Security Credit Union Mortgage Rates, Fees & Info
Holly, MILEI: 5493005RSCVBUTB80M24
Tax ID: 38-1514946
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Mortgage Data
Review & Overview
Security Credit Union is a smaller credit union specializing in Other loans. Security Credit Union has a high proportion of conventional loans. Security Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Flint, Detroit, Saginaw, Lansing, and Adrian among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Security Credit Union 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. Security 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 | 6.64% | 12/16/24 |
| 30 Year Conventional Refi | 6.16% | 12/16/24 |
| 30 Year Cash-out Refi | 6.42% | 12/16/24 |
| 30 Year USDA Purchase | 7.58% | 12/16/24 |
| 15 Year Conventional Purchase | 6.00% | 12/16/24 |
| 15 Year Conventional Refi | 6.03% | 12/16/24 |
| 15 Year Cash-out Refi | 6.03% | 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. | ||
Security 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
225Origination Dollar Volume (All Markets)
$13,005,000Top 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 |
|---|---|---|---|---|---|
| FLINT, MI (FHA|USDA|VA) | 81 | $4,605,000 | $56,852 | $1,129 | 4.70% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 79 | $4,505,000 | $57,025 | $1,801 | 4.54% |
| SAGINAW, MI (FHA|USDA|VA) | 24 | $1,400,000 | $58,333 | $1,710 | 4.44% |
| Outside of Metro Areas | 23 | $1,185,000 | $51,522 | $895 | 4.56% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 14 | $900,000 | $64,286 | $1,525 | 4.48% |
| Adrian, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,407 | 3.90% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against SECURITY 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 | 172 | $7,820,000 | $45,465 | $0 | 0.00% |
| Conventional | 51 | $4,895,000 | $95,980 | $1,301 | 4.55% |
| USDA | 2 | $290,000 | $145,000 | $3,868 | 5.00% |
For 2018, Security Credit Union's most frequently originated type of loan was Conventional, with 172 originations. Their 2nd most popular type was Conventional, with 51 originations.
Loan Reason
For 2018, Security Credit Union's most frequently cited loan purpose was Other, with 85 originations. The 2nd most popular reason was Home Improvement, with 66 originations.
Loan Duration/Length
For 2018, Security Credit Union's most frequently cited loan duration was Other, with 174 originations. The 2nd most popular length was 15 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 53 | $5,185,000 | $97,830 |
Security Credit Union's average total fees were $1,778, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 32 | $3,100,000 | $96,875 |
| 3-4% | 13 | $1,305,000 | $100,385 |
| 5-6% | 8 | $780,000 | $97,500 |
During 2018, Security Credit Union's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 4-5%, with 32 originations.
Loan Sizing
2018 saw Security Credit Union place emphasis on $100,000 or less loans with 191 originations, totaling $8,205,000 in origination value.
Applicant Income
Security Credit Union lent most frequently to those with incomes in the $50k or less range, with 82 originations. The second most popular income band? $50k-75k, with 68 originations.
Applicant Debt to Income Ratio
Security Credit Union lent most frequently to those with DTI ratios of Exempt%, with 172 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.09%
Security Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination59.56%
Security Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 172 | $7,820,000 | $45,465 |
| NA | 53 | $5,185,000 | $97,830 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 13 | $585,000 | $45,000 |
| Single Family (1-4 Units):Site-Built | 212 | $12,420,000 | $58,585 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Security National Financial Corp | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Security National Financial Corp | Conventional home mortgage | Trouble during payment process | 3 | 60.0% |
| Security National Financial Corp | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |