Arbor Financial Credit Union Mortgage Rates, Fees & Info

KALAMAZOO, MI

LEI: 549300E5018DD89WPX79

Tax ID: 38-0703992

5 stars - Updated: 2/19/24 - out of 5 stars, based on 37 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Arbor Financial Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Arbor Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Kalamazoo, Grand Rapids, Holland, Sturgis, and Detroit among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Arbor Financial 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. Arbor Financial 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
Home Equity Line of Credit (HELOC) 5.95% 2/19/24
30 Year Conventional Purchase 6.39% 2/19/24
30 Year Conventional Refi 6.25% 2/19/24
30 Year Cash-out Refi 6.54% 2/19/24
15 Year Conventional Purchase 6.41% 2/19/24
15 Year Conventional Refi 6.36% 2/19/24
15 Year Cash-out Refi 6.36% 2/19/24
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.

Arbor Financial Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Arbor Financial 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

1,344

Origination Dollar Volume (All Markets)

$197,810,000

Relative Rate

Arbor Financial Credit Union's average 30 year fixed mortgage rate was 5.14%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.38%.

Relative Fees (Closing Costs)

Arbor Financial Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,546.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 655 $100,775,000 $153,855 $2,754 4.18%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 157 $28,215,000 $179,713 $2,471 4.02%
Outside of Metro Areas 194 $24,740,000 $127,526 $2,735 4.23%
Holland, MI (FHA|USDA|VA) 147 $18,025,000 $122,619 $2,401 4.17%
Sturgis, MI (FHA|USDA|VA) 83 $7,465,000 $89,940 $2,094 4.28%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 16 $3,760,000 $235,000 $2,501 3.72%
BATTLE CREEK, MI (FHA|USDA|VA) 25 $3,575,000 $143,000 $3,501 4.29%
NILES, MI (FHA|USDA|VA) 13 $1,795,000 $138,077 $2,129 3.86%
ANN ARBOR, MI (FHA|USDA|VA) 8 $1,740,000 $217,500 $2,436 4.17%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 11 $1,715,000 $155,909 $2,545 4.64%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $1,295,000 $185,000 $2,749 4.97%
JACKSON, MI (FHA|USDA|VA) 5 $1,015,000 $203,000 $2,795 4.22%
SAGINAW, MI (FHA|USDA|VA) 5 $785,000 $157,000 $3,398 4.75%
MUSKEGON, MI (FHA|USDA|VA) 4 $630,000 $157,500 $3,529 4.34%
Coldwater, MI (FHA|USDA|VA) 3 $565,000 $188,333 $2,222 4.83%
Traverse City, MI (FHA|USDA|VA) 1 $505,000 $505,000 $3,667 5.50%
MONROE, MI (FHA|USDA|VA) 2 $370,000 $185,000 $3,059 3.06%
Mount Pleasant, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,695 3.45%
Big Rapids, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,119 5.56%
Cadillac, MI (FHA|USDA|VA) 1 $185,000 $185,000 $3,046 4.63%
Hillsdale, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,349 2.39%
Marquette, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.75%
Ludington, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.50%
Arbor Financial Credit Union's top markets include Kalamazoo, Grand Rapids, Holland, Sturgis, and Detroit among others.

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

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

    First State Bank of Middlebury
    Similarity Rank: 189
    Community West Credit Union
    Similarity Rank: 340
    Farmers State Bank
    Similarity Rank: 340
    PREFERRED CREDIT UNION
    Similarity Rank: 380
    INTERRA CREDIT UNION
    Similarity Rank: 420
    KALSEE CREDIT UNION
    Similarity Rank: 430
    West Michigan Credit Union
    Similarity Rank: 468
    MEMBERS FIRST Credit Union
    Similarity Rank: 495
    Pacor Mortgage Corp
    Similarity Rank: 522
    KENT COUNTY CREDIT UNION
    Similarity Rank: 553

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 940 $172,870,000 $183,904 $2,647 3.93%
    HELOC 404 $24,940,000 $61,733 n/a 4.76%

    For 2022, Arbor Financial Credit Union's most frequently originated type of loan was Conventional, with 940 originations. Their 2nd most popular type was HELOC, with 404 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 362 $86,820,000 $239,834 $3,803 4.96%
    Other 335 $21,835,000 $65,179 $852 4.20%
    Home Improvement 266 $15,760,000 $59,248 $0 4.66%
    Cash Out Refi 255 $49,875,000 $195,588 $2,741 3.15%
    Refi 126 $23,520,000 $186,667 $2,511 2.93%

    For 2022, Arbor Financial Credit Union's most frequently cited loan purpose was Home Purchase, with 362 originations. The 2nd most popular reason was Other, with 335 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 657 $77,585,000 $118,090 $2,573 3.92%
    30 Year 292 $66,270,000 $226,952 $3,546 5.14%
    10 Year 211 $12,895,000 $61,114 $772 3.71%
    Other 145 $30,835,000 $212,655 $3,306 3.99%
    15 Year 18 $2,950,000 $163,889 $3,876 3.98%
    30+ year 17 $6,715,000 $395,000 $6,454 4.74%
    5 Year 3 $235,000 $78,333 $0 6.07%
    1 Year 1 $325,000 $325,000 $0 4.25%

    For 2022, Arbor Financial Credit Union's most frequently cited loan duration was 20 Year, with 657 originations. The 2nd most popular length was 30 Year, with 292 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 645 $142,375,000 $220,736
    $<1k 228 $16,620,000 $72,895
    $2k-3k 22 $5,000,000 $227,273
    $3k-4k 10 $3,330,000 $333,000
    $4k-5k 3 $975,000 $325,000
    $5k+ 3 $635,000 $211,667

    Arbor Financial Credit Union's average total fees were $3,546, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 645 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 333 $60,575,000 $181,907
    3-4% 246 $25,130,000 $102,154
    5-6% 243 $35,845,000 $147,510
    <2.5% 213 $43,865,000 $205,939
    2.5-3% 194 $18,200,000 $93,814
    6-7% 88 $12,380,000 $140,682
    Over 8% 14 $610,000 $43,571
    7-8% 13 $1,205,000 $92,692

    During 2022, Arbor Financial Credit Union's average interest rate for loans was 5.14%, while their most frequently originated rate bucket for loans was 4-5%, with 333 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 612 $32,390,000 $52,925 $1,222 4.34%
    $100k-200k 372 $53,090,000 $142,715 $2,709 3.95%
    $200k-400k 303 $82,755,000 $273,119 $3,427 4.15%
    $400k-600k 48 $23,370,000 $486,875 $4,265 3.98%
    $600k-1MM 8 $5,040,000 $630,000 $5,395 4.38%
    $1MM+ 1 $1,165,000 $1,165,000 $9,889 4.25%

    2022 saw Arbor Financial Credit Union place emphasis on $100,000 or less loans with 612 originations, totaling $32,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 334 $52,190,000 $156,257 $2,671 4.09%
    $50k-75k 294 $33,080,000 $112,517 $2,537 4.30%
    $75k-100k 258 $34,750,000 $134,690 $2,725 4.17%
    $150k-250k 215 $42,475,000 $197,558 $2,889 4.17%
    $50k or less 157 $14,875,000 $94,745 $2,543 4.28%
    $250k+ 54 $15,530,000 $287,593 $2,816 4.04%

    Arbor Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 334 originations. The second most popular income band? $50k-75k, with 294 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 358 $49,250,000 $137,570 $2,592 4.09%
    30-36% 302 $45,010,000 $149,040 $2,459 4.22%
    <20% 163 $23,005,000 $141,135 $2,520 3.74%
    38% 56 $7,690,000 $137,321 $2,457 4.31%
    39% 51 $9,015,000 $176,765 $2,820 4.17%
    42% 49 $6,965,000 $142,143 $2,245 3.70%
    36% 49 $6,345,000 $129,490 $2,675 4.36%
    41% 48 $7,020,000 $146,250 $2,635 4.35%
    37% 44 $5,810,000 $132,045 $2,290 4.15%
    40% 40 $6,310,000 $157,750 $2,609 4.15%
    50-60% 30 $4,140,000 $138,000 $3,910 4.64%
    44% 30 $6,410,000 $213,667 $3,673 4.58%
    43% 29 $5,655,000 $195,000 $3,575 4.58%
    45% 22 $3,070,000 $139,545 $3,131 4.70%
    46% 20 $2,780,000 $139,000 $3,027 4.64%
    47% 16 $2,540,000 $158,750 $3,376 4.52%
    49% 14 $2,970,000 $212,143 $4,472 4.90%
    48% 12 $2,360,000 $196,667 $4,154 4.83%
    >60% 4 $210,000 $52,500 $0 4.56%

    Arbor Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 358 originations. The next most common DTI ratio? 30-36%, with 302 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,167 $170,605,000 $146,191 $2,610 4.15%
    Not provided 105 $15,875,000 $151,190 $2,812 4.41%
    Black 31 $3,875,000 $125,000 $2,243 4.41%
    Asian 19 $3,035,000 $159,737 $3,186 4.26%
    Not applicable 7 $1,275,000 $182,143 $3,086 4.97%
    Asian Indian 3 $1,025,000 $341,667 $3,570 3.51%
    Other Asian 3 $855,000 $285,000 $2,950 4.17%
    American Indian 6 $650,000 $108,333 $5,894 4.25%
    Native Hawaiian or Islander 2 $410,000 $205,000 $2,741 2.39%
    Korean 1 $205,000 $205,000 $3,533 5.00%

    Approval Rates

    Total approvals of all applications
    93.61%

    Arbor Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.65%

    Arbor Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 3 $255,000 $85,000
    NA 1,341 $197,555,000 $147,319

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,344 $197,810,000 $147,180

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 271 $21,305,000 $78,616 $1,390 4.29%
    40-60% 150 $22,830,000 $152,200 $2,512 3.70%
    60-80% 319 $71,745,000 $224,906 $3,144 3.74%
    80-100% 259 $66,285,000 $255,927 $3,648 4.66%
    Under 20% 345 $15,645,000 $45,348 $762 4.34%