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 Refi, Cash Out Refi, and Home Purchase loans. Security Credit Union has a high proportion of conventional loans. Security Credit Union has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Flint, Saginaw, Lansing, and Grand Rapids 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.

    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

    457

    Origination Dollar Volume (All Markets)

    $52,555,000
    Show all (8) 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) 219 $29,295,000 $133,767 $1,975 2.95%
    FLINT, MI (FHA|USDA|VA) 146 $15,850,000 $108,562 $1,687 2.85%
    Outside of Metro Areas 47 $4,275,000 $90,957 $1,976 2.83%
    SAGINAW, MI (FHA|USDA|VA) 24 $1,460,000 $60,833 $1,800 2.86%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 17 $1,385,000 $81,471 $1,568 2.81%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    BAY CITY, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.63%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $75,000 $75,000 $1,930 2.63%
    MIDLAND, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
    Security Credit Union's top markets include Detroit, Flint, Saginaw, Lansing, and Grand Rapids 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.

    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    SECURITY CREDIT UNION
    Similarity Rank: 441
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 472
    PFCU
    Similarity Rank: 588
    T&I Credit union
    Similarity Rank: 660
    Preston Home Loans Inc
    Similarity Rank: 1192
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1280
    Extra
    Similarity Rank: 1386

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 310 $44,660,000 $144,065 $1,774 2.89%
    Conventional 134 $6,120,000 $45,672 $0 0.00%
    USDA 13 $1,775,000 $136,538 $4,010 3.13%

    For 2020, Security Credit Union's most frequently originated type of loan was Conventional, with 310 originations. Their 2nd most popular type was Conventional, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 147 $21,335,000 $145,136 $1,699 2.80%
    Cash Out Refi 105 $13,835,000 $131,762 $1,599 2.95%
    Home Purchase 83 $11,305,000 $136,205 $2,457 3.02%
    Other 70 $3,950,000 $56,429 $1,329 2.83%
    Home Improvement 52 $2,130,000 $40,962 $2,225 3.13%

    For 2020, Security Credit Union's most frequently cited loan purpose was Refi, with 147 originations. The 2nd most popular reason was Cash Out Refi, with 105 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 176 $28,900,000 $164,205 $2,064 3.06%
    Other 134 $6,120,000 $45,672 $0 0.00%
    15 Year 109 $13,075,000 $119,954 $1,630 2.63%
    20 Year 22 $3,000,000 $136,364 $1,557 3.20%
    10 Year 16 $1,460,000 $91,250 $1,678 2.61%

    For 2020, Security Credit Union's most frequently cited loan duration was 30 Year, with 176 originations. The 2nd most popular length was Other, with 134 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 323 $46,435,000 $143,762

    Security Credit Union's average total fees were $2,064, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 323 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 153 $23,645,000 $154,542
    3-4% 91 $13,525,000 $148,626
    <2.5% 75 $8,815,000 $117,533
    4-5% 4 $450,000 $112,500

    During 2020, Security Credit Union's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 153 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 215 $11,215,000 $52,163 $1,629 2.84%
    $100k-200k 185 $25,805,000 $139,486 $1,917 2.92%
    $200k-400k 49 $12,095,000 $246,837 $2,087 2.96%
    $400k-600k 8 $3,440,000 $430,000 $2,179 2.89%

    2020 saw Security Credit Union place emphasis on $100,000 or less loans with 215 originations, totaling $11,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 138 $11,000,000 $79,710 $1,890 2.94%
    $50k-75k 127 $13,805,000 $108,701 $1,879 2.94%
    $75k-100k 86 $10,760,000 $125,116 $1,742 2.85%
    $100k-150k 77 $10,815,000 $140,455 $1,906 2.86%
    $150k-250k 25 $5,715,000 $228,600 $1,930 2.87%
    $250k+ 3 $405,000 $135,000 $1,982 2.69%

    Security Credit Union lent most frequently to those with incomes in the $50k or less range, with 138 originations. The second most popular income band? $50k-75k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 134 $6,120,000 $45,672 $0 0.00%
    20-30% 95 $13,245,000 $139,421 $1,831 2.83%
    30-36% 82 $12,260,000 $149,512 $1,954 2.93%
    <20% 35 $4,145,000 $118,429 $1,786 2.74%
    37% 13 $2,015,000 $155,000 $2,303 2.95%
    39% 12 $1,660,000 $138,333 $1,792 2.86%
    41% 10 $1,670,000 $167,000 $1,876 2.99%
    43% 10 $1,800,000 $180,000 $1,377 2.99%
    36% 8 $1,430,000 $178,750 $2,434 2.89%
    38% 8 $1,080,000 $135,000 $1,845 2.77%
    40% 8 $1,210,000 $151,250 $2,142 3.17%
    44% 8 $920,000 $115,000 $1,534 3.08%
    48% 7 $1,015,000 $145,000 $1,647 2.80%
    46% 7 $1,375,000 $196,429 $1,704 3.00%
    45% 6 $800,000 $133,333 $1,631 3.23%
    42% 4 $520,000 $130,000 $2,449 3.41%
    >60% 4 $410,000 $102,500 $1,185 3.25%
    50-60% 3 $135,000 $45,000 $1,058 3.04%
    49% 2 $590,000 $295,000 $2,467 3.13%
    47% 1 $155,000 $155,000 $1,799 2.25%

    Security Credit Union lent most frequently to those with DTI ratios of Exempt%, with 134 originations. The next most common DTI ratio? 20-30%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 407 $47,065,000 $115,639 $1,920 2.89%
    Not provided 33 $4,095,000 $124,091 $1,522 2.92%
    Black 13 $915,000 $70,385 $493 3.50%
    Asian 2 $270,000 $135,000 $1,801 3.13%
    American Indian 1 $185,000 $185,000 $1,941 2.50%
    Japanese 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.93%

    Security Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    63.02%

    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 134 $6,120,000 $45,672
    NA 323 $46,435,000 $143,762

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 10 $1,010,000 $101,000
    Single Family (1-4 Units):Site-Built 447 $51,545,000 $115,313

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,270,000 $79,375 $1,535 2.79%
    40-60% 72 $7,970,000 $110,694 $1,692 2.62%
    60-80% 139 $22,375,000 $160,971 $1,679 2.97%
    80-100% 93 $14,505,000 $155,968 $2,310 3.05%
    Over 100% 1 $145,000 $145,000 $4,104 2.88%
    Under 20% 1 $55,000 $55,000 $1,833 2.50%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Closing on a mortgage 2 33.3%
    Security National Financial Corp Conventional home mortgage Trouble during payment process 4 66.7%