Community Financial Credit Union Mortgage Rates, Fees & Info

PLYMOUTH, MI

LEI: 5493007XQ4LU452LQJ67

Tax ID: 38-1447620

5 stars - Updated: 9/18/23 - out of 5 stars, based on 44 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Community Financial Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Community Financial Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Ann Arbor, Monroe, Traverse City, and Flint among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community Financial 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. Community Financial 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
    Home Equity Line of Credit (HELOC) 6.42% 9/18/23
    30 Year Conventional Purchase 6.74% 9/18/23
    30 Year Conventional Refi 6.92% 9/18/23
    30 Year Cash-out Refi 6.90% 9/18/23
    30 Year FHA Purchase 6.27% 9/18/23
    30 Year USDA Purchase 7.18% 9/18/23
    15 Year Conventional Purchase 6.49% 9/18/23
    15 Year Conventional Refi 6.23% 9/18/23
    15 Year Cash-out Refi 6.23% 9/18/23
    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.

    Community Financial Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Community Financial 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

    1,974

    Origination Dollar Volume (All Markets)

    $265,190,000
    Show all (5) awards

    Relative Rate

    Community Financial Credit Union's average 30 year fixed mortgage rate was 5.01%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.25%.

    Relative Fees (Closing Costs)

    Community Financial Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,898.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,383 $202,415,000 $146,359 $2,921 4.75%
    Outside of Metro Areas 402 $38,540,000 $95,871 $2,578 5.16%
    ANN ARBOR, MI (FHA|USDA|VA) 69 $8,445,000 $122,391 $2,903 4.88%
    MONROE, MI (FHA|USDA|VA) 20 $2,890,000 $144,500 $2,737 5.31%
    Traverse City, MI (FHA|USDA|VA) 11 $2,635,000 $239,545 $2,864 4.92%
    FLINT, MI (FHA|USDA|VA) 23 $2,595,000 $112,826 $2,932 5.42%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 11 $1,815,000 $165,000 $2,676 4.99%
    Alpena, MI (FHA|USDA|VA) 14 $1,080,000 $77,143 $2,366 4.75%
    JACKSON, MI (FHA|USDA|VA) 8 $920,000 $115,000 $0 5.47%
    Hillsdale, MI (FHA|USDA|VA) 3 $645,000 $215,000 $2,791 3.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 11 $585,000 $53,182 $1,777 5.93%
    Adrian, MI (FHA|USDA|VA) 3 $545,000 $181,667 $2,919 3.67%
    Sturgis, MI (FHA|USDA|VA) 2 $430,000 $215,000 $1,828 2.94%
    Big Rapids, MI (FHA|USDA|VA) 2 $400,000 $200,000 $2,566 5.06%
    SAGINAW, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,848 5.25%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $245,000 $245,000 $3,250 5.38%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $210,000 $105,000 $4,924 5.50%
    Houghton, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,681 5.75%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $120,000 $60,000 $2,487 5.31%
    Holland, MI (FHA|USDA|VA) 2 $120,000 $60,000 $0 4.87%
    BAY CITY, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,381 4.00%
    Alma, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.75%
    Cadillac, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.00%
    Community Financial Credit Union's top markets include Detroit, Ann Arbor, Monroe, Traverse City, and Flint among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against COMMUNITY FINANCIAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    St James Mortgage Corporation
    Similarity Rank: 114
    Polish-American Federal Credit Union
    Similarity Rank: 159
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 658
    Extra
    Similarity Rank: 768
    SECURITY CREDIT UNION
    Similarity Rank: 864
    Zeal Credit Union
    Similarity Rank: 882
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1160
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,269 $165,805,000 $130,658 n/a 4.59%
    Conventional 696 $98,170,000 $141,049 $2,741 5.34%
    USDA 9 $1,215,000 $135,000 $4,512 5.60%

    For 2022, Community Financial Credit Union's most frequently originated type of loan was HELOC, with 1,269 originations. Their 2nd most popular type was Conventional, with 696 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 794 $82,000,000 $103,275 $2,406 4.73%
    Other 415 $44,405,000 $107,000 $0 5.43%
    Cash Out Refi 340 $56,860,000 $167,235 $2,466 4.53%
    Home Purchase 267 $58,675,000 $219,757 $3,016 5.14%
    Refi 155 $22,905,000 $147,774 $2,347 4.22%
    NA 3 $345,000 $115,000 $0 4.00%

    For 2022, Community Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 794 originations. The 2nd most popular reason was Other, with 415 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 1,379 $173,415,000 $125,754 $2,098 4.68%
    30 Year 334 $70,850,000 $212,126 $2,898 5.01%
    20 Year 96 $9,370,000 $97,604 $2,550 6.05%
    5 Year 71 $2,375,000 $33,451 $0 5.29%
    15 Year 64 $7,750,000 $121,094 $2,326 4.83%
    Other 26 $920,000 $35,385 $0 6.64%
    30+ year 2 $340,000 $170,000 $1,110 3.50%
    3 Year 1 $25,000 $25,000 $0 5.99%
    1 Year 1 $145,000 $145,000 $0 7.00%

    For 2022, Community Financial Credit Union's most frequently cited loan duration was 10 Year, with 1,379 originations. The 2nd most popular length was 30 Year, with 334 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 348 $69,530,000 $199,799
    $1k-2k 47 $8,665,000 $184,362
    $2k-3k 11 $1,705,000 $155,000
    $3k-4k 4 $870,000 $217,500
    $4k-5k 2 $600,000 $300,000
    $5k+ 1 $355,000 $355,000

    Community Financial Credit Union's average total fees were $2,898, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 348 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 416 $58,170,000 $139,832
    5-6% 390 $47,840,000 $122,667
    3-4% 372 $54,550,000 $146,640
    6-7% 273 $29,945,000 $109,689
    <2.5% 178 $36,430,000 $204,663
    2.5-3% 167 $25,795,000 $154,461
    7-8% 101 $8,275,000 $81,931
    Over 8% 76 $4,150,000 $54,605

    During 2022, Community Financial Credit Union's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 4-5%, with 416 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 940 $48,630,000 $51,734 $2,399 5.39%
    $100k-200k 627 $82,915,000 $132,241 $2,656 4.51%
    $200k-400k 329 $89,905,000 $273,267 $3,035 4.23%
    $400k-600k 54 $24,970,000 $462,407 $3,291 3.87%
    $600k-1MM 20 $14,090,000 $704,500 $3,803 3.64%
    $1MM+ 4 $4,680,000 $1,170,000 $0 4.44%

    2022 saw Community Financial Credit Union place emphasis on $100,000 or less loans with 940 originations, totaling $48,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 493 $62,055,000 $125,872 $2,768 4.87%
    $50k-75k 388 $36,580,000 $94,278 $2,811 5.08%
    $150k-250k 354 $63,930,000 $180,593 $3,375 4.54%
    $75k-100k 335 $38,395,000 $114,612 $2,722 4.99%
    $50k or less 236 $19,680,000 $83,390 $2,365 5.00%
    $250k+ 164 $42,760,000 $260,732 $3,256 4.47%

    Community Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 493 originations. The second most popular income band? $50k-75k, with 388 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 455 $60,695,000 $133,396 $2,738 4.58%
    30-36% 342 $44,680,000 $130,643 $2,900 4.96%
    <20% 215 $32,045,000 $149,047 $2,601 4.10%
    50-60% 179 $21,855,000 $122,095 $3,082 5.08%
    39% 72 $7,710,000 $107,083 $2,925 5.60%
    36% 71 $9,535,000 $134,296 $2,659 5.08%
    37% 69 $10,485,000 $151,957 $2,945 4.83%
    >60% 65 $9,925,000 $152,692 $2,532 5.02%
    38% 64 $9,910,000 $154,844 $3,213 4.86%
    44% 62 $8,060,000 $130,000 $2,791 5.18%
    40% 58 $6,970,000 $120,172 $3,069 5.13%
    42% 56 $5,990,000 $106,964 $2,449 5.29%
    43% 54 $7,500,000 $138,889 $2,559 5.22%
    41% 50 $6,840,000 $136,800 $2,602 5.14%
    47% 37 $5,865,000 $158,514 $2,762 5.14%
    45% 35 $4,915,000 $140,429 $2,576 5.02%
    46% 34 $3,820,000 $112,353 $2,278 5.14%
    48% 27 $2,765,000 $102,407 $3,163 5.26%
    49% 25 $3,835,000 $153,400 $2,794 5.07%

    Community Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 455 originations. The next most common DTI ratio? 30-36%, with 342 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,622 $209,940,000 $129,433 $2,742 4.85%
    Not provided 221 $32,735,000 $148,122 $2,906 4.79%
    Asian Indian 30 $5,820,000 $194,000 $4,939 4.45%
    Asian 20 $5,180,000 $259,000 $2,752 3.85%
    Black 56 $4,960,000 $88,571 $2,947 5.95%
    Other Asian 13 $2,355,000 $181,154 $0 4.81%
    Not applicable 4 $1,790,000 $447,500 $0 5.75%
    Guamanian 1 $1,205,000 $1,205,000 $0 2.25%
    Chinese 3 $675,000 $225,000 $0 2.42%
    Korean 1 $205,000 $205,000 $2,320 5.38%
    American Indian 1 $135,000 $135,000 $6,395 6.00%
    Filipino 1 $105,000 $105,000 $0 6.00%
    Other Pacific Islander 1 $85,000 $85,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    89.14%

    Community Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.83%

    Community Financial Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,974 $265,190,000 $134,341

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,974 $265,190,000 $134,341

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 653 $74,335,000 $113,836 $2,256 4.75%
    40-60% 230 $42,750,000 $185,870 $2,360 4.25%
    60-80% 299 $68,475,000 $229,013 $2,864 4.58%
    80-100% 202 $47,580,000 $235,545 $2,968 5.05%
    Under 20% 590 $32,050,000 $54,322 $2,169 5.29%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) FHA mortgage Struggling to pay mortgage 2 66.7%
    Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) Other type of mortgage Trouble during payment process 1 33.3%