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

Troy, MI

LEI: 254900V7ZAKK6Z6SQ303

Tax ID: 38-2116791

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

    Polish-american Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Polish-american Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Detroit.

    Polish-american Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above 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 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
    30 Year Conventional Purchase 5.01% 4/21/24
    30 Year Conventional Refi 5.16% 4/21/24
    30 Year Cash-out Refi 5.15% 4/21/24
    15 Year Conventional Purchase 4.26% 4/21/24
    15 Year Conventional Refi 4.53% 4/21/24
    15 Year Cash-out Refi 4.53% 4/21/24
    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

    97

    Origination Dollar Volume (All Markets)

    $11,275,000

    Awards

    Polish-American Federal Credit Union 30 Year Conventional Loans gold Polish-American Federal 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 93 $10,855,000 $116,720 $2,062 3.71%
    Outside of Metro Areas 4 $420,000 $105,000 $2,404 4.44%
    Polish-american Federal Credit Union's top markets include and Detroit 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 Polish-American Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    SECURITY CREDIT UNION
    Similarity Rank: 387
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 472
    T&I Credit union
    Similarity Rank: 660
    Preston Home Loans Inc
    Similarity Rank: 736
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1280
    Extra
    Similarity Rank: 1386
    Isabella Bank
    Similarity Rank: 1792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 97 $11,275,000 $116,237 $2,069 3.74%

    For 2020, Polish-american Federal Credit Union's most frequently originated type of loan was Conventional, with 97 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $4,445,000 $113,974 $2,535 3.72%
    Cash Out Refi 29 $4,265,000 $147,069 $1,924 3.60%
    Refi 21 $2,025,000 $96,429 $1,741 3.40%
    Other 8 $540,000 $67,500 $337 5.25%

    For 2020, Polish-american Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 70 $8,950,000 $127,857 $2,329 3.53%
    20 Year 9 $525,000 $58,333 $1,134 5.00%
    Other 7 $1,215,000 $173,571 $1,801 3.43%
    5 Year 5 $275,000 $55,000 $776 4.40%
    10 Year 4 $230,000 $57,500 $1,369 3.88%
    15 Year 2 $80,000 $40,000 $706 4.75%

    For 2020, Polish-american Federal Credit Union's most frequently cited loan duration was 30 Year, with 70 originations. The 2nd most popular length was 20 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 49 $7,395,000 $150,918
    $<1k 35 $2,155,000 $61,571
    $2k-3k 4 $730,000 $182,500

    Polish-american Federal Credit Union's average total fees were $2,329, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 49 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 38 $4,380,000 $115,263
    4-5% 24 $2,020,000 $84,167
    2.5-3% 22 $3,590,000 $163,182
    5-6% 7 $395,000 $56,429
    <2.5% 5 $775,000 $155,000
    6-7% 1 $115,000 $115,000

    During 2020, Polish-american Federal Credit Union's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 3-4%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 55 $3,415,000 $62,091 $1,779 4.05%
    $100k-200k 28 $3,880,000 $138,571 $2,227 3.36%
    $200k-400k 13 $3,555,000 $273,462 $3,002 3.33%
    $400k-600k 1 $425,000 $425,000 $2,227 3.25%

    2020 saw Polish-american Federal Credit Union place emphasis on $100,000 or less loans with 55 originations, totaling $3,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 49 $4,085,000 $83,367 $1,939 3.68%
    $50k-75k 13 $1,865,000 $143,462 $2,186 3.46%
    $75k-100k 13 $1,635,000 $125,769 $2,255 3.73%
    $100k-150k 10 $1,810,000 $181,000 $2,130 4.05%
    $150k-250k 9 $1,505,000 $167,222 $2,393 4.00%
    $250k+ 3 $375,000 $125,000 $1,845 4.17%

    Polish-american Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 49 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 37 $4,005,000 $108,243 $2,018 3.63%
    20-30% 21 $2,725,000 $129,762 $2,099 3.69%
    30-36% 14 $1,150,000 $82,143 $1,963 4.13%
    50-60% 5 $435,000 $87,000 $2,079 3.85%
    38% 4 $800,000 $200,000 $2,567 3.75%
    40% 3 $285,000 $95,000 $1,597 4.00%
    42% 3 $385,000 $128,333 $1,897 3.75%
    >60% 2 $400,000 $200,000 $2,831 3.38%
    36% 2 $170,000 $85,000 $2,022 3.63%
    39% 2 $290,000 $145,000 $2,105 2.88%
    44% 1 $265,000 $265,000 $2,873 3.00%
    43% 1 $75,000 $75,000 $0 5.50%
    41% 1 $95,000 $95,000 $2,997 5.00%
    37% 1 $195,000 $195,000 $1,235 2.75%

    Polish-american Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 37 originations. The next most common DTI ratio? 20-30%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 95 $11,155,000 $117,421 $2,077 3.74%
    Black 2 $120,000 $60,000 $1,763 4.00%

    Approval Rates

    Total approvals of all applications
    97.14%

    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
    94.85%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 97 $11,275,000 $116,237

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 97 $11,275,000 $116,237

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $995,000 $76,538 $1,116 4.46%
    40-60% 25 $3,055,000 $122,200 $2,128 3.42%
    60-80% 36 $4,710,000 $130,833 $2,223 3.57%
    80-100% 19 $2,365,000 $124,474 $2,422 3.75%
    Under 20% 4 $150,000 $37,500 $239 4.94%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.1%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 2 6.3%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Struggling to pay mortgage 1 3.1%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Trouble during payment process 9 28.1%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.1%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Closing on a mortgage 3 9.4%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Struggling to pay mortgage 4 12.5%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Trouble during payment process 1 3.1%
    PLAZA HOME MORTGAGE, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 3.1%
    PLAZA HOME MORTGAGE, INC. VA mortgage Struggling to pay mortgage 4 12.5%
    PLAZA HOME MORTGAGE, INC. VA mortgage Trouble during payment process 5 15.6%