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 Home Purchase and Cash Out Refi loans. University Of Michigan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Ann Arbor, Detroit, Monroe, Lansing, and Jackson 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% 11/22/24
    30 Year Conventional Purchase 6.91% 11/22/24
    30 Year Conventional Refi 6.83% 11/22/24
    30 Year Cash-out Refi 7.12% 11/22/24
    15 Year Conventional Purchase 6.15% 11/22/24
    15 Year Conventional Refi 6.53% 11/22/24
    15 Year Cash-out Refi 6.53% 11/22/24
    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

    351

    Origination Dollar Volume (All Markets)

    $70,285,000

    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) 206 $45,980,000 $223,204 $2,676 3.08%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 84 $15,050,000 $179,167 $2,619 3.03%
    Outside of Metro Areas 10 $1,820,000 $182,000 $2,434 3.13%
    MONROE, MI (FHA|USDA|VA) 8 $1,400,000 $175,000 $2,479 3.02%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $1,245,000 $177,857 $2,494 3.13%
    JACKSON, MI (FHA|USDA|VA) 10 $1,240,000 $124,000 $2,377 2.98%
    Adrian, MI (FHA|USDA|VA) 7 $955,000 $136,429 $2,336 3.00%
    FLINT, MI (FHA|USDA|VA) 12 $940,000 $78,333 $2,157 3.00%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $590,000 $295,000 $2,579 3.25%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $365,000 $365,000 $2,731 3.38%
    Traverse City, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,493 3.13%
    MIDLAND, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,536 3.38%
    Holland, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,295 3.13%
    SAGINAW, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,353 3.25%
    University Of Michigan Credit Union's top markets include Ann Arbor, Detroit, Monroe, Lansing, and Jackson 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.

    Polish-American Federal Credit Union
    Similarity Rank: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    T&I Credit union
    Similarity Rank: 618
    Extra
    Similarity Rank: 1024
    Zeal Credit Union
    Similarity Rank: 1078
    SECURITY CREDIT UNION
    Similarity Rank: 1080
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1305
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 1603
    Dort Financial Credit Union
    Similarity Rank: 2310

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 351 $70,285,000 $200,242 $2,611 3.06%

    For 2021, University Of Michigan Credit Union's most frequently originated type of loan was Conventional, with 351 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $28,545,000 $214,624 $2,815 3.17%
    Cash Out Refi 99 $19,985,000 $201,869 $2,483 3.07%
    Refi 65 $11,865,000 $182,538 $2,428 2.91%
    Home Improvement 27 $5,885,000 $217,963 $2,826 2.87%
    Other 27 $4,005,000 $148,333 $2,303 3.06%

    For 2021, University Of Michigan Credit Union's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 206 $46,480,000 $225,631 $2,719 3.23%
    15 Year 78 $14,090,000 $180,641 $2,549 2.74%
    20 Year 41 $6,275,000 $153,049 $2,348 3.07%
    10 Year 26 $3,440,000 $132,308 $2,357 2.65%

    For 2021, University Of Michigan Credit Union's most frequently cited loan duration was 30 Year, with 206 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 332 $64,590,000 $194,548
    $1k-2k 11 $2,925,000 $265,909
    $3k-4k 5 $1,595,000 $319,000
    $2k-3k 1 $245,000 $245,000
    $4k-5k 1 $305,000 $305,000
    $5k+ 1 $625,000 $625,000

    University Of Michigan Credit Union's average total fees were $2,719, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 332 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 230 $48,780,000 $212,087
    2.5-3% 109 $18,805,000 $172,523
    <2.5% 12 $2,700,000 $225,000

    During 2021, University Of Michigan Credit Union's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 3-4%, with 230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 146 $21,390,000 $146,507 $2,419 3.04%
    $200k-400k 136 $36,680,000 $269,706 $2,877 3.13%
    $100,000 or less 53 $3,935,000 $74,245 $2,192 2.96%
    $400k-600k 12 $5,720,000 $476,667 $3,140 3.15%
    $600k-1MM 4 $2,560,000 $640,000 $4,575 2.94%

    2021 saw University Of Michigan Credit Union place emphasis on $100k-200k loans with 146 originations, totaling $21,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 87 $19,945,000 $229,253 $2,685 3.03%
    $50k-75k 79 $11,615,000 $147,025 $2,470 3.10%
    $75k-100k 71 $12,775,000 $179,930 $2,530 3.07%
    $150k-250k 55 $16,375,000 $297,727 $2,908 3.03%
    $50k or less 46 $5,420,000 $117,826 $2,413 3.10%
    $250k+ 13 $4,155,000 $319,615 $2,861 3.03%

    University Of Michigan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $50k-75k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 103 $21,145,000 $205,291 $2,630 3.03%
    30-36% 65 $13,295,000 $204,538 $2,662 3.09%
    <20% 56 $9,400,000 $167,857 $2,434 2.99%
    45% 14 $2,880,000 $205,714 $2,738 3.08%
    44% 11 $2,415,000 $219,545 $2,823 3.16%
    36% 11 $2,275,000 $206,818 $2,788 3.11%
    39% 11 $2,685,000 $244,091 $2,709 3.10%
    41% 11 $3,275,000 $297,727 $2,935 3.13%
    42% 10 $1,690,000 $169,000 $2,466 3.11%
    38% 10 $2,210,000 $221,000 $2,790 3.19%
    43% 10 $1,970,000 $197,000 $2,523 3.14%
    37% 7 $1,005,000 $143,571 $2,416 2.86%
    49% 7 $1,735,000 $247,857 $2,685 3.05%
    48% 6 $740,000 $123,333 $2,334 3.10%
    47% 6 $1,270,000 $211,667 $2,525 3.13%
    40% 6 $1,130,000 $188,333 $2,395 3.10%
    50-60% 4 $740,000 $185,000 $2,557 3.22%
    46% 2 $270,000 $135,000 $2,287 3.19%

    University Of Michigan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 252 $48,760,000 $193,492 $2,598 3.06%
    Not provided 44 $8,850,000 $201,136 $2,563 3.11%
    Black 31 $6,745,000 $217,581 $2,701 3.11%
    Asian 10 $2,610,000 $261,000 $2,920 2.91%
    Asian Indian 6 $1,340,000 $223,333 $2,559 2.77%
    American Indian 4 $690,000 $172,500 $2,421 3.16%
    Other Asian 1 $395,000 $395,000 $2,763 3.25%
    Native Hawaiian or Islander 1 $335,000 $335,000 $2,997 3.25%
    Chinese 1 $325,000 $325,000 $2,665 3.13%
    Filipino 1 $235,000 $235,000 $2,670 3.13%

    Approval Rates

    Total approvals of all applications
    94.61%

    University Of Michigan Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    32.19%

    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 351 $70,285,000 $200,242

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    351 $70,285,000 $200,242

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $4,015,000 $108,514 $2,269 2.95%
    40-60% 63 $9,735,000 $154,524 $2,365 2.90%
    60-80% 136 $30,900,000 $227,206 $2,687 3.08%
    80-100% 111 $25,165,000 $226,712 $2,785 3.18%
    Under 20% 3 $315,000 $105,000 $2,224 2.92%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    UNIVERSAL LENDING CORP. Conventional home mortgage Struggling to pay mortgage 1 100.0%