Birmingham-bloomfield Credit Union Mortgage Rates, Fees & Info
Birmingham, MILEI: 54930005S5CFTGC2VR75
Tax ID: 38-1448844
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Birmingham-bloomfield Credit Union is a smaller credit union specializing in Home Improvement, Other, and Refi loans. Birmingham-bloomfield Credit Union has a high proportion of conventional loans. Their top (well, only) market is Detroit.Birmingham-bloomfield Credit Union has an above average approval rate when compared to the average across all lenders. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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
39Origination Dollar Volume (All Markets)
$3,265,000Top 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) | 39 | $3,265,000 | $83,718 | $464 | 4.61% |
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: 32
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $3,265,000 | $83,718 | $464 | 4.61% |
For 2018, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 22 | $1,180,000 | $53,636 | $0 | 4.75% |
| Other | 10 | $660,000 | $66,000 | $0 | 4.39% |
| Refi | 7 | $1,425,000 | $203,571 | $464 | 4.49% |
For 2018, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Other, with 10 originations.
Loan Duration/Length
For 2018, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 15 Year, with 18 originations. The 2nd most popular length was 10 Year, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 19 | $2,015,000 | $106,053 |
| 3-4% | 11 | $675,000 | $61,364 |
| 5-6% | 3 | $205,000 | $68,333 |
| 6-7% | 3 | $225,000 | $75,000 |
| 2.5-3% | 2 | $120,000 | $60,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2018, Birmingham-bloomfield Credit Union's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 4-5%, with 19 originations.
Loan Sizing
2018 saw Birmingham-bloomfield Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,455,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $75k-100k, with 9 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Birmingham-bloomfield Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 39 | $3,265,000 | $83,718 |