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 Refi loans. Polish-american Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Grand Rapids, and Flint among others. We have data for 4 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 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

    93

    Origination Dollar Volume (All Markets)

    $12,635,000

    Awards

    Polish-American Federal Credit Union 30 Year Conventional Loans silver Polish-American Federal Credit Union 30 Year Conventional Loans bronze Polish-American Federal Credit Union 30 Year Conventional Loans gold Polish-American Federal Credit Union 30 Year Conventional Loans silver
    Show all (4) 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) 87 $12,065,000 $138,678 $2,261 2.94%
    Outside of Metro Areas 4 $370,000 $92,500 $1,593 3.63%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $115,000 $115,000 $3,300 4.50%
    FLINT, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,960 4.25%
    Polish-american Federal Credit Union's top markets include Detroit, Grand Rapids, and Flint 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.

    Polish-American Federal Credit Union
    Similarity Rank: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    T&I Credit union
    Similarity Rank: 618
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    Similarity Rank: 1603
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    Similarity Rank: 2000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 93 $12,635,000 $135,860 $2,250 3.00%

    For 2021, Polish-american Federal Credit Union's most frequently originated type of loan was Conventional, with 93 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $7,275,000 $169,186 $2,995 3.03%
    Refi 21 $2,645,000 $125,952 $1,684 2.86%
    Cash Out Refi 20 $2,270,000 $113,500 $1,955 2.94%
    Other 9 $445,000 $49,444 $577 3.36%

    For 2021, Polish-american Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 58 $9,370,000 $161,552 $2,668 2.84%
    10 Year 15 $1,605,000 $107,000 $1,745 3.10%
    20 Year 14 $1,240,000 $88,571 $1,574 3.59%
    15 Year 3 $225,000 $75,000 $1,641 3.33%
    5 Year 2 $60,000 $30,000 $235 2.75%
    Other 1 $135,000 $135,000 $1,776 2.50%

    For 2021, Polish-american Federal Credit Union's most frequently cited loan duration was 30 Year, with 58 originations. The 2nd most popular length was 10 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 59 $9,435,000 $159,915
    $<1k 23 $1,475,000 $64,130
    $2k-3k 5 $905,000 $181,000
    $3k-4k 1 $195,000 $195,000
    $5k+ 1 $365,000 $365,000

    Polish-american Federal Credit Union's average total fees were $2,668, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 59 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 35 $5,635,000 $161,000
    2.5-3% 25 $2,955,000 $118,200
    3-4% 21 $2,895,000 $137,857
    4-5% 12 $1,150,000 $95,833

    During 2021, Polish-american Federal Credit Union's average interest rate for loans was 2.84%, while their most frequently originated rate bucket for loans was <2.5%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 43 $5,915,000 $137,558 $2,412 2.96%
    $100,000 or less 33 $1,935,000 $58,636 $1,508 3.20%
    $200k-400k 16 $4,380,000 $273,750 $3,295 2.75%
    $400k-600k 1 $405,000 $405,000 $2,485 2.50%

    2021 saw Polish-american Federal Credit Union place emphasis on $100k-200k loans with 43 originations, totaling $5,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 37 $3,835,000 $103,649 $2,072 2.99%
    $50k-75k 26 $3,560,000 $136,923 $2,254 3.05%
    $75k-100k 15 $2,485,000 $165,667 $2,149 2.93%
    $100k-150k 9 $1,775,000 $197,222 $2,887 2.92%
    $150k-250k 5 $865,000 $173,000 $2,441 2.95%
    $250k+ 1 $115,000 $115,000 $3,300 4.50%

    Polish-american Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $50k-75k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 34 $5,010,000 $147,353 $2,328 2.83%
    20-30% 22 $3,260,000 $148,182 $2,494 3.07%
    30-36% 12 $1,410,000 $117,500 $1,626 3.29%
    44% 4 $470,000 $117,500 $3,312 2.94%
    39% 2 $160,000 $80,000 $1,289 2.88%
    43% 2 $200,000 $100,000 $2,749 3.38%
    45% 2 $230,000 $115,000 $2,183 3.38%
    >60% 2 $320,000 $160,000 $3,901 3.25%
    36% 2 $260,000 $130,000 $2,763 3.38%
    37% 2 $170,000 $85,000 $1,025 2.63%
    38% 2 $280,000 $140,000 $3,106 3.13%
    47% 2 $170,000 $85,000 $1,291 2.63%
    50-60% 2 $80,000 $40,000 $638 4.00%
    48% 1 $405,000 $405,000 $2,485 2.50%
    46% 1 $145,000 $145,000 $2,670 2.00%
    42% 1 $65,000 $65,000 $1,587 2.75%

    Polish-american Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 34 originations. The next most common DTI ratio? 20-30%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 92 $12,500,000 $135,870 $2,234 2.99%
    Asian 1 $135,000 $135,000 $3,747 4.25%

    Approval Rates

    Total approvals of all applications
    99.01%

    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
    92.47%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 93 $12,635,000 $135,860

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    93 $12,635,000 $135,860

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,245,000 $83,000 $1,543 2.92%
    40-60% 17 $1,965,000 $115,588 $2,252 2.90%
    60-80% 37 $6,155,000 $166,351 $2,748 3.06%
    80-100% 15 $2,845,000 $189,667 $2,694 2.90%
    Under 20% 9 $425,000 $47,222 $618 3.31%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Struggling to pay mortgage 1 2.9%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Trouble during payment process 19 54.3%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Closing on a mortgage 1 2.9%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Struggling to pay mortgage 2 5.7%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Trouble during payment process 4 11.4%
    PLAZA HOME MORTGAGE, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
    PLAZA HOME MORTGAGE, INC. Other type of mortgage Struggling to pay mortgage 2 5.7%
    PLAZA HOME MORTGAGE, INC. VA mortgage Incorrect information on your report 1 2.9%
    PLAZA HOME MORTGAGE, INC. VA mortgage Struggling to pay mortgage 2 5.7%
    PLAZA HOME MORTGAGE, INC. VA mortgage Trouble during payment process 2 5.7%