Family Financial Credit Union Mortgage Rates, Fees & Info
Muskegon, MILEI: 5493006GEO6KHW4VRO39
Tax ID: 34-1449460
Latest/2023 | 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 and Cash Out Refi loans. Family Financial Credit Union has a high proportion of conventional loans. Their top (well, only) market is Muskegon.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.
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Originations
30Origination Dollar Volume (All Markets)
$1,230,000Top 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) | 23 | $945,000 | $41,087 | $549 | 5.47% |
| Outside of Metro Areas | 7 | $285,000 | $40,714 | $516 | 5.41% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $1,230,000 | $41,000 | $541 | 5.46% |
For 2022, Family Financial Credit Union's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
For 2022, Family Financial Credit Union's most frequently cited loan purpose was Other, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 17 | $935,000 | $55,000 | $598 | 5.38% |
| 10 Year | 7 | $205,000 | $29,286 | $486 | 5.40% |
| 5 Year | 6 | $90,000 | $15,000 | $443 | 5.75% |
For 2022, Family Financial Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 10 Year, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 10 | $470,000 | $47,000 |
| 6-7% | 7 | $185,000 | $26,429 |
| 5-6% | 6 | $230,000 | $38,333 |
| 3-4% | 4 | $180,000 | $45,000 |
| 7-8% | 2 | $80,000 | $40,000 |
| Over 8% | 1 | $85,000 | $85,000 |
During 2022, 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 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 30 | $1,230,000 | $41,000 | $541 | 5.46% |
2022 saw Family Financial Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,230,000 in origination value.
Applicant Income
Family Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 9 originations.
Applicant Debt to Income Ratio
Family Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? <20%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.57%
Family Financial Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination90.00%
Family Financial Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $1,230,000 | $41,000 |