Community Financial Credit Union Mortgage Rates, Fees & Info

PLYMOUTH, MI

LEI: 5493007XQ4LU452LQJ67

Tax ID: 38-1447620

5 stars - out of 5 stars, based on 48 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Community Financial Credit Union is a smaller credit union specializing in Refi, 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, Jackson, Alpena, and Adrian among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community Financial Credit Union has an above 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) 7.12% 1/29/23
    30 Year Conventional Purchase 6.55% 1/29/23
    30 Year Conventional Refi 6.58% 1/29/23
    30 Year Cash-out Refi 6.69% 1/29/23
    30 Year FHA Purchase 6.14% 1/29/23
    30 Year USDA Purchase 7.07% 1/29/23
    15 Year Conventional Purchase 6.28% 1/29/23
    15 Year Conventional Refi 6.01% 1/29/23
    15 Year Cash-out Refi 6.01% 1/29/23
    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.


    Originations

    2,257

    Origination Dollar Volume (All Markets)

    $339,165,000
    Show all (5) awards

    Relative Rate

    Community Financial Credit Union's average 30 year fixed mortgage rate was 3.1%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.05%.

    Relative Fees (Closing Costs)

    Community Financial Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,598.

    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) 1,576 $255,310,000 $161,999 $2,475 3.05%
    Outside of Metro Areas 470 $49,650,000 $105,638 $2,357 3.29%
    ANN ARBOR, MI (FHA|USDA|VA) 102 $17,910,000 $175,588 $2,491 3.15%
    JACKSON, MI (FHA|USDA|VA) 7 $2,395,000 $342,143 $2,813 2.73%
    Alpena, MI (FHA|USDA|VA) 22 $2,080,000 $94,545 $2,607 3.35%
    Adrian, MI (FHA|USDA|VA) 9 $1,615,000 $179,444 $2,516 2.90%
    MONROE, MI (FHA|USDA|VA) 12 $1,590,000 $132,500 $2,732 3.53%
    FLINT, MI (FHA|USDA|VA) 12 $1,520,000 $126,667 $2,959 4.07%
    Traverse City, MI (FHA|USDA|VA) 8 $1,500,000 $187,500 $2,615 3.19%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $1,070,000 $133,750 $2,912 3.39%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $790,000 $197,500 $2,473 3.47%
    Coldwater, MI (FHA|USDA|VA) 2 $700,000 $350,000 $0 3.00%
    MUSKEGON, MI (FHA|USDA|VA) 6 $590,000 $98,333 $1,601 3.55%
    Hillsdale, MI (FHA|USDA|VA) 3 $435,000 $145,000 $0 2.67%
    SAGINAW, MI (FHA|USDA|VA) 2 $430,000 $215,000 $2,716 3.00%
    Holland, MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,683 2.50%
    Ludington, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,060 2.75%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $210,000 $105,000 $2,380 5.31%
    Cadillac, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,487 3.38%
    Houghton, MI (FHA|USDA|VA) 2 $140,000 $70,000 $1,963 2.50%
    Big Rapids, MI (FHA|USDA|VA) 2 $140,000 $70,000 $1,599 3.38%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,455 3.00%
    BAY CITY, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,448 2.75%
    Alma, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,642 2.25%
    NILES, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.25%
    Community Financial Credit Union's top markets include Detroit, Ann Arbor, Jackson, Alpena, and Adrian 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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,155 $139,675,000 $120,931 n/a 3.05%
    Conventional 1,089 $197,925,000 $181,749 $2,434 3.19%
    USDA 13 $1,565,000 $120,385 $3,734 3.17%

    For 2021, Community Financial Credit Union's most frequently originated type of loan was HELOC, with 1,155 originations. Their 2nd most popular type was Conventional, with 1,089 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 635 $57,605,000 $90,717 $0 3.37%
    Refi 577 $105,685,000 $183,163 $2,277 2.83%
    Cash Out Refi 410 $72,300,000 $176,341 $2,384 3.01%
    Home Purchase 343 $71,215,000 $207,624 $2,762 3.04%
    Other 289 $32,135,000 $111,194 $0 3.43%
    NA 3 $225,000 $75,000 $0 2.75%

    For 2021, Community Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 635 originations. The 2nd most popular reason was Refi, with 577 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 1,263 $150,995,000 $119,553 $1,937 3.10%
    30 Year 609 $128,105,000 $210,353 $2,598 3.10%
    15 Year 233 $40,715,000 $174,742 $2,260 2.62%
    20 Year 97 $15,265,000 $157,371 $2,340 3.71%
    Other 33 $3,485,000 $105,606 $2,112 4.49%
    5 Year 20 $530,000 $26,500 $0 5.79%
    3 Year 1 $5,000 $5,000 $0 10.24%
    30+ year 1 $65,000 $65,000 $2,812 2.00%

    For 2021, Community Financial Credit Union's most frequently cited loan duration was 10 Year, with 1,263 originations. The 2nd most popular length was 30 Year, with 609 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 903 $171,645,000 $190,083
    $1k-2k 66 $13,840,000 $209,697
    $2k-3k 10 $3,130,000 $313,000
    $3k-4k 8 $2,100,000 $262,500
    $4k-5k 4 $1,400,000 $350,000
    $5k+ 1 $715,000 $715,000

    Community Financial Credit Union's average total fees were $2,598, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 903 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 796 $127,960,000 $160,754
    2.5-3% 635 $122,475,000 $192,874
    3-4% 519 $67,275,000 $129,624
    4-5% 167 $13,805,000 $82,665
    5-6% 72 $3,740,000 $51,944
    6-7% 33 $1,395,000 $42,273
    7-8% 13 $655,000 $50,385
    Over 8% 7 $225,000 $32,143

    During 2021, Community Financial Credit Union's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was <2.5%, with 796 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 885 $48,885,000 $55,237 $2,087 3.64%
    $100k-200k 799 $110,295,000 $138,041 $2,306 2.86%
    $200k-400k 480 $129,520,000 $269,833 $2,674 2.67%
    $400k-600k 67 $31,055,000 $463,507 $3,413 2.73%
    $600k-1MM 25 $18,145,000 $725,800 $3,996 2.65%
    $1MM+ 1 $1,265,000 $1,265,000 $5,380 2.75%

    2021 saw Community Financial Credit Union place emphasis on $100,000 or less loans with 885 originations, totaling $48,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 506 $78,790,000 $155,711 $2,425 3.09%
    $50k-75k 463 $54,775,000 $118,305 $2,357 3.21%
    $75k-100k 417 $55,875,000 $133,993 $2,485 3.17%
    $150k-250k 392 $77,680,000 $198,163 $2,648 3.00%
    $50k or less 342 $32,230,000 $94,240 $2,259 3.22%
    $250k+ 134 $38,040,000 $283,881 $3,117 2.85%

    Community Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 506 originations. The second most popular income band? $50k-75k, with 463 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 629 $94,455,000 $150,167 $2,376 3.02%
    30-36% 417 $63,295,000 $151,787 $2,474 3.19%
    <20% 287 $43,485,000 $151,516 $2,298 2.75%
    50-60% 132 $17,500,000 $132,576 $2,652 3.21%
    39% 86 $12,740,000 $148,140 $2,521 3.37%
    36% 72 $10,180,000 $141,389 $2,641 3.27%
    41% 70 $10,920,000 $156,000 $2,784 3.30%
    38% 69 $12,175,000 $176,449 $2,576 3.28%
    40% 61 $10,735,000 $175,984 $2,601 3.23%
    42% 59 $9,745,000 $165,169 $2,498 3.32%
    37% 57 $7,735,000 $135,702 $2,465 3.37%
    >60% 54 $10,270,000 $190,185 $2,489 2.87%
    43% 45 $5,535,000 $123,000 $2,348 3.29%
    44% 45 $6,375,000 $141,667 $2,656 3.29%
    45% 40 $5,530,000 $138,250 $2,571 3.41%
    48% 38 $4,920,000 $129,474 $2,487 2.94%
    49% 37 $4,275,000 $115,541 $2,439 3.25%
    46% 30 $3,640,000 $121,333 $2,234 3.79%
    47% 25 $3,555,000 $142,200 $2,432 3.38%

    Community Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 629 originations. The next most common DTI ratio? 30-36%, with 417 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,862 $267,240,000 $143,523 $2,420 3.14%
    Not provided 256 $46,410,000 $181,289 $2,599 3.03%
    Asian 38 $6,910,000 $181,842 $2,505 3.00%
    Asian Indian 31 $6,865,000 $221,452 $2,691 2.71%
    Other Asian 19 $3,605,000 $189,737 $0 2.57%
    Black 31 $3,335,000 $107,581 $2,564 3.33%
    Not applicable 3 $1,775,000 $591,667 $0 4.25%
    Chinese 7 $1,455,000 $207,857 $0 2.61%
    American Indian 5 $1,105,000 $221,000 $2,390 3.05%
    Native Hawaiian 1 $145,000 $145,000 $0 2.75%
    Filipino 2 $120,000 $60,000 $0 4.75%
    Japanese 1 $105,000 $105,000 $0 2.25%
    Korean 1 $95,000 $95,000 $0 2.50%

    Approval Rates

    Total approvals of all applications
    91.98%

    Community Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.83%

    Community Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,257 $339,165,000 $150,272

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,257 $339,165,000 $150,272

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 557 $63,315,000 $113,671 $2,071 3.08%
    40-60% 427 $74,225,000 $173,829 $2,194 2.80%
    60-80% 529 $110,005,000 $207,949 $2,520 2.97%
    80-100% 312 $69,180,000 $221,731 $2,744 3.00%
    Under 20% 432 $22,440,000 $51,944 $1,859 3.78%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    COMMUNITY MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%