Copoco Community Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900I6OUSD8YCJUJ63
Tax ID: 38-1435020
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Mortgage Data
Review & Overview
Copoco Community Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Copoco Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bay City, Ludington, Midland, and Saginaw among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Copoco Community Credit Union has an above average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar 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 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Copoco Community 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
11Origination Dollar Volume (All Markets)
$885,000Relative Rate
Copoco Community Credit Union's average 30 year fixed mortgage rate was
5.94%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.54%.
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) | 8 | $650,000 | $81,250 | $1,883 | 5.33% |
| Ludington, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.75% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $770,000 | $96,250 | $1,883 | 5.84% |
| HELOC | 3 | $115,000 | $38,333 | n/a | 3.83% |
For 2023, Copoco Community Credit Union's most frequently originated type of loan was Conventional, with 8 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 5 | $475,000 | $95,000 | $1,986 | 5.80% |
| Refi | 5 | $355,000 | $71,000 | $1,473 | 4.91% |
| Home Improvement | 1 | $55,000 | $55,000 | $0 | 3.75% |
For 2023, Copoco Community Credit Union's most frequently cited loan purpose was Home Purchase, with 5 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
For 2023, Copoco Community Credit Union's most frequently cited loan duration was 15 Year, with 5 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $325,000 | $108,333 |
Copoco Community Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 5 | $425,000 | $85,000 |
| 3-4% | 3 | $115,000 | $38,333 |
| 6-7% | 2 | $190,000 | $95,000 |
During 2023, Copoco Community Credit Union's average interest rate for loans was 5.94%, while their most frequently originated rate bucket for loans was 5-6%, with 5 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $385,000 | $55,000 | $1,786 | 4.98% |
| $100k-200k | 4 | $500,000 | $125,000 | $1,948 | 5.83% |
2023 saw Copoco Community Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $385,000 in origination value.
Applicant Income
Copoco Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 4 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 5 | $505,000 | $101,000 | $1,944 | 5.34% |
| <20% | 2 | $140,000 | $70,000 | $2,112 | 4.81% |
| 30-36% | 1 | $55,000 | $55,000 | $0 | 3.75% |
Copoco Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? <20%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 11 | $885,000 | $80,455 | $1,883 | 5.24% |
Approval Rates
Total approvals of all applications70.00%
Copoco Community Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination90.91%
Copoco Community Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11 | $885,000 | $80,455 |