Zeal Credit Union Mortgage Rates, Fees & Info

Livonia, MI

LEI: 549300DXF2FQC64H6G42

Tax ID: 38-1569911

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
  • 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

    Zeal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Zeal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Monroe, Grand Rapids, and Jackson among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Zeal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Zeal 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
    30 Year Conventional Purchase 5.79% 12/16/24
    30 Year Conventional Refi 6.15% 12/16/24
    30 Year Cash-out Refi 6.03% 12/16/24
    15 Year Conventional Refi 6.00% 12/16/24
    15 Year Cash-out Refi 6.00% 12/16/24
    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

    278

    Origination Dollar Volume (All Markets)

    $25,750,000

    Awards

    Zeal Credit Union 30 Year Conventional Loans silver
    Show all (1) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 255 $22,745,000 $89,196 $2,051 4.60%
    ANN ARBOR, MI (FHA|USDA|VA) 7 $1,125,000 $160,714 $4,162 4.71%
    Outside of Metro Areas 7 $815,000 $116,429 $2,056 4.80%
    MONROE, MI (FHA|USDA|VA) 6 $730,000 $121,667 $1,907 4.52%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $255,000 $255,000 $5,443 4.00%
    JACKSON, MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,642 4.38%
    Cadillac, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    Zeal Credit Union's top markets include Detroit, Ann Arbor, Monroe, Grand Rapids, 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 Zeal 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: 32
    Dort Financial Credit Union
    Similarity Rank: 95
    St James Mortgage Corporation
    Similarity Rank: 120
    FreeStar Financial Credit Union
    Similarity Rank: 345
    Extra
    Similarity Rank: 436
    Vibe Credit Union
    Similarity Rank: 448
    Northstar Bank
    Similarity Rank: 582
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 700
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 735
    Zeal Credit Union
    Similarity Rank: 819

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 278 $25,750,000 $92,626 $2,095 4.60%

    For 2018, Zeal Credit Union's most frequently originated type of loan was Conventional, with 278 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 109 $4,105,000 $37,661 $8 5.04%
    Home Purchase 71 $9,605,000 $135,282 $3,269 4.51%
    Refi 63 $7,555,000 $119,921 $2,747 4.26%
    Cash Out Refi 35 $4,485,000 $128,143 $2,985 4.02%

    For 2018, Zeal Credit Union's most frequently cited loan purpose was Home Improvement, with 109 originations. The 2nd most popular reason was Home Purchase, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 119 $7,775,000 $65,336 $1,111 4.67%
    30 Year 105 $14,355,000 $136,714 $3,306 4.53%
    10 Year 42 $2,030,000 $48,333 $632 4.72%
    20 Year 12 $1,590,000 $132,500 $3,067 4.18%

    For 2018, Zeal Credit Union's most frequently cited loan duration was 15 Year, with 119 originations. The 2nd most popular length was 30 Year, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 154 $9,970,000 $64,740
    $1k-2k 71 $9,675,000 $136,268
    $2k-3k 17 $2,305,000 $135,588
    $3k-4k 11 $1,955,000 $177,727
    $4k-5k 3 $725,000 $241,667
    $5k+ 2 $460,000 $230,000

    Zeal Credit Union's average total fees were $3,306, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 154 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 191 $17,785,000 $93,115
    3-4% 47 $6,115,000 $130,106
    5-6% 40 $1,850,000 $46,250

    During 2018, Zeal Credit Union's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 191 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 176 $8,800,000 $50,000 $1,095 4.76%
    $100k-200k 81 $11,595,000 $143,148 $3,230 4.31%
    $200k-400k 20 $4,940,000 $247,000 $4,477 4.40%
    $400k-600k 1 $415,000 $415,000 $2,474 4.63%

    2018 saw Zeal Credit Union place emphasis on $100,000 or less loans with 176 originations, totaling $8,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 80 $6,980,000 $87,250 $2,321 4.58%
    $75k-100k 65 $6,195,000 $95,308 $2,034 4.61%
    $100k-150k 58 $6,490,000 $111,897 $2,165 4.57%
    $50k or less 56 $3,900,000 $69,643 $1,942 4.63%
    $150k-250k 17 $1,575,000 $92,647 $1,384 4.77%
    $250k+ 2 $610,000 $305,000 $2,745 3.88%

    Zeal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 80 originations. The second most popular income band? $75k-100k, with 65 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 74 $6,730,000 $90,946 $2,181 4.66%
    20-30% 69 $6,785,000 $98,333 $2,050 4.45%
    <20% 27 $1,855,000 $68,704 $1,821 4.44%
    41% 17 $1,525,000 $89,706 $1,615 4.80%
    37% 14 $1,520,000 $108,571 $2,341 4.74%
    42% 13 $1,025,000 $78,846 $2,466 4.80%
    38% 12 $850,000 $70,833 $1,938 4.69%
    40% 12 $760,000 $63,333 $1,177 4.79%
    36% 11 $845,000 $76,818 $1,668 4.64%
    39% 8 $950,000 $118,750 $2,339 4.59%
    43% 7 $645,000 $92,143 $2,440 4.59%
    45% 4 $570,000 $142,500 $4,185 4.84%
    49% 4 $1,140,000 $285,000 $4,199 4.41%
    44% 3 $335,000 $111,667 $3,328 4.25%
    46% 2 $180,000 $90,000 $2,054 4.31%
    47% 1 $35,000 $35,000 $75 4.75%

    Zeal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 74 originations. The next most common DTI ratio? 20-30%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 229 $21,475,000 $93,777 $2,129 4.59%
    Not provided 22 $1,980,000 $90,000 $1,876 4.53%
    Black 19 $1,765,000 $92,895 $2,419 4.70%
    American Indian 4 $250,000 $62,500 $1,083 4.88%
    Asian 2 $170,000 $85,000 $38 5.25%
    Native Hawaiian or Islander 1 $75,000 $75,000 $1,900 4.63%
    Not applicable 1 $35,000 $35,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    67.66%

    Zeal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    76.26%

    Zeal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 278 $25,750,000 $92,626

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 278 $25,750,000 $92,626

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $1,980,000 $47,143 $316 5.00%
    40-60% 39 $3,705,000 $95,000 $1,800 4.46%
    60-80% 83 $11,065,000 $133,313 $3,054 4.30%
    80-100% 50 $7,020,000 $140,400 $3,522 4.44%
    Under 20% 64 $1,980,000 $30,938 $60 4.94%