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 and Cash Out Refi 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, Ann Arbor, and Traverse City among others. We have data for 33 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% 4/21/24
    30 Year Conventional Refi 6.44% 4/21/24
    30 Year Cash-out Refi 6.58% 4/21/24
    15 Year Conventional Purchase 5.78% 4/21/24
    15 Year Conventional Refi 5.92% 4/21/24
    15 Year Cash-out Refi 5.92% 4/21/24
    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

    3,921

    Origination Dollar Volume (All Markets)

    $436,645,000
    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) 2,441 $253,205,000 $103,730 $1,645 4.85%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 744 $90,040,000 $121,022 $1,598 5.02%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 185 $23,135,000 $125,054 $1,616 4.84%
    Outside of Metro Areas 152 $19,260,000 $126,711 $1,919 4.60%
    ANN ARBOR, MI (FHA|USDA|VA) 51 $7,795,000 $152,843 $1,742 4.92%
    Traverse City, MI (FHA|USDA|VA) 38 $7,290,000 $191,842 $2,339 4.47%
    JACKSON, MI (FHA|USDA|VA) 56 $6,360,000 $113,571 $1,618 4.94%
    BATTLE CREEK, MI (FHA|USDA|VA) 26 $3,930,000 $151,154 $1,862 4.68%
    FLINT, MI (FHA|USDA|VA) 41 $3,855,000 $94,024 $1,882 4.87%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 33 $3,595,000 $108,939 $1,276 5.07%
    Alma, MI (FHA|USDA|VA) 25 $2,605,000 $104,200 $1,964 4.90%
    MUSKEGON, MI (FHA|USDA|VA) 22 $2,440,000 $110,909 $1,919 4.58%
    Adrian, MI (FHA|USDA|VA) 11 $1,505,000 $136,818 $1,572 4.78%
    MONROE, MI (FHA|USDA|VA) 9 $1,495,000 $166,111 $1,359 5.32%
    Big Rapids, MI (FHA|USDA|VA) 11 $1,355,000 $123,182 $1,684 4.61%
    Holland, MI (FHA|USDA|VA) 8 $1,280,000 $160,000 $2,222 4.69%
    SAGINAW, MI (FHA|USDA|VA) 11 $1,245,000 $113,182 $2,256 4.57%
    Marquette, MI (FHA|USDA|VA) 6 $950,000 $158,333 $2,601 4.25%
    MIDLAND, MI (FHA|USDA|VA) 7 $865,000 $123,571 $2,378 4.43%
    Cadillac, MI (FHA|USDA|VA) 6 $730,000 $121,667 $2,276 4.17%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $680,000 $340,000 $1,692 4.99%
    NILES, MI (FHA|USDA|VA) 4 $550,000 $137,500 $1,926 4.86%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $400,000 $200,000 $2,623 3.94%
    BAY CITY, MI (FHA|USDA|VA) 6 $350,000 $58,333 $1,674 4.78%
    Ludington, MI (FHA|USDA|VA) 4 $320,000 $80,000 $1,273 4.75%
    Coldwater, MI (FHA|USDA|VA) 4 $290,000 $72,500 $996 5.41%
    Hillsdale, MI (FHA|USDA|VA) 5 $285,000 $57,000 $1,528 5.05%
    Sturgis, MI (FHA|USDA|VA) 2 $250,000 $125,000 $2,353 5.19%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,220 3.94%
    Houghton, MI (FHA|USDA|VA) 4 $190,000 $47,500 $1,598 4.53%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.75%
    Escanaba, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.75%
    Alpena, MI (FHA|USDA|VA) 1 $45,000 $45,000 $2,431 4.13%
    Michigan State University Federal Credit Union's top markets include Lansing, Detroit, Grand Rapids, Ann Arbor, and Traverse City among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Illinois (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.

    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 96
    Lake Huron Credit Union
    Similarity Rank: 120
    Wanigas Credit Union
    Similarity Rank: 126
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Macatawa Bank
    Similarity Rank: 396

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,144 $395,220,000 $125,706 $1,664 4.66%
    HELOC 777 $41,425,000 $53,314 n/a 5.69%

    For 2019, Michigan State University Federal Credit Union's most frequently originated type of loan was Conventional, with 3,144 originations. Their 2nd most popular type was HELOC, with 777 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,357 $65,905,000 $48,567 $164 5.80%
    Home Purchase 1,282 $213,200,000 $166,303 $2,562 4.20%
    Cash Out Refi 640 $104,460,000 $163,219 $2,180 4.10%
    Home Improvement 353 $14,385,000 $40,751 $196 5.64%
    Refi 289 $38,695,000 $133,893 $1,815 4.16%

    For 2019, Michigan State University Federal Credit Union's most frequently cited loan purpose was Other, with 1,357 originations. The 2nd most popular reason was Home Purchase, with 1,282 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 1,634 $121,310,000 $74,241 $1,093 5.32%
    30 Year 1,379 $227,905,000 $165,268 $2,475 4.27%
    10 Year 412 $25,780,000 $62,573 $514 5.36%
    20 Year 210 $32,720,000 $155,810 $2,289 3.99%
    5 Year 206 $7,440,000 $36,117 $134 5.19%
    Other 44 $8,770,000 $199,318 $1,851 4.99%
    30+ year 31 $10,865,000 $350,484 $4,100 4.58%
    3 Year 3 $45,000 $15,000 $130 4.93%
    1 Year 2 $1,810,000 $905,000 $0 5.94%

    For 2019, Michigan State University Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,634 originations. The 2nd most popular length was 30 Year, with 1,379 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,642 $303,580,000 $114,905
    $1k-2k 271 $56,535,000 $208,616
    $2k-3k 14 $2,190,000 $156,429
    $4k-5k 11 $2,285,000 $207,727
    $3k-4k 10 $1,980,000 $198,000
    $5k+ 5 $1,505,000 $301,000

    Michigan State University Federal Credit Union's average total fees were $2,475, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,642 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,390 $187,290,000 $134,741
    5-6% 1,099 $63,145,000 $57,457
    3-4% 993 $166,475,000 $167,649
    6-7% 324 $14,510,000 $44,784
    Over 8% 56 $2,150,000 $38,393
    7-8% 53 $1,905,000 $35,943
    2.5-3% 6 $1,170,000 $195,000

    During 2019, Michigan State University Federal Credit Union's average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 4-5%, with 1,390 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,214 $104,120,000 $47,028 $785 5.36%
    $100k-200k 1,122 $162,380,000 $144,724 $2,293 4.27%
    $200k-400k 529 $138,605,000 $262,013 $2,746 4.12%
    $400k-600k 41 $18,675,000 $455,488 $3,711 4.14%
    $600k-1MM 12 $8,920,000 $743,333 $3,856 4.59%
    $1MM+ 3 $3,945,000 $1,315,000 $4,219 4.77%

    2019 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 2,214 originations, totaling $104,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,052 $126,870,000 $120,599 $1,660 4.89%
    $50k-75k 779 $67,505,000 $86,656 $1,602 4.91%
    $75k-100k 729 $72,105,000 $98,909 $1,621 4.88%
    $150k-250k 627 $88,795,000 $141,619 $1,740 4.88%
    $50k or less 520 $35,930,000 $69,096 $1,595 4.83%
    $250k+ 144 $28,620,000 $198,750 $2,023 4.72%

    Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,052 originations. The second most popular income band? $50k-75k, with 779 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,221 $142,515,000 $116,720 $1,788 4.71%
    30-36% 754 $79,100,000 $104,907 $1,669 4.90%
    <20% 578 $61,880,000 $107,059 $1,846 4.56%
    36% 138 $13,460,000 $97,536 $1,428 5.04%
    42% 126 $10,850,000 $86,111 $1,216 5.42%
    39% 121 $13,255,000 $109,545 $1,495 4.92%
    38% 120 $13,280,000 $110,667 $1,615 4.97%
    37% 116 $12,900,000 $111,207 $1,554 5.03%
    40% 114 $12,540,000 $110,000 $1,521 5.08%
    41% 104 $10,300,000 $99,038 $1,281 5.32%
    43% 85 $10,385,000 $122,176 $1,730 5.00%
    50-60% 83 $8,765,000 $105,602 $1,109 5.28%
    44% 64 $7,130,000 $111,406 $1,394 5.19%
    >60% 61 $6,385,000 $104,672 $1,179 5.42%
    45% 58 $5,390,000 $92,931 $1,324 5.06%
    46% 41 $3,655,000 $89,146 $1,550 5.04%
    49% 37 $5,635,000 $152,297 $1,695 4.90%
    47% 36 $3,710,000 $103,056 $1,563 4.96%
    48% 34 $4,500,000 $132,353 $1,897 5.34%

    Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,221 originations. The next most common DTI ratio? 30-36%, with 754 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,172 $345,590,000 $108,950 $1,656 4.86%
    Not provided 447 $50,075,000 $112,025 $1,636 4.94%
    Black 141 $12,395,000 $87,908 $1,484 5.10%
    Asian 88 $11,840,000 $134,545 $2,319 4.30%
    Not applicable 36 $11,750,000 $326,389 $2,283 4.98%
    Asian Indian 9 $1,875,000 $208,333 $3,044 4.15%
    American Indian 14 $1,570,000 $112,143 $1,478 4.74%
    Native Hawaiian or Islander 5 $605,000 $121,000 $1,178 4.82%
    Chinese 3 $345,000 $115,000 $1,729 4.25%
    Other Asian 3 $255,000 $85,000 $1,158 5.13%
    Japanese 1 $155,000 $155,000 $2,350 4.00%
    Filipino 1 $145,000 $145,000 $2,092 3.63%
    Vietnamese 1 $45,000 $45,000 $152 5.00%

    Approval Rates

    Total approvals of all applications
    94.63%

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

    Pick Rate

    Approvals leading to origination
    80.18%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,921 $436,645,000 $111,361

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $7,835,000 $712,273
    Single Family (1-4 Units):Manufactured 22 $1,470,000 $66,818
    Single Family (1-4 Units):Site-Built 3,888 $427,340,000 $109,913

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 696 $43,320,000 $62,241 $436 5.63%
    40-60% 359 $42,605,000 $118,677 $1,798 4.54%
    60-80% 967 $164,425,000 $170,036 $2,359 4.16%
    80-100% 923 $153,765,000 $166,593 $2,526 4.24%
    Over 100% 7 $1,875,000 $267,857 $0 5.18%
    Under 20% 969 $30,655,000 $31,636 $169 5.74%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Michigan Mutual, Inc. FHA mortgage Trouble during payment process 1 50.0%