Michigan Educational Credit Union Mortgage Rates, Fees & Info
PLYMOUTH, MILEI: 5493007EGI95MEVJ2178
Tax ID: 38-1305916
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Mortgage Data
Review & Overview
Michigan Educational Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Michigan Educational Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Flint, Traverse City, and Jackson among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Michigan Educational Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Michigan Educational 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 5/4/24 |
| 30 Year Conventional Refi | 6.49% | 5/4/24 |
| 30 Year Cash-out Refi | 6.58% | 5/4/24 |
| 15 Year Conventional Purchase | 6.44% | 5/4/24 |
| 15 Year Conventional Refi | 6.57% | 5/4/24 |
| 15 Year Cash-out Refi | 6.57% | 5/4/24 |
| 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. | ||
Michigan Educational Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
509Origination Dollar Volume (All Markets)
$70,635,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 376 | $50,000,000 | $132,979 | $2,477 | 3.84% |
| ANN ARBOR, MI (FHA|USDA|VA) | 78 | $12,240,000 | $156,923 | $2,647 | 3.72% |
| Outside of Metro Areas | 28 | $4,140,000 | $147,857 | $2,920 | 3.29% |
| FLINT, MI (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $2,714 | 3.03% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $2,901 | 3.31% |
| JACKSON, MI (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $2,977 | 3.59% |
| Adrian, MI (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,605 | 2.81% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,386 | 3.25% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,693 | 3.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,971 | 2.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,643 | 2.75% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,899 | 3.25% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,074 | 1.88% |
| Alpena, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,082 | 2.50% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,050 | 2.50% |
| MONROE, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $1,214 | 3.81% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.75% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 8.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Michigan Educational 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 | 503 | $70,285,000 | $139,732 | $2,547 | 3.76% |
| HELOC | 6 | $350,000 | $58,333 | n/a | 4.50% |
For 2021, Michigan Educational Credit Union's most frequently originated type of loan was Conventional, with 503 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
For 2021, Michigan Educational Credit Union's most frequently cited loan purpose was Home Improvement, with 187 originations. The 2nd most popular reason was Refi, with 130 originations.
Loan Duration/Length
For 2021, Michigan Educational Credit Union's most frequently cited loan duration was 15 Year, with 237 originations. The 2nd most popular length was 30 Year, with 154 originations.
Origination Fees/Closing Costs
Michigan Educational Credit Union's average total fees were $2,997, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 295 originations.
Interest Rates
During 2021, Michigan Educational Credit Union's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 4-5%, with 144 originations.
Loan Sizing
2021 saw Michigan Educational Credit Union place emphasis on $100,000 or less loans with 214 originations, totaling $10,830,000 in origination value.
Applicant Income
Michigan Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 135 originations. The second most popular income band? $75k-100k, with 117 originations.
Applicant Debt to Income Ratio
Michigan Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 164 originations. The next most common DTI ratio? 30-36%, with 108 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.35%
Michigan Educational Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination98.23%
Michigan Educational Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 130 | $7,410,000 | $57,000 |
| NA | 379 | $63,225,000 | $166,821 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Michigan Mutual, Inc. | Conventional home mortgage | Closing on a mortgage | 3 | 42.9% |
| Michigan Mutual, Inc. | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| Michigan Mutual, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| Michigan Mutual, Inc. | Other type of mortgage | Closing on a mortgage | 1 | 14.3% |