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, Cash Out Refi, and Refi loans. Lafcu has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Lansing, Grand Rapids, Detroit, Jackson, and Saginaw 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 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 | 6.52% | 11/11/24 |
| 30 Year Conventional Refi | 7.02% | 11/11/24 |
| 30 Year Cash-out Refi | 6.15% | 11/11/24 |
| 30 Year VA Purchase | 6.27% | 11/11/24 |
| 30 Year USDA Purchase | 7.22% | 11/11/24 |
| 15 Year Conventional Purchase | 6.10% | 11/11/24 |
| 15 Year Conventional Refi | 5.57% | 11/11/24 |
| 15 Year Cash-out Refi | 5.57% | 11/11/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
443Origination Dollar Volume (All Markets)
$35,435,000Awards
LAFCU - 2018
LAFCU is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 359 | $28,225,000 | $78,621 | $2,864 | 4.43% |
| Outside of Metro Areas | 22 | $1,700,000 | $77,273 | $2,511 | 4.05% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 16 | $1,360,000 | $85,000 | $2,470 | 4.66% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 9 | $955,000 | $106,111 | $2,284 | 4.57% |
| JACKSON, MI (FHA|USDA|VA) | 11 | $755,000 | $68,636 | $2,380 | 4.41% |
| SAGINAW, MI (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $0 | 4.06% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 4 | $290,000 | $72,500 | $0 | 4.45% |
| Big Rapids, MI (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 4.32% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.63% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.75% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 4.24% |
| Alma, MI (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $0 | 3.96% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.50% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.63% |
| Ludington, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,298 | 4.50% |
| FLINT, MI (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.61% |
| Adrian, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,615 | 4.75% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.99% |
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: 270
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 430 | $34,170,000 | $79,465 | $2,551 | 4.42% |
| USDA | 8 | $690,000 | $86,250 | $3,400 | 4.61% |
| FHA | 5 | $575,000 | $115,000 | $4,338 | 4.50% |
For 2018, Lafcu's most frequently originated type of loan was Conventional, with 430 originations. Their 2nd most popular type was USDA, with 8 originations.
Loan Reason
For 2018, Lafcu's most frequently cited loan purpose was Home Purchase, with 110 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.
Loan Duration/Length
For 2018, Lafcu's most frequently cited loan duration was Other, with 160 originations. The 2nd most popular length was 30 Year, with 110 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 110 | $13,300,000 | $120,909 |
| $1k-2k | 13 | $1,775,000 | $136,538 |
| $2k-3k | 4 | $600,000 | $150,000 |
Lafcu's average total fees were $2,934, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 110 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 260 | $23,580,000 | $90,692 |
| 3-4% | 136 | $9,630,000 | $70,809 |
| 5-6% | 39 | $2,035,000 | $52,179 |
| 6-7% | 8 | $190,000 | $23,750 |
During 2018, Lafcu's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 4-5%, with 260 originations.
Loan Sizing
2018 saw Lafcu place emphasis on $100,000 or less loans with 306 originations, totaling $14,870,000 in origination value.
Applicant Income
Lafcu lent most frequently to those with incomes in the $50k-75k range, with 152 originations. The second most popular income band? $50k or less, with 134 originations.
Applicant Debt to Income Ratio
Lafcu lent most frequently to those with DTI ratios of 20-30%, with 132 originations. The next most common DTI ratio? 30-36%, with 69 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.91%
Lafcu has a below average approval rate.
Pick Rate
Approvals leading to origination84.42%
Lafcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 443 | $35,435,000 | $79,989 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $435,000 | $87,000 |
| Single Family (1-4 Units):Site-Built | 438 | $35,000,000 | $79,909 |