Community West Credit Union Mortgage Rates, Fees & Info

Kentwood, MI

LEI: 254900R8P0FFNZJAW611

Tax ID: 38-1844068

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Community West Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Community West Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Kalamazoo, Midland, and Muskegon among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community West 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. Community West 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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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 6.56% 4/28/24
    30 Year Conventional Refi 6.36% 4/28/24
    30 Year Cash-out Refi 6.57% 4/28/24
    15 Year Conventional Purchase 6.46% 4/28/24
    15 Year Conventional Refi 6.02% 4/28/24
    15 Year Cash-out Refi 6.02% 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.

    Community West Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Community West 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

    182

    Origination Dollar Volume (All Markets)

    $16,280,000

    Awards

    Community West Credit Union 30 Year Conventional Loans silver Community West Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    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) 145 $12,835,000 $88,517 $1,881 5.00%
    Holland, MI (FHA|USDA|VA) 12 $1,250,000 $104,167 $1,480 4.49%
    Outside of Metro Areas 15 $1,125,000 $75,000 $1,676 4.83%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $415,000 $138,333 $2,862 4.76%
    MIDLAND, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,855 3.63%
    MUSKEGON, MI (FHA|USDA|VA) 3 $205,000 $68,333 $2,469 5.29%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,583 3.88%
    Hillsdale, MI (FHA|USDA|VA) 1 $55,000 $55,000 $750 3.99%
    BAY CITY, MI (FHA|USDA|VA) 1 $35,000 $35,000 $2,315 5.38%
    Community West Credit Union's top markets include Grand Rapids, Holland, Kalamazoo, Midland, and Muskegon among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Community West Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Macatawa Bank
    Similarity Rank: 297
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Community West Credit Union
    Similarity Rank: 513
    PREFERRED CREDIT UNION
    Similarity Rank: 660
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 714
    AAC Credit Union
    Similarity Rank: 720
    Isabella Bank
    Similarity Rank: 792
    Adventure Credit Union
    Similarity Rank: 793
    PFCU
    Similarity Rank: 910

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 107 $12,625,000 $117,991 $1,884 4.47%
    HELOC 75 $3,655,000 $48,733 n/a 5.60%

    For 2019, Community West Credit Union's most frequently originated type of loan was Conventional, with 107 originations. Their 2nd most popular type was HELOC, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 57 $3,495,000 $61,316 $1,566 5.45%
    Home Improvement 47 $2,165,000 $46,064 $1,200 5.54%
    Home Purchase 38 $6,000,000 $157,895 $2,609 4.48%
    Cash Out Refi 25 $2,655,000 $106,200 $1,548 3.98%
    Refi 15 $1,965,000 $131,000 $1,223 3.81%

    For 2019, Community West Credit Union's most frequently cited loan purpose was Other, with 57 originations. The 2nd most popular reason was Home Improvement, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 79 $4,475,000 $56,646 $2,405 5.53%
    30 Year 43 $7,315,000 $170,116 $2,525 4.39%
    10 Year 30 $2,460,000 $82,000 $788 3.79%
    15 Year 20 $1,480,000 $74,000 $2,116 5.04%
    Other 9 $235,000 $26,111 $0 5.91%
    30+ year 1 $315,000 $315,000 $3,464 4.38%

    For 2019, Community West Credit Union's most frequently cited loan duration was 20 Year, with 79 originations. The 2nd most popular length was 30 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 55 $9,005,000 $163,727
    $1k-2k 3 $625,000 $208,333
    $2k-3k 1 $135,000 $135,000

    Community West Credit Union's average total fees were $2,525, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 55 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 55 $7,245,000 $131,727
    5-6% 55 $2,905,000 $52,818
    4-5% 44 $5,000,000 $113,636
    6-7% 24 $910,000 $37,917
    7-8% 4 $220,000 $55,000

    During 2019, Community West Credit Union's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 3-4%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 133 $6,605,000 $49,662 $1,295 5.16%
    $100k-200k 32 $4,690,000 $146,563 $2,388 4.46%
    $200k-400k 14 $3,590,000 $256,429 $2,426 4.13%
    $400k-600k 3 $1,395,000 $465,000 $2,904 3.58%

    2019 saw Community West Credit Union place emphasis on $100,000 or less loans with 133 originations, totaling $6,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $3,805,000 $74,608 $1,804 5.07%
    $50k or less 50 $3,540,000 $70,800 $1,897 4.90%
    $100k-150k 36 $4,390,000 $121,944 $1,921 4.88%
    $75k-100k 35 $2,595,000 $74,143 $1,821 5.04%
    $150k-250k 9 $1,805,000 $200,556 $2,122 4.29%
    $250k+ 1 $145,000 $145,000 $2,311 3.38%

    Community West Credit Union lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 61 $4,985,000 $81,721 $1,935 4.93%
    30-36% 29 $2,775,000 $95,690 $1,788 4.86%
    <20% 19 $1,295,000 $68,158 $1,324 4.52%
    40% 14 $1,120,000 $80,000 $1,614 5.05%
    37% 9 $1,215,000 $135,000 $1,891 4.73%
    36% 8 $800,000 $100,000 $2,524 5.25%
    41% 7 $665,000 $95,000 $2,779 5.20%
    42% 6 $240,000 $40,000 $2,239 5.65%
    43% 6 $600,000 $100,000 $1,990 5.19%
    44% 5 $585,000 $117,000 $750 5.35%
    38% 5 $455,000 $91,000 $1,935 5.58%
    39% 3 $395,000 $131,667 $1,406 3.79%
    48% 3 $345,000 $115,000 $3,186 5.22%
    47% 2 $290,000 $145,000 $2,458 4.56%
    45% 2 $80,000 $40,000 $2,191 4.38%
    46% 1 $225,000 $225,000 $2,691 4.38%
    >60% 1 $75,000 $75,000 $0 6.25%
    49% 1 $135,000 $135,000 $2,347 4.00%

    Community West Credit Union lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 170 $14,750,000 $86,765 $1,858 4.95%
    Not provided 4 $690,000 $172,500 $2,562 4.39%
    American Indian 3 $515,000 $171,667 $2,646 5.17%
    Black 4 $250,000 $62,500 $750 5.06%
    Asian 1 $75,000 $75,000 $875 3.25%

    Approval Rates

    Total approvals of all applications
    75.36%

    Community West Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.93%

    Community West 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 182 $16,280,000 $89,451

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Site-Built 181 $16,265,000 $89,862

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $2,610,000 $62,143 $1,012 5.13%
    40-60% 26 $2,200,000 $84,615 $1,346 4.58%
    60-80% 32 $4,480,000 $140,000 $1,991 4.19%
    80-100% 25 $5,205,000 $208,200 $2,635 4.33%
    Under 20% 57 $1,785,000 $31,316 $1,479 5.63%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 3 60.0%
    COMMUNITY BANK SYSTEM, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 1 20.0%