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 Home Improvement, Other, and Cash Out Refi loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Jackson, Grand Rapids, Hillsdale, and Ann Arbor among others. We have data for 15 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) | 6.27% | 11/23/24 |
| 30 Year Cash-out Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 5.68% | 11/23/24 |
| 15 Year Conventional Refi | 5.68% | 11/23/24 |
| 15 Year Cash-out Refi | 5.68% | 11/23/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
811Origination Dollar Volume (All Markets)
$34,835,000Top 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) | 640 | $27,650,000 | $43,203 | $0 | 4.97% |
| JACKSON, MI (FHA|USDA|VA) | 60 | $2,240,000 | $37,333 | $0 | 4.93% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 23 | $1,325,000 | $57,609 | $0 | 4.85% |
| Hillsdale, MI (FHA|USDA|VA) | 25 | $965,000 | $38,600 | $0 | 5.09% |
| Outside of Metro Areas | 19 | $775,000 | $40,789 | $0 | 5.03% |
| ANN ARBOR, MI (FHA|USDA|VA) | 10 | $570,000 | $57,000 | $0 | 4.98% |
| MUSKEGON, MI (FHA|USDA|VA) | 9 | $405,000 | $45,000 | $0 | 5.18% |
| Holland, MI (FHA|USDA|VA) | 8 | $250,000 | $31,250 | $0 | 4.84% |
| Adrian, MI (FHA|USDA|VA) | 5 | $195,000 | $39,000 | $0 | 4.85% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 3 | $115,000 | $38,333 | $0 | 5.44% |
| MONROE, MI (FHA|USDA|VA) | 3 | $115,000 | $38,333 | $0 | 4.67% |
| FLINT, MI (FHA|USDA|VA) | 3 | $115,000 | $38,333 | $0 | 4.86% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.49% |
| Ludington, MI (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 5.09% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 568 | $23,270,000 | $40,968 | $0 | 4.84% |
| HELOC | 243 | $11,565,000 | $47,593 | n/a | 5.29% |
For 2019, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 568 originations. Their 2nd most popular type was HELOC, with 243 originations.
Loan Reason
For 2019, Community Choice Credit Union's most frequently cited loan purpose was Home Improvement, with 326 originations. The 2nd most popular reason was Other, with 258 originations.
Loan Duration/Length
For 2019, Community Choice Credit Union's most frequently cited loan duration was Other, with 335 originations. The 2nd most popular length was 15 Year, with 198 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 496 | $21,340,000 | $43,024 |
| 5-6% | 180 | $7,580,000 | $42,111 |
| 6-7% | 38 | $1,810,000 | $47,632 |
| 7-8% | 3 | $75,000 | $25,000 |
During 2019, Community Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 496 originations.
Loan Sizing
2019 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 782 originations, totaling $30,240,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $50k-75k range, with 205 originations. The second most popular income band? $100k-150k, with 193 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 228 originations. The next most common DTI ratio? 30-36%, with 170 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.40%
Community Choice Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination88.04%
Community Choice Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 811 | $34,835,000 | $42,953 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $55,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 810 | $34,780,000 | $42,938 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY BANK SYSTEM, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| COMMUNITY BANK SYSTEM, INC. | Conventional home mortgage | Trouble during payment process | 3 | 60.0% |
| COMMUNITY BANK SYSTEM, INC. | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 20.0% |