Family Financial Credit Union Mortgage Rates, Fees & Info

Muskegon, MI

LEI: 5493006GEO6KHW4VRO39

Tax ID: 34-1449460

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Family Financial Credit Union is a smaller credit union specializing in Home Improvement and 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 an above average pick rate when compared to similar lenders.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    40

    Origination Dollar Volume (All Markets)

    $2,090,000

    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
    MUSKEGON, MI (FHA|USDA|VA) 34 $1,740,000 $51,176 $651 4.91%
    Outside of Metro Areas 3 $195,000 $65,000 $439 4.74%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $155,000 $51,667 $504 4.93%
    Family Financial Credit Union's top markets include Muskegon and Grand Rapids among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 40 $2,090,000 $52,250 $626 4.90%

    For 2019, Family Financial Credit Union's most frequently originated type of loan was Conventional, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 18 $520,000 $28,889 $580 4.95%
    Other 16 $960,000 $60,000 $619 4.99%
    Cash Out Refi 3 $375,000 $125,000 $958 4.47%
    Refi 2 $200,000 $100,000 $809 4.53%
    NA 1 $35,000 $35,000 $475 4.73%

    For 2019, Family Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Other, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 29 $1,875,000 $64,655 $676 4.87%
    5 Year 6 $100,000 $16,667 $557 4.71%
    10 Year 5 $115,000 $23,000 $417 5.30%

    For 2019, Family Financial Credit Union's most frequently cited loan duration was 15 Year, with 29 originations. The 2nd most popular length was 5 Year, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 28 $1,800,000 $64,286
    5-6% 11 $265,000 $24,091

    During 2019, Family Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 28 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,220,000 $35,882 $566 4.96%
    $100k-200k 5 $625,000 $125,000 $883 4.64%
    $200k-400k 1 $245,000 $245,000 $1,394 4.30%

    2019 saw Family Financial Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 20 $900,000 $45,000 $619 4.91%
    $50k or less 12 $610,000 $50,833 $601 4.97%
    $100k-150k 5 $285,000 $57,000 $622 4.97%
    $75k-100k 3 $295,000 $98,333 $751 4.43%

    Family Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $50k or less, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 16 $480,000 $30,000 $505 4.93%
    <20% 11 $585,000 $53,182 $680 4.61%
    30-36% 5 $425,000 $85,000 $893 5.17%
    37% 4 $250,000 $62,500 $469 5.25%
    36% 2 $230,000 $115,000 $841 4.53%
    38% 1 $15,000 $15,000 $393 5.75%
    42% 1 $105,000 $105,000 $988 4.83%

    Family Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $2,030,000 $53,421 $623 4.93%
    Black 2 $60,000 $30,000 $669 4.40%

    Approval Rates

    Total approvals of all applications
    89.80%

    Family Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    Family Financial Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 40 $2,090,000 $52,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 40 $2,090,000 $52,250

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $790,000 $49,375 $672 4.78%
    40-60% 4 $230,000 $57,500 $633 4.94%
    60-80% 3 $375,000 $125,000 $956 4.30%
    80-100% 4 $440,000 $110,000 $739 4.74%
    Under 20% 12 $240,000 $20,000 $489 5.19%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Family First Funding LLC Other type of mortgage Struggling to pay mortgage 1 100.0%