Kent County Credit Union Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 549300SJPU5FBHX6JQ61

Tax ID: 38-1598795

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Kent County Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Kent County Credit Union has a high proportion of conventional loans. Their top two markets are Grand Rapids and Holland .

    Kent County Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Kent County Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.69% 11/17/24
    30 Year Conventional Refi 6.85% 11/17/24
    30 Year Cash-out Refi 6.66% 11/17/24
    15 Year Conventional Purchase 6.18% 11/17/24
    15 Year Conventional Refi 6.99% 11/17/24
    15 Year Cash-out Refi 6.99% 11/17/24
    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.

    Kent County Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Kent County 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

    78

    Origination Dollar Volume (All Markets)

    $5,700,000

    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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 75 $5,475,000 $73,000 $1,125 4.77%
    Holland, MI (FHA|USDA|VA) 2 $160,000 $80,000 $342 4.62%
    Outside of Metro Areas 1 $65,000 $65,000 $2,310 3.63%
    Kent County Credit Union's top markets include Grand Rapids and Holland among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against KENT COUNTY CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    Community West Credit Union
    Similarity Rank: 276
    West Michigan Community Bank
    Similarity Rank: 328
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 375
    PFCU
    Similarity Rank: 520
    AAC Credit Union
    Similarity Rank: 544
    Adventure Credit Union
    Similarity Rank: 752
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 78 $5,700,000 $73,077 $1,119 4.75%

    For 2018, Kent County Credit Union's most frequently originated type of loan was Conventional, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 31 $1,455,000 $46,935 $624 4.74%
    Other 21 $1,125,000 $53,571 $611 4.93%
    Home Purchase 12 $1,360,000 $113,333 $2,196 4.56%
    Cash Out Refi 10 $1,320,000 $132,000 $1,810 4.81%
    Refi 4 $440,000 $110,000 $1,587 4.28%

    For 2018, Kent County Credit Union's most frequently cited loan purpose was Home Improvement, with 31 originations. The 2nd most popular reason was Other, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 26 $2,230,000 $85,769 $942 4.56%
    10 Year 20 $730,000 $36,500 $801 4.84%
    5 Year 14 $360,000 $25,714 $836 4.97%
    20 Year 10 $1,360,000 $136,000 $2,062 4.80%
    30 Year 6 $900,000 $150,000 $2,188 4.73%
    Other 2 $120,000 $60,000 $456 4.50%

    For 2018, Kent County Credit Union's most frequently cited loan duration was 15 Year, with 26 originations. The 2nd most popular length was 10 Year, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 53 $4,345,000 $81,981
    5-6% 10 $690,000 $69,000
    3-4% 8 $490,000 $61,250
    6-7% 7 $175,000 $25,000

    During 2018, Kent County Credit Union's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 4-5%, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 56 $2,270,000 $40,536 $892 4.77%
    $100k-200k 19 $2,535,000 $133,421 $1,629 4.63%
    $200k-400k 3 $895,000 $298,333 $2,035 5.00%

    2018 saw Kent County Credit Union place emphasis on $100,000 or less loans with 56 originations, totaling $2,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 22 $1,370,000 $62,273 $1,099 4.68%
    $50k or less 21 $1,085,000 $51,667 $1,225 4.84%
    $75k-100k 17 $1,385,000 $81,471 $672 4.72%
    $100k-150k 12 $990,000 $82,500 $1,185 4.78%
    $150k-250k 5 $835,000 $167,000 $2,186 4.77%
    $250k+ 1 $35,000 $35,000 $544 4.24%

    Kent County Credit Union lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $50k or less, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 24 $2,030,000 $84,583 $1,419 4.54%
    <20% 20 $1,280,000 $64,000 $746 4.73%
    30-36% 9 $715,000 $79,444 $501 4.58%
    36% 4 $230,000 $57,500 $219 5.58%
    42% 3 $65,000 $21,667 $219 5.32%
    38% 3 $45,000 $15,000 $1,116 4.99%
    39% 3 $185,000 $61,667 $2,022 5.26%
    44% 3 $395,000 $131,667 $2,866 4.62%
    40% 2 $140,000 $70,000 $1,935 4.50%
    37% 2 $70,000 $35,000 $330 4.49%
    43% 2 $70,000 $35,000 $1,269 4.56%
    41% 1 $35,000 $35,000 $219 5.49%
    45% 1 $185,000 $185,000 $2,594 4.75%
    49% 1 $255,000 $255,000 $2,699 5.50%

    Kent County Credit Union lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? <20%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $5,375,000 $71,667 $1,117 4.75%
    Black 3 $325,000 $108,333 $1,161 4.58%

    Approval Rates

    Total approvals of all applications
    92.13%

    Kent County Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.87%

    Kent County Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 78 $5,700,000 $73,077

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $455,000 $65,000
    Single Family (1-4 Units):Site-Built 71 $5,245,000 $73,873

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $805,000 $47,353 $834 4.78%
    40-60% 8 $560,000 $70,000 $1,422 4.88%
    60-80% 18 $2,360,000 $131,111 $1,473 4.61%
    80-100% 12 $1,470,000 $122,500 $1,679 4.63%
    Under 20% 23 $505,000 $21,957 $672 4.85%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Kentucky Housing Corporation FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 20.0%
    Kentucky Housing Corporation FHA mortgage Trouble during payment process 2 40.0%
    Kentucky Housing Corporation Other type of mortgage Struggling to pay mortgage 1 20.0%
    Kentucky Housing Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%