Adventure Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 254900GP2576VSW7TS47
Tax ID: 38-0855535
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Mortgage Data
Review & Overview
Adventure Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Adventure Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Lansing, Bay City, Holland, and Muskegon among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Adventure 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. Adventure 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/28/24 |
| 30 Year Conventional Purchase | 6.88% | 4/28/24 |
| 30 Year Conventional Refi | 5.68% | 4/28/24 |
| 30 Year Cash-out Refi | 6.78% | 4/28/24 |
| 15 Year Conventional Purchase | 5.41% | 4/28/24 |
| 15 Year Conventional Refi | 5.43% | 4/28/24 |
| 15 Year Cash-out Refi | 5.43% | 4/28/24 |
| 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. | ||
Adventure Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
391Origination Dollar Volume (All Markets)
$54,765,000Awards
Adventure Credit Union - 2022
Adventure Credit Union is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 287 | $39,185,000 | $136,533 | $2,541 | 5.08% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 37 | $5,045,000 | $136,351 | $2,322 | 4.90% |
| BAY CITY, MI (FHA|USDA|VA) | 3 | $2,775,000 | $925,000 | $0 | 5.17% |
| Outside of Metro Areas | 24 | $2,730,000 | $113,750 | $2,445 | 5.05% |
| Holland, MI (FHA|USDA|VA) | 14 | $1,350,000 | $96,429 | $2,556 | 4.97% |
| MUSKEGON, MI (FHA|USDA|VA) | 11 | $1,285,000 | $116,818 | $4,405 | 5.43% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $0 | 5.38% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $0 | 5.75% |
| Big Rapids, MI (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $2,480 | 4.83% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,391 | 4.81% |
| Ludington, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 4.25% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $2,322 | 5.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 5.13% |
| Alma, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Adventure 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 | 200 | $13,620,000 | $68,100 | n/a | 5.11% |
| Conventional | 191 | $41,145,000 | $215,419 | $2,536 | 5.02% |
For 2022, Adventure Credit Union's most frequently originated type of loan was HELOC, with 200 originations. Their 2nd most popular type was Conventional, with 191 originations.
Loan Reason
For 2022, Adventure Credit Union's most frequently cited loan purpose was Home Improvement, with 197 originations. The 2nd most popular reason was Home Purchase, with 84 originations.
Loan Duration/Length
For 2022, Adventure Credit Union's most frequently cited loan duration was 10 Year, with 170 originations. The 2nd most popular length was Other, with 54 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 93 | $21,155,000 | $227,473 |
| $1k-2k | 17 | $3,285,000 | $193,235 |
| $2k-3k | 2 | $540,000 | $270,000 |
| $3k-4k | 2 | $440,000 | $220,000 |
Adventure Credit Union's average total fees were $2,659, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 93 originations.
Interest Rates
During 2022, Adventure Credit Union's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 4-5%, with 124 originations.
Loan Sizing
2022 saw Adventure Credit Union place emphasis on $100,000 or less loans with 232 originations, totaling $11,370,000 in origination value.
Applicant Income
Adventure Credit Union lent most frequently to those with incomes in the $50k-75k range, with 105 originations. The second most popular income band? $50k or less, with 85 originations.
Applicant Debt to Income Ratio
Adventure Credit Union lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? <20%, with 59 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.62%
Adventure Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.30%
Adventure Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 391 | $54,765,000 | $140,064 |