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 and Refi loans. Birmingham-bloomfield Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Flint, Battle Creek, and Traverse City among others. We have data for 5 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 an 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 | 6.27% | 5/19/24 |
| 30 Year Conventional Refi | 6.27% | 5/19/24 |
| 30 Year Cash-out Refi | 6.27% | 5/19/24 |
| 15 Year Conventional Purchase | 5.68% | 5/19/24 |
| 15 Year Conventional Refi | 5.68% | 5/19/24 |
| 15 Year Cash-out Refi | 5.68% | 5/19/24 |
| 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
115Origination Dollar Volume (All Markets)
$9,705,000Top 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) | 105 | $8,505,000 | $81,000 | $0 | 4.09% |
| FLINT, MI (FHA|USDA|VA) | 6 | $790,000 | $131,667 | $0 | 3.93% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 5.88% |
| Outside of Metro Areas | 2 | $150,000 | $75,000 | $0 | 3.99% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.88% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 115 | $9,705,000 | $84,391 | $0 | 4.10% |
For 2022, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 115 originations.
Loan Reason
For 2022, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Home Improvement, with 62 originations. The 2nd most popular reason was Refi, with 23 originations.
Loan Duration/Length
For 2022, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 15 Year, with 53 originations. The 2nd most popular length was 10 Year, with 23 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 73 | $6,005,000 | $82,260 |
| 4-5% | 22 | $1,890,000 | $85,909 |
| 2.5-3% | 9 | $545,000 | $60,556 |
| 5-6% | 8 | $750,000 | $93,750 |
| 6-7% | 3 | $515,000 | $171,667 |
During 2022, Birmingham-bloomfield Credit Union's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 3-4%, with 73 originations.
Loan Sizing
2022 saw Birmingham-bloomfield Credit Union place emphasis on $100,000 or less loans with 76 originations, totaling $3,450,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $50k-75k, with 29 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 22 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 112 | $9,630,000 | $85,982 | $0 | 4.09% |
| Black | 3 | $75,000 | $25,000 | $0 | 4.74% |
Approval Rates
Total approvals of all applications86.99%
Birmingham-bloomfield Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination92.17%
Birmingham-bloomfield Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 115 | $9,705,000 | $84,391 |