Health Advantage Federal Credit Union Mortgage Rates, Fees & Info

SAGINAW, MI

LEI: 549300MBSNDZDNPHNF53

Tax ID: 38-1997775

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Mortgage Data

Review & Overview

Health Advantage Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Health Advantage Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Saginaw, Flint, Lansing, Grand Rapids, and Detroit among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Health Advantage Federal 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. Health Advantage Federal 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
30 Year Conventional Purchase 6.89% 11/21/24
30 Year Conventional Refi 6.84% 11/21/24
30 Year Cash-out Refi 7.01% 11/21/24
30 Year USDA Purchase 7.40% 11/21/24
30 Year USDA Refi 6.97% 11/21/24
15 Year Conventional Purchase 7.57% 11/21/24
15 Year Conventional Refi 6.37% 11/21/24
15 Year Cash-out Refi 6.37% 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.

Health Advantage Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Health Advantage Federal 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

60

Origination Dollar Volume (All Markets)

$7,010,000

Awards

HEALTH ADVANTAGE FEDERAL CREDIT UNION 30 Year Conventional Loans silver
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
SAGINAW, MI (FHA|USDA|VA) 41 $4,855,000 $118,415 $2,394 4.72%
FLINT, MI (FHA|USDA|VA) 4 $600,000 $150,000 $2,665 4.69%
Outside of Metro Areas 6 $560,000 $93,333 $2,278 5.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $330,000 $165,000 $2,513 4.88%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $230,000 $115,000 $2,343 4.56%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,311 4.69%
BAY CITY, MI (FHA|USDA|VA) 2 $140,000 $70,000 $2,684 5.13%
MIDLAND, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,377 4.75%
Health Advantage Federal Credit Union's top markets include Saginaw, Flint, Lansing, Grand Rapids, 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 HEALTH ADVANTAGE FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    Isabella Bank
    Similarity Rank: 171
    Wanigas Credit Union
    Similarity Rank: 220
    TEAM ONE CREDIT UNION
    Similarity Rank: 240
    The State Bank
    Similarity Rank: 288
    Frankenmuth Credit Union
    Similarity Rank: 864
    DOW CHEMICAL EMPLOYEES'
    Similarity Rank: 1127
    Horizon Bank
    Similarity Rank: 1220

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 57 $6,705,000 $117,632 $2,359 4.77%
    USDA 3 $305,000 $101,667 $3,363 4.58%

    For 2018, Health Advantage Federal Credit Union's most frequently originated type of loan was Conventional, with 57 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 50 $5,980,000 $119,600 $2,456 4.73%
    Other 10 $1,030,000 $103,000 $2,177 4.91%

    For 2018, Health Advantage Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Other, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 50 $5,550,000 $111,000 $2,353 4.82%
    15 Year 8 $1,020,000 $127,500 $2,398 4.56%
    10 Year 2 $440,000 $220,000 $3,852 3.94%

    For 2018, Health Advantage Federal Credit Union's most frequently cited loan duration was 30 Year, with 50 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 57 $6,485,000 $113,772
    $1k-2k 2 $160,000 $80,000
    $3k-4k 1 $365,000 $365,000

    Health Advantage Federal Credit Union's average total fees were $2,353, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 47 $5,245,000 $111,596
    5-6% 10 $1,080,000 $108,000
    3-4% 3 $685,000 $228,333

    During 2018, Health Advantage Federal Credit Union's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $3,940,000 $131,333 $2,551 4.76%
    $100,000 or less 25 $1,855,000 $74,200 $2,120 4.82%
    $200k-400k 5 $1,215,000 $243,000 $3,005 4.45%

    2018 saw Health Advantage Federal Credit Union place emphasis on $100k-200k loans with 30 originations, totaling $3,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 24 $2,230,000 $92,917 $2,211 4.78%
    $50k-75k 14 $1,510,000 $107,857 $2,161 4.68%
    $75k-100k 9 $995,000 $110,556 $2,463 5.10%
    $100k-150k 6 $940,000 $156,667 $3,196 4.63%
    $150k-250k 6 $970,000 $161,667 $2,393 4.71%
    $250k+ 1 $365,000 $365,000 $5,537 3.38%

    Health Advantage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 24 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $2,225,000 $130,882 $2,426 4.71%
    30-36% 13 $1,405,000 $108,077 $2,480 4.77%
    <20% 7 $765,000 $109,286 $2,879 4.68%
    42% 3 $335,000 $111,667 $2,658 4.88%
    46% 3 $485,000 $161,667 $2,566 4.88%
    49% 3 $275,000 $91,667 $2,262 4.96%
    40% 3 $445,000 $148,333 $2,343 4.71%
    36% 2 $230,000 $115,000 $1,216 4.81%
    37% 2 $180,000 $90,000 $2,365 4.81%
    >60% 1 $105,000 $105,000 $2,205 4.75%
    38% 1 $65,000 $65,000 $2,360 5.13%
    39% 1 $145,000 $145,000 $2,437 4.88%
    41% 1 $105,000 $105,000 $0 4.25%
    43% 1 $105,000 $105,000 $3,153 4.75%
    45% 1 $45,000 $45,000 $2,072 4.88%
    47% 1 $95,000 $95,000 $2,042 4.50%

    Health Advantage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $6,320,000 $117,037 $2,424 4.73%
    Not provided 2 $290,000 $145,000 $2,397 4.81%
    Black 3 $275,000 $91,667 $2,191 5.21%
    Asian 1 $125,000 $125,000 $2,298 5.00%

    Approval Rates

    Total approvals of all applications
    93.33%

    Health Advantage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.00%

    Health Advantage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 60 $7,010,000 $116,833

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $105,000 $105,000
    Single Family (1-4 Units):Site-Built 59 $6,905,000 $117,034

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $150,000 $75,000 $2,086 4.63%
    40-60% 3 $345,000 $115,000 $2,536 4.42%
    60-80% 17 $1,885,000 $110,882 $2,223 4.86%
    80-100% 38 $4,630,000 $121,842 $2,499 4.75%