Jolt Credit Union Mortgage Rates, Fees & Info

Saginaw, MI

LEI: 549300760C8FJ53D2J56

Tax ID: 38-1544100

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
  • 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

    Jolt Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Jolt Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Saginaw, Bay City, Midland, Detroit, and Traverse City 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. Jolt 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 6.84% 11/17/24
    30 Year Conventional Refi 6.54% 11/17/24
    30 Year Cash-out Refi 6.56% 11/17/24
    15 Year Conventional Purchase 6.71% 11/17/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Jolt 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

    206

    Origination Dollar Volume (All Markets)

    $27,390,000
    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
    SAGINAW, MI (FHA|USDA|VA) 94 $12,070,000 $128,404 $2,449 2.86%
    BAY CITY, MI (FHA|USDA|VA) 59 $6,495,000 $110,085 $2,395 2.89%
    Outside of Metro Areas 25 $3,305,000 $132,200 $2,217 3.17%
    MIDLAND, MI (FHA|USDA|VA) 12 $1,860,000 $155,000 $2,690 2.89%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,460,000 $243,333 $2,371 2.89%
    Traverse City, MI (FHA|USDA|VA) 4 $1,140,000 $285,000 $2,476 2.68%
    FLINT, MI (FHA|USDA|VA) 4 $750,000 $187,500 $2,155 3.09%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $1,116 5.10%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,042 2.63%
    Jolt Credit Union's top markets include Saginaw, Bay City, Midland, Detroit, and Traverse City among others.

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

    • 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.

    Great Lakes Federal Credit Union
    Similarity Rank: 28
    FinancialEdge Community Credit Union
    Similarity Rank: 54
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 55
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 154
    JOLT CREDIT UNION
    Similarity Rank: 171
    MEMBERS FIRST Credit Union
    Similarity Rank: 224
    Isabella Bank
    Similarity Rank: 252
    Wanigas Credit Union
    Similarity Rank: 345
    Mercantile Bank of Michigan
    Similarity Rank: 418
    TEAM ONE CREDIT UNION
    Similarity Rank: 420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 206 $27,390,000 $132,961 $2,404 2.92%

    For 2020, Jolt Credit Union's most frequently originated type of loan was Conventional, with 206 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 85 $12,125,000 $142,647 $3,096 2.99%
    Refi 64 $8,000,000 $125,000 $1,880 2.85%
    Cash Out Refi 56 $7,110,000 $126,964 $1,956 2.90%
    Home Improvement 1 $155,000 $155,000 $2,145 2.75%

    For 2020, Jolt Credit Union's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 97 $12,775,000 $131,701 $2,519 3.13%
    30 Year 54 $8,450,000 $156,481 $2,611 2.80%
    15 Year 52 $6,020,000 $115,769 $2,012 2.59%
    Other 3 $145,000 $48,333 $1,719 4.10%

    For 2020, Jolt Credit Union's most frequently cited loan duration was 10 Year, with 97 originations. The 2nd most popular length was 30 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 191 $25,585,000 $133,953
    $1k-2k 15 $1,805,000 $120,333

    Jolt Credit Union's average total fees were $2,611, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 191 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 93 $12,195,000 $131,129
    2.5-3% 69 $10,115,000 $146,594
    <2.5% 35 $4,255,000 $121,571
    5-6% 6 $680,000 $113,333
    4-5% 3 $145,000 $48,333

    During 2020, Jolt Credit Union's average interest rate for loans was 2.80%, while their most frequently originated rate bucket for loans was 3-4%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 91 $13,245,000 $145,549 $2,534 2.87%
    $100,000 or less 84 $5,330,000 $63,452 $2,120 2.97%
    $200k-400k 27 $6,965,000 $257,963 $2,778 2.93%
    $400k-600k 4 $1,850,000 $462,500 $2,853 2.93%

    2020 saw Jolt Credit Union place emphasis on $100k-200k loans with 91 originations, totaling $13,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 61 $7,025,000 $115,164 $2,475 2.93%
    $50k or less 53 $4,575,000 $86,321 $2,403 3.00%
    $100k-150k 39 $6,305,000 $161,667 $2,483 2.82%
    $75k-100k 34 $4,800,000 $141,176 $2,247 2.98%
    $150k-250k 18 $4,200,000 $233,333 $2,246 2.73%
    $250k+ 1 $485,000 $485,000 $3,109 3.10%

    Jolt Credit Union lent most frequently to those with incomes in the $50k-75k range, with 61 originations. The second most popular income band? $50k or less, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $8,160,000 $131,613 $2,205 2.81%
    30-36% 48 $6,590,000 $137,292 $2,341 3.06%
    <20% 33 $3,625,000 $109,848 $2,159 2.76%
    50-60% 10 $1,450,000 $145,000 $2,312 2.90%
    37% 7 $925,000 $132,143 $2,632 2.71%
    38% 5 $865,000 $173,000 $2,360 2.86%
    47% 5 $965,000 $193,000 $2,242 3.53%
    41% 5 $595,000 $119,000 $3,758 3.09%
    42% 4 $450,000 $112,500 $2,913 2.89%
    43% 4 $330,000 $82,500 $2,591 2.86%
    44% 4 $510,000 $127,500 $2,633 3.02%
    46% 4 $560,000 $140,000 $2,536 3.60%
    48% 3 $355,000 $118,333 $3,966 2.94%
    >60% 3 $655,000 $218,333 $2,482 3.10%
    36% 3 $545,000 $181,667 $3,797 2.98%
    40% 2 $190,000 $95,000 $3,457 2.93%
    39% 2 $350,000 $175,000 $3,441 2.50%
    45% 1 $195,000 $195,000 $2,503 3.10%
    49% 1 $75,000 $75,000 $1,773 3.25%

    Jolt Credit Union lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 197 $25,725,000 $130,584 $2,373 2.92%
    Asian 3 $535,000 $178,333 $2,247 2.70%
    American Indian 1 $485,000 $485,000 $3,109 3.10%
    Black 2 $400,000 $200,000 $5,750 3.10%
    Not provided 3 $245,000 $81,667 $2,098 3.15%

    Approval Rates

    Total approvals of all applications
    76.50%

    Jolt Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.96%

    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 206 $27,390,000 $132,961

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $175,000 $175,000
    Single Family (1-4 Units):Site-Built 205 $27,215,000 $132,756

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $675,000 $75,000 $1,831 2.66%
    40-60% 38 $3,740,000 $98,421 $1,909 2.86%
    60-80% 96 $14,660,000 $152,708 $2,160 2.98%
    80-100% 61 $8,235,000 $135,000 $3,201 2.89%
    Under 20% 2 $80,000 $40,000 $1,748 3.18%