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 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, Battle Creek, Grand Rapids, Detroit, and Jackson 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
364Origination Dollar Volume (All Markets)
$31,140,000Awards
LAFCU - 2022
LAFCU is a 2022 , due to their low .
For 2022, 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) | 296 | $22,250,000 | $75,169 | $1,041 | 4.83% |
| Outside of Metro Areas | 21 | $2,715,000 | $129,286 | $1,657 | 4.89% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 5 | $1,705,000 | $341,000 | $1,129 | 4.71% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 11 | $805,000 | $73,182 | $762 | 4.85% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $3,002 | 4.14% |
| JACKSON, MI (FHA|USDA|VA) | 8 | $520,000 | $65,000 | $1,428 | 5.23% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $1,866 | 4.50% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,815 | 3.38% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,072 | 3.63% |
| Alma, MI (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $1,950 | 5.36% |
| FLINT, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $1,986 | 6.06% |
| SAGINAW, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $447 | 5.44% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $300 | 4.27% |
| Houghton, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $555 | 4.24% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,526 | 6.38% |
| Madison, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,020 | 4.38% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $295 | 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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 363 | $30,995,000 | $85,386 | $1,131 | 4.83% |
| USDA | 1 | $145,000 | $145,000 | $4,544 | 6.00% |
For 2022, Lafcu's most frequently originated type of loan was Conventional, with 363 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2022, Lafcu's most frequently cited loan purpose was Home Improvement, with 103 originations. The 2nd most popular reason was Cash Out Refi, with 100 originations.
Loan Duration/Length
For 2022, Lafcu's most frequently cited loan duration was 10 Year, with 99 originations. The 2nd most popular length was Other, with 94 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 244 | $13,860,000 | $56,803 |
| $1k-2k | 91 | $13,645,000 | $149,945 |
| $2k-3k | 2 | $280,000 | $140,000 |
| $5k+ | 1 | $225,000 | $225,000 |
Lafcu's average total fees were $3,123, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 244 originations.
Interest Rates
During 2022, Lafcu's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 5-6%, with 129 originations.
Loan Sizing
2022 saw Lafcu place emphasis on $100,000 or less loans with 262 originations, totaling $13,160,000 in origination value.
Applicant Income
Lafcu lent most frequently to those with incomes in the $50k-75k range, with 105 originations. The second most popular income band? $50k or less, with 101 originations.
Applicant Debt to Income Ratio
Lafcu lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 73 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.91%
Lafcu has an average approval rate.
Pick Rate
Approvals leading to origination83.52%
Lafcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 364 | $31,140,000 | $85,549 |