Community Choice Credit Union Mortgage Rates, Fees & Info
Farmington Hills, MILEI: 549300R0SQ8LYM3HBY12
Tax ID: 38-0960035
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Mortgage Data
Review & Overview
Community Choice Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Jackson, Grand Rapids, Muskegon, and Hillsdale among others. We have data for 17 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/17/25 |
| 15 Year Conventional Refi | 8.99% | 4/17/25 |
| 15 Year Cash-out Refi | 8.99% | 4/17/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
804Origination Dollar Volume (All Markets)
$47,900,000Top 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) | 592 | $35,070,000 | $59,240 | $222 | 8.68% |
| JACKSON, MI (FHA|USDA|VA) | 73 | $4,225,000 | $57,877 | $200 | 8.74% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 24 | $1,990,000 | $82,917 | $280 | 8.83% |
| MUSKEGON, MI (FHA|USDA|VA) | 32 | $1,780,000 | $55,625 | $347 | 8.70% |
| Hillsdale, MI (FHA|USDA|VA) | 28 | $1,430,000 | $51,071 | $323 | 8.89% |
| ANN ARBOR, MI (FHA|USDA|VA) | 10 | $830,000 | $83,000 | $393 | 8.49% |
| Outside of Metro Areas | 10 | $470,000 | $47,000 | $465 | 8.17% |
| Holland, MI (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $147 | 8.75% |
| FLINT, MI (FHA|USDA|VA) | 9 | $395,000 | $43,889 | $147 | 8.86% |
| MONROE, MI (FHA|USDA|VA) | 5 | $395,000 | $79,000 | $147 | 9.19% |
| Adrian, MI (FHA|USDA|VA) | 7 | $295,000 | $42,143 | $391 | 8.25% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 5 | $205,000 | $41,000 | $570 | 8.89% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.50% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $147 | 9.29% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $591 | 7.99% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $147 | 9.29% |
| Ludington, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $476 | 9.69% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 409 | $20,825,000 | $50,917 | $241 | 9.06% |
| HELOC | 395 | $27,075,000 | $68,544 | n/a | 8.31% |
For 2024, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 409 originations. Their 2nd most popular type was HELOC, with 395 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 385 | $22,315,000 | $57,961 | $215 | 8.89% |
| Home Improvement | 326 | $18,280,000 | $56,074 | $227 | 8.43% |
| Refi | 93 | $7,305,000 | $78,548 | $380 | 8.78% |
For 2024, Community Choice Credit Union's most frequently cited loan purpose was Other, with 385 originations. The 2nd most popular reason was Home Improvement, with 326 originations.
Loan Duration/Length
For 2024, Community Choice Credit Union's most frequently cited loan duration was Other, with 396 originations. The 2nd most popular length was 15 Year, with 234 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 408 | $20,790,000 | $50,956 |
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 408 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 554 | $33,090,000 | $59,729 |
| 7-8% | 250 | $14,810,000 | $59,240 |
During 2024, Community Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 554 originations.
Loan Sizing
2024 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 745 originations, totaling $36,955,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $50k-75k range, with 200 originations. The second most popular income band? $75k-100k, with 179 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 30-36%, with 160 originations. The next most common DTI ratio? 20-30%, with 137 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.05%
Community Choice Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination58.33%
Community Choice 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 | 1 | $35,000 | $35,000 |
| NA | 803 | $47,865,000 | $59,608 |