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
  • Complaints
  • 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 Refi and Home Purchase 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 19 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.

    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% 11/21/24
    30 Year Conventional Purchase 6.39% 11/21/24
    30 Year Conventional Refi 6.25% 11/21/24
    30 Year Cash-out Refi 6.54% 11/21/24
    15 Year Conventional Purchase 6.41% 11/21/24
    15 Year Conventional Refi 6.36% 11/21/24
    15 Year Cash-out Refi 6.36% 11/21/24
    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.

    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

    1,295

    Origination Dollar Volume (All Markets)

    $167,335,000

    Awards

    ARBOR FINANCIAL CREDIT UNION 30 Year Conventional Loans bronze ARBOR FINANCIAL CREDIT UNION 30 Year Conventional Loans bronze
    Show all (2) 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) 636 $82,720,000 $130,063 $2,540 4.24%
    Outside of Metro Areas 233 $30,225,000 $129,721 $2,673 4.33%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 121 $20,215,000 $167,066 $2,277 3.35%
    Holland, MI (FHA|USDA|VA) 143 $14,895,000 $104,161 $2,484 4.49%
    Sturgis, MI (FHA|USDA|VA) 73 $6,235,000 $85,411 $2,467 5.13%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 14 $3,020,000 $215,714 $2,628 3.42%
    BATTLE CREEK, MI (FHA|USDA|VA) 25 $2,855,000 $114,200 $2,357 4.12%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 16 $2,110,000 $131,875 $2,841 4.64%
    Traverse City, MI (FHA|USDA|VA) 5 $1,725,000 $345,000 $2,940 3.20%
    NILES, MI (FHA|USDA|VA) 10 $1,010,000 $101,000 $2,394 4.20%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $675,000 $135,000 $3,045 3.75%
    ANN ARBOR, MI (FHA|USDA|VA) 4 $660,000 $165,000 $2,045 3.68%
    JACKSON, MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,814 4.63%
    Big Rapids, MI (FHA|USDA|VA) 2 $210,000 $105,000 $2,367 2.86%
    Escanaba, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,418 4.50%
    FLINT, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,397 3.63%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $90,000 $45,000 $2,259 4.44%
    BAY CITY, MI (FHA|USDA|VA) 1 $35,000 $35,000 $4,327 4.13%
    Ludington, MI (FHA|USDA|VA) 1 $5,000 $5,000 $0 5.00%
    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.

    INTERRA CREDIT UNION
    Similarity Rank: 162
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Macatawa Bank
    Similarity Rank: 396
    KALSEE CREDIT UNION
    Similarity Rank: 400
    Community West Credit Union
    Similarity Rank: 513
    County National Bank
    Similarity Rank: 520
    Kellogg Community Credit Union
    Similarity Rank: 608
    PREFERRED CREDIT UNION
    Similarity Rank: 660
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 714

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 929 $155,215,000 $167,078 $2,528 3.55%
    HELOC 366 $12,120,000 $33,115 n/a 5.97%

    For 2019, Arbor Financial Credit Union's most frequently originated type of loan was Conventional, with 929 originations. Their 2nd most popular type was HELOC, with 366 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 550 $90,450,000 $164,455 $2,351 3.23%
    Home Purchase 322 $52,680,000 $163,602 $2,859 4.19%
    Home Improvement 180 $6,480,000 $36,000 $2,361 5.68%
    Other 175 $5,345,000 $30,543 $0 6.24%
    Cash Out Refi 60 $11,640,000 $194,000 $2,458 3.29%
    NA 8 $740,000 $92,500 $2,353 5.62%

    For 2019, Arbor Financial Credit Union's most frequently cited loan purpose was Refi, with 550 originations. The 2nd most popular reason was Home Purchase, with 322 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 470 $29,560,000 $62,894 $2,310 5.20%
    30 Year 332 $52,590,000 $158,404 $2,596 4.35%
    15 Year 319 $55,035,000 $172,524 $2,410 3.17%
    Other 96 $14,580,000 $151,875 $2,381 2.32%
    20 Year 28 $4,980,000 $177,857 $2,489 3.77%
    30+ year 26 $7,970,000 $306,538 $5,046 4.11%
    1 Year 17 $2,015,000 $118,529 $1,484 6.04%
    5 Year 7 $605,000 $86,429 $0 5.94%

    For 2019, Arbor Financial Credit Union's most frequently cited loan duration was 10 Year, with 470 originations. The 2nd most popular length was 30 Year, with 332 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 799 $141,075,000 $176,564
    $<1k 91 $8,385,000 $92,143
    $2k-3k 17 $2,415,000 $142,059
    $3k-4k 7 $1,515,000 $216,429
    $4k-5k 1 $325,000 $325,000

    Arbor Financial Credit Union's average total fees were $2,596, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 799 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 318 $15,140,000 $47,610
    3-4% 284 $50,560,000 $178,028
    4-5% 227 $31,975,000 $140,859
    2.5-3% 217 $39,085,000 $180,115
    <2.5% 158 $26,760,000 $169,367
    6-7% 62 $3,080,000 $49,677
    Over 8% 27 $615,000 $22,778
    7-8% 2 $120,000 $60,000

    During 2019, Arbor Financial Credit Union's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 5-6%, with 318 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 574 $24,910,000 $43,397 $1,928 5.15%
    $100k-200k 461 $66,295,000 $143,807 $2,499 3.57%
    $200k-400k 230 $59,870,000 $260,304 $2,997 3.39%
    $400k-600k 24 $10,980,000 $457,500 $3,347 3.47%
    $600k-1MM 5 $3,545,000 $709,000 $4,000 2.99%
    $1MM+ 1 $1,735,000 $1,735,000 $5,589 3.13%

    2019 saw Arbor Financial Credit Union place emphasis on $100,000 or less loans with 574 originations, totaling $24,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 341 $47,525,000 $139,370 $2,571 4.09%
    $50k-75k 277 $25,785,000 $93,087 $2,439 4.48%
    $75k-100k 242 $28,590,000 $118,140 $2,502 4.37%
    $150k-250k 204 $37,680,000 $184,706 $2,539 3.70%
    $50k or less 178 $13,010,000 $73,090 $2,461 4.65%
    $250k+ 41 $13,555,000 $330,610 $3,036 3.37%

    Arbor Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 341 originations. The second most popular income band? $50k-75k, with 277 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 408 $52,760,000 $129,314 $2,481 4.08%
    30-36% 245 $35,135,000 $143,408 $2,594 4.31%
    <20% 219 $25,235,000 $115,228 $2,346 3.94%
    40% 58 $7,110,000 $122,586 $2,378 4.17%
    39% 50 $8,070,000 $161,400 $2,774 3.84%
    38% 43 $5,405,000 $125,698 $2,319 4.12%
    37% 40 $6,500,000 $162,500 $2,968 4.89%
    42% 37 $5,865,000 $158,514 $2,780 4.31%
    36% 36 $4,900,000 $136,111 $2,559 4.03%
    41% 33 $4,515,000 $136,818 $2,824 4.21%
    44% 22 $2,240,000 $101,818 $2,631 4.52%
    43% 19 $2,785,000 $146,579 $2,561 3.85%
    50-60% 18 $870,000 $48,333 $3,127 6.17%
    45% 11 $835,000 $75,909 $2,110 4.59%
    >60% 10 $790,000 $79,000 $3,690 6.34%
    48% 7 $425,000 $60,714 $2,688 6.39%
    47% 7 $415,000 $59,286 $2,127 5.13%
    46% 7 $605,000 $86,429 $2,702 5.29%
    49% 4 $530,000 $132,500 $3,486 5.13%

    Arbor Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 408 originations. The next most common DTI ratio? 30-36%, with 245 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,108 $150,830,000 $136,128 $2,540 4.10%
    Not provided 127 $8,635,000 $67,992 $2,567 5.30%
    Asian 20 $2,850,000 $142,500 $2,294 3.77%
    Not applicable 18 $2,430,000 $135,000 $2,122 5.21%
    Black 13 $1,545,000 $118,846 $2,356 4.27%
    American Indian 7 $845,000 $120,714 $2,081 4.51%
    1 $135,000 $135,000 $2,423 2.88%
    Native Hawaiian or Islander 1 $65,000 $65,000 $2,169 4.25%

    Approval Rates

    Total approvals of all applications
    96.65%

    Arbor Financial Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    93.67%

    Arbor Financial Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,295 $167,335,000 $129,216

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $510,000 $63,750
    Single Family (1-4 Units):Site-Built 1,287 $166,825,000 $129,623

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 180 $13,300,000 $73,889 $2,168 4.56%
    40-60% 167 $24,535,000 $146,916 $2,396 3.11%
    60-80% 371 $69,395,000 $187,049 $2,660 3.48%
    80-100% 273 $51,935,000 $190,238 $2,848 4.03%
    Over 100% 1 $105,000 $105,000 $2,436 4.50%
    Under 20% 303 $8,065,000 $26,617 $806 5.77%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Arbor Residential Mortgage LLC Other type of mortgage Closing on a mortgage 1 100.0%