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 Cash Out Refi and Home Improvement loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Jackson, Hillsdale, Ann Arbor, and Grand Rapids among others. We have data for 19 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% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| 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
643Origination Dollar Volume (All Markets)
$30,255,000Top 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) | 505 | $23,985,000 | $47,495 | $0 | 3.98% |
| JACKSON, MI (FHA|USDA|VA) | 54 | $2,470,000 | $45,741 | $0 | 4.02% |
| Hillsdale, MI (FHA|USDA|VA) | 20 | $790,000 | $39,500 | $0 | 4.15% |
| ANN ARBOR, MI (FHA|USDA|VA) | 6 | $520,000 | $86,667 | $0 | 4.14% |
| Outside of Metro Areas | 11 | $485,000 | $44,091 | $0 | 4.24% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 14 | $460,000 | $32,857 | $0 | 4.32% |
| MUSKEGON, MI (FHA|USDA|VA) | 6 | $310,000 | $51,667 | $0 | 4.25% |
| FLINT, MI (FHA|USDA|VA) | 8 | $290,000 | $36,250 | $0 | 4.11% |
| Holland, MI (FHA|USDA|VA) | 6 | $250,000 | $41,667 | $0 | 4.09% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 3.66% |
| Adrian, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 3.62% |
| NILES, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.24% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 3.50% |
| Ludington, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.50% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.00% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.69% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.24% |
| MONROE, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.24% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 396 | $16,980,000 | $42,879 | $0 | 4.19% |
| HELOC | 247 | $13,275,000 | $53,745 | n/a | 3.71% |
For 2021, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 396 originations. Their 2nd most popular type was HELOC, with 247 originations.
Loan Reason
For 2021, Community Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 292 originations. The 2nd most popular reason was Home Improvement, with 249 originations.
Loan Duration/Length
For 2021, Community Choice Credit Union's most frequently cited loan duration was Other, with 262 originations. The 2nd most popular length was 10 Year, with 218 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 188 | $8,050,000 | $42,819 |
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 188 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 424 | $19,830,000 | $46,769 |
| 4-5% | 165 | $7,965,000 | $48,273 |
| 5-6% | 52 | $2,350,000 | $45,192 |
During 2021, 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 424 originations.
Loan Sizing
2021 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 623 originations, totaling $26,395,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 150 originations. The second most popular income band? $50k-75k, with 143 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 122 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.74%
Community Choice Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.09%
Community Choice Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $55,000 | $55,000 |
| NA | 642 | $30,200,000 | $47,040 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |