Polish-american Federal Credit Union Mortgage Rates, Fees & Info
Troy, MILEI: 254900V7ZAKK6Z6SQ303
Tax ID: 38-2116791
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Mortgage Data
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 two markets are Detroit and Jackson .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 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
138Origination Dollar Volume (All Markets)
$17,660,000Awards
Polish-American Federal Credit Union - 2022
Polish-American Federal Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 128 | $16,530,000 | $129,141 | $2,126 | 3.76% |
| Outside of Metro Areas | 8 | $990,000 | $123,750 | $3,384 | 4.06% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $2,307 | 5.13% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 138 | $17,660,000 | $127,971 | $2,194 | 3.79% |
For 2022, Polish-american Federal Credit Union's most frequently originated type of loan was Conventional, with 138 originations.
Loan Reason
For 2022, Polish-american Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.
Loan Duration/Length
For 2022, Polish-american Federal Credit Union's most frequently cited loan duration was 30 Year, with 77 originations. The 2nd most popular length was 20 Year, with 34 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 78 | $12,180,000 | $156,154 |
| $<1k | 46 | $2,610,000 | $56,739 |
| $2k-3k | 8 | $1,540,000 | $192,500 |
| $3k-4k | 3 | $895,000 | $298,333 |
Polish-american Federal Credit Union's average total fees were $2,681, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 78 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 49 | $6,215,000 | $126,837 |
| 3-4% | 40 | $5,330,000 | $133,250 |
| <2.5% | 25 | $3,065,000 | $122,600 |
| 2.5-3% | 13 | $2,045,000 | $157,308 |
| 5-6% | 11 | $1,005,000 | $91,364 |
During 2022, Polish-american Federal Credit Union's average interest rate for loans was 3.59%, while their most frequently originated rate bucket for loans was 4-5%, with 49 originations.
Loan Sizing
2022 saw Polish-american Federal Credit Union place emphasis on $100,000 or less loans with 64 originations, totaling $3,900,000 in origination value.
Applicant Income
Polish-american Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 48 originations. The second most popular income band? $50k-75k, with 35 originations.
Applicant Debt to Income Ratio
Polish-american Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 55 originations. The next most common DTI ratio? 20-30%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.80%
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 origination81.16%
Polish-american Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 138 | $17,660,000 | $127,971 |