University Of Michigan Credit Union Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300AQN2CY1MGE3J02

Tax ID: 38-1464920

5 stars - Updated: 2/19/24 - out of 5 stars, based on 28 reviews

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

Jump to:

Mortgage Data

Review & Overview

University Of Michigan Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. University Of Michigan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Ann Arbor, Detroit, Flint, Adrian, and Monroe among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

University Of Michigan Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. University Of Michigan 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.

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) 6.27% 2/19/24
30 Year Conventional Purchase 6.91% 2/19/24
30 Year Conventional Refi 6.83% 2/19/24
30 Year Cash-out Refi 7.12% 2/19/24
15 Year Conventional Purchase 6.15% 2/19/24
15 Year Conventional Refi 6.53% 2/19/24
15 Year Cash-out Refi 6.53% 2/19/24
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.

University Of Michigan Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from University Of Michigan 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

806

Origination Dollar Volume (All Markets)

$122,340,000

Awards

UNIVERSITY OF MICHIGAN CREDIT UNION 30 Year Conventional Loans silver UNIVERSITY OF MICHIGAN CREDIT UNION 30 Year Conventional Loans silver UNIVERSITY OF MICHIGAN CREDIT UNION 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

University Of Michigan Credit Union's average 30 year fixed mortgage rate was 4.74%.

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

This yields a difference of -0.02%.

Relative Fees (Closing Costs)

University Of Michigan Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,864.

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
ANN ARBOR, MI (FHA|USDA|VA) 465 $77,565,000 $166,806 $2,911 5.18%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 209 $28,765,000 $137,632 $2,781 5.26%
FLINT, MI (FHA|USDA|VA) 29 $2,775,000 $95,690 $2,528 5.52%
Outside of Metro Areas 15 $2,535,000 $169,000 $2,675 4.89%
Adrian, MI (FHA|USDA|VA) 20 $2,150,000 $107,500 $2,657 5.54%
MONROE, MI (FHA|USDA|VA) 14 $1,600,000 $114,286 $2,468 5.40%
JACKSON, MI (FHA|USDA|VA) 17 $1,485,000 $87,353 $3,086 5.21%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $1,120,000 $186,667 $2,656 5.90%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 12 $1,060,000 $88,333 $2,520 6.14%
Traverse City, MI (FHA|USDA|VA) 2 $710,000 $355,000 $3,073 5.06%
SAGINAW, MI (FHA|USDA|VA) 2 $700,000 $350,000 $3,021 4.00%
Big Rapids, MI (FHA|USDA|VA) 2 $510,000 $255,000 $2,811 4.63%
NILES, MI (FHA|USDA|VA) 2 $440,000 $220,000 $2,683 3.63%
BAY CITY, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,679 7.31%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $200,000 $100,000 $0 4.38%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,562 5.38%
Hillsdale, MI (FHA|USDA|VA) 2 $120,000 $60,000 $0 7.25%
Mount Pleasant, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,270 4.88%
Alpena, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,085 5.25%
Cadillac, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 8.25%
University Of Michigan Credit Union's top markets include Ann Arbor, Detroit, Flint, Adrian, and Monroe among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against UNIVERSITY OF MICHIGAN CREDIT UNION 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
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 658
    Extra
    Similarity Rank: 768
    SECURITY CREDIT UNION
    Similarity Rank: 864
    Zeal Credit Union
    Similarity Rank: 882
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1160
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 486 $43,590,000 $89,691 n/a 5.68%
    Conventional 320 $78,750,000 $246,094 $2,829 4.59%

    For 2022, University Of Michigan Credit Union's most frequently originated type of loan was HELOC, with 486 originations. Their 2nd most popular type was Conventional, with 320 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 392 $42,390,000 $108,138 $2,460 5.22%
    Home Purchase 226 $59,400,000 $262,832 $2,989 4.87%
    Other 142 $12,770,000 $89,930 $0 6.30%
    Cash Out Refi 26 $4,840,000 $186,154 $2,444 3.97%
    Refi 20 $2,940,000 $147,000 $2,713 4.21%

    For 2022, University Of Michigan Credit Union's most frequently cited loan purpose was Home Improvement, with 392 originations. The 2nd most popular reason was Home Purchase, with 226 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 486 $43,590,000 $89,691 $0 5.68%
    30 Year 234 $59,300,000 $253,419 $2,864 4.74%
    15 Year 49 $11,075,000 $226,020 $2,665 4.18%
    20 Year 26 $6,750,000 $259,615 $2,897 4.48%
    10 Year 11 $1,625,000 $147,727 $2,662 3.61%

    For 2022, University Of Michigan Credit Union's most frequently cited loan duration was Other, with 486 originations. The 2nd most popular length was 30 Year, with 234 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 310 $76,070,000 $245,387
    $1k-2k 4 $1,010,000 $252,500
    $2k-3k 3 $715,000 $238,333
    $3k-4k 1 $305,000 $305,000
    $4k-5k 1 $215,000 $215,000
    $5k+ 1 $435,000 $435,000

    University Of Michigan Credit Union's average total fees were $2,864, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 310 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 194 $30,340,000 $156,392
    3-4% 180 $29,540,000 $164,111
    5-6% 178 $34,260,000 $192,472
    6-7% 170 $20,190,000 $118,765
    Over 8% 44 $2,150,000 $48,864
    2.5-3% 19 $4,215,000 $221,842
    7-8% 19 $1,165,000 $61,316
    <2.5% 2 $480,000 $240,000

    During 2022, University Of Michigan Credit Union's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 357 $19,155,000 $53,655 $2,273 5.74%
    $100k-200k 224 $31,330,000 $139,866 $2,565 4.96%
    $200k-400k 184 $50,230,000 $272,989 $2,939 4.70%
    $400k-600k 31 $14,385,000 $464,032 $3,421 5.00%
    $600k-1MM 10 $7,240,000 $724,000 $4,110 4.89%

    2022 saw University Of Michigan Credit Union place emphasis on $100,000 or less loans with 357 originations, totaling $19,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 222 $33,680,000 $151,712 $2,852 5.21%
    $150k-250k 191 $35,655,000 $186,675 $3,102 5.20%
    $50k-75k 140 $16,080,000 $114,857 $2,583 5.44%
    $75k-100k 135 $16,995,000 $125,889 $2,779 5.19%
    $50k or less 66 $4,780,000 $72,424 $2,423 5.26%
    $250k+ 52 $15,150,000 $291,346 $3,299 5.19%

    University Of Michigan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 222 originations. The second most popular income band? $150k-250k, with 191 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 233 $35,825,000 $153,755 $2,841 5.06%
    <20% 145 $24,155,000 $166,586 $2,847 5.04%
    30-36% 144 $21,150,000 $146,875 $2,842 5.39%
    40% 30 $3,930,000 $131,000 $2,861 5.49%
    43% 26 $2,920,000 $112,308 $2,655 5.42%
    39% 25 $4,295,000 $171,800 $2,632 5.03%
    41% 23 $2,685,000 $116,739 $2,667 5.47%
    37% 23 $3,595,000 $156,304 $3,116 5.08%
    36% 22 $3,760,000 $170,909 $2,927 5.34%
    42% 21 $2,945,000 $140,238 $2,861 5.13%
    44% 20 $3,430,000 $171,500 $2,869 5.54%
    45% 18 $3,410,000 $189,444 $2,894 5.77%
    38% 17 $2,825,000 $166,176 $2,977 5.79%
    50-60% 12 $810,000 $67,500 $2,507 5.85%
    48% 12 $1,690,000 $140,833 $2,822 4.89%
    46% 11 $1,125,000 $102,273 $2,658 5.60%
    47% 10 $1,470,000 $147,000 $2,592 5.89%
    49% 8 $1,770,000 $221,250 $2,725 5.00%
    >60% 6 $550,000 $91,667 $2,889 6.52%

    University Of Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 233 originations. The next most common DTI ratio? <20%, with 145 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 578 $85,020,000 $147,093 $2,822 5.25%
    Not provided 98 $18,180,000 $185,510 $2,884 5.09%
    Black 73 $9,055,000 $124,041 $2,687 5.37%
    Asian 26 $4,650,000 $178,846 $2,973 5.34%
    Asian Indian 10 $1,990,000 $199,000 $2,995 4.90%
    Chinese 5 $1,085,000 $217,000 $2,719 4.78%
    Other Asian 4 $720,000 $180,000 $2,862 5.06%
    American Indian 5 $625,000 $125,000 $2,798 6.85%
    Korean 2 $470,000 $235,000 $2,824 5.56%
    Native Hawaiian or Islander 1 $265,000 $265,000 $0 4.75%
    Vietnamese 1 $125,000 $125,000 $2,638 3.25%
    Not applicable 2 $80,000 $40,000 $0 5.25%
    Filipino 1 $75,000 $75,000 $0 6.75%

    Approval Rates

    Total approvals of all applications
    95.99%

    University Of Michigan Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    57.57%

    University Of Michigan Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 806 $122,340,000 $151,787

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    806 $122,340,000 $151,787

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 188 $22,050,000 $117,287 $2,468 5.34%
    40-60% 82 $14,720,000 $179,512 $2,526 4.86%
    60-80% 117 $27,635,000 $236,197 $2,851 4.70%
    80-100% 154 $43,540,000 $282,727 $2,978 4.87%
    Under 20% 265 $14,395,000 $54,321 $2,401 5.76%