Zeal Credit Union Mortgage Rates, Fees & Info
Livonia, MILEI: 549300DXF2FQC64H6G42
Tax ID: 38-1569911
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Mortgage Data
Review & Overview
Zeal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Zeal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Monroe, Flint, and Grand Rapids among others. We have data for 12 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.79% | 4/21/24 |
| 30 Year Conventional Refi | 6.15% | 4/21/24 |
| 30 Year Cash-out Refi | 6.03% | 4/21/24 |
| 15 Year Conventional Refi | 6.00% | 4/21/24 |
| 15 Year Cash-out Refi | 6.00% | 4/21/24 |
| 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. | ||
Zeal Credit Union Mortgage Calculator
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This is not an official calculator from Zeal Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
437Origination Dollar Volume (All Markets)
$60,575,000Top 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) | 380 | $51,460,000 | $135,421 | $2,867 | 3.19% |
| ANN ARBOR, MI (FHA|USDA|VA) | 16 | $3,140,000 | $196,250 | $3,893 | 3.23% |
| MONROE, MI (FHA|USDA|VA) | 14 | $2,620,000 | $187,143 | $3,061 | 3.26% |
| Outside of Metro Areas | 16 | $1,900,000 | $118,750 | $2,818 | 3.32% |
| FLINT, MI (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,022 | 3.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,846 | 2.94% |
| Hillsdale, MI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,856 | 3.00% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,551 | 3.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,428 | 3.25% |
| Alpena, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,430 | 3.00% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,487 | 3.25% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 437 | $60,575,000 | $138,616 | $2,910 | 3.21% |
For 2020, Zeal Credit Union's most frequently originated type of loan was Conventional, with 437 originations.
Loan Reason
For 2020, Zeal Credit Union's most frequently cited loan purpose was Refi, with 263 originations. The 2nd most popular reason was Home Purchase, with 94 originations.
Loan Duration/Length
For 2020, Zeal Credit Union's most frequently cited loan duration was 30 Year, with 185 originations. The 2nd most popular length was 15 Year, with 136 originations.
Origination Fees/Closing Costs
Zeal Credit Union's average total fees were $3,386, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 223 originations.
Interest Rates
During 2020, Zeal Credit Union's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 2.5-3%, with 203 originations.
Loan Sizing
2020 saw Zeal Credit Union place emphasis on $100k-200k loans with 221 originations, totaling $30,655,000 in origination value.
Applicant Income
Zeal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 135 originations. The second most popular income band? $75k-100k, with 98 originations.
Applicant Debt to Income Ratio
Zeal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 98 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.75%
Zeal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination70.71%
Zeal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 437 | $60,575,000 | $138,616 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 437 | $60,575,000 | $138,616 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Zillow Group Marketplace, Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |