Zeal Credit Union Mortgage Rates, Fees & Info

Livonia, MI

LEI: 549300DXF2FQC64H6G42

Tax ID: 38-1569911

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

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Mortgage Data

Review & Overview

Zeal Credit Union is a smaller credit union specializing in Refi, Home Improvement, and Other loans. They also have a high ratio of USDA loans. Zeal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Detroit, Monroe, Ann Arbor, Cadillac, and Grand Rapids among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Zeal Credit Union 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.

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
30 Year Conventional Purchase 5.79% 3/27/24
30 Year Conventional Refi 6.15% 3/27/24
30 Year Cash-out Refi 6.03% 3/27/24
15 Year Conventional Refi 6.00% 3/27/24
15 Year Cash-out Refi 6.00% 3/27/24
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.

Zeal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Zeal 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

261

Origination Dollar Volume (All Markets)

$14,205,000

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) 235 $12,565,000 $53,468 $0 0.00%
MONROE, MI (FHA|USDA|VA) 7 $365,000 $52,143 $0 0.00%
Outside of Metro Areas 4 $280,000 $70,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 5 $255,000 $51,000 $0 0.00%
Cadillac, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
Adrian, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Hillsdale, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
FLINT, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Zeal Credit Union's top markets include Detroit, Monroe, Ann Arbor, Cadillac, and Grand Rapids among others.

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

    We use machine learning to identify the top lenders compared against Zeal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 414
    SECURITY CREDIT UNION
    Similarity Rank: 450
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 537
    Bank of Ann Arbor
    Similarity Rank: 738

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    USDA 213 $12,135,000 $56,972 $0 0.00%
    Conventional 48 $2,070,000 $43,125 $0 0.00%

    For 2023, Zeal Credit Union's most frequently originated type of loan was USDA, with 213 originations. Their 2nd most popular type was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 106 $5,620,000 $53,019 $0 0.00%
    Home Improvement 87 $5,225,000 $60,057 $0 0.00%
    Other 67 $3,335,000 $49,776 $0 0.00%
    Home Purchase 1 $25,000 $25,000 $0 0.00%

    For 2023, Zeal Credit Union's most frequently cited loan purpose was Refi, with 106 originations. The 2nd most popular reason was Home Improvement, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 261 $14,205,000 $54,425 $0 0.00%

    For 2023, Zeal Credit Union's most frequently cited loan duration was Other, with 261 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 236 $10,800,000 $45,763 $0 0.00%
    $100k-200k 23 $2,945,000 $128,043 $0 0.00%
    $200k-400k 2 $460,000 $230,000 $0 0.00%

    2023 saw Zeal Credit Union place emphasis on $100,000 or less loans with 236 originations, totaling $10,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 71 $3,335,000 $46,972 $0 0.00%
    $100k-150k 58 $2,940,000 $50,690 $0 0.00%
    $150k-250k 53 $3,945,000 $74,434 $0 0.00%
    $75k-100k 43 $2,095,000 $48,721 $0 0.00%
    $50k or less 29 $1,115,000 $38,448 $0 0.00%
    $250k+ 7 $775,000 $110,714 $0 0.00%

    Zeal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 71 originations. The second most popular income band? $100k-150k, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $10,470,000 $55,691 $0 0.00%
    Not provided 55 $2,835,000 $51,545 $0 0.00%
    Black 16 $820,000 $51,250 $0 0.00%
    Asian 1 $55,000 $55,000 $0 0.00%
    American Indian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.49%

    Zeal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.82%

    Zeal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 261 $14,205,000 $54,425

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    261 $14,205,000 $54,425