Security Credit Union Mortgage Rates, Fees & Info

Holly, MI

LEI: 5493005RSCVBUTB80M24

Tax ID: 38-1514946

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

    Security Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Security Credit Union has an average proportion of conventional loans. Security Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Flint, Lansing, Saginaw, and Ann Arbor among others. We have data for 13 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.

    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 6.64% 5/4/24
    30 Year Conventional Refi 6.16% 5/4/24
    30 Year Cash-out Refi 6.42% 5/4/24
    30 Year USDA Purchase 7.58% 5/4/24
    15 Year Conventional Purchase 6.00% 5/4/24
    15 Year Conventional Refi 6.03% 5/4/24
    15 Year Cash-out Refi 6.03% 5/4/24
    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






    Your Estimates

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

    This is not an official calculator from Security 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

    346

    Origination Dollar Volume (All Markets)

    $26,520,000
    Show all (5) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 140 $13,400,000 $95,714 $2,357 4.24%
    FLINT, MI (FHA|USDA|VA) 122 $7,360,000 $60,328 $1,821 4.30%
    Outside of Metro Areas 42 $3,500,000 $83,333 $1,786 4.13%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 14 $770,000 $55,000 $1,267 4.17%
    SAGINAW, MI (FHA|USDA|VA) 18 $680,000 $37,778 $0 4.38%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,346 4.38%
    Big Rapids, MI (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    BAY CITY, MI (FHA|USDA|VA) 2 $120,000 $60,000 $1,903 3.50%
    Alpena, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.25%
    JACKSON, MI (FHA|USDA|VA) 2 $100,000 $50,000 $0 3.63%
    MIDLAND, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Holland, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Security Credit Union's top markets include Detroit, Flint, Lansing, Saginaw, and Ann Arbor among others.

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

    • 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.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    Dort Financial Credit Union
    Similarity Rank: 444
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 448
    Extra
    Similarity Rank: 572
    FreeStar Financial Credit Union
    Similarity Rank: 612
    UNIVERSITY OF MICHIGAN CREDIT UNION
    Similarity Rank: 935
    Zeal Credit Union
    Similarity Rank: 936
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 1100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $7,935,000 $39,478 $0 0.00%
    Conventional 130 $16,690,000 $128,385 $1,824 4.18%
    USDA 15 $1,895,000 $126,333 $3,704 4.69%

    For 2019, Security Credit Union's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was Conventional, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 105 $4,315,000 $41,095 $0 0.00%
    Home Improvement 78 $2,420,000 $31,026 $0 0.00%
    Home Purchase 68 $9,490,000 $139,559 $2,354 4.38%
    Cash Out Refi 54 $5,950,000 $110,185 $1,611 4.27%
    Refi 41 $4,345,000 $105,976 $1,892 3.88%

    For 2019, Security Credit Union's most frequently cited loan purpose was Other, with 105 originations. The 2nd most popular reason was Home Improvement, with 78 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 203 $8,405,000 $41,404 $1,977 4.88%
    30 Year 93 $13,315,000 $143,172 $2,189 4.34%
    15 Year 37 $3,635,000 $98,243 $1,765 3.91%
    20 Year 7 $765,000 $109,286 $1,677 4.39%
    10 Year 6 $400,000 $66,667 $1,352 4.08%

    For 2019, Security Credit Union's most frequently cited loan duration was Other, with 203 originations. The 2nd most popular length was 30 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 145 $18,585,000 $128,172

    Security Credit Union's average total fees were $2,189, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 145 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 84 $11,540,000 $137,381
    3-4% 56 $6,540,000 $116,786
    5-6% 5 $505,000 $101,000

    During 2019, Security Credit Union's average interest rate for loans was 4.34%, while their most frequently originated rate bucket for loans was 4-5%, with 84 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 248 $10,690,000 $43,105 $1,703 4.14%
    $100k-200k 83 $11,405,000 $137,410 $2,200 4.25%
    $200k-400k 14 $3,940,000 $281,429 $2,277 4.53%
    $400k-600k 1 $485,000 $485,000 $2,657 3.88%

    2019 saw Security Credit Union place emphasis on $100,000 or less loans with 248 originations, totaling $10,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 147 $8,195,000 $55,748 $1,980 4.19%
    $50k-75k 101 $7,445,000 $73,713 $2,193 4.23%
    $75k-100k 43 $3,985,000 $92,674 $1,627 4.28%
    $100k-150k 38 $4,010,000 $105,526 $1,912 4.26%
    $150k-250k 15 $2,205,000 $147,000 $2,520 4.43%
    $250k+ 2 $680,000 $340,000 $2,526 4.06%

    Security Credit Union lent most frequently to those with incomes in the $50k or less range, with 147 originations. The second most popular income band? $50k-75k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 201 $7,935,000 $39,478 $0 0.00%
    20-30% 44 $5,570,000 $126,591 $1,846 4.21%
    30-36% 28 $3,610,000 $128,929 $2,024 4.17%
    <20% 9 $945,000 $105,000 $1,935 4.04%
    42% 8 $1,400,000 $175,000 $1,591 4.59%
    44% 7 $1,235,000 $176,429 $2,203 4.34%
    39% 7 $715,000 $102,143 $2,589 4.30%
    36% 6 $620,000 $103,333 $1,655 4.07%
    43% 6 $620,000 $103,333 $1,880 4.21%
    45% 6 $590,000 $98,333 $1,426 3.98%
    41% 5 $675,000 $135,000 $2,699 4.53%
    37% 5 $545,000 $109,000 $2,294 4.45%
    38% 4 $570,000 $142,500 $2,955 4.22%
    47% 3 $405,000 $135,000 $2,105 4.25%
    40% 2 $280,000 $140,000 $3,460 4.50%
    46% 2 $340,000 $170,000 $2,303 4.50%
    49% 2 $180,000 $90,000 $1,952 3.88%
    48% 1 $285,000 $285,000 $2,761 4.38%

    Security Credit Union lent most frequently to those with DTI ratios of Exempt%, with 201 originations. The next most common DTI ratio? 20-30%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 301 $24,305,000 $80,748 $2,031 4.23%
    Black 38 $1,650,000 $43,421 $2,050 4.23%
    Not provided 4 $380,000 $95,000 $1,545 4.25%
    Not applicable 2 $170,000 $85,000 $0 0.00%
    Asian 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.97%

    Security Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    56.65%

    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 201 $7,935,000 $39,478
    NA 145 $18,585,000 $128,172

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 21 $1,205,000 $57,381
    Single Family (1-4 Units):Site-Built 325 $25,315,000 $77,892

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $230,000 $57,500 $1,239 4.00%
    40-60% 18 $1,450,000 $80,556 $1,705 4.04%
    60-80% 55 $7,455,000 $135,545 $1,805 4.14%
    80-100% 66 $9,010,000 $136,515 $2,337 4.37%
    Over 100% 1 $395,000 $395,000 $1,606 5.00%
    Under 20% 1 $45,000 $45,000 $1,852 3.63%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Security National Financial Corp Other type of mortgage Trouble during payment process 1 33.3%
    Security National Financial Corp VA mortgage Closing on a mortgage 1 33.3%