Birmingham-bloomfield Credit Union Mortgage Rates, Fees & Info
Birmingham, MILEI: 54930005S5CFTGC2VR75
Tax ID: 38-1448844
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Mortgage Data
Review & Overview
Birmingham-bloomfield Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Home Purchase loans. Birmingham-bloomfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Flint, and Grand Rapids among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Birmingham-bloomfield 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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. | ||
Birmingham-bloomfield 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
120Origination Dollar Volume (All Markets)
$9,120,000Relative Rate
Birmingham-bloomfield Credit Union's average 30 year fixed mortgage rate was
6.81%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.33%.
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) | 114 | $8,760,000 | $76,842 | $0 | 6.37% |
| Outside of Metro Areas | 1 | $155,000 | $155,000 | $0 | 6.49% |
| FLINT, MI (FHA|USDA|VA) | 4 | $150,000 | $37,500 | $0 | 6.43% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against BIRMINGHAM-BLOOMFIELD Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 15
Similarity Rank: 45
Similarity Rank: 94
Similarity Rank: 104
Similarity Rank: 162
Similarity Rank: 184
Similarity Rank: 414
Similarity Rank: 450
Similarity Rank: 537
Similarity Rank: 738
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 98 | $7,350,000 | $75,000 | $0 | 6.16% |
| HELOC | 22 | $1,770,000 | $80,455 | n/a | 7.24% |
For 2023, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 98 originations. Their 2nd most popular type was HELOC, with 22 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 67 | $4,305,000 | $64,254 | $0 | 6.33% |
| Refi | 41 | $2,795,000 | $68,171 | $0 | 6.28% |
| Home Purchase | 12 | $2,020,000 | $168,333 | $0 | 6.81% |
For 2023, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Home Improvement, with 67 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
For 2023, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 15 Year, with 68 originations. The 2nd most popular length was 10 Year, with 18 originations.
Interest Rates
During 2023, Birmingham-bloomfield Credit Union's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 43 originations.
Loan Sizing
2023 saw Birmingham-bloomfield Credit Union place emphasis on $100,000 or less loans with 89 originations, totaling $4,435,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $150k-250k range, with 29 originations. The second most popular income band? $50k-75k, with 26 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.40%
Birmingham-bloomfield Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination86.67%
Birmingham-bloomfield Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 120 | $9,120,000 | $76,000 |