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, and Flint among others. We have data for 4 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 a below 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% 11/22/24
    30 Year Cash-out Refi 5.90% 11/22/24
    15 Year Conventional Purchase 6.10% 11/22/24
    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

    67

    Origination Dollar Volume (All Markets)

    $6,425,000

    Awards

    Lake Huron Credit Union 30 Year Conventional Loans bronze Lake Huron 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
    SAGINAW, MI (FHA|USDA|VA) 51 $4,315,000 $84,608 $3,002 5.33%
    BAY CITY, MI (FHA|USDA|VA) 9 $1,345,000 $149,444 $3,353 5.40%
    Outside of Metro Areas 6 $720,000 $120,000 $3,193 4.90%
    FLINT, MI (FHA|USDA|VA) 1 $45,000 $45,000 $3,431 5.00%
    Lake Huron Credit Union's top markets include Saginaw, Bay City, and Flint 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.

    Wanigas Credit Union
    Similarity Rank: 77
    Wildfire Credit Union
    Similarity Rank: 119
    1st State Financial, Ltd.
    Similarity Rank: 147
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 216
    UNITED FINANCIAL Credit Union
    Similarity Rank: 230
    TEAM ONE CREDIT UNION
    Similarity Rank: 330
    Isabella Bank
    Similarity Rank: 460
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 504
    Frankenmuth Credit Union
    Similarity Rank: 600
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 667

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $6,425,000 $95,896 $3,073 5.29%

    For 2022, Lake Huron Credit Union's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 38 $3,820,000 $100,526 $3,272 5.26%
    Cash Out Refi 26 $2,380,000 $91,538 $2,795 5.20%
    Refi 3 $225,000 $75,000 $2,958 6.58%

    For 2022, Lake Huron Credit Union's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 36 $3,340,000 $92,778 $3,145 5.77%
    15 Year 17 $1,755,000 $103,235 $2,830 5.17%
    30 Year 12 $1,240,000 $103,333 $3,296 4.18%
    10 Year 2 $90,000 $45,000 $2,490 4.50%

    For 2022, Lake Huron Credit Union's most frequently cited loan duration was Other, with 36 originations. The 2nd most popular length was 15 Year, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 18 $2,180,000 $121,111
    5-6% 17 $1,295,000 $76,176
    3-4% 15 $1,505,000 $100,333
    Over 8% 8 $700,000 $87,500
    6-7% 7 $625,000 $89,286
    2.5-3% 1 $35,000 $35,000
    7-8% 1 $85,000 $85,000

    During 2022, Lake Huron Credit Union's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $2,830,000 $61,522 $2,985 5.48%
    $100k-200k 15 $2,055,000 $137,000 $3,207 4.83%
    $200k-400k 6 $1,540,000 $256,667 $3,411 5.04%

    2022 saw Lake Huron Credit Union place emphasis on $100,000 or less loans with 46 originations, totaling $2,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 31 $1,835,000 $59,194 $2,963 5.25%
    $50k-75k 18 $1,720,000 $95,556 $3,031 5.22%
    $75k-100k 8 $900,000 $112,500 $3,275 5.55%
    $100k-150k 7 $1,155,000 $165,000 $3,298 5.70%
    $150k-250k 2 $530,000 $265,000 $3,337 4.63%
    $250k+ 1 $285,000 $285,000 $3,495 4.75%

    Lake Huron Credit Union lent most frequently to those with incomes in the $50k or less range, with 31 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 21 $2,245,000 $106,905 $3,061 5.70%
    20-30% 17 $1,685,000 $99,118 $3,022 4.93%
    <20% 6 $630,000 $105,000 $2,942 4.56%
    42% 4 $330,000 $82,500 $3,263 5.88%
    37% 4 $330,000 $82,500 $3,075 5.75%
    41% 2 $150,000 $75,000 $3,508 6.50%
    39% 2 $140,000 $70,000 $3,008 4.44%
    40% 2 $130,000 $65,000 $3,315 4.94%
    43% 2 $180,000 $90,000 $3,095 5.88%
    36% 1 $165,000 $165,000 $3,126 3.25%
    50-60% 1 $45,000 $45,000 $3,255 8.25%
    44% 1 $25,000 $25,000 $2,437 5.75%
    46% 1 $65,000 $65,000 $3,466 3.25%
    47% 1 $25,000 $25,000 $2,582 5.75%
    48% 1 $205,000 $205,000 $3,574 3.50%
    38% 1 $75,000 $75,000 $2,932 4.13%

    Lake Huron Credit Union lent most frequently to those with DTI ratios of 30-36%, with 21 originations. The next most common DTI ratio? 20-30%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $5,470,000 $101,296 $3,106 5.12%
    Black 10 $700,000 $70,000 $2,943 6.13%
    Not provided 2 $130,000 $65,000 $2,966 6.00%
    Asian 1 $125,000 $125,000 $2,774 5.00%

    Approval Rates

    Total approvals of all applications
    46.88%

    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
    88.06%

    Lake Huron Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 67 $6,425,000 $95,896

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    67 $6,425,000 $95,896

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $315,000 $63,000 $2,814 6.03%
    40-60% 8 $520,000 $65,000 $2,732 4.89%
    60-80% 21 $2,205,000 $105,000 $3,093 5.15%
    80-100% 33 $3,385,000 $102,576 $3,182 5.38%