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 Cash Out Refi, 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 10 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

    368

    Origination Dollar Volume (All Markets)

    $40,170,000
    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) 162 $21,700,000 $133,951 $2,065 2.93%
    FLINT, MI (FHA|USDA|VA) 101 $9,435,000 $93,416 $1,840 2.86%
    Outside of Metro Areas 50 $4,710,000 $94,200 $2,288 2.97%
    SAGINAW, MI (FHA|USDA|VA) 26 $1,830,000 $70,385 $1,812 2.89%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 17 $1,395,000 $82,059 $2,144 2.99%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $485,000 $161,667 $2,175 3.17%
    BAY CITY, MI (FHA|USDA|VA) 4 $280,000 $70,000 $1,638 2.63%
    MIDLAND, MI (FHA|USDA|VA) 3 $255,000 $85,000 $2,062 2.44%
    TOLEDO, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
    JACKSON, 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)
  • Ohio (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.

    Polish-American Federal Credit Union
    Similarity Rank: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    T&I Credit union
    Similarity Rank: 618
    Extra
    Similarity Rank: 1024
    Zeal Credit Union
    Similarity Rank: 1078
    SECURITY CREDIT UNION
    Similarity Rank: 1230
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1305
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 1603
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 2000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 240 $32,100,000 $133,750 $1,936 2.90%
    Conventional 118 $6,460,000 $54,746 $0 0.00%
    USDA 10 $1,610,000 $161,000 $4,368 3.30%

    For 2021, Security Credit Union's most frequently originated type of loan was Conventional, with 240 originations. Their 2nd most popular type was Conventional, with 118 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 110 $12,800,000 $116,364 $1,811 2.93%
    Refi 88 $10,420,000 $118,409 $1,806 2.71%
    Other 75 $5,025,000 $67,000 $1,324 3.17%
    Home Purchase 65 $10,585,000 $162,846 $2,705 3.13%
    Home Improvement 30 $1,340,000 $44,667 $2,064 3.63%

    For 2021, Security Credit Union's most frequently cited loan purpose was Cash Out Refi, with 110 originations. The 2nd most popular reason was Refi, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 139 $21,535,000 $154,928 $2,252 3.13%
    Other 118 $6,460,000 $54,746 $0 0.00%
    15 Year 79 $9,205,000 $116,519 $1,837 2.58%
    20 Year 21 $2,205,000 $105,000 $1,523 3.04%
    10 Year 11 $765,000 $69,545 $1,649 2.40%

    For 2021, Security Credit Union's most frequently cited loan duration was 30 Year, with 139 originations. The 2nd most popular length was Other, with 118 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 250 $33,710,000 $134,840

    Security Credit Union's average total fees were $2,252, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 102 $13,830,000 $135,588
    3-4% 92 $13,800,000 $150,000
    <2.5% 54 $5,610,000 $103,889
    4-5% 2 $470,000 $235,000

    During 2021, Security Credit Union's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 2.5-3%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 183 $10,235,000 $55,929 $1,811 2.78%
    $100k-200k 156 $21,970,000 $140,833 $2,067 2.94%
    $200k-400k 27 $7,005,000 $259,444 $2,452 3.12%
    $400k-600k 2 $960,000 $480,000 $3,109 3.63%

    2021 saw Security Credit Union place emphasis on $100,000 or less loans with 183 originations, totaling $10,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 132 $13,890,000 $105,227 $2,093 2.91%
    $50k or less 122 $10,150,000 $83,197 $1,945 2.90%
    $100k-150k 52 $6,890,000 $132,500 $2,027 2.82%
    $75k-100k 43 $6,035,000 $140,349 $2,085 3.03%
    $150k-250k 17 $3,015,000 $177,353 $2,087 3.08%

    Security Credit Union lent most frequently to those with incomes in the $50k-75k range, with 132 originations. The second most popular income band? $50k or less, with 122 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 118 $6,460,000 $54,746 $0 0.00%
    <20% 76 $9,560,000 $125,789 $2,178 3.01%
    30-36% 41 $5,735,000 $139,878 $2,012 2.89%
    20-30% 41 $5,105,000 $124,512 $1,950 2.82%
    36% 11 $1,305,000 $118,636 $1,894 2.73%
    43% 10 $1,250,000 $125,000 $2,006 2.83%
    45% 8 $1,210,000 $151,250 $2,040 2.77%
    38% 8 $1,390,000 $173,750 $1,969 3.22%
    39% 7 $1,095,000 $156,429 $1,778 3.02%
    42% 7 $885,000 $126,429 $2,064 2.73%
    41% 6 $870,000 $145,000 $1,548 2.98%
    49% 6 $1,280,000 $213,333 $2,466 3.04%
    46% 6 $930,000 $155,000 $2,092 2.85%
    44% 5 $775,000 $155,000 $1,944 3.08%
    40% 5 $585,000 $117,000 $1,867 2.65%
    47% 4 $560,000 $140,000 $2,016 2.78%
    37% 4 $690,000 $172,500 $2,207 3.28%
    50-60% 3 $325,000 $108,333 $1,403 2.54%

    Security Credit Union lent most frequently to those with DTI ratios of Exempt%, with 118 originations. The next most common DTI ratio? <20%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 335 $37,755,000 $112,701 $2,030 2.91%
    Black 27 $1,595,000 $59,074 $2,047 3.00%
    Not provided 5 $685,000 $137,000 $2,173 2.95%
    American Indian 1 $135,000 $135,000 $1,888 2.63%

    Approval Rates

    Total approvals of all applications
    87.58%

    Security Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    60.05%

    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 118 $6,460,000 $54,746
    NA 250 $33,710,000 $134,840

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    368 $40,170,000 $109,158

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $2,105,000 $84,200 $1,807 2.60%
    40-60% 64 $7,240,000 $113,125 $1,787 2.75%
    60-80% 103 $14,525,000 $141,019 $1,888 2.98%
    80-100% 56 $9,500,000 $169,643 $2,641 3.13%
    Over 100% 1 $195,000 $195,000 $4,755 3.25%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    Security National Financial Corp Conventional home mortgage Closing on a mortgage 1 7.1%
    Security National Financial Corp Conventional home mortgage Incorrect information on your report 1 7.1%
    Security National Financial Corp Conventional home mortgage Trouble during payment process 5 35.7%
    Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    Security National Financial Corp FHA mortgage Trouble during payment process 2 14.3%
    Security National Financial Corp Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 14.3%
    Security National Financial Corp VA mortgage Closing on a mortgage 1 7.1%