Blueox Credit Union Mortgage Rates, Fees & Info
Battle Creek, MILEI: 5493001I9VOT1BTB5V75
Tax ID: 38-1480245
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Mortgage Data
Review & Overview
Blueox Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Blueox Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Battle Creek, Coldwater, Kalamazoo, Jackson, and Detroit among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Blueox 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. Blueox 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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Originations
137Origination Dollar Volume (All Markets)
$17,455,000Awards
BlueOx Credit Union - 2020
BlueOx 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 |
|---|---|---|---|---|---|
| BATTLE CREEK, MI (FHA|USDA|VA) | 91 | $9,805,000 | $107,747 | $2,066 | 3.00% |
| Coldwater, MI (FHA|USDA|VA) | 14 | $2,160,000 | $154,286 | $2,247 | 3.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 10 | $1,700,000 | $170,000 | $2,301 | 3.09% |
| JACKSON, MI (FHA|USDA|VA) | 12 | $1,660,000 | $138,333 | $2,401 | 3.29% |
| Outside of Metro Areas | 5 | $1,075,000 | $215,000 | $2,068 | 2.94% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $2,571 | 2.87% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,241 | 2.88% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,876 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against BlueOx Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 40
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 137 | $17,455,000 | $127,409 | $2,151 | 3.03% |
For 2020, Blueox Credit Union's most frequently originated type of loan was Conventional, with 137 originations.
Loan Reason
For 2020, Blueox Credit Union's most frequently cited loan purpose was Cash Out Refi, with 73 originations. The 2nd most popular reason was Home Purchase, with 41 originations.
Loan Duration/Length
For 2020, Blueox Credit Union's most frequently cited loan duration was 30 Year, with 67 originations. The 2nd most popular length was 15 Year, with 37 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 81 | $9,895,000 | $122,160 |
| $<1k | 51 | $7,115,000 | $139,510 |
| $2k-3k | 2 | $180,000 | $90,000 |
Blueox Credit Union's average total fees were $2,230, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 81 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 92 | $11,850,000 | $128,804 |
| 3-4% | 36 | $4,500,000 | $125,000 |
| <2.5% | 7 | $735,000 | $105,000 |
| 4-5% | 2 | $370,000 | $185,000 |
During 2020, Blueox Credit Union's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 2.5-3%, with 92 originations.
Loan Sizing
2020 saw Blueox Credit Union place emphasis on $100k-200k loans with 76 originations, totaling $10,340,000 in origination value.
Applicant Income
Blueox Credit Union lent most frequently to those with incomes in the $50k or less range, with 52 originations. The second most popular income band? $50k-75k, with 39 originations.
Applicant Debt to Income Ratio
Blueox Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.39%
Blueox 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 origination64.96%
Blueox 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 | 137 | $17,455,000 | $127,409 |