Lafcu Mortgage Rates, Fees & Info
Lansing, MILEI: 5493003KK3OFPYXHCI44
Tax ID: 38-0893210
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Lafcu is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase 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, Jackson, Grand Rapids, and Mount Pleasant among others. We have data for 18 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.
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% | 12/16/24 |
| 30 Year Conventional Refi | 7.02% | 12/16/24 |
| 30 Year Cash-out Refi | 6.15% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 7.22% | 12/16/24 |
| 15 Year Conventional Purchase | 6.10% | 12/16/24 |
| 15 Year Conventional Refi | 5.57% | 12/16/24 |
| 15 Year Cash-out Refi | 5.57% | 12/16/24 |
| 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
331Origination Dollar Volume (All Markets)
$31,735,000Awards
LAFCU - 2021
LAFCU is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for LAFCU?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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) | 281 | $27,295,000 | $97,135 | $1,337 | 3.24% |
| Outside of Metro Areas | 12 | $1,020,000 | $85,000 | $1,775 | 3.16% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $2,475 | 2.97% |
| JACKSON, MI (FHA|USDA|VA) | 8 | $570,000 | $71,250 | $1,304 | 3.36% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 6 | $530,000 | $88,333 | $1,877 | 3.13% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $1,564 | 4.39% |
| FLINT, MI (FHA|USDA|VA) | 4 | $210,000 | $52,500 | $882 | 3.66% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,679 | 3.00% |
| Auburn, IN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,591 | 2.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,288 | 3.13% |
| Big Rapids, MI (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $320 | 3.49% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,321 | 3.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $1,435 | 2.70% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,517 | 2.88% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $425 | 2.89% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $409 | 2.99% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $450 | 4.74% |
| Alma, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $312 | 2.89% |
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: 711
Similarity Rank: 918
Similarity Rank: 954
Similarity Rank: 1651
Similarity Rank: 2574
Similarity Rank: 2632
Similarity Rank: 2829
Similarity Rank: 2860
Similarity Rank: 3103
Similarity Rank: 3348
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 330 | $31,590,000 | $95,727 | $1,366 | 3.24% |
| USDA | 1 | $145,000 | $145,000 | $4,372 | 3.00% |
For 2021, Lafcu's most frequently originated type of loan was Conventional, with 330 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2021, Lafcu's most frequently cited loan purpose was Refi, with 112 originations. The 2nd most popular reason was Cash Out Refi, with 102 originations.
Loan Duration/Length
For 2021, Lafcu's most frequently cited loan duration was Other, with 114 originations. The 2nd most popular length was 30 Year, with 93 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 196 | $13,730,000 | $70,051 |
| $1k-2k | 130 | $17,570,000 | $135,154 |
| $2k-3k | 3 | $325,000 | $108,333 |
Lafcu's average total fees were $2,791, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 196 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 183 | $17,995,000 | $98,333 |
| 3-4% | 103 | $10,755,000 | $104,417 |
| 5-6% | 18 | $630,000 | $35,000 |
| <2.5% | 14 | $1,480,000 | $105,714 |
| 4-5% | 13 | $875,000 | $67,308 |
During 2021, Lafcu's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 2.5-3%, with 183 originations.
Loan Sizing
2021 saw Lafcu place emphasis on $100,000 or less loans with 186 originations, totaling $9,790,000 in origination value.
Applicant Income
Lafcu lent most frequently to those with incomes in the $50k or less range, with 97 originations. The second most popular income band? $50k-75k, with 92 originations.
Applicant Debt to Income Ratio
Lafcu lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 59 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.95%
Lafcu has a below average approval rate.
Pick Rate
Approvals leading to origination83.99%
Lafcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 331 | $31,735,000 | $95,876 |