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 and Cash Out Refi loans. Financialedge Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bay City, Saginaw, Midland, Adrian, and Detroit among others. We have data for 8 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 an above 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 relatively high 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

    92

    Origination Dollar Volume (All Markets)

    $8,110,000

    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) 78 $6,870,000 $88,077 $1,376 5.25%
    Outside of Metro Areas 5 $435,000 $87,000 $1,686 5.50%
    SAGINAW, MI (FHA|USDA|VA) 3 $285,000 $95,000 $1,623 6.58%
    MIDLAND, MI (FHA|USDA|VA) 2 $270,000 $135,000 $1,910 5.38%
    Adrian, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,739 2.75%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $85,000 $85,000 $467 7.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $45,000 $45,000 $515 5.50%
    Traverse City, MI (FHA|USDA|VA) 1 $15,000 $15,000 $467 6.00%
    Financialedge Community Credit Union's top markets include Bay City, Saginaw, Midland, Adrian, 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 FinancialEdge Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Wildfire Credit Union
    Similarity Rank: 51
    Wanigas Credit Union
    Similarity Rank: 88
    FinancialEdge Community Credit Union
    Similarity Rank: 96
    1st State Financial, Ltd.
    Similarity Rank: 126
    Frankenmuth Credit Union
    Similarity Rank: 180
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 345
    J. VIRGIL, INC.
    Similarity Rank: 624
    Independent Bank
    Similarity Rank: 1120
    Mortgage Research Center, LLC
    Similarity Rank: 2778
    Fifth Third Bank
    Similarity Rank: 6832

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 92 $8,110,000 $88,152 $1,387 5.32%

    For 2022, Financialedge Community Credit Union's most frequently originated type of loan was Conventional, with 92 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 25 $2,975,000 $119,000 $2,095 5.23%
    Cash Out Refi 24 $2,460,000 $102,500 $1,587 4.64%
    Other 22 $1,380,000 $62,727 $885 5.83%
    Home Improvement 15 $605,000 $40,333 $631 6.30%
    Refi 6 $690,000 $115,000 $1,376 4.06%

    For 2022, Financialedge Community Credit Union's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 42 $2,870,000 $68,333 $1,020 5.92%
    15 Year 23 $2,415,000 $105,000 $1,764 4.04%
    30 Year 19 $2,555,000 $134,474 $2,116 5.28%
    5 Year 8 $270,000 $33,750 $503 5.94%

    For 2022, Financialedge Community Credit Union's most frequently cited loan duration was 10 Year, with 42 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 92 $8,110,000 $88,152

    Financialedge Community Credit Union's average total fees were $2,116, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 30 $2,810,000 $93,667
    6-7% 22 $1,370,000 $62,273
    3-4% 16 $1,730,000 $108,125
    4-5% 13 $1,105,000 $85,000
    2.5-3% 6 $990,000 $165,000
    7-8% 5 $105,000 $21,000

    During 2022, Financialedge Community Credit Union's average interest rate for loans was 5.28%, while their most frequently originated rate bucket for loans was 5-6%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 61 $2,825,000 $46,311 $1,057 5.67%
    $100k-200k 21 $2,995,000 $142,619 $1,985 4.58%
    $200k-400k 10 $2,290,000 $229,000 $2,147 4.73%

    2022 saw Financialedge Community Credit Union place emphasis on $100,000 or less loans with 61 originations, totaling $2,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 26 $1,840,000 $70,769 $1,251 5.36%
    $50k or less 22 $1,320,000 $60,000 $1,359 5.22%
    $75k-100k 22 $2,020,000 $91,818 $1,493 5.72%
    $100k-150k 13 $1,625,000 $125,000 $1,583 4.72%
    $150k-250k 7 $1,005,000 $143,571 $1,267 5.13%
    $250k+ 2 $300,000 $150,000 $1,460 5.94%

    Financialedge Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 26 originations. The second most popular income band? $50k or less, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $2,840,000 $94,667 $1,309 5.18%
    20-30% 28 $2,580,000 $92,143 $1,647 5.28%
    <20% 13 $1,255,000 $96,538 $1,461 5.06%
    39% 6 $270,000 $45,000 $837 6.33%
    38% 4 $270,000 $67,500 $1,220 5.53%
    36% 4 $410,000 $102,500 $1,441 5.09%
    41% 2 $130,000 $65,000 $471 6.25%
    37% 1 $45,000 $45,000 $515 5.50%
    40% 1 $15,000 $15,000 $467 6.00%
    42% 1 $65,000 $65,000 $1,751 3.50%
    47% 1 $145,000 $145,000 $2,233 5.88%

    Financialedge Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $8,035,000 $90,281 $1,402 5.30%
    Not provided 1 $45,000 $45,000 $1,911 3.75%
    Black 2 $30,000 $15,000 $474 6.88%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    98.91%

    Financialedge Community Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 92 $8,110,000 $88,152

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    92 $8,110,000 $88,152

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $665,000 $51,154 $661 6.04%
    40-60% 6 $480,000 $80,000 $1,692 4.69%
    60-80% 37 $4,305,000 $116,351 $1,816 4.86%
    80-100% 14 $1,970,000 $140,714 $2,123 4.72%
    Under 20% 21 $575,000 $27,381 $488 6.35%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Finance of America Holdings LLC Reverse mortgage Trouble during payment process 1 100.0%