Elga Credit Union Mortgage Rates, Fees & Info

Burton, MI

LEI: 549300ORTZ3CWXPNL693

Tax ID: 38-1441242

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

    Elga Credit Union is a smaller credit union specializing in Other, Cash Out Refi, and Home Purchase loans. Elga Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Flint, Detroit, Saginaw, Lansing, and Cadillac among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Elga Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Elga 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
    30 Year Conventional Purchase 7.19% 11/22/24
    30 Year Conventional Refi 6.68% 11/22/24
    30 Year Cash-out Refi 6.82% 11/22/24
    30 Year FHA Purchase 6.27% 11/22/24
    30 Year VA Purchase 6.52% 11/22/24
    30 Year VA Refi 6.27% 11/22/24
    15 Year Conventional Purchase 80.86% 11/22/24
    15 Year Conventional Refi 7.46% 11/22/24
    15 Year Cash-out Refi 7.46% 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.

    Elga Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Elga 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

    887

    Origination Dollar Volume (All Markets)

    $74,965,000

    Awards

    ELGA CREDIT UNION 30 Year Conventional Loans bronze ELGA CREDIT UNION 30 Year Conventional Loans bronze ELGA CREDIT UNION 30 Year Conventional Loans gold
    Show all (3) 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
    FLINT, MI (FHA|USDA|VA) 608 $45,590,000 $74,984 $1,405 5.61%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 155 $15,055,000 $97,129 $1,662 5.37%
    Outside of Metro Areas 62 $8,570,000 $138,226 $2,296 5.75%
    SAGINAW, MI (FHA|USDA|VA) 25 $1,935,000 $77,400 $1,646 5.66%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 16 $1,690,000 $105,625 $1,838 5.41%
    Cadillac, MI (FHA|USDA|VA) 3 $435,000 $145,000 $3,135 4.75%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $235,000 $78,333 $1,587 4.41%
    BAY CITY, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,525 6.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,571 7.63%
    Traverse City, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.75%
    NILES, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,004 5.75%
    MIDLAND, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,480 3.25%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $130,000 $65,000 $982 4.62%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $110,000 $55,000 $927 6.63%
    JACKSON, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,735 5.50%
    Hillsdale, MI (FHA|USDA|VA) 1 $105,000 $105,000 $5,171 5.63%
    Big Rapids, MI (FHA|USDA|VA) 2 $90,000 $45,000 $612 5.25%
    Holland, MI (FHA|USDA|VA) 1 $35,000 $35,000 $578 4.25%
    Elga Credit Union's top markets include Flint, Detroit, Saginaw, Lansing, and Cadillac among others.

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

    • Similar Lenders

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

    Polish-American Federal Credit Union
    Similarity Rank: 57
    St James Mortgage Corporation
    Similarity Rank: 93
    Zeal Credit Union
    Similarity Rank: 108
    Total Community Credit Union
    Similarity Rank: 340
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 340
    Dearborn Federal Savings Bank
    Similarity Rank: 413
    Extra
    Similarity Rank: 528
    Michigan Legacy Credit Union
    Similarity Rank: 630
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 630
    ADVANTAGE ONE Credit Union
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 746 $65,000,000 $87,131 $1,541 5.70%
    HELOC 139 $9,755,000 $70,180 n/a 4.86%
    VA 2 $210,000 $105,000 $3,376 4.13%

    For 2022, Elga Credit Union's most frequently originated type of loan was Conventional, with 746 originations. Their 2nd most popular type was HELOC, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 433 $21,955,000 $50,704 $693 5.50%
    Refi 171 $13,755,000 $80,439 $1,235 5.69%
    Cash Out Refi 169 $20,465,000 $121,095 $2,278 5.68%
    Home Purchase 114 $18,790,000 $164,825 $3,286 5.46%

    For 2022, Elga Credit Union's most frequently cited loan purpose was Other, with 433 originations. The 2nd most popular reason was Refi, with 171 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 614 $53,750,000 $87,541 $1,541 5.73%
    10 Year 128 $6,150,000 $48,047 $826 5.26%
    20 Year 46 $5,610,000 $121,957 $2,483 5.55%
    30 Year 43 $6,985,000 $162,442 $3,534 4.77%
    5 Year 37 $1,195,000 $32,297 $621 4.65%
    Other 19 $1,275,000 $67,105 $1,613 6.02%

    For 2022, Elga Credit Union's most frequently cited loan duration was 15 Year, with 614 originations. The 2nd most popular length was 10 Year, with 128 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 697 $57,145,000 $81,987
    $1k-2k 46 $7,010,000 $152,391
    $2k-3k 3 $595,000 $198,333
    $3k-4k 1 $215,000 $215,000
    $5k+ 1 $245,000 $245,000

    Elga Credit Union's average total fees were $3,534, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 697 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 289 $23,855,000 $82,543
    5-6% 198 $19,070,000 $96,313
    3-4% 145 $14,325,000 $98,793
    6-7% 112 $8,490,000 $75,804
    Over 8% 85 $3,845,000 $45,235
    7-8% 45 $2,965,000 $65,889
    2.5-3% 11 $1,825,000 $165,909
    <2.5% 2 $590,000 $295,000

    During 2022, Elga Credit Union's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 289 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 646 $29,820,000 $46,161 $1,092 5.77%
    $100k-200k 177 $24,625,000 $139,124 $2,484 5.10%
    $200k-400k 53 $13,745,000 $259,340 $3,106 4.86%
    $400k-600k 7 $3,095,000 $442,143 $3,615 4.95%
    $600k-1MM 3 $2,175,000 $725,000 $4,699 4.67%
    $1MM+ 1 $1,505,000 $1,505,000 $5,403 4.63%

    2022 saw Elga Credit Union place emphasis on $100,000 or less loans with 646 originations, totaling $29,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 286 $20,730,000 $72,483 $1,614 5.72%
    $50k-75k 218 $15,520,000 $71,193 $1,477 5.71%
    $75k-100k 143 $10,305,000 $72,063 $1,308 5.62%
    $100k-150k 141 $14,175,000 $100,532 $1,567 5.38%
    $150k-250k 71 $8,055,000 $113,451 $1,546 4.91%
    $250k+ 26 $6,040,000 $232,308 $2,620 5.24%

    Elga Credit Union lent most frequently to those with incomes in the $50k or less range, with 286 originations. The second most popular income band? $50k-75k, with 218 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 208 $16,210,000 $77,933 $1,493 5.49%
    30-36% 145 $11,365,000 $78,379 $1,476 5.56%
    >60% 118 $11,210,000 $95,000 $1,537 5.49%
    <20% 89 $9,335,000 $104,888 $2,235 5.22%
    50-60% 80 $7,750,000 $96,875 $1,408 5.60%
    39% 29 $2,195,000 $75,690 $1,498 5.87%
    45% 26 $1,750,000 $67,308 $987 6.40%
    41% 22 $1,150,000 $52,273 $1,052 5.33%
    46% 20 $1,470,000 $73,500 $1,454 5.24%
    42% 18 $1,590,000 $88,333 $1,193 5.50%
    48% 17 $1,065,000 $62,647 $1,667 6.76%
    40% 17 $1,205,000 $70,882 $1,178 5.84%
    38% 17 $1,805,000 $106,176 $1,786 5.92%
    44% 16 $1,270,000 $79,375 $1,679 5.61%
    37% 15 $1,085,000 $72,333 $1,331 5.35%
    43% 14 $1,500,000 $107,143 $1,637 5.61%
    36% 14 $990,000 $70,714 $1,364 6.01%
    49% 12 $1,410,000 $117,500 $2,139 5.70%
    47% 10 $610,000 $61,000 $1,870 5.66%

    Elga Credit Union lent most frequently to those with DTI ratios of 20-30%, with 208 originations. The next most common DTI ratio? 30-36%, with 145 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 615 $49,345,000 $80,236 $1,347 5.65%
    Not provided 221 $22,905,000 $103,643 $1,976 5.08%
    Black 49 $2,645,000 $53,980 $1,993 6.72%
    American Indian 1 $35,000 $35,000 $607 6.49%
    Asian 1 $35,000 $35,000 $607 5.50%

    Approval Rates

    Total approvals of all applications
    83.47%

    Elga Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.61%

    Elga Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 139 $9,755,000 $70,180
    NA 748 $65,210,000 $87,179

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    887 $74,965,000 $84,515

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 234 $15,320,000 $65,470 $942 5.81%
    40-60% 124 $12,190,000 $98,306 $1,693 5.50%
    60-80% 171 $24,645,000 $144,123 $2,656 5.48%
    80-100% 77 $13,125,000 $170,455 $2,954 5.32%
    Under 20% 281 $9,685,000 $34,466 $662 5.52%