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 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 have an above average pick rate when compared to similar lenders. Best Financial 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 | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 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
39Origination Dollar Volume (All Markets)
$3,475,000Top 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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 31 | $2,525,000 | $81,452 | $4,480 | 5.05% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 7 | $875,000 | $125,000 | $5,244 | 4.61% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $4,519 | 5.25% |
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 |
|---|---|---|---|---|---|
| Conventional | 26 | $2,840,000 | $109,231 | $4,665 | 4.75% |
| HELOC | 13 | $635,000 | $48,846 | n/a | 5.42% |
For 2018, Best Financial Credit Union's most frequently originated type of loan was Conventional, with 26 originations. Their 2nd most popular type was HELOC, with 13 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 25 | $2,815,000 | $112,600 | $4,665 | 4.66% |
| Home Improvement | 14 | $660,000 | $47,143 | $0 | 5.55% |
For 2018, Best Financial Credit Union's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Home Improvement, with 14 originations.
Loan Duration/Length
For 2018, Best Financial Credit Union's most frequently cited loan duration was 15 Year, with 19 originations. The 2nd most popular length was 30 Year, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 25 | $2,815,000 | $112,600 |
Best Financial Credit Union's average total fees were $4,568, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 25 | $2,255,000 | $90,200 |
| 5-6% | 5 | $415,000 | $83,000 |
| 3-4% | 4 | $600,000 | $150,000 |
| 6-7% | 3 | $155,000 | $51,667 |
| 7-8% | 2 | $50,000 | $25,000 |
During 2018, Best Financial Credit Union's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 25 originations.
Loan Sizing
2018 saw Best Financial Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $1,310,000 in origination value.
Applicant Income
Best Financial Credit Union lent most frequently to those with incomes in the $50k or less range, with 17 originations. The second most popular income band? $50k-75k, with 12 originations.
Applicant Debt to Income Ratio
Best Financial Credit Union lent most frequently to those with DTI ratios of <20%, with 17 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 36 | $3,400,000 | $94,444 | $4,665 | 4.81% |
| Black | 3 | $75,000 | $25,000 | $0 | 6.99% |
Approval Rates
Total approvals of all applications97.56%
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 origination97.44%
Best Financial 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 | 39 | $3,475,000 | $89,103 |