Polish-american Federal Credit Union Mortgage Rates, Fees & Info

Troy, MI

LEI: 254900V7ZAKK6Z6SQ303

Tax ID: 38-2116791

5 stars - Updated: 5/20/24 - out of 5 stars, based on 12 reviews

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

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Mortgage Data

Review & Overview

Polish-american Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Polish-american Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Grand Rapids, Jackson, and Lansing among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Polish-american Federal 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. Polish-american Federal 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 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.

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
30 Year Conventional Purchase 5.01% 5/20/24
30 Year Conventional Refi 5.16% 5/20/24
30 Year Cash-out Refi 5.15% 5/20/24
15 Year Conventional Purchase 4.26% 5/20/24
15 Year Conventional Refi 4.53% 5/20/24
15 Year Cash-out Refi 4.53% 5/20/24
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.

Polish-american Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Polish-american Federal 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

150

Origination Dollar Volume (All Markets)

$22,760,000

Awards

Polish-American Federal Credit Union 30 Year Conventional Loans gold Polish-American Federal Credit Union 30 Year Conventional Loans silver Polish-American Federal Credit Union 30 Year Conventional Loans gold Polish-American Federal Credit Union 30 Year Conventional Loans gold
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Relative Rate

Polish-american Federal Credit Union's average 30 year fixed mortgage rate was 5.27%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -1.21%.

Relative Fees (Closing Costs)

Polish-american Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,864.

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 $9,089.

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) 131 $19,835,000 $151,412 $2,308 5.56%
Outside of Metro Areas 13 $2,105,000 $161,923 $1,753 5.46%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $490,000 $245,000 $3,486 5.50%
JACKSON, MI (FHA|USDA|VA) 3 $185,000 $61,667 $1,950 6.42%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,802 4.25%
Polish-american Federal Credit Union's top markets include Detroit, Grand Rapids, Jackson, and Lansing among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 150 $22,760,000 $151,733 $2,285 5.56%

    For 2023, Polish-american Federal Credit Union's most frequently originated type of loan was Conventional, with 150 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 90 $15,760,000 $175,111 $2,971 5.40%
    Cash Out Refi 25 $3,285,000 $131,400 $1,742 5.73%
    Other 20 $850,000 $42,500 $373 5.96%
    Refi 15 $2,865,000 $191,000 $1,484 5.75%

    For 2023, Polish-american Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 90 originations. The 2nd most popular reason was Cash Out Refi, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 89 $17,725,000 $199,157 $2,864 5.27%
    20 Year 39 $2,955,000 $75,769 $1,485 6.06%
    10 Year 11 $1,295,000 $117,727 $1,782 5.80%
    15 Year 4 $370,000 $92,500 $1,190 6.25%
    5 Year 4 $110,000 $27,500 $309 5.56%
    Other 2 $200,000 $100,000 $1,128 5.50%
    1 Year 1 $105,000 $105,000 $0 6.75%

    For 2023, Polish-american Federal Credit Union's most frequently cited loan duration was 30 Year, with 89 originations. The 2nd most popular length was 20 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 89 $17,215,000 $193,427
    $<1k 46 $2,270,000 $49,348
    $2k-3k 10 $2,120,000 $212,000
    $3k-4k 1 $535,000 $535,000

    Polish-american Federal Credit Union's average total fees were $2,864, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 73 $11,265,000 $154,315
    4-5% 36 $6,710,000 $186,389
    6-7% 30 $3,320,000 $110,667
    7-8% 6 $360,000 $60,000
    <2.5% 2 $560,000 $280,000
    3-4% 2 $330,000 $165,000

    During 2023, Polish-american Federal Credit Union's average interest rate for loans was 5.27%, while their most frequently originated rate bucket for loans was 5-6%, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $3,330,000 $53,710 $1,339 5.88%
    $100k-200k 46 $6,870,000 $149,348 $2,694 5.42%
    $200k-400k 35 $9,205,000 $263,000 $3,170 5.23%
    $400k-600k 7 $3,355,000 $479,286 $3,605 5.29%

    2023 saw Polish-american Federal Credit Union place emphasis on $100,000 or less loans with 62 originations, totaling $3,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 38 $5,860,000 $154,211 $2,537 5.38%
    $50k or less 34 $2,410,000 $70,882 $1,850 5.57%
    $100k-150k 29 $5,625,000 $193,966 $2,302 5.50%
    $75k-100k 29 $4,215,000 $145,345 $2,309 5.69%
    $150k-250k 17 $3,955,000 $232,647 $2,560 5.79%
    $250k+ 3 $695,000 $231,667 $2,278 5.83%

    Polish-american Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 38 originations. The second most popular income band? $50k or less, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $8,175,000 $166,837 $2,545 5.58%
    <20% 45 $5,855,000 $130,111 $2,229 5.54%
    30-36% 17 $3,115,000 $183,235 $2,236 5.47%
    50-60% 8 $1,070,000 $133,750 $2,205 6.03%
    >60% 7 $435,000 $62,143 $1,958 5.79%
    40% 4 $410,000 $102,500 $1,306 5.19%
    39% 4 $640,000 $160,000 $1,644 5.69%
    38% 3 $395,000 $131,667 $1,235 5.08%
    36% 3 $385,000 $128,333 $2,736 5.17%
    44% 2 $110,000 $55,000 $1,166 5.13%
    45% 2 $360,000 $180,000 $2,512 5.63%
    37% 2 $710,000 $355,000 $3,079 5.63%
    42% 1 $125,000 $125,000 $3,383 6.75%
    48% 1 $205,000 $205,000 $2,529 5.00%
    41% 1 $555,000 $555,000 $3,713 6.00%

    Polish-american Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? <20%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 149 $22,535,000 $151,242 $2,281 5.57%
    Asian Indian 1 $225,000 $225,000 $2,971 5.25%

    Approval Rates

    Total approvals of all applications
    100.00%

    Polish-american Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.00%

    Polish-american Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 150 $22,760,000 $151,733

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    150 $22,760,000 $151,733

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,215,000 $105,476 $1,615 5.55%
    40-60% 19 $3,135,000 $165,000 $2,632 5.41%
    60-80% 61 $11,355,000 $186,148 $2,896 5.30%
    80-100% 22 $4,810,000 $218,636 $3,053 5.85%
    Under 20% 26 $1,030,000 $39,615 $390 6.08%