs
Preferred Credit Union's average total fees were $3,631, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 129 originations.
Interest Rates
During 2022, Preferred Credit Union's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 5-6%, with 47 originations.
Loan Sizing
2022 saw Preferred Credit Union place emphasis on $100,000 or less loans with 99 originations, totaling $4,895,000 in origination value.
Applicant Income
Preferred Credit Union lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $50k or less, with 39 originations.
Applicant Debt to Income Ratio
Preferred Credit Union lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 147 | $13,565,000 | $92,279 | $1,372 | 4.94% |
| Not provided | 11 | $1,505,000 | $136,818 | $1,259 | 4.86% |
Approval Rates
Total approvals of all applications89.10%
Preferred Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination51.27%
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 |
|---|---|---|---|
| Exempt | 4 | $260,000 | $65,000 |
| NA | 154 | $14,810,000 | $96,169 |