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 Refi loans. Community West Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Kalamazoo, and Ludington among others. We have data for 10 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    280

    Origination Dollar Volume (All Markets)

    $36,820,000
    Show all (6) 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) 209 $26,385,000 $126,244 $2,142 3.29%
    Holland, MI (FHA|USDA|VA) 29 $4,115,000 $141,897 $2,213 3.22%
    Outside of Metro Areas 28 $4,030,000 $143,929 $2,183 3.30%
    MUSKEGON, MI (FHA|USDA|VA) 5 $925,000 $185,000 $2,510 2.88%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $515,000 $171,667 $2,332 3.00%
    Ludington, MI (FHA|USDA|VA) 1 $275,000 $275,000 $2,426 3.13%
    Traverse City, MI (FHA|USDA|VA) 1 $245,000 $245,000 $3,963 3.00%
    Big Rapids, MI (FHA|USDA|VA) 2 $200,000 $100,000 $2,059 3.50%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,464 2.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.50%
    Community West Credit Union's top markets include Grand Rapids, Holland, Muskegon, Kalamazoo, and Ludington among others.

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

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629
    AAC Credit Union
    Similarity Rank: 752
    Pacor Mortgage Corp
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 209 $32,395,000 $155,000 $2,175 3.07%
    HELOC 70 $4,230,000 $60,429 n/a 3.91%
    VA 1 $195,000 $195,000 $2,405 3.75%

    For 2020, Community West Credit Union's most frequently originated type of loan was Conventional, with 209 originations. Their 2nd most popular type was HELOC, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 84 $13,120,000 $156,190 $2,010 3.07%
    Other 60 $6,530,000 $108,833 $2,233 3.53%
    Home Improvement 56 $3,920,000 $70,000 $2,158 3.86%
    Cash Out Refi 44 $7,160,000 $162,727 $2,170 2.88%
    Home Purchase 36 $6,090,000 $169,167 $2,541 2.96%

    For 2020, Community West Credit Union's most frequently cited loan purpose was Refi, with 84 originations. The 2nd most popular reason was Other, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 107 $19,095,000 $178,458 $2,334 3.03%
    20 Year 80 $5,940,000 $74,250 $2,262 3.78%
    15 Year 66 $9,700,000 $146,970 $2,311 3.13%
    10 Year 27 $2,085,000 $77,222 $991 3.18%

    For 2020, Community West Credit Union's most frequently cited loan duration was 30 Year, with 107 originations. The 2nd most popular length was 20 Year, with 80 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 144 $24,680,000 $171,389
    $1k-2k 32 $5,670,000 $177,188
    $2k-3k 1 $245,000 $245,000

    Community West Credit Union's average total fees were $2,334, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 144 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 111 $13,045,000 $117,523
    2.5-3% 96 $15,970,000 $166,354
    <2.5% 36 $5,840,000 $162,222
    4-5% 23 $1,105,000 $48,043
    5-6% 13 $805,000 $61,923

    During 2020, Community West Credit Union's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 3-4%, with 111 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 121 $6,865,000 $56,736 $1,579 3.65%
    $100k-200k 109 $16,605,000 $152,339 $2,248 3.02%
    $200k-400k 47 $12,065,000 $256,702 $2,516 2.95%
    $400k-600k 3 $1,285,000 $428,333 $2,861 2.71%

    2020 saw Community West Credit Union place emphasis on $100,000 or less loans with 121 originations, totaling $6,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 81 $7,975,000 $98,457 $2,018 3.21%
    $50k-75k 67 $8,675,000 $129,478 $2,169 3.34%
    $100k-150k 63 $9,425,000 $149,603 $2,306 3.31%
    $75k-100k 51 $6,625,000 $129,902 $2,116 3.32%
    $150k-250k 16 $3,690,000 $230,625 $2,642 3.08%
    $250k+ 2 $430,000 $215,000 $2,217 4.06%

    Community West Credit Union lent most frequently to those with incomes in the $50k or less range, with 81 originations. The second most popular income band? $50k-75k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 90 $12,520,000 $139,111 $2,227 3.16%
    30-36% 55 $7,275,000 $132,273 $2,175 3.39%
    <20% 45 $5,555,000 $123,444 $2,042 3.08%
    39% 16 $1,920,000 $120,000 $2,053 3.37%
    42% 16 $2,160,000 $135,000 $2,317 3.59%
    41% 11 $1,765,000 $160,455 $2,407 3.06%
    40% 10 $1,230,000 $123,000 $2,317 3.71%
    43% 9 $935,000 $103,889 $2,032 3.44%
    36% 8 $1,130,000 $141,250 $1,995 3.63%
    44% 7 $765,000 $109,286 $2,319 3.59%
    38% 5 $555,000 $111,000 $1,759 3.37%
    45% 2 $340,000 $170,000 $2,173 2.94%
    46% 2 $280,000 $140,000 $2,606 2.63%
    37% 1 $175,000 $175,000 $2,722 2.25%
    48% 1 $125,000 $125,000 $2,096 3.13%
    50-60% 1 $65,000 $65,000 $0 3.75%
    >60% 1 $25,000 $25,000 $0 4.75%

    Community West Credit Union lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 55 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 265 $34,235,000 $129,189 $2,179 3.29%
    Not provided 8 $1,020,000 $127,500 $1,727 3.11%
    Black 3 $585,000 $195,000 $2,593 4.00%
    Asian 2 $560,000 $280,000 $2,721 2.56%
    American Indian 2 $420,000 $210,000 $2,808 2.50%

    Approval Rates

    Total approvals of all applications
    70.76%

    Community West Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    70.36%

    Community West Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 280 $36,820,000 $131,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $115,000 $115,000
    Single Family (1-4 Units):Site-Built 279 $36,705,000 $131,559

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $4,110,000 $76,111 $1,646 3.53%
    40-60% 59 $7,765,000 $131,610 $1,931 2.97%
    60-80% 92 $17,330,000 $188,370 $2,329 2.97%
    80-100% 31 $6,155,000 $198,548 $2,574 3.11%
    Under 20% 43 $1,405,000 $32,674 $2,247 4.18%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Struggling to pay mortgage 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Conventional home mortgage Trouble during payment process 1 33.3%
    COMMUNITY BANK SYSTEM, INC. Other type of mortgage Closing on a mortgage 1 33.3%