Community Financial Credit Union Mortgage Rates, Fees & Info
PLYMOUTH, MILEI: 5493007XQ4LU452LQJ67
Tax ID: 38-1447620
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Mortgage Data
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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,974Origination Dollar Volume (All Markets)
$265,190,000Awards
COMMUNITY FINANCIAL CREDIT UNION - 2022
COMMUNITY FINANCIAL CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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 | 1,269 | $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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications89.14%
Community Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.83%
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 |
LTV Distribution
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% |