Lafcu Mortgage Rates, Fees & Info
Lansing, MILEI: 5493003KK3OFPYXHCI44
Tax ID: 38-0893210
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Mortgage Data
Review & Overview
Lafcu is a smaller credit union specializing in Home Purchase loans. Lafcu has a high proportion of conventional loans. Their top markets by origination volume include: Lansing, Grand Rapids, Detroit, Ann Arbor, and Jackson among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Lafcu has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Lafcu 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 relatively high 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 11/17/24 |
| 30 Year Conventional Refi | 7.02% | 11/17/24 |
| 30 Year Cash-out Refi | 6.15% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 7.22% | 11/17/24 |
| 15 Year Conventional Purchase | 6.10% | 11/17/24 |
| 15 Year Conventional Refi | 5.57% | 11/17/24 |
| 15 Year Cash-out Refi | 5.57% | 11/17/24 |
| 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. | ||
Lafcu Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Lafcu. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
310Origination Dollar Volume (All Markets)
$28,870,000Awards
LAFCU - 2023
LAFCU is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Lafcu's average 30 year fixed mortgage rate was
6.01%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.47%.
Relative Fees (Closing Costs)
Lafcu's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,569.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 240 | $20,420,000 | $85,083 | $1,142 | 6.81% |
| Outside of Metro Areas | 16 | $1,740,000 | $108,750 | $1,891 | 6.75% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 12 | $1,530,000 | $127,500 | $1,576 | 6.65% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 8 | $1,070,000 | $133,750 | $1,905 | 6.15% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,517 | 3.25% |
| JACKSON, MI (FHA|USDA|VA) | 11 | $495,000 | $45,000 | $550 | 7.13% |
| AKRON, OH (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,881 | 6.00% |
| SAGINAW, MI (FHA|USDA|VA) | 7 | $415,000 | $59,286 | $860 | 7.02% |
| Holland, MI (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,403 | 7.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,750 | 4.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,093 | 4.75% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,444 | 5.50% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $1,199 | 7.67% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,105 | 6.25% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,913 | 6.38% |
| Alma, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $200 | 7.02% |
| FLINT, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,324 | 7.88% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $200 | 6.89% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $353 | 7.54% |
Similar Lenders
We use machine learning to identify the top lenders compared against LAFCU based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 69
Similarity Rank: 100
Similarity Rank: 266
Similarity Rank: 728
Similarity Rank: 925
Similarity Rank: 1020
Similarity Rank: 1575
Similarity Rank: 1778
Similarity Rank: 1848
Similarity Rank: 1850
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 310 | $28,870,000 | $93,129 | $1,268 | 6.78% |
For 2023, Lafcu's most frequently originated type of loan was Conventional, with 310 originations.
Loan Reason
For 2023, Lafcu's most frequently cited loan purpose was Home Improvement, with 100 originations. The 2nd most popular reason was Other, with 73 originations.
Loan Duration/Length
For 2023, Lafcu's most frequently cited loan duration was 15 Year, with 103 originations. The 2nd most popular length was 30 Year, with 80 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 224 | $10,710,000 | $47,813 |
| $1k-2k | 80 | $16,180,000 | $202,250 |
| $2k-3k | 2 | $290,000 | $145,000 |
| $3k-4k | 1 | $185,000 | $185,000 |
Lafcu's average total fees were $3,569, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 224 originations.
Interest Rates
During 2023, Lafcu's average interest rate for loans was 6.01%, while their most frequently originated rate bucket for loans was 6-7%, with 141 originations.
Loan Sizing
2023 saw Lafcu place emphasis on $100,000 or less loans with 229 originations, totaling $10,305,000 in origination value.
Applicant Income
Lafcu lent most frequently to those with incomes in the $50k-75k range, with 92 originations. The second most popular income band? $100k-150k, with 74 originations.
Applicant Debt to Income Ratio
Lafcu lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 57 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.03%
Lafcu has an average approval rate.
Pick Rate
Approvals leading to origination80.32%
Lafcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 310 | $28,870,000 | $93,129 |