Financialedge Community Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900DP7U0NF7JQDX23
Tax ID: 38-1395220
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Mortgage Data
Review & Overview
Financialedge Community Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi 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, Detroit, Saginaw, Midland, and Mount Pleasant among others. We have data for 6 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.
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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
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This is not an official calculator from Financialedge Community Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
154Origination Dollar Volume (All Markets)
$17,890,000Awards
FinancialEdge Community Credit Union - 2020
FinancialEdge Community Credit Union is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 141 | $16,045,000 | $113,794 | $1,757 | 3.15% |
| Outside of Metro Areas | 5 | $635,000 | $127,000 | $2,021 | 3.13% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,274 | 3.13% |
| SAGINAW, MI (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $1,854 | 3.13% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $1,844 | 2.63% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,376 | 2.63% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 153 | $17,785,000 | $116,242 | $1,764 | 3.13% |
| USDA | 1 | $105,000 | $105,000 | $3,139 | 3.50% |
For 2020, Financialedge Community Credit Union's most frequently originated type of loan was Conventional, with 153 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2020, Financialedge Community Credit Union's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.
Loan Duration/Length
For 2020, Financialedge Community Credit Union's most frequently cited loan duration was 15 Year, with 61 originations. The 2nd most popular length was 30 Year, with 49 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 154 | $17,890,000 | $116,169 |
Financialedge Community Credit Union's average total fees were $2,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 154 originations.
Interest Rates
During 2020, Financialedge Community Credit Union's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 53 originations.
Loan Sizing
2020 saw Financialedge Community Credit Union place emphasis on $100,000 or less loans with 74 originations, totaling $4,760,000 in origination value.
Applicant Income
Financialedge Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $75k-100k, with 36 originations.
Applicant Debt to Income Ratio
Financialedge Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 38 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.88%
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 origination79.22%
Financialedge Community Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 154 | $17,890,000 | $116,169 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $75,000 | $75,000 |
| Single Family (1-4 Units):Site-Built | 153 | $17,815,000 | $116,438 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Business and Consumer Solutions. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |