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 and Refi 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 16 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
583Origination Dollar Volume (All Markets)
$27,635,000Top 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) | 441 | $21,495,000 | $48,741 | $0 | 4.17% |
| JACKSON, MI (FHA|USDA|VA) | 62 | $2,600,000 | $41,935 | $0 | 4.34% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 20 | $590,000 | $29,500 | $0 | 4.02% |
| MUSKEGON, MI (FHA|USDA|VA) | 12 | $470,000 | $39,167 | $0 | 4.65% |
| Hillsdale, MI (FHA|USDA|VA) | 12 | $470,000 | $39,167 | $0 | 4.38% |
| Adrian, MI (FHA|USDA|VA) | 4 | $380,000 | $95,000 | $0 | 3.81% |
| ANN ARBOR, MI (FHA|USDA|VA) | 5 | $255,000 | $51,000 | $0 | 4.15% |
| Outside of Metro Areas | 6 | $240,000 | $40,000 | $0 | 4.62% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 4 | $230,000 | $57,500 | $0 | 4.33% |
| MONROE, MI (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 4.81% |
| FLINT, MI (FHA|USDA|VA) | 4 | $150,000 | $37,500 | $0 | 3.87% |
| Holland, MI (FHA|USDA|VA) | 4 | $150,000 | $37,500 | $0 | 4.51% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 3.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 4.12% |
| Marquette, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 352 | $15,340,000 | $43,580 | $0 | 4.43% |
| HELOC | 231 | $12,295,000 | $53,225 | n/a | 3.86% |
For 2020, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 352 originations. Their 2nd most popular type was HELOC, with 231 originations.
Loan Reason
For 2020, Community Choice Credit Union's most frequently cited loan purpose was Home Improvement, with 212 originations. The 2nd most popular reason was Other, with 119 originations.
Loan Duration/Length
For 2020, Community Choice Credit Union's most frequently cited loan duration was Other, with 302 originations. The 2nd most popular length was 10 Year, with 130 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 342 | $14,920,000 | $43,626 |
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 342 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 275 | $13,395,000 | $48,709 |
| 4-5% | 182 | $8,410,000 | $46,209 |
| 5-6% | 73 | $3,205,000 | $43,904 |
| 2.5-3% | 1 | $75,000 | $75,000 |
During 2020, Community Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 275 originations.
Loan Sizing
2020 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 565 originations, totaling $24,605,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $50k-75k range, with 155 originations. The second most popular income band? $100k-150k, with 130 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 136 originations. The next most common DTI ratio? 30-36%, with 130 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.07%
Community Choice Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination79.93%
Community Choice Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $15,000 | $15,000 |
| NA | 582 | $27,620,000 | $47,457 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 583 | $27,635,000 | $47,401 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY BANK SYSTEM, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 33.3% |
| COMMUNITY BANK SYSTEM, INC. | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |
| COMMUNITY BANK SYSTEM, INC. | Other type of mortgage | Closing on a mortgage | 1 | 33.3% |