Community Financial Credit Union Mortgage Rates, Fees & Info

PLYMOUTH, MI

LEI: 5493007XQ4LU452LQJ67

Tax ID: 38-1447620

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 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, Grand Rapids, and Alpena among others. We have data for 20 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% 12/16/24
    30 Year Conventional Purchase 6.74% 12/16/24
    30 Year Conventional Refi 6.92% 12/16/24
    30 Year Cash-out Refi 6.90% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    30 Year USDA Purchase 7.18% 12/16/24
    15 Year Conventional Purchase 6.49% 12/16/24
    15 Year Conventional Refi 6.23% 12/16/24
    15 Year Cash-out Refi 6.23% 12/16/24
    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.

    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

    1,185

    Origination Dollar Volume (All Markets)

    $141,545,000
    Show all (7) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 853 $109,145,000 $127,954 $2,273 5.21%
    Outside of Metro Areas 234 $17,630,000 $75,342 $2,003 5.30%
    ANN ARBOR, MI (FHA|USDA|VA) 57 $10,035,000 $176,053 $2,371 4.89%
    JACKSON, MI (FHA|USDA|VA) 6 $1,040,000 $173,333 $2,375 5.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $515,000 $171,667 $2,171 4.79%
    Alpena, MI (FHA|USDA|VA) 5 $495,000 $99,000 $2,060 4.60%
    FLINT, MI (FHA|USDA|VA) 5 $435,000 $87,000 $2,339 5.35%
    MONROE, MI (FHA|USDA|VA) 3 $335,000 $111,667 $2,265 4.62%
    Adrian, MI (FHA|USDA|VA) 2 $310,000 $155,000 $2,997 4.81%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $305,000 $101,667 $2,160 5.21%
    Cadillac, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,073 4.50%
    Traverse City, MI (FHA|USDA|VA) 3 $195,000 $65,000 $1,988 5.91%
    Hillsdale, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,379 4.50%
    Holland, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,012 4.75%
    Marquette, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,168 4.75%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $110,000 $55,000 $2,654 5.25%
    Ludington, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,043 4.75%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,066 4.63%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.74%
    Big Rapids, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.50%
    Community Financial Credit Union's top markets include Detroit, Ann Arbor, Jackson, Grand Rapids, and Alpena 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.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    Dort Financial Credit Union
    Similarity Rank: 95
    St James Mortgage Corporation
    Similarity Rank: 120
    FreeStar Financial Credit Union
    Similarity Rank: 345
    Extra
    Similarity Rank: 436
    Vibe Credit Union
    Similarity Rank: 448
    Northstar Bank
    Similarity Rank: 582
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 735
    Zeal Credit Union
    Similarity Rank: 819
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 900

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,173 $139,735,000 $119,126 $2,193 5.20%
    USDA 10 $950,000 $95,000 $3,048 4.73%
    HELOC 2 $860,000 $430,000 n/a 5.50%

    For 2018, Community Financial Credit Union's most frequently originated type of loan was Conventional, with 1,173 originations. Their 2nd most popular type was USDA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 392 $28,210,000 $71,964 $1,846 5.62%
    Home Purchase 315 $58,655,000 $186,206 $2,361 4.65%
    Other 185 $12,545,000 $67,811 $0 5.93%
    Cash Out Refi 141 $19,325,000 $137,057 $2,003 5.04%
    Refi 138 $21,860,000 $158,406 $2,023 4.41%
    NA 14 $950,000 $67,857 $955 6.22%

    For 2018, Community Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 392 originations. The 2nd most popular reason was Home Purchase, with 315 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 628 $54,300,000 $86,465 $1,722 5.46%
    30 Year 344 $68,440,000 $198,953 $2,289 4.52%
    15 Year 71 $8,485,000 $119,507 $2,037 4.78%
    20 Year 62 $6,640,000 $107,097 $2,078 5.63%
    5 Year 44 $1,040,000 $23,636 $0 6.18%
    Other 33 $1,775,000 $53,788 $1,010 6.96%
    3 Year 3 $865,000 $288,333 $0 5.58%

    For 2018, Community Financial Credit Union's most frequently cited loan duration was 10 Year, with 628 originations. The 2nd most popular length was 30 Year, with 344 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 436 $78,910,000 $180,986
    $1k-2k 12 $2,710,000 $225,833
    $2k-3k 2 $550,000 $275,000
    $3k-4k 1 $185,000 $185,000
    $4k-5k 1 $455,000 $455,000

    Community Financial Credit Union's average total fees were $2,289, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 436 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 628 $87,290,000 $138,997
    5-6% 201 $16,455,000 $81,866
    6-7% 123 $7,855,000 $63,862
    3-4% 115 $25,005,000 $217,435
    7-8% 58 $2,840,000 $48,966
    Over 8% 43 $1,265,000 $29,419
    <2.5% 1 $45,000 $45,000

    During 2018, Community Financial Credit Union's average interest rate for loans was 4.52%, while their most frequently originated rate bucket for loans was 4-5%, with 628 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 639 $30,425,000 $47,613 $1,848 5.73%
    $100k-200k 341 $46,735,000 $137,053 $2,171 4.69%
    $200k-400k 168 $44,420,000 $264,405 $2,423 4.44%
    $400k-600k 30 $13,850,000 $461,667 $2,998 4.48%
    $600k-1MM 5 $3,685,000 $737,000 $3,217 4.50%
    $1MM+ 2 $2,430,000 $1,215,000 $4,600 3.63%

    2018 saw Community Financial Credit Union place emphasis on $100,000 or less loans with 639 originations, totaling $30,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 263 $32,665,000 $124,202 $2,330 5.31%
    $50k-75k 216 $20,220,000 $93,611 $2,133 5.34%
    $75k-100k 211 $21,755,000 $103,104 $2,203 5.26%
    $50k or less 206 $14,610,000 $70,922 $1,985 5.05%
    $150k-250k 198 $29,050,000 $146,717 $2,283 5.09%
    $250k+ 66 $18,700,000 $283,333 $2,817 4.81%

    Community Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 263 originations. The second most popular income band? $50k-75k, with 216 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 322 $35,630,000 $110,652 $2,198 5.18%
    30-36% 227 $26,725,000 $117,731 $2,245 5.27%
    <20% 142 $18,290,000 $128,803 $2,201 4.79%
    38% 55 $6,995,000 $127,182 $2,337 5.56%
    50-60% 53 $6,495,000 $122,547 $1,973 5.25%
    37% 45 $4,945,000 $109,889 $2,282 5.49%
    41% 43 $4,985,000 $115,930 $2,068 5.27%
    42% 36 $4,550,000 $126,389 $1,982 5.22%
    39% 35 $3,845,000 $109,857 $2,244 5.15%
    36% 35 $3,565,000 $101,857 $2,210 5.12%
    40% 34 $5,410,000 $159,118 $2,570 5.14%
    43% 26 $2,550,000 $98,077 $2,110 5.37%
    46% 24 $2,880,000 $120,000 $2,331 5.31%
    47% 21 $2,535,000 $120,714 $2,370 5.36%
    >60% 21 $2,185,000 $104,048 $1,739 5.22%
    44% 17 $1,805,000 $106,176 $1,992 5.46%
    45% 16 $1,900,000 $118,750 $2,124 5.04%
    48% 11 $1,035,000 $94,091 $2,169 4.89%
    49% 10 $1,400,000 $140,000 $2,432 5.79%

    Community Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 322 originations. The next most common DTI ratio? 30-36%, with 227 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,026 $113,240,000 $110,370 $2,184 5.24%
    Not provided 96 $16,620,000 $173,125 $2,302 4.65%
    Asian 20 $4,500,000 $225,000 $2,548 4.79%
    Not applicable 12 $3,820,000 $318,333 $0 5.39%
    Black 21 $1,845,000 $87,857 $2,777 6.18%
    Asian Indian 6 $720,000 $120,000 $2,006 6.06%
    Filipino 1 $455,000 $455,000 $2,554 4.13%
    American Indian 2 $300,000 $150,000 $2,157 4.50%
    Native Hawaiian or Islander 1 $45,000 $45,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    88.44%

    Community Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.08%

    Community Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,185 $141,545,000 $119,447

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,505,000 $501,667
    Single Family (1-4 Units):Manufactured 24 $990,000 $41,250
    Single Family (1-4 Units):Site-Built 1,158 $139,050,000 $120,078

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 295 $25,095,000 $85,068 $1,755 5.52%
    40-60% 139 $19,175,000 $137,950 $2,090 4.85%
    60-80% 235 $45,535,000 $193,766 $2,220 4.57%
    80-100% 197 $38,555,000 $195,711 $2,336 4.57%
    Over 100% 4 $380,000 $95,000 $1,356 4.50%
    Under 20% 297 $11,595,000 $39,040 $1,652 5.97%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Community Loan Fund of New Jersey, Inc Conventional home mortgage Struggling to pay mortgage 1 100.0%