Arbor Financial Credit Union Mortgage Rates, Fees & Info

KALAMAZOO, MI

LEI: 549300E5018DD89WPX79

Tax ID: 38-0703992

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

    Arbor Financial Credit Union is a smaller credit union specializing in Other, Home Purchase, and Refi loans. Arbor Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Kalamazoo, Holland, Sturgis, Grand Rapids, and Battle Creek among others. We have data for 15 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 an above 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.95% 11/22/24
    30 Year Conventional Purchase 6.39% 11/22/24
    30 Year Conventional Refi 6.25% 11/22/24
    30 Year Cash-out Refi 6.54% 11/22/24
    15 Year Conventional Purchase 6.41% 11/22/24
    15 Year Conventional Refi 6.36% 11/22/24
    15 Year Cash-out Refi 6.36% 11/22/24
    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

    794

    Origination Dollar Volume (All Markets)

    $103,800,000

    Awards

    ARBOR FINANCIAL CREDIT UNION 30 Year Conventional Loans bronze
    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
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 432 $45,340,000 $104,954 $2,639 4.78%
    Outside of Metro Areas 148 $34,840,000 $235,405 $2,635 4.81%
    Holland, MI (FHA|USDA|VA) 97 $9,295,000 $95,825 $6,010 4.89%
    Sturgis, MI (FHA|USDA|VA) 61 $6,605,000 $108,279 $2,754 5.02%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 18 $3,430,000 $190,556 $2,691 4.69%
    BATTLE CREEK, MI (FHA|USDA|VA) 8 $1,010,000 $126,250 $2,239 4.06%
    NILES, MI (FHA|USDA|VA) 6 $770,000 $128,333 $4,758 4.31%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 10 $660,000 $66,000 $3,124 5.11%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $615,000 $123,000 $2,714 4.42%
    Traverse City, MI (FHA|USDA|VA) 2 $340,000 $170,000 $4,239 4.94%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $295,000 $98,333 $0 5.08%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $255,000 $255,000 $3,856 5.38%
    Hillsdale, MI (FHA|USDA|VA) 1 $185,000 $185,000 $5,581 2.99%
    Cadillac, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,120 4.50%
    JACKSON, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.25%
    Arbor Financial Credit Union's top markets include Kalamazoo, Holland, Sturgis, Grand Rapids, and Battle Creek 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.

    OMNI Community Credit Union
    Similarity Rank: 105
    BlueOx Credit Union
    Similarity Rank: 192
    Isabella Bank
    Similarity Rank: 209
    Macatawa Bank
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 276
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 375
    West Michigan Community Bank
    Similarity Rank: 472
    PFCU
    Similarity Rank: 520
    Kellogg Community Credit Union
    Similarity Rank: 560

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 409 $66,805,000 $163,337 $3,043 4.25%
    HELOC 385 $36,995,000 $96,091 n/a 5.41%

    For 2018, Arbor Financial Credit Union's most frequently originated type of loan was Conventional, with 409 originations. Their 2nd most popular type was HELOC, with 385 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 262 $31,480,000 $120,153 $0 5.38%
    Home Purchase 248 $43,250,000 $174,395 $3,020 4.56%
    Refi 152 $20,820,000 $136,974 $3,174 3.92%
    Home Improvement 111 $4,745,000 $42,748 $1,527 5.40%
    Cash Out Refi 21 $3,505,000 $166,905 $2,474 4.07%

    For 2018, Arbor Financial Credit Union's most frequently cited loan purpose was Other, with 262 originations. The 2nd most popular reason was Home Purchase, with 248 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 445 $45,565,000 $102,393 $2,294 5.10%
    30 Year 261 $45,005,000 $172,433 $3,380 4.67%
    15 Year 33 $4,435,000 $134,394 $2,106 4.28%
    Other 24 $2,590,000 $107,917 $2,296 2.38%
    20 Year 23 $4,025,000 $175,000 $2,728 4.23%
    30+ year 7 $2,015,000 $287,857 $5,320 4.57%
    1 Year 1 $165,000 $165,000 $0 6.50%

    For 2018, Arbor Financial Credit Union's most frequently cited loan duration was 10 Year, with 445 originations. The 2nd most popular length was 30 Year, with 261 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 221 $24,875,000 $112,557
    $1k-2k 145 $29,105,000 $200,724
    $2k-3k 28 $7,170,000 $256,071
    $3k-4k 10 $3,500,000 $350,000
    $5k+ 2 $700,000 $350,000
    $4k-5k 1 $915,000 $915,000

    Arbor Financial Credit Union's average total fees were $3,380, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 221 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 396 $46,520,000 $117,475
    5-6% 260 $40,540,000 $155,923
    3-4% 51 $7,485,000 $146,765
    2.5-3% 41 $6,065,000 $147,927
    <2.5% 23 $2,345,000 $101,957
    Over 8% 21 $665,000 $31,667
    6-7% 1 $165,000 $165,000
    7-8% 1 $15,000 $15,000

    During 2018, Arbor Financial Credit Union's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 4-5%, with 396 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 473 $22,365,000 $47,283 $3,244 5.10%
    $100k-200k 209 $30,455,000 $145,718 $2,530 4.34%
    $200k-400k 100 $25,420,000 $254,200 $3,658 4.49%
    $400k-600k 9 $3,965,000 $440,556 $4,608 4.21%
    $600k-1MM 2 $1,590,000 $795,000 $7,637 4.31%
    $1MM+ 1 $20,005,000 $20,005,000 $0 5.25%

    2018 saw Arbor Financial Credit Union place emphasis on $100,000 or less loans with 473 originations, totaling $22,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 205 $23,735,000 $115,780 $2,899 4.71%
    $50k-75k 199 $17,015,000 $85,503 $2,400 4.82%
    $75k-100k 163 $17,865,000 $109,601 $2,788 4.86%
    $50k or less 135 $8,385,000 $62,111 $4,709 5.10%
    $150k-250k 74 $12,480,000 $168,649 $3,018 4.44%
    $250k+ 18 $24,320,000 $1,351,111 $4,290 4.89%

    Arbor Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $50k-75k, with 199 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 141 $22,145,000 $157,057 $2,540 4.12%
    30-36% 98 $17,750,000 $181,122 $2,900 4.56%
    <20% 44 $6,380,000 $145,000 $2,543 3.94%
    39% 23 $3,435,000 $149,348 $2,382 4.05%
    38% 21 $3,755,000 $178,810 $2,641 4.31%
    36% 18 $3,070,000 $170,556 $11,241 4.58%
    37% 16 $2,450,000 $153,125 $2,794 3.99%
    40% 14 $2,420,000 $172,857 $2,584 4.23%
    41% 12 $1,790,000 $149,167 $2,724 4.01%
    42% 12 $1,850,000 $154,167 $2,619 4.61%
    43% 5 $1,025,000 $205,000 $3,738 4.22%
    44% 2 $270,000 $135,000 $2,799 4.94%
    >60% 2 $240,000 $120,000 $3,228 4.56%
    48% 1 $225,000 $225,000 $3,337 5.25%

    Arbor Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 766 $100,540,000 $131,253 $3,056 4.80%
    Asian 8 $1,720,000 $215,000 $2,984 4.36%
    Black 16 $1,140,000 $71,250 $2,547 5.44%
    Native Hawaiian or Islander 1 $175,000 $175,000 $2,630 5.25%
    Japanese 1 $145,000 $145,000 $2,123 4.25%
    American Indian 2 $80,000 $40,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    94.56%

    Arbor Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.82%

    Arbor Financial Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 794 $103,800,000 $130,730

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 6 $590,000 $98,333
    Single Family (1-4 Units):Site-Built 788 $103,210,000 $130,977

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 182 $9,770,000 $53,681 $1,763 5.22%
    40-60% 81 $8,875,000 $109,568 $5,478 4.26%
    60-80% 145 $22,465,000 $154,931 $2,653 4.31%
    80-100% 206 $37,570,000 $182,379 $2,847 4.58%
    Over 100% 1 $20,005,000 $20,005,000 $0 5.25%
    Under 20% 179 $5,115,000 $28,575 $1,369 5.33%