Jolt Credit Union Mortgage Rates, Fees & Info
Saginaw, MILEI: 549300760C8FJ53D2J56
Tax ID: 38-1544100
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Mortgage Data
Review & Overview
Jolt Credit Union is a smaller credit union specializing in Home Purchase loans. Jolt Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, 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.)Jolt 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.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 4/21/24 |
| 30 Year Conventional Refi | 6.54% | 4/21/24 |
| 30 Year Cash-out Refi | 6.56% | 4/21/24 |
| 15 Year Conventional Purchase | 6.71% | 4/21/24 |
| 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. | ||
Jolt Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
107Origination Dollar Volume (All Markets)
$15,815,000Top 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 |
|---|---|---|---|---|---|
| SAGINAW, MI (FHA|USDA|VA) | 50 | $6,950,000 | $139,000 | $3,378 | 5.94% |
| BAY CITY, MI (FHA|USDA|VA) | 26 | $3,480,000 | $133,846 | $3,471 | 5.39% |
| MIDLAND, MI (FHA|USDA|VA) | 10 | $2,050,000 | $205,000 | $3,379 | 5.24% |
| Outside of Metro Areas | 11 | $1,815,000 | $165,000 | $3,001 | 5.47% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $2,672 | 5.74% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,213 | 5.99% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,769 | 4.99% |
| FLINT, MI (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,263 | 4.99% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,438 | 4.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against JOLT CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 107 | $15,815,000 | $147,804 | $3,325 | 5.65% |
For 2023, Jolt Credit Union's most frequently originated type of loan was Conventional, with 107 originations.
Loan Reason
For 2023, Jolt Credit Union's most frequently cited loan purpose was Home Purchase, with 81 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 99 | $14,875,000 | $150,253 | $3,382 | 5.56% |
| Other | 8 | $940,000 | $117,500 | $2,615 | 6.74% |
For 2023, Jolt Credit Union's most frequently cited loan duration was 10 Year, with 99 originations. The 2nd most popular length was Other, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 102 | $14,900,000 | $146,078 |
| $2k-3k | 3 | $425,000 | $141,667 |
| $<1k | 2 | $490,000 | $245,000 |
Jolt Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 102 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 71 | $11,375,000 | $160,211 |
| 6-7% | 21 | $2,655,000 | $126,429 |
| 7-8% | 9 | $1,015,000 | $112,778 |
| 5-6% | 5 | $735,000 | $147,000 |
| Over 8% | 1 | $35,000 | $35,000 |
During 2023, Jolt Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 71 originations.
Loan Sizing
2023 saw Jolt Credit Union place emphasis on $100k-200k loans with 53 originations, totaling $7,695,000 in origination value.
Applicant Income
Jolt Credit Union lent most frequently to those with incomes in the $50k or less range, with 31 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
Jolt Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications78.36%
Jolt Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination-24.30%
Jolt 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 | 107 | $15,815,000 | $147,804 |