Michigan State University Federal Credit Union Mortgage Rates, Fees & Info

East Lansing, MI

LEI: 54930053SM8COVIPIY54

Tax ID: 38-1373106

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Michigan State University Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Michigan State University Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lansing, Detroit, Grand Rapids, Traverse City, and Ann Arbor among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Michigan State University Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Michigan State University Federal Credit Union 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.25% 11/21/24
    30 Year Conventional Refi 6.44% 11/21/24
    30 Year Cash-out Refi 6.58% 11/21/24
    15 Year Conventional Purchase 5.78% 11/21/24
    15 Year Conventional Refi 5.92% 11/21/24
    15 Year Cash-out Refi 5.92% 11/21/24
    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.

    Michigan State University Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Michigan State University Federal Credit Union. 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

    3,402

    Origination Dollar Volume (All Markets)

    $362,950,000
    Show all (9) awards

    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) 2,120 $213,070,000 $100,505 $1,748 5.06%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 692 $79,850,000 $115,390 $1,691 5.17%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 145 $19,195,000 $132,379 $1,813 5.18%
    Outside of Metro Areas 131 $15,325,000 $116,985 $1,991 4.92%
    Traverse City, MI (FHA|USDA|VA) 35 $5,545,000 $158,429 $1,862 5.15%
    ANN ARBOR, MI (FHA|USDA|VA) 41 $5,315,000 $129,634 $1,781 5.09%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 24 $3,430,000 $142,917 $2,082 4.90%
    FLINT, MI (FHA|USDA|VA) 33 $2,865,000 $86,818 $1,561 5.50%
    BATTLE CREEK, MI (FHA|USDA|VA) 24 $2,720,000 $113,333 $1,433 5.27%
    JACKSON, MI (FHA|USDA|VA) 35 $2,605,000 $74,429 $1,616 5.42%
    MUSKEGON, MI (FHA|USDA|VA) 16 $1,590,000 $99,375 $1,712 5.10%
    SAGINAW, MI (FHA|USDA|VA) 13 $1,535,000 $118,077 $2,406 5.05%
    Holland, MI (FHA|USDA|VA) 10 $1,420,000 $142,000 $1,803 5.00%
    Alma, MI (FHA|USDA|VA) 12 $1,350,000 $112,500 $1,951 4.80%
    Adrian, MI (FHA|USDA|VA) 11 $1,025,000 $93,182 $1,944 5.05%
    Coldwater, MI (FHA|USDA|VA) 9 $1,015,000 $112,778 $1,763 5.11%
    Big Rapids, MI (FHA|USDA|VA) 11 $955,000 $86,818 $1,613 5.19%
    NILES, MI (FHA|USDA|VA) 8 $930,000 $116,250 $2,117 4.84%
    Mount Pleasant, MI (FHA|USDA|VA) 11 $895,000 $81,364 $1,655 4.87%
    MIDLAND, MI (FHA|USDA|VA) 5 $865,000 $173,000 $1,994 4.83%
    Cadillac, MI (FHA|USDA|VA) 5 $435,000 $87,000 $1,837 4.82%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,412 4.75%
    Hillsdale, MI (FHA|USDA|VA) 4 $290,000 $72,500 $1,431 5.87%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,338 4.63%
    Ludington, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,156 3.50%
    Marquette, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,231 4.88%
    MONROE, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.75%
    Sturgis, MI (FHA|USDA|VA) 1 $25,000 $25,000 $633 9.49%
    Michigan State University Federal Credit Union's top markets include Lansing, Detroit, Grand Rapids, Traverse City, and Ann Arbor among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    OMNI Community Credit Union
    Similarity Rank: 105
    Wanigas Credit Union
    Similarity Rank: 110
    St James Mortgage Corporation
    Similarity Rank: 120
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 128
    Dort Financial Credit Union
    Similarity Rank: 180
    BlueOx Credit Union
    Similarity Rank: 192
    TLC COMMUNITY Credit Union
    Similarity Rank: 253
    Macatawa Bank
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,658 $323,380,000 $121,663 $1,754 5.01%
    HELOC 744 $39,570,000 $53,185 n/a 5.37%

    For 2018, Michigan State University Federal Credit Union's most frequently originated type of loan was Conventional, with 2,658 originations. Their 2nd most popular type was HELOC, with 744 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,264 $59,960,000 $47,437 $496 5.65%
    Home Purchase 1,199 $198,505,000 $165,559 $2,489 4.61%
    Cash Out Refi 437 $65,655,000 $150,240 $2,096 4.57%
    Home Improvement 281 $13,215,000 $47,028 $616 5.64%
    Refi 220 $25,510,000 $115,955 $1,548 4.79%
    NA 1 $105,000 $105,000 $0 5.25%

    For 2018, Michigan State University Federal Credit Union's most frequently cited loan purpose was Other, with 1,264 originations. The 2nd most popular reason was Home Purchase, with 1,199 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 1,361 $91,085,000 $66,925 $1,189 5.41%
    30 Year 1,201 $192,255,000 $160,079 $2,377 4.72%
    10 Year 360 $22,070,000 $61,306 $865 5.37%
    5 Year 232 $8,230,000 $35,474 $477 5.31%
    20 Year 151 $24,295,000 $160,894 $2,281 4.51%
    Other 49 $9,975,000 $203,571 $2,310 4.93%
    30+ year 45 $14,945,000 $332,111 $3,900 4.06%
    3 Year 3 $95,000 $31,667 $633 4.93%

    For 2018, Michigan State University Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,361 originations. The 2nd most popular length was 30 Year, with 1,201 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,579 $305,655,000 $118,517
    $1k-2k 35 $8,075,000 $230,714
    $2k-3k 9 $1,365,000 $151,667
    $3k-4k 9 $1,795,000 $199,444
    $5k+ 3 $815,000 $271,667
    $4k-5k 1 $195,000 $195,000

    Michigan State University Federal Credit Union's average total fees were $2,377, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,579 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,857 $248,305,000 $133,713
    5-6% 915 $57,205,000 $62,519
    6-7% 289 $11,905,000 $41,194
    3-4% 225 $41,465,000 $184,289
    7-8% 64 $2,140,000 $33,438
    Over 8% 51 $1,675,000 $32,843
    2.5-3% 1 $255,000 $255,000

    During 2018, Michigan State University Federal Credit Union's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 1,857 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,004 $92,220,000 $46,018 $1,073 5.42%
    $100k-200k 926 $132,520,000 $143,110 $2,283 4.67%
    $200k-400k 412 $106,140,000 $257,621 $2,715 4.53%
    $400k-600k 46 $21,760,000 $473,043 $3,264 4.39%
    $600k-1MM 14 $10,310,000 $736,429 $3,909 4.26%

    2018 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 2,004 originations, totaling $92,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 828 $94,280,000 $113,865 $1,746 5.14%
    $50k-75k 756 $63,780,000 $84,365 $1,683 5.12%
    $75k-100k 645 $62,205,000 $96,442 $1,697 5.14%
    $50k or less 491 $31,855,000 $64,878 $1,614 5.10%
    $150k-250k 488 $70,610,000 $144,693 $1,902 4.99%
    $250k+ 146 $30,720,000 $210,411 $2,371 4.87%

    Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 828 originations. The second most popular income band? $50k-75k, with 756 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 788 $98,130,000 $124,530 $2,049 4.80%
    >60% 663 $34,555,000 $52,119 $642 5.91%
    30-36% 504 $62,680,000 $124,365 $2,004 4.91%
    <20% 442 $47,770,000 $108,077 $1,914 4.76%
    50-60% 166 $16,720,000 $100,723 $1,434 5.21%
    42% 87 $9,145,000 $105,115 $1,773 5.16%
    37% 85 $10,915,000 $128,412 $2,089 4.85%
    39% 83 $10,615,000 $127,892 $1,989 4.91%
    41% 83 $10,375,000 $125,000 $1,896 5.12%
    36% 82 $9,700,000 $118,293 $1,914 4.94%
    40% 70 $7,290,000 $104,143 $1,632 5.13%
    38% 59 $6,525,000 $110,593 $1,871 4.97%
    43% 54 $5,220,000 $96,667 $1,705 5.04%
    45% 44 $6,050,000 $137,500 $2,113 4.77%
    46% 38 $5,350,000 $140,789 $2,018 4.90%
    44% 38 $5,670,000 $149,211 $2,004 4.92%
    47% 36 $4,160,000 $115,556 $1,941 4.92%
    48% 34 $3,380,000 $99,412 $1,864 4.76%
    49% 22 $3,000,000 $136,364 $2,345 4.80%

    Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 788 originations. The next most common DTI ratio? >60%, with 663 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,749 $286,245,000 $104,127 $1,740 5.09%
    Not provided 391 $43,655,000 $111,650 $1,772 5.11%
    Asian 90 $12,780,000 $142,000 $2,166 4.62%
    Black 113 $10,335,000 $91,460 $1,564 5.42%
    Not applicable 35 $7,615,000 $217,571 $2,438 4.89%
    American Indian 14 $1,770,000 $126,429 $2,036 4.62%
    Chinese 4 $330,000 $82,500 $233 5.13%
    Asian Indian 3 $125,000 $41,667 $482 5.63%
    Filipino 2 $60,000 $30,000 $633 5.00%
    Other Asian 1 $35,000 $35,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    94.43%

    Michigan State University Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.48%

    Michigan State University Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,402 $362,950,000 $106,687

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $4,275,000 $475,000
    Single Family (1-4 Units):Manufactured 27 $1,865,000 $69,074
    Single Family (1-4 Units):Site-Built 3,366 $356,810,000 $106,004

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 600 $37,160,000 $61,933 $763 5.53%
    40-60% 332 $36,660,000 $110,422 $1,748 4.89%
    60-80% 791 $128,475,000 $162,421 $2,334 4.61%
    80-100% 813 $134,475,000 $165,406 $2,432 4.67%
    Over 100% 1 $105,000 $105,000 $0 5.00%
    Under 20% 865 $26,075,000 $30,145 $495 5.70%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 50.0%
    Michigan Mutual, Inc. Other type of mortgage Trouble during payment process 1 50.0%