Credit Union One Mortgage Rates, Fees & Info
Ferndale, MILEI: 5493008NQVB5ZOWYNU83
Tax ID: 38-0536242
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Mortgage Data
Review & Overview
Credit Union One is a smaller credit union specializing in Cash Out Refi and Home Purchase 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 Hillsdale among others. We have data for 21 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 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) | 6.08% | 4/21/24 |
| 30 Year Conventional Purchase | 6.81% | 4/21/24 |
| 30 Year Conventional Refi | 6.45% | 4/21/24 |
| 30 Year Cash-out Refi | 6.65% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year USDA Purchase | 6.81% | 4/21/24 |
| 15 Year Conventional Purchase | 6.13% | 4/21/24 |
| 15 Year Conventional Refi | 6.01% | 4/21/24 |
| 15 Year Cash-out Refi | 6.01% | 4/21/24 |
| 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
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This is not an official calculator from Credit Union One. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
791Origination Dollar Volume (All Markets)
$64,145,000Top 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) | 608 | $49,350,000 | $81,168 | $970 | 4.96% |
| Traverse City, MI (FHA|USDA|VA) | 57 | $5,995,000 | $105,175 | $848 | 4.95% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 76 | $5,440,000 | $71,579 | $563 | 4.88% |
| Outside of Metro Areas | 21 | $1,605,000 | $76,429 | $1,084 | 4.74% |
| FLINT, MI (FHA|USDA|VA) | 5 | $305,000 | $61,000 | $541 | 4.48% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,967 | 4.75% |
| Cadillac, MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $1,572 | 6.13% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,856 | 5.13% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,496 | 4.50% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,029 | 4.63% |
| MUSKEGON, MI (FHA|USDA|VA) | 5 | $115,000 | $23,000 | $0 | 5.15% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,538 | 4.75% |
| Holland, MI (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 5.44% |
| MONROE, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,133 | 5.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,702 | 4.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,475 | 4.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.25% |
| SAGINAW, MI (FHA|USDA|VA) | 2 | $40,000 | $20,000 | $1,203 | 5.63% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,956 | 5.25% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.63% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 790 | $63,970,000 | $80,975 | $934 | 4.95% |
| USDA | 1 | $175,000 | $175,000 | $4,073 | 5.38% |
For 2018, Credit Union One's most frequently originated type of loan was Conventional, with 790 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2018, Credit Union One's most frequently cited loan purpose was Cash Out Refi, with 231 originations. The 2nd most popular reason was Home Improvement, with 177 originations.
Loan Duration/Length
For 2018, Credit Union One's most frequently cited loan duration was 10 Year, with 211 originations. The 2nd most popular length was 15 Year, with 199 originations.
Origination Fees/Closing Costs
Credit Union One's average total fees were $3,545, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 634 originations.
Interest Rates
During 2018, Credit Union One's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 4-5%, with 371 originations.
Loan Sizing
2018 saw Credit Union One place emphasis on $100,000 or less loans with 547 originations, totaling $23,745,000 in origination value.
Applicant Income
Credit Union One lent most frequently to those with incomes in the $50k-75k range, with 206 originations. The second most popular income band? $100k-150k, with 186 originations.
Applicant Debt to Income Ratio
Credit Union One lent most frequently to those with DTI ratios of 20-30%, with 195 originations. The next most common DTI ratio? 30-36%, with 173 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.47%
Credit Union One has a below average approval rate.
Pick Rate
Approvals leading to origination71.30%
Credit Union One has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 791 | $64,145,000 | $81,094 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $110,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 789 | $64,035,000 | $81,160 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Credit Union Mortgage Association, Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| Credit Union Mortgage Association, Inc. | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |