Community Choice Credit Union Mortgage Rates, Fees & Info

Farmington Hills, MI

LEI: 549300R0SQ8LYM3HBY12

Tax ID: 38-0960035

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Mortgage Data

Review & Overview

Community Choice Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Community Choice Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Detroit, Jackson, Grand Rapids, Hillsdale, and Muskegon among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Community Choice 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 5/27/24
30 Year Cash-out Refi 6.27% 5/27/24
15 Year Conventional Purchase 5.68% 5/27/24
15 Year Conventional Refi 5.68% 5/27/24
15 Year Cash-out Refi 5.68% 5/27/24
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.

Community Choice Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Community Choice 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

899

Origination Dollar Volume (All Markets)

$45,655,000

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 643 $33,125,000 $51,516 $314 7.53%
JACKSON, MI (FHA|USDA|VA) 85 $4,575,000 $53,824 $0 7.32%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 34 $1,760,000 $51,765 $0 7.60%
Hillsdale, MI (FHA|USDA|VA) 31 $1,365,000 $44,032 $0 7.18%
MUSKEGON, MI (FHA|USDA|VA) 24 $1,160,000 $48,333 $0 7.44%
Outside of Metro Areas 18 $980,000 $54,444 $0 7.64%
Adrian, MI (FHA|USDA|VA) 13 $615,000 $47,308 $0 7.85%
ANN ARBOR, MI (FHA|USDA|VA) 9 $505,000 $56,111 $0 7.57%
FLINT, MI (FHA|USDA|VA) 10 $360,000 $36,000 $0 7.76%
MONROE, MI (FHA|USDA|VA) 4 $210,000 $52,500 $0 8.50%
Holland, MI (FHA|USDA|VA) 7 $205,000 $29,286 $0 7.48%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 6 $190,000 $31,667 $0 6.85%
BATTLE CREEK, MI (FHA|USDA|VA) 4 $140,000 $35,000 $0 8.13%
SAGINAW, MI (FHA|USDA|VA) 2 $120,000 $60,000 $0 7.88%
MIDLAND, MI (FHA|USDA|VA) 2 $90,000 $45,000 $0 7.62%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 7.37%
Coldwater, MI (FHA|USDA|VA) 2 $60,000 $30,000 $0 6.62%
Traverse City, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.75%
Alpena, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.25%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.74%
Community Choice Credit Union's top markets include Detroit, Jackson, Grand Rapids, Hillsdale, and Muskegon among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 620 $29,660,000 $47,839 $314 7.24%
    HELOC 277 $15,925,000 $57,491 n/a 8.09%
    FHA 2 $70,000 $35,000 $0 7.63%

    For 2023, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 620 originations. Their 2nd most popular type was HELOC, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 457 $24,275,000 $53,118 $0 7.54%
    Home Improvement 347 $16,725,000 $48,199 $422 7.52%
    Other 54 $2,720,000 $50,370 $147 7.33%
    Refi 41 $1,935,000 $47,195 $485 7.36%

    For 2023, Community Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 457 originations. The 2nd most popular reason was Home Improvement, with 347 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 308 $17,380,000 $56,429 $0 8.07%
    15 Year 293 $17,335,000 $59,164 $312 7.49%
    10 Year 237 $9,625,000 $40,612 $316 6.99%
    5 Year 61 $1,315,000 $21,557 $0 6.79%

    For 2023, Community Choice Credit Union's most frequently cited loan duration was Other, with 308 originations. The 2nd most popular length was 15 Year, with 293 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $385,000 $42,778

    Community Choice Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 301 $13,965,000 $46,395
    7-8% 300 $15,670,000 $52,233
    Over 8% 227 $13,295,000 $58,568
    5-6% 61 $2,315,000 $37,951
    4-5% 1 $55,000 $55,000

    During 2023, Community Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 301 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 848 $37,980,000 $44,788 $314 7.50%
    $100k-200k 42 $5,710,000 $135,952 $0 7.59%
    $200k-400k 9 $1,965,000 $218,333 $0 8.00%

    2023 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 848 originations, totaling $37,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 208 $11,580,000 $55,673 $147 7.60%
    $50k-75k 204 $8,640,000 $42,353 $422 7.47%
    $75k-100k 177 $8,185,000 $46,243 $0 7.51%
    $150k-250k 135 $9,245,000 $68,481 $0 7.66%
    $50k or less 135 $4,855,000 $35,963 $373 7.27%
    $250k+ 20 $2,310,000 $115,500 $0 7.63%

    Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 208 originations. The second most popular income band? $50k-75k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 196 $10,100,000 $51,531 $422 7.30%
    30-36% 172 $8,220,000 $47,791 $276 7.46%
    <20% 64 $2,990,000 $46,719 $147 7.30%
    43% 50 $2,520,000 $50,400 $0 7.44%
    50-60% 42 $1,940,000 $46,190 $0 7.70%
    39% 38 $1,610,000 $42,368 $437 7.31%
    38% 37 $1,805,000 $48,784 $0 7.82%
    36% 34 $1,610,000 $47,353 $0 7.63%
    42% 34 $1,750,000 $51,471 $0 7.57%
    41% 33 $2,135,000 $64,697 $0 7.69%
    37% 26 $1,550,000 $59,615 $0 7.35%
    40% 26 $1,280,000 $49,231 $0 7.55%
    45% 23 $1,275,000 $55,435 $0 8.04%
    44% 23 $1,095,000 $47,609 $0 7.78%
    47% 22 $1,160,000 $52,727 $147 7.76%
    49% 22 $1,290,000 $58,636 $0 7.99%
    48% 17 $995,000 $58,529 $0 7.65%
    46% 16 $1,210,000 $75,625 $0 7.91%

    Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 196 originations. The next most common DTI ratio? 30-36%, with 172 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 526 $26,260,000 $49,924 $283 7.43%
    White 335 $17,345,000 $51,776 $147 7.57%
    Black 27 $1,565,000 $57,963 $970 8.13%
    Not applicable 5 $225,000 $45,000 $0 7.81%
    American Indian 2 $100,000 $50,000 $0 8.62%
    Native Hawaiian or Islander 2 $90,000 $45,000 $0 7.25%
    Other Asian 2 $70,000 $35,000 $0 7.64%

    Approval Rates

    Total approvals of all applications
    83.06%

    Community Choice Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.76%

    Community Choice Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 899 $45,655,000 $50,784

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    899 $45,655,000 $50,784

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 285 $19,345,000 $67,877 $518 7.62%
    40-60% 38 $3,300,000 $86,842 $0 7.37%
    60-80% 11 $925,000 $84,091 $533 7.69%
    80-100% 1 $65,000 $65,000 $0 8.54%
    Under 20% 557 $21,745,000 $39,039 $147 7.46%