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 Cash Out Refi and Refi loans. Zeal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Niles, Monroe, and Hillsdale among others. We have data for 9 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. 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
224Origination Dollar Volume (All Markets)
$12,370,000Awards
Zeal Credit Union - 2022
Zeal Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 205 | $10,725,000 | $52,317 | $451 | 5.20% |
| Outside of Metro Areas | 4 | $500,000 | $125,000 | $948 | 4.97% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $1,230 | 5.47% |
| NILES, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 5.25% |
| MONROE, MI (FHA|USDA|VA) | 4 | $200,000 | $50,000 | $128 | 5.19% |
| Hillsdale, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 5.25% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.25% |
| Adrian, MI (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 5.13% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,268 | 3.50% |
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 | 218 | $12,130,000 | $55,642 | $461 | 5.17% |
| HELOC | 6 | $240,000 | $40,000 | n/a | 6.00% |
For 2022, Zeal Credit Union's most frequently originated type of loan was Conventional, with 218 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 168 | $8,630,000 | $51,369 | $244 | 5.35% |
| Refi | 50 | $3,150,000 | $63,000 | $866 | 4.88% |
| Home Purchase | 6 | $590,000 | $98,333 | $3,047 | 3.29% |
For 2022, Zeal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 168 originations. The 2nd most popular reason was Refi, with 50 originations.
Loan Duration/Length
For 2022, Zeal Credit Union's most frequently cited loan duration was 15 Year, with 160 originations. The 2nd most popular length was 10 Year, with 32 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 189 | $9,145,000 | $48,386 |
| $1k-2k | 29 | $2,985,000 | $102,931 |
Zeal Credit Union's average total fees were $2,760, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 189 originations.
Interest Rates
During 2022, Zeal Credit Union's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 5-6%, with 94 originations.
Loan Sizing
2022 saw Zeal Credit Union place emphasis on $100,000 or less loans with 208 originations, totaling $9,570,000 in origination value.
Applicant Income
Zeal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 57 originations. The second most popular income band? $50k or less, with 53 originations.
Applicant Debt to Income Ratio
Zeal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 50-60%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.94%
Zeal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 224 | $12,370,000 | $55,223 |