Best Financial Credit Union Mortgage Rates, Fees & Info
Muskegon, MILEI: 254900G3F37LO9XNZA95
Tax ID: 38-1562639
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Mortgage Data
Review & Overview
Best Financial Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Best Financial Credit Union has a high proportion of conventional loans. Their top two markets are Muskegon and Grand Rapids .Best Financial Credit Union has an above average approval rate when compared to the average across all lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 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. | ||
Best Financial Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Best Financial 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
71Origination Dollar Volume (All Markets)
$6,825,000Relative Rate
Best Financial Credit Union's average 30 year fixed mortgage rate was
7.04%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.56%.
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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 57 | $5,145,000 | $90,263 | $0 | 8.63% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 11 | $1,475,000 | $134,091 | $0 | 7.99% |
| Outside of Metro Areas | 3 | $205,000 | $68,333 | $0 | 8.58% |
Similar Lenders
We use machine learning to identify the top lenders compared against Best Financial 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 |
|---|---|---|---|---|---|
| HELOC | 49 | $3,575,000 | $72,959 | n/a | 9.34% |
| Conventional | 22 | $3,250,000 | $147,727 | $0 | 6.72% |
For 2023, Best Financial Credit Union's most frequently originated type of loan was HELOC, with 49 originations. Their 2nd most popular type was Conventional, with 22 originations.
Loan Reason
For 2023, Best Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 46 originations. The 2nd most popular reason was Home Purchase, with 23 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 55 | $4,405,000 | $80,091 | $0 | 8.98% |
| 30 Year | 15 | $2,215,000 | $147,667 | $0 | 7.04% |
| 20 Year | 1 | $205,000 | $205,000 | $0 | 5.75% |
For 2023, Best Financial Credit Union's most frequently cited loan duration was 15 Year, with 55 originations. The 2nd most popular length was 30 Year, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 29 | $1,885,000 | $65,000 |
| 7-8% | 25 | $2,515,000 | $100,600 |
| 6-7% | 14 | $1,990,000 | $142,143 |
| 5-6% | 2 | $370,000 | $185,000 |
| 4-5% | 1 | $65,000 | $65,000 |
During 2023, Best Financial Credit Union's average interest rate for loans was 7.04%, while their most frequently originated rate bucket for loans was Over 8%, with 29 originations.
Loan Sizing
2023 saw Best Financial Credit Union place emphasis on $100,000 or less loans with 43 originations, totaling $2,525,000 in origination value.
Applicant Income
Best Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 23 originations. The second most popular income band? $75k-100k, with 16 originations.
Applicant Debt to Income Ratio
Best Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 23 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Best Financial 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 71 | $6,825,000 | $96,127 |