Credit Union One Mortgage Rates, Fees & Info

Ferndale, MI

LEI: 5493008NQVB5ZOWYNU83

Tax ID: 38-0536242

5 stars - out of 5 stars, based on 50 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Credit Union One is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Credit Union One has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Traverse City, Grand Rapids, Flint, and Ann Arbor among others. We have data for 38 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.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.08% 3/31/23
    30 Year Conventional Purchase 6.81% 3/31/23
    30 Year Conventional Refi 6.45% 3/31/23
    30 Year Cash-out Refi 6.65% 3/31/23
    30 Year FHA Purchase 6.27% 3/31/23
    30 Year USDA Purchase 6.81% 3/31/23
    15 Year Conventional Purchase 6.13% 3/31/23
    15 Year Conventional Refi 6.01% 3/31/23
    15 Year Cash-out Refi 6.01% 3/31/23
    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

    2,517

    Origination Dollar Volume (All Markets)

    $236,445,000

    Awards

    CREDIT UNION ONE 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Credit Union One's average 30 year fixed mortgage rate was 5.28%.

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

    This yields a difference of 0.52%.

    Relative Fees (Closing Costs)

    Credit Union One's average total fees/closing costs for a 30 year fixed rate mortgage were $3,083.

    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) 1,773 $166,285,000 $93,787 $846 4.31%
    Traverse City, MI (FHA|USDA|VA) 178 $17,380,000 $97,640 $747 4.28%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 173 $14,605,000 $84,422 $776 4.18%
    Outside of Metro Areas 86 $9,850,000 $114,535 $1,552 4.48%
    FLINT, MI (FHA|USDA|VA) 95 $7,165,000 $75,421 $470 4.52%
    ANN ARBOR, MI (FHA|USDA|VA) 43 $5,775,000 $134,302 $1,905 3.94%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 19 $2,355,000 $123,947 $1,279 4.09%
    SAGINAW, MI (FHA|USDA|VA) 28 $2,000,000 $71,429 $106 3.32%
    Cadillac, MI (FHA|USDA|VA) 15 $1,725,000 $115,000 $2,143 4.56%
    MUSKEGON, MI (FHA|USDA|VA) 13 $1,225,000 $94,231 $947 5.32%
    Holland, MI (FHA|USDA|VA) 10 $960,000 $96,000 $737 5.82%
    MONROE, MI (FHA|USDA|VA) 9 $855,000 $95,000 $1,101 5.28%
    MIDLAND, MI (FHA|USDA|VA) 12 $820,000 $68,333 $106 4.47%
    BAY CITY, MI (FHA|USDA|VA) 14 $780,000 $55,714 $706 4.46%
    Alpena, MI (FHA|USDA|VA) 3 $585,000 $195,000 $3,085 5.16%
    JACKSON, MI (FHA|USDA|VA) 5 $545,000 $109,000 $1,177 3.97%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $355,000 $355,000 $0 7.13%
    Adrian, MI (FHA|USDA|VA) 8 $310,000 $38,750 $0 4.17%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $285,000 $285,000 $4,237 4.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $5,602 6.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,371 5.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $215,000 $215,000 $4,146 3.25%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $210,000 $52,500 $213 5.00%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $195,000 $195,000 $5,182 6.88%
    Big Rapids, MI (FHA|USDA|VA) 3 $185,000 $61,667 $1,591 5.71%
    Escanaba, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.24%
    NILES, MI (FHA|USDA|VA) 2 $130,000 $65,000 $4,343 6.44%
    Hillsdale, MI (FHA|USDA|VA) 2 $130,000 $65,000 $385 4.25%
    Marquette, MI (FHA|USDA|VA) 3 $115,000 $38,333 $0 5.13%
    Ludington, MI (FHA|USDA|VA) 2 $110,000 $55,000 $0 3.81%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.50%
    Coldwater, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.99%
    Seneca, SC (FHA|USDA|VA) 1 $105,000 $105,000 $3,357 5.25%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $100,000 $50,000 $0 7.74%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.63%
    Alma, MI (FHA|USDA|VA) 2 $60,000 $30,000 $0 6.93%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $45,000 $45,000 $385 5.25%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.49%
    Credit Union One's top markets include Detroit, Traverse City, Grand Rapids, Flint, and Ann Arbor among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (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.

    St James Mortgage Corporation
    Similarity Rank: 114
    Community West Credit Union
    Similarity Rank: 340
    PREFERRED CREDIT UNION
    Similarity Rank: 380
    West Michigan Credit Union
    Similarity Rank: 468
    MEMBERS FIRST Credit Union
    Similarity Rank: 495
    KENT COUNTY CREDIT UNION
    Similarity Rank: 553
    Isabella Bank
    Similarity Rank: 600
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 658

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,452 $121,680,000 $83,802 n/a 3.80%
    Conventional 1,064 $114,600,000 $107,707 $895 5.05%
    USDA 1 $165,000 $165,000 $4,956 3.63%

    For 2022, Credit Union One's most frequently originated type of loan was HELOC, with 1,452 originations. Their 2nd most popular type was Conventional, with 1,064 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,078 $70,610,000 $65,501 $100 4.10%
    Other 581 $42,605,000 $73,330 $102 4.49%
    Cash Out Refi 498 $69,810,000 $140,181 $573 4.43%
    Home Purchase 220 $38,470,000 $174,864 $3,714 4.86%
    Refi 140 $14,950,000 $106,786 $769 4.17%

    For 2022, Credit Union One's most frequently cited loan purpose was Home Improvement, with 1,078 originations. The 2nd most popular reason was Other, with 581 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,542 $132,350,000 $85,830 $45 3.86%
    15 Year 339 $32,255,000 $95,147 $534 4.95%
    30 Year 230 $42,870,000 $186,391 $3,083 5.28%
    10 Year 208 $11,910,000 $57,260 $73 5.44%
    5 Year 139 $6,565,000 $47,230 $20 4.59%
    20 Year 56 $8,410,000 $150,179 $552 4.54%
    1 Year 2 $620,000 $310,000 $6,761 5.13%
    3 Year 1 $1,465,000 $1,465,000 $0 7.00%

    For 2022, Credit Union One's most frequently cited loan duration was Other, with 1,542 originations. The 2nd most popular length was 15 Year, with 339 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 793 $58,395,000 $73,638
    $1k-2k 203 $35,435,000 $174,557
    $2k-3k 20 $3,320,000 $166,000
    $3k-4k 10 $2,220,000 $222,000
    $4k-5k 6 $1,240,000 $206,667
    $5k+ 4 $1,390,000 $347,500

    Credit Union One's average total fees were $3,083, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 793 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 629 $62,965,000 $100,103
    <2.5% 552 $46,720,000 $84,638
    3-4% 424 $45,970,000 $108,420
    5-6% 332 $32,310,000 $97,319
    6-7% 222 $21,040,000 $94,775
    2.5-3% 168 $13,970,000 $83,155
    7-8% 130 $10,020,000 $77,077
    Over 8% 60 $3,450,000 $57,500

    During 2022, Credit Union One's average interest rate for loans was 5.28%, while their most frequently originated rate bucket for loans was 4-5%, with 629 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,701 $81,425,000 $47,869 $212 4.37%
    $100k-200k 566 $77,590,000 $137,085 $1,863 4.23%
    $200k-400k 228 $59,600,000 $261,404 $2,611 4.24%
    $400k-600k 16 $7,220,000 $451,250 $2,396 4.51%
    $1MM+ 3 $8,575,000 $2,858,333 $0 5.02%
    $600k-1MM 3 $2,035,000 $678,333 $4,406 4.67%

    2022 saw Credit Union One place emphasis on $100,000 or less loans with 1,701 originations, totaling $81,425,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 636 $60,220,000 $94,686 $875 4.22%
    $50k-75k 527 $39,345,000 $74,658 $986 4.38%
    $75k-100k 480 $37,630,000 $78,396 $782 4.42%
    $150k-250k 419 $47,365,000 $113,043 $674 4.30%
    $50k or less 292 $17,300,000 $59,247 $1,127 4.43%
    $250k+ 155 $24,685,000 $159,258 $858 4.13%

    Credit Union One lent most frequently to those with incomes in the $100k-150k range, with 636 originations. The second most popular income band? $50k-75k, with 527 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 646 $53,180,000 $82,322 $818 4.24%
    30-36% 439 $39,265,000 $89,442 $964 4.33%
    <20% 309 $26,875,000 $86,974 $587 3.94%
    50-60% 107 $12,685,000 $118,551 $681 3.71%
    39% 100 $7,960,000 $79,600 $522 4.86%
    38% 99 $8,705,000 $87,929 $1,016 4.54%
    36% 98 $9,190,000 $93,776 $1,141 4.75%
    40% 94 $10,400,000 $110,638 $1,218 4.65%
    42% 93 $9,305,000 $100,054 $1,164 4.67%
    37% 93 $6,955,000 $74,785 $514 4.48%
    41% 89 $7,105,000 $79,831 $747 4.72%
    43% 79 $6,965,000 $88,165 $993 4.79%
    44% 56 $5,170,000 $92,321 $1,642 4.22%
    45% 56 $5,720,000 $102,143 $756 4.43%
    46% 41 $3,865,000 $94,268 $1,212 4.28%
    48% 32 $3,660,000 $114,375 $1,294 4.36%
    47% 30 $2,390,000 $79,667 $469 4.51%
    >60% 25 $3,355,000 $134,200 $4,181 3.30%
    49% 24 $3,770,000 $157,083 $3,095 4.15%

    Credit Union One lent most frequently to those with DTI ratios of 20-30%, with 646 originations. The next most common DTI ratio? 30-36%, with 439 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,928 $177,180,000 $91,898 $889 4.29%
    Not provided 299 $25,395,000 $84,933 $832 4.54%
    Black 192 $14,240,000 $74,167 $1,061 4.43%
    Asian 73 $9,625,000 $131,849 $710 4.00%
    Not applicable 6 $8,460,000 $1,410,000 $0 4.47%
    American Indian 13 $1,115,000 $85,769 $2,009 4.43%
    Asian Indian 3 $325,000 $108,333 $4,225 3.58%
    Native Hawaiian or Islander 2 $80,000 $40,000 $0 7.56%
    Filipino 1 $25,000 $25,000 $0 4.24%

    Approval Rates

    Total approvals of all applications
    84.06%

    Credit Union One has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.98%

    Credit Union One has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,517 $236,445,000 $93,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,517 $236,445,000 $93,939

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 762 $75,660,000 $99,291 $254 4.28%
    40-60% 243 $33,465,000 $137,716 $1,060 4.03%
    60-80% 227 $41,525,000 $182,930 $1,809 4.28%
    80-100% 176 $35,720,000 $202,955 $3,143 5.15%
    Over 100% 2 $2,540,000 $1,270,000 $0 4.25%
    Under 20% 1,107 $47,535,000 $42,940 $54 4.31%