Lake Huron Credit Union Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 254900ZS27YP5BQKD225

Tax ID: 38-1623775

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
  • 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

    Lake Huron Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Lake Huron Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Traverse City, Midland, and Lansing among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Lake Huron Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Lake Huron 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 6.74% 11/21/24
    30 Year Cash-out Refi 5.90% 11/21/24
    15 Year Conventional Purchase 6.10% 11/21/24
    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.

    Lake Huron Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Lake Huron 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

    98

    Origination Dollar Volume (All Markets)

    $9,300,000

    Awards

    Lake Huron Credit Union 30 Year Conventional Loans gold
    Show all (1) 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
    SAGINAW, MI (FHA|USDA|VA) 72 $6,420,000 $89,167 $3,654 4.31%
    BAY CITY, MI (FHA|USDA|VA) 15 $1,865,000 $124,333 $3,614 3.82%
    Outside of Metro Areas 4 $370,000 $92,500 $3,104 4.84%
    Traverse City, MI (FHA|USDA|VA) 2 $240,000 $120,000 $3,962 2.88%
    MIDLAND, MI (FHA|USDA|VA) 2 $160,000 $80,000 $2,674 5.63%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,129 5.75%
    Alma, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,724 4.50%
    FLINT, MI (FHA|USDA|VA) 1 $65,000 $65,000 $5,309 3.50%
    Lake Huron Credit Union's top markets include Saginaw, Bay City, Traverse City, Midland, and Lansing among others.

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

    • Similar Lenders

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

    JOLT CREDIT UNION
    Similarity Rank: 54
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 154
    Wanigas Credit Union
    Similarity Rank: 165
    Isabella Bank
    Similarity Rank: 252
    Mercantile Bank of Michigan
    Similarity Rank: 418
    TEAM ONE CREDIT UNION
    Similarity Rank: 420
    Frankenmuth Credit Union
    Similarity Rank: 459
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 840
    The State Bank
    Similarity Rank: 1537
    VILLAGE CAPITAL MORTGAGE
    Similarity Rank: 1572

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 98 $9,300,000 $94,898 $3,614 4.26%

    For 2020, Lake Huron Credit Union's most frequently originated type of loan was Conventional, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 65 $5,875,000 $90,385 $3,643 4.58%
    Cash Out Refi 22 $2,410,000 $109,545 $3,768 3.90%
    Refi 10 $940,000 $94,000 $3,184 3.20%
    Other 1 $75,000 $75,000 $2,631 2.25%

    For 2020, Lake Huron Credit Union's most frequently cited loan purpose was Home Purchase, with 65 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 59 $5,215,000 $88,390 $3,519 4.94%
    15 Year 16 $1,380,000 $86,250 $3,369 3.59%
    30 Year 13 $1,765,000 $135,769 $4,360 2.83%
    10 Year 5 $365,000 $73,000 $3,095 3.90%
    20 Year 5 $575,000 $115,000 $4,087 2.58%

    For 2020, Lake Huron Credit Union's most frequently cited loan duration was Other, with 59 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 34 $3,470,000 $102,059
    5-6% 15 $1,235,000 $82,333
    4-5% 14 $1,200,000 $85,714
    7-8% 13 $795,000 $61,154
    <2.5% 12 $1,250,000 $104,167
    2.5-3% 10 $1,350,000 $135,000

    During 2020, Lake Huron Credit Union's average interest rate for loans was 2.83%, while their most frequently originated rate bucket for loans was 3-4%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $4,375,000 $65,299 $3,401 4.63%
    $100k-200k 25 $3,315,000 $132,600 $3,654 3.52%
    $200k-400k 6 $1,610,000 $268,333 $5,823 3.23%

    2020 saw Lake Huron Credit Union place emphasis on $100,000 or less loans with 67 originations, totaling $4,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 44 $2,870,000 $65,227 $3,389 4.39%
    $50k-75k 31 $3,135,000 $101,129 $3,717 4.22%
    $75k-100k 13 $1,645,000 $126,538 $3,823 4.25%
    $100k-150k 7 $965,000 $137,857 $3,760 4.23%
    $150k-250k 3 $685,000 $228,333 $4,584 2.92%

    Lake Huron Credit Union lent most frequently to those with incomes in the $50k or less range, with 44 originations. The second most popular income band? $50k-75k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $3,265,000 $98,939 $3,376 4.12%
    30-36% 19 $1,675,000 $88,158 $3,530 4.17%
    41% 6 $730,000 $121,667 $4,227 3.46%
    <20% 5 $265,000 $53,000 $3,732 5.28%
    42% 5 $505,000 $101,000 $3,985 3.88%
    46% 5 $255,000 $51,000 $2,844 5.30%
    38% 4 $380,000 $95,000 $4,859 5.00%
    36% 4 $280,000 $70,000 $3,491 4.19%
    44% 4 $480,000 $120,000 $3,747 4.00%
    39% 4 $350,000 $87,500 $3,961 3.28%
    40% 3 $425,000 $141,667 $3,219 2.75%
    43% 2 $190,000 $95,000 $2,947 7.75%
    37% 2 $190,000 $95,000 $5,701 4.50%
    47% 1 $235,000 $235,000 $3,362 3.25%
    50-60% 1 $75,000 $75,000 $2,928 7.75%

    Lake Huron Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 77 $7,745,000 $100,584 $3,717 3.91%
    Black 17 $1,095,000 $64,412 $3,107 5.87%
    Asian 2 $290,000 $145,000 $3,229 2.81%
    Not provided 2 $170,000 $85,000 $4,320 5.50%

    Approval Rates

    Total approvals of all applications
    52.45%

    Lake Huron Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    95.92%

    Lake Huron Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 98 $9,300,000 $94,898

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $285,000 $95,000
    Single Family (1-4 Units):Site-Built 95 $9,015,000 $94,895

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $45,000 $45,000 $2,536 3.50%
    40-60% 10 $800,000 $80,000 $3,020 3.63%
    60-80% 24 $2,120,000 $88,333 $3,251 3.94%
    80-100% 63 $6,335,000 $100,556 $3,863 4.50%