Michigan State University Federal Credit Union Mortgage Rates, Fees & Info
East Lansing, MILEI: 54930053SM8COVIPIY54
Tax ID: 38-1373106
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Mortgage Data
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, Traverse City, and Flint among others. We have data for 55 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.25% | 4/18/24 |
| 30 Year Conventional Refi | 6.44% | 4/18/24 |
| 30 Year Cash-out Refi | 6.58% | 4/18/24 |
| 15 Year Conventional Purchase | 5.78% | 4/18/24 |
| 15 Year Conventional Refi | 5.92% | 4/18/24 |
| 15 Year Cash-out Refi | 5.92% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,757Origination Dollar Volume (All Markets)
$655,735,000Top 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) | 2,879 | $367,935,000 | $127,800 | $2,940 | 3.35% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 827 | $117,035,000 | $141,518 | $3,109 | 3.47% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 271 | $50,635,000 | $186,845 | $3,128 | 3.43% |
| Outside of Metro Areas | 205 | $27,545,000 | $134,366 | $3,079 | 3.33% |
| Traverse City, MI (FHA|USDA|VA) | 118 | $19,430,000 | $164,661 | $3,516 | 3.24% |
| FLINT, MI (FHA|USDA|VA) | 68 | $9,670,000 | $142,206 | $2,978 | 3.62% |
| ANN ARBOR, MI (FHA|USDA|VA) | 53 | $8,865,000 | $167,264 | $3,198 | 3.29% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 34 | $6,100,000 | $179,412 | $2,821 | 3.33% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 32 | $5,810,000 | $181,563 | $3,432 | 3.38% |
| Holland, MI (FHA|USDA|VA) | 25 | $5,045,000 | $201,800 | $3,107 | 3.31% |
| JACKSON, MI (FHA|USDA|VA) | 45 | $4,855,000 | $107,889 | $2,720 | 3.72% |
| NILES, MI (FHA|USDA|VA) | 8 | $4,210,000 | $526,250 | $3,453 | 3.33% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 7 | $2,135,000 | $305,000 | $5,488 | 3.11% |
| MUSKEGON, MI (FHA|USDA|VA) | 16 | $1,960,000 | $122,500 | $2,764 | 3.22% |
| SAGINAW, MI (FHA|USDA|VA) | 18 | $1,930,000 | $107,222 | $2,845 | 3.59% |
| MIDLAND, MI (FHA|USDA|VA) | 10 | $1,910,000 | $191,000 | $2,925 | 3.24% |
| Big Rapids, MI (FHA|USDA|VA) | 14 | $1,550,000 | $110,714 | $3,304 | 2.92% |
| Alma, MI (FHA|USDA|VA) | 14 | $1,450,000 | $103,571 | $2,705 | 3.44% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $2,910 | 3.00% |
| Cadillac, MI (FHA|USDA|VA) | 15 | $1,265,000 | $84,333 | $2,880 | 3.48% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $1,165,000 | $1,165,000 | $8,568 | 3.50% |
| Key West, FL (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $5,808 | 3.31% |
| Adrian, MI (FHA|USDA|VA) | 9 | $1,125,000 | $125,000 | $3,093 | 3.26% |
| Coldwater, MI (FHA|USDA|VA) | 8 | $910,000 | $113,750 | $3,235 | 3.09% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $4,932 | 2.72% |
| BAY CITY, MI (FHA|USDA|VA) | 6 | $760,000 | $126,667 | $2,925 | 3.38% |
| Ludington, MI (FHA|USDA|VA) | 6 | $710,000 | $118,333 | $2,749 | 3.23% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $5,234 | 3.00% |
| Sturgis, MI (FHA|USDA|VA) | 5 | $605,000 | $121,000 | $3,074 | 3.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $4,383 | 3.13% |
| Marquette, MI (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $2,358 | 3.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $3,933 | 3.21% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $2,951 | 3.21% |
| MONROE, MI (FHA|USDA|VA) | 7 | $535,000 | $76,429 | $2,895 | 3.57% |
| Mount Pleasant, MI (FHA|USDA|VA) | 6 | $490,000 | $81,667 | $3,128 | 3.67% |
| Hillsdale, MI (FHA|USDA|VA) | 5 | $485,000 | $97,000 | $2,908 | 3.15% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,026 | 2.88% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,288 | 2.63% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,277 | 2.63% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,177 | 2.38% |
| Houghton, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,221 | 4.19% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $3,611 | 2.56% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,079 | 2.13% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,698 | 3.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,455 | 2.38% |
| Alpena, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,417 | 3.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,588 | 3.38% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,461 | 2.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,046 | 3.63% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,802 | 2.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,246 | 2.88% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,355 | 2.63% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.25% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.25% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,742 | 2.63% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2,775 | $535,205,000 | $192,867 | $3,022 | 3.11% |
| HELOC | 1,982 | $120,530,000 | $60,812 | n/a | 3.75% |
For 2021, Michigan State University Federal Credit Union's most frequently originated type of loan was Conventional, with 2,775 originations. Their 2nd most popular type was HELOC, with 1,982 originations.
Loan Reason
For 2021, Michigan State University Federal Credit Union's most frequently cited loan purpose was Other, with 2,016 originations. The 2nd most popular reason was Home Purchase, with 1,078 originations.
Loan Duration/Length
For 2021, Michigan State University Federal Credit Union's most frequently cited loan duration was Other, with 2,004 originations. The 2nd most popular length was 30 Year, with 1,432 originations.
Origination Fees/Closing Costs
Michigan State University Federal Credit Union's average total fees were $3,142, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,311 originations.
Interest Rates
During 2021, Michigan State University Federal Credit Union's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 3,205 originations.
Loan Sizing
2021 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 2,260 originations, totaling $118,400,000 in origination value.
Applicant Income
Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,207 originations. The second most popular income band? $50k-75k, with 980 originations.
Applicant Debt to Income Ratio
Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,430 originations. The next most common DTI ratio? 30-36%, with 921 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.10%
Michigan State University Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination79.46%
Michigan State University Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,757 | $655,735,000 | $137,846 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Michigan Mutual, Inc. | Conventional home mortgage | Closing on a mortgage | 3 | 42.9% |
| Michigan Mutual, Inc. | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| Michigan Mutual, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| Michigan Mutual, Inc. | Other type of mortgage | Closing on a mortgage | 1 | 14.3% |