Credit Union One Mortgage Rates, Fees & Info

Ferndale, MI

LEI: 5493008NQVB5ZOWYNU83

Tax ID: 38-0536242

5 stars - Updated: 10/13/24 - out of 5 stars, based on 45 reviews

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

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Mortgage Data

Review & Overview

Credit Union One is a smaller credit union specializing in Home Improvement, Other, Cash Out Refi, and Home Purchase loans. Credit Union One has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Traverse City, Grand Rapids, Ann Arbor, and Flint among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

Credit Union One 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. Credit Union One 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.08% 10/13/24
30 Year Conventional Purchase 6.81% 10/13/24
30 Year Conventional Refi 6.45% 10/13/24
30 Year Cash-out Refi 6.65% 10/13/24
30 Year FHA Purchase 6.27% 10/13/24
30 Year USDA Purchase 6.81% 10/13/24
15 Year Conventional Purchase 6.13% 10/13/24
15 Year Conventional Refi 6.01% 10/13/24
15 Year Cash-out Refi 6.01% 10/13/24
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.

Credit Union One Mortgage Calculator






Your Estimates

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

This is not an official calculator from Credit Union One. 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

2,042

Origination Dollar Volume (All Markets)

$194,780,000
Show all (6) awards

Relative Rate

Credit Union One's average 30 year fixed mortgage rate was 6.71%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.23%.

Relative Fees (Closing Costs)

Credit Union One's average total fees/closing costs for a 30 year fixed rate mortgage were $2,984.

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 $9,089.

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) 1,364 $126,870,000 $93,013 $588 7.89%
Traverse City, MI (FHA|USDA|VA) 186 $21,380,000 $114,946 $850 7.27%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 142 $12,470,000 $87,817 $504 7.54%
ANN ARBOR, MI (FHA|USDA|VA) 63 $8,555,000 $135,794 $542 7.76%
Outside of Metro Areas 65 $6,665,000 $102,538 $1,323 7.54%
FLINT, MI (FHA|USDA|VA) 75 $4,795,000 $63,933 $410 8.32%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 17 $1,745,000 $102,647 $136 8.47%
SAGINAW, MI (FHA|USDA|VA) 19 $1,305,000 $68,684 $0 7.92%
MUSKEGON, MI (FHA|USDA|VA) 7 $1,295,000 $185,000 $1,208 7.41%
Mount Pleasant, MI (FHA|USDA|VA) 1 $975,000 $975,000 $0 6.50%
Adrian, MI (FHA|USDA|VA) 10 $950,000 $95,000 $1,802 8.64%
MIDLAND, MI (FHA|USDA|VA) 11 $915,000 $83,182 $0 8.74%
Marquette, MI (FHA|USDA|VA) 12 $810,000 $67,500 $43 7.68%
JACKSON, MI (FHA|USDA|VA) 10 $800,000 $80,000 $0 8.00%
BAY CITY, MI (FHA|USDA|VA) 10 $760,000 $76,000 $0 8.13%
MONROE, MI (FHA|USDA|VA) 10 $620,000 $62,000 $0 8.24%
Cadillac, MI (FHA|USDA|VA) 8 $510,000 $63,750 $1,038 7.47%
Holland, MI (FHA|USDA|VA) 6 $390,000 $65,000 $106 7.98%
Sault Ste. Marie, MI (FHA|USDA|VA) 3 $325,000 $108,333 $450 7.58%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $275,000 $275,000 $3,877 6.13%
TOLEDO, OH (FHA|USDA|VA) 3 $265,000 $88,333 $2,112 8.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $255,000 $255,000 $5,656 7.38%
NILES, MI (FHA|USDA|VA) 1 $225,000 $225,000 $0 8.74%
AKRON, OH (FHA|USDA|VA) 1 $205,000 $205,000 $4,206 8.00%
Escanaba, MI (FHA|USDA|VA) 2 $200,000 $100,000 $0 8.99%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,960 7.38%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,713 6.38%
Alpena, MI (FHA|USDA|VA) 2 $160,000 $80,000 $0 7.19%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,914 5.75%
Hillsdale, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 8.87%
Sturgis, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,421 6.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.13%
Alma, MI (FHA|USDA|VA) 2 $90,000 $45,000 $0 9.99%
Houghton, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.01%
Big Rapids, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.75%
Ludington, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.25%
Credit Union One's top markets include Detroit, Traverse City, Grand Rapids, Ann Arbor, and Flint among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Macatawa Bank
    Similarity Rank: 168
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,169 $112,775,000 $96,471 $638 6.98%
    HELOC 873 $82,005,000 $93,935 n/a 8.95%

    For 2023, Credit Union One's most frequently originated type of loan was Conventional, with 1,169 originations. Their 2nd most popular type was HELOC, with 873 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 783 $51,835,000 $66,201 $14 8.12%
    Other 540 $40,320,000 $74,667 $47 8.11%
    Cash Out Refi 408 $45,050,000 $110,417 $484 7.59%
    Home Purchase 209 $48,355,000 $231,364 $3,345 6.92%
    Refi 101 $8,145,000 $80,644 $218 6.75%
    NA 1 $1,075,000 $1,075,000 $0 6.10%

    For 2023, Credit Union One's most frequently cited loan purpose was Home Improvement, with 783 originations. The 2nd most popular reason was Other, with 540 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 986 $88,640,000 $89,899 $25 8.69%
    15 Year 396 $30,340,000 $76,616 $89 7.21%
    10 Year 261 $15,875,000 $60,824 $36 7.24%
    30 Year 225 $50,945,000 $226,422 $2,984 6.71%
    5 Year 148 $4,940,000 $33,378 $18 6.50%
    20 Year 24 $3,570,000 $148,750 $997 7.06%
    3 Year 1 $205,000 $205,000 $0 8.50%
    1 Year 1 $265,000 $265,000 $6,574 7.75%

    For 2023, Credit Union One's most frequently cited loan duration was Other, with 986 originations. The 2nd most popular length was 15 Year, with 396 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 949 $61,945,000 $65,274
    $1k-2k 177 $38,705,000 $218,672
    $2k-3k 5 $3,455,000 $691,000
    $3k-4k 3 $765,000 $255,000
    $4k-5k 2 $600,000 $300,000
    $5k+ 1 $205,000 $205,000

    Credit Union One's average total fees were $2,984, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 949 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 873 $78,375,000 $89,777
    6-7% 533 $50,625,000 $94,981
    7-8% 507 $47,035,000 $92,771
    5-6% 129 $18,745,000 $145,310

    During 2023, Credit Union One's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was Over 8%, with 873 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,425 $69,035,000 $48,446 $117 7.87%
    $100k-200k 363 $49,365,000 $135,992 $1,224 7.93%
    $200k-400k 224 $58,660,000 $261,875 $2,689 7.47%
    $400k-600k 20 $9,280,000 $464,000 $3,805 6.91%
    $600k-1MM 8 $5,980,000 $747,500 $3,900 6.81%
    $1MM+ 2 $2,460,000 $1,230,000 $7,001 6.80%

    2023 saw Credit Union One place emphasis on $100,000 or less loans with 1,425 originations, totaling $69,035,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 540 $52,110,000 $96,500 $567 7.83%
    $50k-75k 419 $28,925,000 $69,033 $714 7.72%
    $150k-250k 382 $46,320,000 $121,257 $503 8.01%
    $75k-100k 372 $28,610,000 $76,909 $711 7.83%
    $50k or less 188 $9,780,000 $52,021 $653 7.53%
    $250k+ 130 $24,160,000 $185,846 $800 8.02%

    Credit Union One lent most frequently to those with incomes in the $100k-150k range, with 540 originations. The second most popular income band? $50k-75k, with 419 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 490 $39,870,000 $81,367 $484 7.75%
    30-36% 398 $36,240,000 $91,055 $572 7.77%
    <20% 171 $14,175,000 $82,895 $342 7.68%
    42% 137 $12,165,000 $88,796 $576 8.14%
    38% 92 $9,290,000 $100,978 $631 7.94%
    41% 92 $9,160,000 $99,565 $708 8.06%
    39% 87 $8,625,000 $99,138 $742 7.83%
    43% 82 $6,330,000 $77,195 $445 8.05%
    36% 80 $7,500,000 $93,750 $824 7.98%
    40% 75 $8,635,000 $115,133 $847 7.48%
    37% 74 $5,760,000 $77,838 $391 7.99%
    44% 63 $6,505,000 $103,254 $1,020 7.91%
    50-60% 47 $8,315,000 $176,915 $2,071 7.67%
    45% 39 $4,545,000 $116,538 $1,241 7.66%
    46% 31 $4,065,000 $131,129 $758 7.89%
    47% 27 $3,085,000 $114,259 $1,012 7.73%
    >60% 17 $2,655,000 $156,176 $885 7.52%
    48% 11 $1,275,000 $115,909 $1,908 8.09%
    49% 10 $1,000,000 $100,000 $1,643 7.62%

    Credit Union One lent most frequently to those with DTI ratios of 20-30%, with 490 originations. The next most common DTI ratio? 30-36%, with 398 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,501 $140,215,000 $93,414 $572 7.86%
    Not provided 333 $31,325,000 $94,069 $755 7.57%
    Black 132 $10,110,000 $76,591 $1,046 8.07%
    Asian 49 $5,485,000 $111,939 $386 7.75%
    Not applicable 10 $4,860,000 $486,000 $0 7.31%
    Asian Indian 4 $1,370,000 $342,500 $4,208 7.84%
    American Indian 7 $955,000 $136,429 $0 7.64%
    Native Hawaiian or Islander 4 $360,000 $90,000 $0 8.96%
    Other Pacific Islander 2 $100,000 $50,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    76.95%

    Credit Union One has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.84%

    Credit Union One has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,042 $194,780,000 $95,387

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,042 $194,780,000 $95,387

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 600 $55,370,000 $92,283 $126 8.13%
    40-60% 176 $28,170,000 $160,057 $898 7.95%
    60-80% 140 $29,460,000 $210,429 $1,956 7.49%
    80-100% 149 $37,795,000 $253,658 $3,273 6.82%
    Over 100% 2 $1,460,000 $730,000 $0 6.30%
    Under 20% 974 $42,480,000 $43,614 $31 7.81%