Michigan One Community Credit Union Mortgage Rates, Fees & Info

Ionia, MI

LEI: 549300PV90PV65OLDL82

Tax ID: 38-1624824

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

    Michigan One Community Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Michigan One Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Alma, Detroit, Lansing, and Midland among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Michigan One Community 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. Michigan One Community 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 7.09% 12/2/24
    30 Year Conventional Refi 7.40% 12/2/24
    30 Year Cash-out Refi 7.25% 12/2/24
    15 Year Conventional Purchase 8.49% 12/2/24
    15 Year Conventional Refi 6.35% 12/2/24
    15 Year Cash-out Refi 6.35% 12/2/24
    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.

    Michigan One Community Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Michigan One Community 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

    222

    Origination Dollar Volume (All Markets)

    $27,030,000

    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 177 $21,035,000 $118,842 $2,634 3.49%
    Alma, MI (FHA|USDA|VA) 19 $1,925,000 $101,316 $2,393 3.56%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $1,315,000 $263,000 $5,700 3.88%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $985,000 $140,714 $2,768 3.71%
    Outside of Metro Areas 6 $920,000 $153,333 $2,448 3.48%
    MIDLAND, MI (FHA|USDA|VA) 2 $310,000 $155,000 $1,589 2.93%
    MONROE, MI (FHA|USDA|VA) 1 $185,000 $185,000 $4,417 2.88%
    MUSKEGON, MI (FHA|USDA|VA) 2 $180,000 $90,000 $4,074 5.18%
    Big Rapids, MI (FHA|USDA|VA) 2 $110,000 $55,000 $2,725 4.13%
    Traverse City, MI (FHA|USDA|VA) 1 $65,000 $65,000 $3,161 3.25%
    Michigan One Community Credit Union's top markets include Grand Rapids, Alma, Detroit, Lansing, and Midland among others.

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

    • Similar Lenders

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

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629
    AAC Credit Union
    Similarity Rank: 752
    Pacor Mortgage Corp
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $27,030,000 $121,757 $2,692 3.52%

    For 2020, Michigan One Community Credit Union's most frequently originated type of loan was Conventional, with 222 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 92 $10,690,000 $116,196 $2,856 3.49%
    Refi 80 $9,770,000 $122,125 $2,280 3.26%
    Home Purchase 36 $5,020,000 $139,444 $3,267 3.79%
    Home Improvement 8 $480,000 $60,000 $703 4.77%
    Other 6 $1,070,000 $178,333 $5,278 4.17%

    For 2020, Michigan One Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 92 originations. The 2nd most popular reason was Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 82 $9,430,000 $115,000 $2,761 3.10%
    30 Year 78 $11,800,000 $151,282 $2,959 3.50%
    Other 27 $1,525,000 $56,481 $412 4.72%
    20 Year 18 $2,450,000 $136,111 $3,249 3.75%
    10 Year 12 $780,000 $65,000 $2,522 3.20%
    30+ year 4 $1,030,000 $257,500 $6,583 3.88%
    5 Year 1 $15,000 $15,000 $0 4.99%

    For 2020, Michigan One Community Credit Union's most frequently cited loan duration was 15 Year, with 82 originations. The 2nd most popular length was 30 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 145 $17,655,000 $121,759
    $2k-3k 27 $3,505,000 $129,815
    $3k-4k 8 $1,800,000 $225,000
    $4k-5k 3 $1,045,000 $348,333
    $5k+ 2 $420,000 $210,000

    Michigan One Community Credit Union's average total fees were $2,959, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 145 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 100 $13,040,000 $130,400
    2.5-3% 63 $7,955,000 $126,270
    4-5% 32 $3,380,000 $105,625
    <2.5% 17 $2,255,000 $132,647
    5-6% 5 $275,000 $55,000
    6-7% 4 $110,000 $27,500
    7-8% 1 $15,000 $15,000

    During 2020, Michigan One Community Credit Union's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 100 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 96 $6,030,000 $62,813 $2,120 3.75%
    $100k-200k 96 $13,340,000 $138,958 $2,833 3.34%
    $200k-400k 30 $7,660,000 $255,333 $3,954 3.35%

    2020 saw Michigan One Community Credit Union place emphasis on $100,000 or less loans with 96 originations, totaling $6,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 77 $8,155,000 $105,909 $2,470 3.61%
    $50k or less 51 $4,355,000 $85,392 $2,528 3.72%
    $75k-100k 43 $6,645,000 $154,535 $2,997 3.35%
    $100k-150k 37 $4,775,000 $129,054 $2,678 3.37%
    $150k-250k 13 $2,735,000 $210,385 $3,276 3.18%
    $250k+ 1 $365,000 $365,000 $6,805 3.88%

    Michigan One Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 77 originations. The second most popular income band? $50k or less, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 61 $7,375,000 $120,902 $2,737 3.34%
    30-36% 52 $7,110,000 $136,731 $2,798 3.46%
    <20% 25 $2,205,000 $88,200 $1,969 3.45%
    36% 11 $845,000 $76,818 $1,346 3.94%
    39% 10 $1,430,000 $143,000 $3,170 3.76%
    40% 9 $995,000 $110,556 $3,512 4.29%
    41% 9 $1,025,000 $113,889 $2,492 3.29%
    44% 8 $1,030,000 $128,750 $3,299 3.44%
    37% 8 $1,030,000 $128,750 $2,816 3.94%
    45% 6 $940,000 $156,667 $2,603 3.37%
    43% 6 $740,000 $123,333 $2,892 3.54%
    50-60% 4 $360,000 $90,000 $3,052 3.94%
    42% 4 $410,000 $102,500 $2,319 3.34%
    48% 3 $625,000 $208,333 $3,626 3.88%
    46% 2 $260,000 $130,000 $3,319 3.13%
    47% 2 $210,000 $105,000 $2,734 3.75%
    49% 1 $315,000 $315,000 $7,378 3.88%
    38% 1 $125,000 $125,000 $3,655 3.63%

    Michigan One Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 221 $26,715,000 $120,882 $2,670 3.52%
    Black 1 $315,000 $315,000 $7,378 3.88%

    Approval Rates

    Total approvals of all applications
    91.13%

    Michigan One Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    98.65%

    Michigan One Community Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 222 $27,030,000 $121,757

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 27 $2,085,000 $77,222
    Single Family (1-4 Units):Site-Built 195 $24,945,000 $127,923

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $1,620,000 $67,500 $2,018 3.33%
    40-60% 53 $4,925,000 $92,925 $2,464 3.42%
    60-80% 95 $12,745,000 $134,158 $2,956 3.50%
    80-100% 44 $7,600,000 $172,727 $3,089 3.62%
    Under 20% 6 $140,000 $23,333 $428 4.72%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Struggling to pay mortgage 1 100.0%