Health Advantage Federal Credit Union Mortgage Rates, Fees & Info

SAGINAW, MI

LEI: 549300MBSNDZDNPHNF53

Tax ID: 38-1997775

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

    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, Bay City, Midland, Traverse City, and Flint among others. We have data for 6 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 an above 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 relatively high 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% 5/4/24
    30 Year Conventional Refi 6.84% 5/4/24
    30 Year Cash-out Refi 7.01% 5/4/24
    30 Year USDA Purchase 7.40% 5/4/24
    30 Year USDA Refi 6.97% 5/4/24
    15 Year Conventional Purchase 7.57% 5/4/24
    15 Year Conventional Refi 6.37% 5/4/24
    15 Year Cash-out Refi 6.37% 5/4/24
    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

    87

    Origination Dollar Volume (All Markets)

    $10,615,000

    Awards

    HEALTH ADVANTAGE FEDERAL CREDIT UNION 30 Year Conventional Loans silver HEALTH ADVANTAGE FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    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
    SAGINAW, MI (FHA|USDA|VA) 52 $7,350,000 $141,346 $2,628 5.56%
    Outside of Metro Areas 22 $1,450,000 $65,909 $643 4.65%
    BAY CITY, MI (FHA|USDA|VA) 6 $960,000 $160,000 $2,638 4.25%
    MIDLAND, MI (FHA|USDA|VA) 4 $360,000 $90,000 $2,395 6.06%
    Traverse City, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,689 7.13%
    FLINT, MI (FHA|USDA|VA) 2 $230,000 $115,000 $2,448 6.13%
    Health Advantage Federal Credit Union's top markets include Saginaw, Bay City, Midland, Traverse City, and Flint 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.

    FinancialEdge Community Credit Union
    Similarity Rank: 96
    Wanigas Credit Union
    Similarity Rank: 165
    Wildfire Credit Union
    Similarity Rank: 170
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 216
    UNITED FINANCIAL Credit Union
    Similarity Rank: 230
    1st State Financial, Ltd.
    Similarity Rank: 273
    TEAM ONE CREDIT UNION
    Similarity Rank: 330
    Isabella Bank
    Similarity Rank: 460
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 504
    Frankenmuth Credit Union
    Similarity Rank: 780

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 83 $10,205,000 $122,952 $2,029 5.45%
    USDA 4 $410,000 $102,500 $3,856 5.28%

    For 2022, Health Advantage Federal Credit Union's most frequently originated type of loan was Conventional, with 83 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 59 $7,095,000 $120,254 $2,042 5.55%
    Cash Out Refi 12 $1,460,000 $121,667 $2,480 5.02%
    Refi 10 $1,560,000 $156,000 $2,437 5.71%
    Other 4 $460,000 $115,000 $2,290 4.81%
    Home Improvement 2 $40,000 $20,000 $0 0.00%

    For 2022, Health Advantage Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 59 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 59 $8,885,000 $150,593 $2,638 5.67%
    Other 15 $525,000 $35,000 $0 0.00%
    15 Year 9 $915,000 $101,667 $2,616 4.31%
    10 Year 2 $50,000 $25,000 $0 5.75%
    20 Year 2 $240,000 $120,000 $2,291 3.56%

    For 2022, Health Advantage Federal Credit Union's most frequently cited loan duration was 30 Year, with 59 originations. The 2nd most popular length was Other, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 82 $10,300,000 $125,610
    $1k-2k 3 $175,000 $58,333
    $2k-3k 2 $140,000 $70,000

    Health Advantage Federal Credit Union's average total fees were $2,638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 82 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 27 $3,705,000 $137,222
    6-7% 17 $2,655,000 $156,176
    3-4% 10 $1,340,000 $134,000
    4-5% 9 $1,245,000 $138,333
    7-8% 6 $890,000 $148,333
    2.5-3% 2 $240,000 $120,000

    During 2022, Health Advantage Federal Credit Union's average interest rate for loans was 5.67%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 39 $5,615,000 $143,974 $2,566 5.32%
    $100,000 or less 36 $1,830,000 $50,833 $1,393 5.54%
    $200k-400k 12 $3,170,000 $264,167 $2,797 5.67%

    2022 saw Health Advantage Federal Credit Union place emphasis on $100k-200k loans with 39 originations, totaling $5,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 27 $2,035,000 $75,370 $1,918 5.55%
    $50k-75k 20 $2,420,000 $121,000 $2,550 5.27%
    $75k-100k 14 $1,950,000 $139,286 $2,217 5.76%
    $100k-150k 12 $1,750,000 $145,833 $1,769 4.64%
    $150k-250k 8 $1,500,000 $187,500 $1,995 5.56%
    $250k+ 2 $200,000 $100,000 $1,287 6.50%

    Health Advantage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $3,030,000 $137,727 $2,547 5.35%
    <20% 18 $920,000 $51,111 $417 4.71%
    30-36% 12 $1,470,000 $122,500 $2,647 5.80%
    40% 6 $630,000 $105,000 $2,486 5.27%
    38% 3 $415,000 $138,333 $3,285 5.79%
    47% 3 $375,000 $125,000 $1,670 5.25%
    49% 3 $535,000 $178,333 $2,622 5.04%
    48% 2 $130,000 $65,000 $1,318 5.25%
    45% 2 $330,000 $165,000 $2,474 5.00%
    37% 2 $230,000 $115,000 $2,882 6.50%
    43% 2 $210,000 $105,000 $2,204 4.25%
    >60% 1 $65,000 $65,000 $2,115 7.00%
    36% 1 $135,000 $135,000 $2,497 6.88%
    39% 1 $375,000 $375,000 $2,839 6.50%
    41% 1 $75,000 $75,000 $4,521 4.13%
    42% 1 $145,000 $145,000 $2,446 2.88%
    44% 1 $315,000 $315,000 $2,798 6.88%
    46% 1 $335,000 $335,000 $3,258 4.75%
    50-60% 1 $135,000 $135,000 $2,404 5.75%

    Health Advantage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? <20%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 78 $9,760,000 $125,128 $2,224 5.43%
    Black 6 $440,000 $73,333 $1,253 5.25%
    Asian 2 $370,000 $185,000 $1,399 6.88%
    Not provided 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.92%

    Health Advantage Federal 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
    94.25%

    Health Advantage Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 87 $10,615,000 $122,011

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    87 $10,615,000 $122,011

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $730,000 $60,833 $1,006 4.88%
    40-60% 16 $1,950,000 $121,875 $2,021 5.68%
    60-80% 20 $2,370,000 $118,500 $2,362 5.48%
    80-100% 32 $5,190,000 $162,188 $2,711 5.34%
    Under 20% 3 $75,000 $25,000 $0 0.00%