Public Service Credit Union Mortgage Rates, Fees & Info
Romulus, MILEI: 254900MCB5QTUWUWQ396
Tax ID: 38-1439781
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Mortgage Data
Review & Overview
Public Service Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Public Service Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, North Port, Monroe, Ann Arbor, and Kalamazoo among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Public Service Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Public Service 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) | 6.72% | 4/5/25 |
| 30 Year Conventional Purchase | 6.75% | 4/5/25 |
| 30 Year Conventional Refi | 6.72% | 4/5/25 |
| 30 Year Cash-out Refi | 6.41% | 4/5/25 |
| 30 Year FHA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Refi | 8.38% | 4/5/25 |
| 15 Year Cash-out Refi | 8.38% | 4/5/25 |
| 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. | ||
Public Service 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
312Origination Dollar Volume (All Markets)
$25,290,000Awards
Public Service Credit Union - 2024
Public Service Credit Union is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Public Service Credit Union's average 30 year fixed mortgage rate was
6.26%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.29%.
Relative Fees (Closing Costs)
Public Service Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,334.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 286 | $20,970,000 | $73,322 | $796 | 8.36% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $1,245,000 | $1,245,000 | $10,929 | 5.63% |
| MONROE, MI (FHA|USDA|VA) | 9 | $975,000 | $108,333 | $1,838 | 8.17% |
| ANN ARBOR, MI (FHA|USDA|VA) | 7 | $665,000 | $95,000 | $734 | 8.46% |
| Outside of Metro Areas | 5 | $585,000 | $117,000 | $1,454 | 7.73% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,164 | 7.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,857 | 6.13% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $670 | 8.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Public Service Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 90
Similarity Rank: 100
Similarity Rank: 120
Similarity Rank: 405
Similarity Rank: 432
Similarity Rank: 506
Similarity Rank: 640
Similarity Rank: 668
Similarity Rank: 756
Similarity Rank: 768
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 243 | $19,955,000 | $82,119 | $899 | 8.10% |
| HELOC | 69 | $5,335,000 | $77,319 | n/a | 9.08% |
For 2024, Public Service Credit Union's most frequently originated type of loan was Conventional, with 243 originations. Their 2nd most popular type was HELOC, with 69 originations.
Loan Reason
For 2024, Public Service Credit Union's most frequently cited loan purpose was Other, with 166 originations. The 2nd most popular reason was Home Improvement, with 116 originations.
Loan Duration/Length
For 2024, Public Service Credit Union's most frequently cited loan duration was 15 Year, with 190 originations. The 2nd most popular length was 10 Year, with 82 originations.
Origination Fees/Closing Costs
Public Service Credit Union's average total fees were $4,334, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 218 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 180 | $10,960,000 | $60,889 |
| 7-8% | 96 | $6,820,000 | $71,042 |
| 6-7% | 27 | $3,625,000 | $134,259 |
| 5-6% | 9 | $3,885,000 | $431,667 |
During 2024, Public Service Credit Union's average interest rate for loans was 6.26%, while their most frequently originated rate bucket for loans was Over 8%, with 180 originations.
Loan Sizing
2024 saw Public Service Credit Union place emphasis on $100,000 or less loans with 240 originations, totaling $11,370,000 in origination value.
Applicant Income
Public Service Credit Union lent most frequently to those with incomes in the $50k-75k range, with 78 originations. The second most popular income band? $75k-100k, with 75 originations.
Applicant Debt to Income Ratio
Public Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.09%
Public Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination66.35%
Public Service Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 312 | $25,290,000 | $81,058 |