Members First Credit Union Mortgage Rates, Fees & Info

Midland, MI

LEI: 549300MPZCS4LF270327

Tax ID: 38-1489454

5 stars - Updated: 3/28/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Members First Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. Members First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Midland, Grand Rapids, Mount Pleasant, Bay City, and Saginaw among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Members First Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Members First 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 6.83% 3/28/24
30 Year Conventional Refi 6.48% 3/28/24
30 Year Cash-out Refi 6.81% 3/28/24
30 Year USDA Purchase 6.88% 3/28/24
15 Year Conventional Purchase 7.03% 3/28/24
15 Year Conventional Refi 7.11% 3/28/24
15 Year Cash-out Refi 7.11% 3/28/24
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.

Members First Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Members First 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

176

Origination Dollar Volume (All Markets)

$12,000,000

Awards

MEMBERS FIRST Credit Union 30 Year Conventional Loans gold MEMBERS FIRST Credit Union 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Members First Credit Union's average 30 year fixed mortgage rate was 6.88%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Members First Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,207.

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 $9,089.

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
Outside of Metro Areas 68 $4,020,000 $59,118 $1,613 8.70%
MIDLAND, MI (FHA|USDA|VA) 38 $2,600,000 $68,421 $1,837 8.97%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 25 $2,225,000 $89,000 $2,051 8.57%
Mount Pleasant, MI (FHA|USDA|VA) 17 $1,145,000 $67,353 $1,972 9.38%
BAY CITY, MI (FHA|USDA|VA) 6 $610,000 $101,667 $2,598 7.60%
SAGINAW, MI (FHA|USDA|VA) 7 $605,000 $86,429 $1,858 8.05%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,243 6.63%
Alma, MI (FHA|USDA|VA) 6 $190,000 $31,667 $1,185 10.42%
Big Rapids, MI (FHA|USDA|VA) 5 $165,000 $33,000 $703 8.70%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.25%
Holland, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 10.75%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
Members First Credit Union's top markets include Midland, Grand Rapids, Mount Pleasant, Bay City, and Saginaw among others.

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

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 110 $6,280,000 $57,091 n/a 9.07%
    Conventional 66 $5,720,000 $86,667 $1,784 8.36%

    For 2023, Members First Credit Union's most frequently originated type of loan was HELOC, with 110 originations. Their 2nd most popular type was Conventional, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 98 $5,520,000 $56,327 $1,225 9.50%
    Cash Out Refi 32 $2,540,000 $79,375 $1,831 8.08%
    Home Purchase 17 $2,075,000 $122,059 $2,395 6.83%
    Refi 16 $1,350,000 $84,375 $2,243 7.80%
    Home Improvement 13 $515,000 $39,615 $2,175 9.13%

    For 2023, Members First Credit Union's most frequently cited loan purpose was Other, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 86 $4,690,000 $54,535 $0 9.01%
    30 Year 32 $3,840,000 $120,000 $2,207 6.88%
    20 Year 27 $1,755,000 $65,000 $1,796 9.12%
    15 Year 20 $910,000 $45,500 $1,203 10.50%
    5 Year 7 $625,000 $89,286 $0 6.32%
    10 Year 3 $155,000 $51,667 $1,140 14.32%
    3 Year 1 $25,000 $25,000 $0 10.50%

    For 2023, Members First Credit Union's most frequently cited loan duration was Other, with 86 originations. The 2nd most popular length was 30 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 57 $4,965,000 $87,105

    Members First Credit Union's average total fees were $2,207, 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
    Over 8% 119 $6,315,000 $53,067
    6-7% 22 $2,630,000 $119,545
    7-8% 22 $1,740,000 $79,091
    5-6% 12 $1,190,000 $99,167
    4-5% 1 $125,000 $125,000

    During 2023, Members First Credit Union's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was Over 8%, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 144 $7,090,000 $49,236 $1,534 9.08%
    $100k-200k 27 $3,685,000 $136,481 $2,408 7.65%
    $200k-400k 5 $1,225,000 $245,000 $2,460 7.05%

    2023 saw Members First Credit Union place emphasis on $100,000 or less loans with 144 originations, totaling $7,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $2,915,000 $62,021 $1,775 8.73%
    $50k or less 39 $1,735,000 $44,487 $1,648 8.79%
    $75k-100k 36 $2,670,000 $74,167 $2,046 8.69%
    $100k-150k 35 $2,725,000 $77,857 $1,716 9.12%
    $150k-250k 11 $1,135,000 $103,182 $2,749 9.65%
    $250k+ 1 $215,000 $215,000 $1,734 6.88%

    Members First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $50k or less, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $3,145,000 $66,915 $1,889 8.44%
    30-36% 45 $2,955,000 $65,667 $1,713 9.19%
    <20% 13 $765,000 $58,846 $1,956 8.17%
    41% 10 $730,000 $73,000 $1,110 9.26%
    42% 10 $580,000 $58,000 $1,924 9.39%
    39% 9 $915,000 $101,667 $2,545 8.14%
    40% 6 $550,000 $91,667 $2,207 7.33%
    36% 6 $380,000 $63,333 $0 8.75%
    37% 6 $430,000 $71,667 $1,552 9.87%
    38% 5 $365,000 $73,000 $0 10.25%
    43% 4 $150,000 $37,500 $1,187 10.25%
    44% 4 $190,000 $47,500 $1,437 10.94%
    45% 1 $75,000 $75,000 $0 8.75%
    47% 1 $15,000 $15,000 $0 8.75%

    Members First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 162 $10,640,000 $65,679 $1,762 8.88%
    Not applicable 7 $605,000 $86,429 $0 7.28%
    Black 4 $400,000 $100,000 $0 9.81%
    American Indian 1 $205,000 $205,000 $3,032 7.00%
    Not provided 2 $150,000 $75,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    60.73%

    Members First Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    58.52%

    Members First Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 68 $3,750,000 $55,147
    NA 108 $8,250,000 $76,389

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    176 $12,000,000 $68,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $3,805,000 $56,791 $1,354 9.44%
    40-60% 27 $2,365,000 $87,593 $2,163 8.05%
    60-80% 22 $2,470,000 $112,273 $2,054 7.34%
    80-100% 13 $1,795,000 $138,077 $2,441 6.95%
    Under 20% 47 $1,565,000 $33,298 $961 9.51%