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 Refi, Home Purchase, and Cash Out Refi loans. Birmingham-bloomfield Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Flint, and Ocala 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 above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Birmingham-bloomfield 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.
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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
96Origination Dollar Volume (All Markets)
$14,910,000Awards
BIRMINGHAM-BLOOMFIELD Credit Union - 2020
BIRMINGHAM-BLOOMFIELD Credit Union is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 86 | $13,510,000 | $157,093 | $2,537 | 3.25% |
| FLINT, MI (FHA|USDA|VA) | 7 | $1,025,000 | $146,429 | $2,357 | 3.11% |
| Outside of Metro Areas | 2 | $290,000 | $145,000 | $0 | 3.58% |
| OCALA, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,941 | 3.00% |
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: 287
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 94 | $14,670,000 | $156,064 | $2,496 | 3.23% |
| HELOC | 1 | $115,000 | $115,000 | n/a | 5.00% |
| USDA | 1 | $125,000 | $125,000 | $3,863 | 3.00% |
For 2020, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 94 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2020, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 21 originations.
Loan Duration/Length
For 2020, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 30 Year, with 50 originations. The 2nd most popular length was 15 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 54 | $9,960,000 | $184,444 |
Birmingham-bloomfield Credit Union's average total fees were $2,592, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 43 | $8,065,000 | $187,558 |
| 3-4% | 43 | $5,445,000 | $126,628 |
| <2.5% | 6 | $950,000 | $158,333 |
| 4-5% | 4 | $450,000 | $112,500 |
During 2020, Birmingham-bloomfield Credit Union's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 2.5-3%, with 43 originations.
Loan Sizing
2020 saw Birmingham-bloomfield Credit Union place emphasis on $100k-200k loans with 42 originations, totaling $6,230,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 20 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.18%
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 origination73.96%
Birmingham-bloomfield Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 96 | $14,910,000 | $155,313 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 96 | $14,910,000 | $155,313 |