Omni Community Credit Union Mortgage Rates, Fees & Info

Battle Creek, MI

LEI: 254900W66Q12I4MV8X83

Tax ID: 38-1401260

5 stars - Updated: 5/19/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Omni Community Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Omni Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Sturgis, Battle Creek, Kalamazoo, Coldwater, and Lansing among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Omni Community Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Omni Community 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.

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% 5/19/24
30 Year Conventional Purchase 6.79% 5/19/24
30 Year Conventional Refi 6.21% 5/19/24
30 Year Cash-out Refi 6.74% 5/19/24
30 Year FHA Purchase 7.24% 5/19/24
30 Year USDA Purchase 6.06% 5/19/24
15 Year Conventional Purchase 6.17% 5/19/24
15 Year Conventional Refi 6.23% 5/19/24
15 Year Cash-out Refi 6.23% 5/19/24
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.

Omni Community Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Omni Community 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

297

Origination Dollar Volume (All Markets)

$29,315,000

Relative Rate

Omni Community Credit Union's average 30 year fixed mortgage rate was 7.28%.

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

This yields a difference of 0.8%.

Relative Fees (Closing Costs)

Omni Community Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,931.

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
Sturgis, MI (FHA|USDA|VA) 110 $10,250,000 $93,182 $2,238 7.12%
BATTLE CREEK, MI (FHA|USDA|VA) 93 $8,665,000 $93,172 $2,209 7.03%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 29 $3,315,000 $114,310 $2,216 7.15%
Outside of Metro Areas 26 $2,690,000 $103,462 $2,222 7.05%
Coldwater, MI (FHA|USDA|VA) 13 $1,045,000 $80,385 $1,568 7.36%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $740,000 $92,500 $2,816 6.67%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $725,000 $145,000 $2,937 6.90%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $715,000 $238,333 $4,514 6.25%
Holland, MI (FHA|USDA|VA) 1 $465,000 $465,000 $8,340 6.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $325,000 $108,333 $3,679 6.58%
Platteville, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.50%
Angola, IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,348 7.38%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $85,000 $85,000 $1,976 7.63%
JACKSON, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.50%
FORT WAYNE, IN (FHA|USDA|VA) 1 $35,000 $35,000 $475 6.00%
NILES, MI (FHA|USDA|VA) 1 $25,000 $25,000 $475 7.00%
Omni Community Credit Union's top markets include Sturgis, Battle Creek, Kalamazoo, Coldwater, and Lansing among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against OMNI Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    FIRST CHOICE MH LLC
    Similarity Rank: 252
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 315
    Pacor Mortgage Corp
    Similarity Rank: 360
    Kellogg Community Credit Union
    Similarity Rank: 560
    OMNI Community Credit Union
    Similarity Rank: 592
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 603
    Mercantile Bank of Michigan
    Similarity Rank: 750
    OAK MORTGAGE, LLC
    Similarity Rank: 770
    MORTGAGE CENTER L.C
    Similarity Rank: 1508

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 225 $23,775,000 $105,667 $2,289 6.83%
    HELOC 72 $5,540,000 $76,944 n/a 8.00%

    For 2023, Omni Community Credit Union's most frequently originated type of loan was Conventional, with 225 originations. Their 2nd most popular type was HELOC, with 72 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 105 $6,665,000 $63,476 $592 7.25%
    Home Purchase 86 $14,340,000 $166,744 $3,903 6.86%
    Home Improvement 47 $2,675,000 $56,915 $475 7.48%
    Cash Out Refi 44 $3,830,000 $87,045 $2,679 6.83%
    Refi 15 $1,805,000 $120,333 $2,851 6.68%

    For 2023, Omni Community Credit Union's most frequently cited loan purpose was Other, with 105 originations. The 2nd most popular reason was Home Purchase, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 166 $21,140,000 $127,349 $3,931 7.28%
    15 Year 57 $3,755,000 $65,877 $1,214 6.78%
    10 Year 33 $1,525,000 $46,212 $560 6.48%
    20 Year 24 $1,960,000 $81,667 $1,352 7.47%
    5 Year 13 $385,000 $29,615 $475 6.25%
    Other 3 $85,000 $28,333 $475 7.88%
    1 Year 1 $465,000 $465,000 $8,340 6.38%

    For 2023, Omni Community Credit Union's most frequently cited loan duration was 30 Year, with 166 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 71 $9,675,000 $136,268
    $2k-3k 25 $5,385,000 $215,400
    $<1k 8 $370,000 $46,250
    $4k-5k 5 $915,000 $183,000
    $3k-4k 4 $670,000 $167,500
    $5k+ 3 $835,000 $278,333

    Omni Community Credit Union's average total fees were $3,931, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 71 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 110 $11,990,000 $109,000
    7-8% 99 $10,225,000 $103,283
    5-6% 31 $3,095,000 $99,839
    Over 8% 23 $2,085,000 $90,652

    During 2023, Omni Community Credit Union's average interest rate for loans was 7.28%, while their most frequently originated rate bucket for loans was 6-7%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 181 $9,275,000 $51,243 $1,182 7.12%
    $100k-200k 85 $11,505,000 $135,353 $3,339 7.00%
    $200k-400k 28 $7,130,000 $254,643 $4,524 7.02%
    $400k-600k 3 $1,405,000 $468,333 $7,374 6.88%

    2023 saw Omni Community Credit Union place emphasis on $100,000 or less loans with 181 originations, totaling $9,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 80 $7,300,000 $91,250 $2,440 7.05%
    $75k-100k 67 $6,355,000 $94,851 $2,081 7.10%
    $100k-150k 66 $6,790,000 $102,879 $1,815 7.13%
    $50k or less 57 $4,855,000 $85,175 $2,635 7.06%
    $150k-250k 25 $3,835,000 $153,400 $2,687 6.92%
    $250k+ 2 $180,000 $90,000 $475 7.00%

    Omni Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 80 originations. The second most popular income band? $75k-100k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 67 $5,495,000 $82,015 $1,885 7.19%
    30-36% 58 $5,820,000 $100,345 $2,564 7.03%
    <20% 28 $2,010,000 $71,786 $1,429 7.21%
    50-60% 17 $1,415,000 $83,235 $913 7.55%
    37% 16 $1,570,000 $98,125 $2,357 6.79%
    45% 11 $1,035,000 $94,091 $2,233 6.92%
    43% 11 $1,095,000 $99,545 $1,682 6.81%
    46% 11 $675,000 $61,364 $1,430 7.17%
    44% 9 $1,225,000 $136,111 $2,645 7.18%
    38% 9 $1,165,000 $129,444 $2,859 7.25%
    40% 9 $1,995,000 $221,667 $4,923 7.11%
    47% 9 $785,000 $87,222 $3,135 7.19%
    41% 8 $960,000 $120,000 $3,445 6.98%
    39% 8 $860,000 $107,500 $2,612 6.93%
    36% 8 $660,000 $82,500 $1,865 7.04%
    42% 8 $1,190,000 $148,750 $2,649 6.67%
    49% 6 $740,000 $123,333 $3,172 6.10%
    48% 4 $620,000 $155,000 $2,831 6.91%

    Omni Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 258 $25,040,000 $97,054 $2,121 7.08%
    Not provided 22 $2,560,000 $116,364 $3,353 6.91%
    Asian 5 $855,000 $171,000 $4,144 7.08%
    Black 9 $525,000 $58,333 $1,662 7.23%
    Other Asian 1 $155,000 $155,000 $4,590 6.88%
    Asian Indian 1 $125,000 $125,000 $2,821 6.88%
    American Indian 1 $55,000 $55,000 $2,541 6.25%

    Approval Rates

    Total approvals of all applications
    72.47%

    Omni Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.98%

    Omni Community 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 297 $29,315,000 $98,704

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    297 $29,315,000 $98,704

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 77 $5,495,000 $71,364 $875 7.19%
    40-60% 43 $4,075,000 $94,767 $2,482 7.06%
    60-80% 37 $5,835,000 $157,703 $4,203 6.83%
    80-100% 65 $10,875,000 $167,308 $4,006 7.11%
    Under 20% 59 $2,305,000 $39,068 $475 6.98%