Community West Credit Union Mortgage Rates, Fees & Info
Kentwood, MILEI: 254900R8P0FFNZJAW611
Tax ID: 38-1844068
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Community West Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Community West Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Big Rapids, Traverse City, 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 above 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% | 12/16/24 |
| 30 Year Conventional Purchase | 6.56% | 12/16/24 |
| 30 Year Conventional Refi | 6.36% | 12/16/24 |
| 30 Year Cash-out Refi | 6.57% | 12/16/24 |
| 15 Year Conventional Purchase | 6.46% | 12/16/24 |
| 15 Year Conventional Refi | 6.02% | 12/16/24 |
| 15 Year Cash-out Refi | 6.02% | 12/16/24 |
| 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
286Origination Dollar Volume (All Markets)
$34,220,000Awards
Community West Credit Union - 2021
Community West Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for Community West Credit Union?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 232 | $28,020,000 | $120,776 | $2,691 | 2.89% |
| Outside of Metro Areas | 19 | $2,555,000 | $134,474 | $2,028 | 3.27% |
| Holland, MI (FHA|USDA|VA) | 23 | $2,315,000 | $100,652 | $2,050 | 3.03% |
| Big Rapids, MI (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $2,394 | 3.00% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,132 | 3.13% |
| MUSKEGON, MI (FHA|USDA|VA) | 4 | $280,000 | $70,000 | $1,693 | 2.87% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,625 | 2.38% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 3.50% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,554 | 3.50% |
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.
Similarity Rank: 306
Similarity Rank: 316
Similarity Rank: 532
Similarity Rank: 561
Similarity Rank: 572
Similarity Rank: 630
Similarity Rank: 792
Similarity Rank: 952
Similarity Rank: 1040
Similarity Rank: 1312
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 219 | $30,475,000 | $139,155 | $2,587 | 2.71% |
| HELOC | 67 | $3,745,000 | $55,896 | n/a | 3.67% |
For 2021, Community West Credit Union's most frequently originated type of loan was Conventional, with 219 originations. Their 2nd most popular type was HELOC, with 67 originations.
Loan Reason
For 2021, Community West Credit Union's most frequently cited loan purpose was Cash Out Refi, with 87 originations. The 2nd most popular reason was Home Improvement, with 72 originations.
Loan Duration/Length
For 2021, Community West Credit Union's most frequently cited loan duration was 30 Year, with 94 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-2k | 95 | $14,645,000 | $154,158 |
| $<1k | 53 | $8,945,000 | $168,774 |
Community West Credit Union's average total fees were $2,475, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 95 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 99 | $11,145,000 | $112,576 |
| 3-4% | 92 | $9,770,000 | $106,196 |
| 2.5-3% | 74 | $12,050,000 | $162,838 |
| 4-5% | 16 | $1,040,000 | $65,000 |
| 5-6% | 5 | $215,000 | $43,000 |
During 2021, Community West Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was <2.5%, with 99 originations.
Loan Sizing
2021 saw Community West Credit Union place emphasis on $100,000 or less loans with 138 originations, totaling $8,120,000 in origination value.
Applicant Income
Community West Credit Union lent most frequently to those with incomes in the $50k-75k range, with 89 originations. The second most popular income band? $75k-100k, with 66 originations.
Applicant Debt to Income Ratio
Community West Credit Union lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 60 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.11%
Community West Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination68.53%
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 | 286 | $34,220,000 | $119,650 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |