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 Refi loans. Lafcu has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lansing, Detroit, Grand Rapids, Jackson, and Colorado Springs among others. We have data for 17 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
444Origination Dollar Volume (All Markets)
$49,710,000Awards
LAFCU - 2020
LAFCU 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 |
|---|---|---|---|---|---|
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 362 | $39,120,000 | $108,066 | $1,319 | 3.65% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 11 | $2,245,000 | $204,091 | $1,951 | 3.60% |
| Outside of Metro Areas | 25 | $2,205,000 | $88,200 | $1,386 | 3.58% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 17 | $2,055,000 | $120,882 | $1,424 | 3.72% |
| JACKSON, MI (FHA|USDA|VA) | 6 | $750,000 | $125,000 | $1,868 | 3.30% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,387 | 3.00% |
| Alma, MI (FHA|USDA|VA) | 6 | $510,000 | $85,000 | $460 | 4.04% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $1,265 | 3.58% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,253 | 2.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,809 | 2.88% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $1,651 | 4.12% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,968 | 2.88% |
| SAGINAW, MI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 4.69% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,597 | 3.00% |
| FLINT, MI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $1,397 | 3.68% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,750 | 3.13% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,947 | 3.25% |
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: 250
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 440 | $49,150,000 | $111,705 | $1,346 | 3.65% |
| USDA | 3 | $295,000 | $98,333 | $4,002 | 3.58% |
| VA | 1 | $265,000 | $265,000 | $4,569 | 3.25% |
For 2020, Lafcu's most frequently originated type of loan was Conventional, with 440 originations. Their 2nd most popular type was USDA, with 3 originations.
Loan Reason
For 2020, Lafcu's most frequently cited loan purpose was Refi, with 189 originations. The 2nd most popular reason was Cash Out Refi, with 91 originations.
Loan Duration/Length
For 2020, Lafcu's most frequently cited loan duration was 30 Year, with 157 originations. The 2nd most popular length was Other, with 124 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 244 | $18,500,000 | $75,820 |
| $1k-2k | 193 | $29,835,000 | $154,585 |
| $2k-3k | 6 | $1,070,000 | $178,333 |
| $4k-5k | 1 | $305,000 | $305,000 |
Lafcu's average total fees were $2,683, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 244 originations.
Interest Rates
During 2020, Lafcu's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 3-4%, with 225 originations.
Loan Sizing
2020 saw Lafcu place emphasis on $100,000 or less loans with 220 originations, totaling $11,930,000 in origination value.
Applicant Income
Lafcu lent most frequently to those with incomes in the $50k-75k range, with 140 originations. The second most popular income band? $50k or less, with 116 originations.
Applicant Debt to Income Ratio
Lafcu lent most frequently to those with DTI ratios of 20-30%, with 119 originations. The next most common DTI ratio? 30-36%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.47%
Lafcu has an average approval rate.
Pick Rate
Approvals leading to origination73.87%
Lafcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 444 | $49,710,000 | $111,959 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 6 | $600,000 | $100,000 |
| Single Family (1-4 Units):Site-Built | 438 | $49,110,000 | $112,123 |