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, Midland, Battle Creek, and Big Rapids among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Birmingham-bloomfield 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. 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 | 6.72% | 4/5/25 |
| 30 Year Conventional Refi | 6.72% | 4/5/25 |
| 30 Year Cash-out Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| 15 Year Conventional Refi | 6.00% | 4/5/25 |
| 15 Year Cash-out Refi | 6.00% | 4/5/25 |
| 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
115Origination Dollar Volume (All Markets)
$8,815,000Relative Rate
Birmingham-bloomfield Credit Union's average 30 year fixed mortgage rate was
6.56%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.01%.
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) | 106 | $8,200,000 | $77,358 | $0 | 6.00% |
| FLINT, MI (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 4.91% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 7.00% |
| Outside of Metro Areas | 3 | $175,000 | $58,333 | $0 | 4.82% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.99% |
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: 90
Similarity Rank: 100
Similarity Rank: 120
Similarity Rank: 405
Similarity Rank: 432
Similarity Rank: 506
Similarity Rank: 640
Similarity Rank: 668
Similarity Rank: 756
Similarity Rank: 768
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 82 | $6,670,000 | $81,341 | $0 | 6.81% |
| HELOC | 33 | $2,145,000 | $65,000 | n/a | 3.91% |
For 2024, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 82 originations. Their 2nd most popular type was HELOC, with 33 originations.
Loan Reason
For 2024, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Home Improvement, with 64 originations. The 2nd most popular reason was Refi, with 37 originations.
Loan Duration/Length
For 2024, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was Other, with 33 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 36 | $3,780,000 | $105,000 |
| <2.5% | 23 | $1,495,000 | $65,000 |
| 7-8% | 22 | $1,530,000 | $69,545 |
| 5-6% | 18 | $1,050,000 | $58,333 |
| Over 8% | 13 | $655,000 | $50,385 |
During 2024, Birmingham-bloomfield Credit Union's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 6-7%, with 36 originations.
Loan Sizing
2024 saw Birmingham-bloomfield Credit Union place emphasis on $100,000 or less loans with 92 originations, totaling $4,660,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $50k-75k, with 28 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 107 | $8,375,000 | $78,271 | $0 | 5.89% |
| Black | 6 | $380,000 | $63,333 | $0 | 7.14% |
| American Indian | 2 | $60,000 | $30,000 | $0 | 5.74% |
Approval Rates
Total approvals of all applications93.62%
Birmingham-bloomfield Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination69.57%
Birmingham-bloomfield 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 | 115 | $8,815,000 | $76,652 |