University Of Michigan Credit Union Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300AQN2CY1MGE3J02

Tax ID: 38-1464920

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    University Of Michigan Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. University Of Michigan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Ann Arbor, Detroit, Jackson, Grand Rapids, and Monroe among others. We have data for 14 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/21/24
    30 Year Conventional Purchase 6.91% 11/21/24
    30 Year Conventional Refi 6.83% 11/21/24
    30 Year Cash-out Refi 7.12% 11/21/24
    15 Year Conventional Purchase 6.15% 11/21/24
    15 Year Conventional Refi 6.53% 11/21/24
    15 Year Cash-out Refi 6.53% 11/21/24
    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.

    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

    423

    Origination Dollar Volume (All Markets)

    $93,615,000

    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

    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) 263 $62,095,000 $236,103 $2,560 3.30%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 98 $21,050,000 $214,796 $2,582 3.34%
    JACKSON, MI (FHA|USDA|VA) 12 $2,300,000 $191,667 $2,457 3.35%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $1,580,000 $395,000 $2,729 3.28%
    MONROE, MI (FHA|USDA|VA) 9 $1,445,000 $160,556 $2,329 3.32%
    Adrian, MI (FHA|USDA|VA) 9 $1,335,000 $148,333 $2,300 3.26%
    FLINT, MI (FHA|USDA|VA) 10 $1,170,000 $117,000 $2,286 3.29%
    Outside of Metro Areas 7 $805,000 $115,000 $2,320 3.29%
    Traverse City, MI (FHA|USDA|VA) 3 $735,000 $245,000 $2,566 3.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 4 $580,000 $145,000 $2,324 3.25%
    NILES, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,348 3.38%
    BAY CITY, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,111 3.25%
    Big Rapids, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,239 3.00%
    Ludington, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,369 3.38%
    University Of Michigan Credit Union's top markets include Ann Arbor, Detroit, Jackson, Grand Rapids, 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.

    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    SECURITY CREDIT UNION
    Similarity Rank: 387
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 472
    T&I Credit union
    Similarity Rank: 660
    Preston Home Loans Inc
    Similarity Rank: 736
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1280
    Extra
    Similarity Rank: 1386
    Isabella Bank
    Similarity Rank: 1792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 423 $93,615,000 $221,312 $2,538 3.31%

    For 2020, University Of Michigan Credit Union's most frequently originated type of loan was Conventional, with 423 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 168 $36,300,000 $216,071 $2,416 3.29%
    Home Purchase 133 $29,875,000 $224,624 $2,750 3.37%
    Refi 122 $27,440,000 $224,918 $2,475 3.27%

    For 2020, University Of Michigan Credit Union's most frequently cited loan purpose was Cash Out Refi, with 168 originations. The 2nd most popular reason was Home Purchase, with 133 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 276 $64,850,000 $234,964 $2,572 3.39%
    20 Year 65 $14,865,000 $228,692 $2,573 3.26%
    15 Year 64 $10,890,000 $170,156 $2,390 3.12%
    10 Year 18 $3,010,000 $167,222 $2,417 2.96%

    For 2020, University Of Michigan Credit Union's most frequently cited loan duration was 30 Year, with 276 originations. The 2nd most popular length was 20 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 400 $89,690,000 $224,225
    $1k-2k 16 $2,390,000 $149,375
    $2k-3k 6 $1,240,000 $206,667
    $3k-4k 1 $295,000 $295,000

    University Of Michigan Credit Union's average total fees were $2,572, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 400 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 392 $87,850,000 $224,107
    2.5-3% 31 $5,765,000 $185,968

    During 2020, University Of Michigan Credit Union's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 392 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 178 $47,400,000 $266,292 $2,639 3.34%
    $100k-200k 174 $26,340,000 $151,379 $2,418 3.29%
    $100,000 or less 39 $2,985,000 $76,538 $2,196 3.25%
    $400k-600k 24 $11,250,000 $468,750 $2,967 3.33%
    $600k-1MM 8 $5,640,000 $705,000 $3,282 3.33%

    2020 saw University Of Michigan Credit Union place emphasis on $200k-400k loans with 178 originations, totaling $47,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 110 $23,370,000 $212,455 $2,522 3.29%
    $150k-250k 88 $26,060,000 $296,136 $2,636 3.29%
    $50k-75k 84 $14,160,000 $168,571 $2,512 3.35%
    $75k-100k 84 $17,340,000 $206,429 $2,529 3.32%
    $50k or less 38 $4,310,000 $113,421 $2,297 3.35%
    $250k+ 19 $8,375,000 $440,789 $2,814 3.28%

    University Of Michigan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 110 originations. The second most popular income band? $150k-250k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 144 $32,630,000 $226,597 $2,554 3.31%
    30-36% 74 $14,710,000 $198,784 $2,529 3.33%
    <20% 72 $15,040,000 $208,889 $2,429 3.26%
    41% 15 $5,015,000 $334,333 $2,765 3.35%
    37% 14 $3,090,000 $220,714 $2,451 3.33%
    40% 14 $3,140,000 $224,286 $2,558 3.36%
    36% 13 $2,735,000 $210,385 $2,574 3.22%
    38% 12 $2,170,000 $180,833 $2,558 3.30%
    43% 12 $2,720,000 $226,667 $2,807 3.33%
    42% 10 $2,290,000 $229,000 $2,468 3.38%
    39% 10 $1,900,000 $190,000 $2,478 3.35%
    45% 7 $1,875,000 $267,857 $2,507 3.38%
    46% 7 $1,495,000 $213,571 $2,478 3.34%
    49% 5 $1,135,000 $227,000 $2,910 3.38%
    48% 5 $965,000 $193,000 $2,507 3.38%
    44% 5 $1,285,000 $257,000 $2,563 3.33%
    50-60% 3 $1,245,000 $415,000 $2,590 3.38%
    >60% 1 $175,000 $175,000 $2,372 3.38%

    University Of Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 144 originations. The next most common DTI ratio? 30-36%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $64,495,000 $223,166 $2,547 3.32%
    Not provided 75 $16,065,000 $214,200 $2,493 3.31%
    Black 31 $6,515,000 $210,161 $2,589 3.31%
    Asian 14 $3,080,000 $220,000 $2,423 3.26%
    Asian Indian 4 $1,080,000 $270,000 $2,796 3.34%
    Chinese 1 $575,000 $575,000 $3,182 3.38%
    Vietnamese 2 $520,000 $260,000 $2,415 3.00%
    Japanese 2 $420,000 $210,000 $2,383 3.25%
    American Indian 3 $405,000 $135,000 $2,311 3.17%
    Filipino 1 $265,000 $265,000 $2,941 3.38%
    Other Asian 1 $195,000 $195,000 $2,600 3.38%

    Approval Rates

    Total approvals of all applications
    95.58%

    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
    27.42%

    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 423 $93,615,000 $221,312

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $105,000 $105,000
    Single Family (1-4 Units):Site-Built 422 $93,510,000 $221,588

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,655,000 $126,429 $2,244 3.14%
    40-60% 69 $14,575,000 $211,232 $2,529 3.23%
    60-80% 206 $46,220,000 $224,369 $2,481 3.32%
    80-100% 125 $30,025,000 $240,200 $2,696 3.37%
    Under 20% 2 $140,000 $70,000 $2,000 3.19%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Universal Capital Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%
    Universal Capital Services, Inc. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 33.3%