Family Financial Credit Union Mortgage Rates, Fees & Info
Muskegon, MILEI: 5493006GEO6KHW4VRO39
Tax ID: 34-1449460
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Family Financial Credit Union is a smaller credit union specializing in Other loans. Family Financial Credit Union has a high proportion of conventional loans. Their top two markets are Muskegon and Grand Rapids .Family Financial 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.
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Originations
37Origination Dollar Volume (All Markets)
$1,755,000Top 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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 27 | $1,055,000 | $39,074 | $517 | 7.47% |
| Outside of Metro Areas | 9 | $565,000 | $62,778 | $625 | 8.42% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $840 | 7.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $1,755,000 | $47,432 | $552 | 7.69% |
For 2024, Family Financial Credit Union's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 32 | $1,500,000 | $46,875 | $550 | 7.68% |
| Home Improvement | 4 | $230,000 | $57,500 | $590 | 7.69% |
| NA | 1 | $25,000 | $25,000 | $464 | 8.00% |
For 2024, Family Financial Credit Union's most frequently cited loan purpose was Other, with 32 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 23 | $1,285,000 | $55,870 | $590 | 7.89% |
| 10 Year | 13 | $445,000 | $34,231 | $491 | 7.42% |
| 5 Year | 1 | $25,000 | $25,000 | $464 | 6.50% |
For 2024, Family Financial Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 19 | $815,000 | $42,895 |
| Over 8% | 9 | $445,000 | $49,444 |
| 6-7% | 8 | $460,000 | $57,500 |
| 5-6% | 1 | $35,000 | $35,000 |
During 2024, Family Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 19 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 34 | $1,380,000 | $40,588 | $516 | 7.70% |
| $100k-200k | 3 | $375,000 | $125,000 | $956 | 7.58% |
2024 saw Family Financial Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,380,000 in origination value.
Applicant Income
Family Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $75k-100k, with 11 originations.
Applicant Debt to Income Ratio
Family Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? <20%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.54%
Family Financial Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination64.86%
Family Financial 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 |
|---|---|---|---|
| NA | 37 | $1,755,000 | $47,432 |