Financialedge Community Credit Union Mortgage Rates, Fees & Info

Bay City, MI

LEI: 254900DP7U0NF7JQDX23

Tax ID: 38-1395220

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
  • 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

    Financialedge Community Credit Union is a smaller credit union specializing in Home Purchase loans. Financialedge Community Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Bay City, Midland, Flint, Saginaw, and Mount Pleasant among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Financialedge Community 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. Financialedge Community 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 6.66% 11/11/24
    30 Year Conventional Refi 5.66% 11/11/24
    30 Year Cash-out Refi 6.73% 11/11/24
    15 Year Conventional Purchase 6.80% 11/11/24
    15 Year Conventional Refi 6.14% 11/11/24
    15 Year Cash-out Refi 6.14% 11/11/24
    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.

    Financialedge Community Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Financialedge Community 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

    108

    Origination Dollar Volume (All Markets)

    $7,730,000

    Awards

    FinancialEdge Community Credit Union 30 Year Conventional Loans gold FinancialEdge Community Credit Union 30 Year Conventional Loans gold
    Show all (2) 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
    BAY CITY, MI (FHA|USDA|VA) 90 $5,880,000 $65,333 $1,452 4.95%
    Outside of Metro Areas 8 $770,000 $96,250 $1,565 4.91%
    MIDLAND, MI (FHA|USDA|VA) 5 $615,000 $123,000 $1,752 5.13%
    FLINT, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,621 4.88%
    SAGINAW, MI (FHA|USDA|VA) 2 $110,000 $55,000 $1,479 4.19%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,514 4.38%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $65,000 $65,000 $354 6.00%
    Financialedge Community Credit Union's top markets include Bay City, Midland, Flint, Saginaw, and Mount Pleasant among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FinancialEdge Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    FinancialEdge Community Credit Union
    Similarity Rank: 56
    Wanigas Credit Union
    Similarity Rank: 110
    Frankenmuth Credit Union
    Similarity Rank: 320
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 460
    LAKE MICHIGAN CREDIT UNION
    Similarity Rank: 552
    Independent Bank
    Similarity Rank: 650
    CHEMECAL BANK
    Similarity Rank: 1610
    The Huntington National Bank
    Similarity Rank: 4014
    Flagstar Bank, FSB
    Similarity Rank: 12852

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 106 $7,560,000 $71,321 $1,449 4.95%
    USDA 2 $170,000 $85,000 $2,909 4.75%

    For 2018, Financialedge Community Credit Union's most frequently originated type of loan was Conventional, with 106 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 57 $4,965,000 $87,105 $1,779 4.77%
    Other 21 $985,000 $46,905 $988 5.30%
    Cash Out Refi 16 $1,080,000 $67,500 $1,499 4.61%
    Home Improvement 8 $240,000 $30,000 $517 5.97%
    Refi 6 $460,000 $76,667 $1,524 4.88%

    For 2018, Financialedge Community Credit Union's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Other, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 39 $2,435,000 $62,436 $1,322 5.19%
    15 Year 33 $2,435,000 $73,788 $1,571 4.37%
    30 Year 25 $2,395,000 $95,800 $2,059 4.80%
    5 Year 11 $465,000 $42,273 $414 6.14%

    For 2018, Financialedge Community Credit Union's most frequently cited loan duration was 10 Year, with 39 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 108 $7,730,000 $71,574

    Financialedge Community Credit Union's average total fees were $2,059, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 108 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 70 $6,070,000 $86,714
    5-6% 24 $1,130,000 $47,083
    6-7% 9 $305,000 $33,889
    3-4% 5 $225,000 $45,000

    During 2018, Financialedge Community Credit Union's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 87 $4,425,000 $50,862 $1,384 4.99%
    $100k-200k 16 $2,080,000 $130,000 $1,758 4.75%
    $200k-400k 5 $1,225,000 $245,000 $2,181 4.70%

    2018 saw Financialedge Community Credit Union place emphasis on $100,000 or less loans with 87 originations, totaling $4,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 42 $2,210,000 $52,619 $1,546 4.94%
    $50k-75k 35 $2,125,000 $60,714 $1,346 5.10%
    $75k-100k 13 $965,000 $74,231 $1,383 4.95%
    $150k-250k 10 $1,480,000 $148,000 $1,808 4.60%
    $100k-150k 6 $640,000 $106,667 $1,502 4.48%
    $250k+ 2 $310,000 $155,000 $1,155 5.44%

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

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 32 $2,420,000 $75,625 $1,528 4.98%
    30-36% 23 $1,525,000 $66,304 $1,532 5.12%
    <20% 13 $915,000 $70,385 $1,427 4.49%
    36% 11 $555,000 $50,455 $1,547 4.73%
    38% 8 $770,000 $96,250 $1,405 5.03%
    42% 5 $305,000 $61,000 $1,218 4.88%
    37% 5 $215,000 $43,000 $1,414 4.98%
    40% 3 $135,000 $45,000 $846 5.75%
    41% 3 $445,000 $148,333 $1,762 4.96%
    39% 2 $170,000 $85,000 $1,621 4.75%
    45% 1 $65,000 $65,000 $1,711 4.75%
    48% 1 $145,000 $145,000 $2,184 4.75%
    >60% 1 $65,000 $65,000 $354 6.00%

    Financialedge Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 32 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 106 $7,610,000 $71,792 $1,472 4.94%
    Not provided 2 $120,000 $60,000 $1,669 5.00%

    Approval Rates

    Total approvals of all applications
    95.65%

    Financialedge Community Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    73.15%

    Financialedge Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 108 $7,730,000 $71,574

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $110,000 $55,000
    Single Family (1-4 Units):Site-Built 106 $7,620,000 $71,887

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $690,000 $34,500 $779 5.55%
    40-60% 7 $305,000 $43,571 $1,326 4.71%
    60-80% 47 $3,925,000 $83,511 $1,577 4.77%
    80-100% 30 $2,720,000 $90,667 $1,967 4.75%
    Under 20% 4 $90,000 $22,500 $351 5.88%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%