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 Refi and Home Purchase loans. Kent County Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Big Rapids, Lansing, and Holland among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Kent County Credit Union has an above average approval rate when compared to the average across all lenders. They have a below 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

    157

    Origination Dollar Volume (All Markets)

    $20,705,000

    Awards

    KENT COUNTY CREDIT UNION 30 Year Conventional Loans gold KENT COUNTY CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) awards

    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) 139 $18,215,000 $131,043 $1,963 3.44%
    Outside of Metro Areas 12 $1,710,000 $142,500 $2,020 3.21%
    Big Rapids, MI (FHA|USDA|VA) 4 $560,000 $140,000 $2,293 3.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,878 2.63%
    Holland, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,939 2.50%
    Kent County Credit Union's top markets include Grand Rapids, Big Rapids, Lansing, 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.

    Community West Credit Union
    Similarity Rank: 210
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235
    PREFERRED CREDIT UNION
    Similarity Rank: 425
    Meijer Credit Union
    Similarity Rank: 490
    RIVER VALLEY CREDIT UNION
    Similarity Rank: 536
    West Michigan Credit Union
    Similarity Rank: 574
    MEMBERS FIRST Credit Union
    Similarity Rank: 608
    Kellogg Community Credit Union
    Similarity Rank: 629
    AAC Credit Union
    Similarity Rank: 752
    Pacor Mortgage Corp
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 157 $20,705,000 $131,879 $1,977 3.40%

    For 2020, Kent County Credit Union's most frequently originated type of loan was Conventional, with 157 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 54 $7,740,000 $143,333 $2,035 3.01%
    Other 34 $3,490,000 $102,647 $1,787 3.81%
    Home Improvement 31 $3,115,000 $100,484 $1,594 3.99%
    Home Purchase 29 $4,785,000 $165,000 $2,250 3.21%
    Cash Out Refi 9 $1,575,000 $175,000 $2,245 2.86%

    For 2020, Kent County Credit Union's most frequently cited loan purpose was Refi, with 54 originations. The 2nd most popular reason was Other, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 51 $7,945,000 $155,784 $2,226 3.26%
    15 Year 49 $6,185,000 $126,224 $1,818 3.30%
    20 Year 25 $4,625,000 $185,000 $2,037 3.19%
    10 Year 13 $885,000 $68,077 $1,521 3.91%
    Other 11 $955,000 $86,818 $2,011 3.16%
    5 Year 8 $110,000 $13,750 $115 5.08%

    For 2020, Kent County Credit Union's most frequently cited loan duration was 30 Year, with 51 originations. The 2nd most popular length was 15 Year, with 49 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 50 $8,210,000 $164,200
    2.5-3% 43 $6,555,000 $152,442
    <2.5% 30 $3,860,000 $128,667
    4-5% 24 $1,750,000 $72,917
    5-6% 7 $255,000 $36,429
    6-7% 3 $75,000 $25,000

    During 2020, Kent County Credit Union's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 3-4%, with 50 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 83 $11,975,000 $144,277 $2,070 3.02%
    $100,000 or less 51 $2,895,000 $56,765 $1,461 4.12%
    $200k-400k 23 $5,835,000 $253,696 $2,378 3.20%

    2020 saw Kent County Credit Union place emphasis on $100k-200k loans with 83 originations, totaling $11,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 55 $7,215,000 $131,182 $1,992 3.38%
    $50k or less 38 $3,640,000 $95,789 $1,885 3.53%
    $75k-100k 33 $4,995,000 $151,364 $2,025 3.52%
    $100k-150k 21 $3,255,000 $155,000 $2,015 3.29%
    $150k-250k 9 $1,395,000 $155,000 $1,997 2.87%
    $250k+ 1 $205,000 $205,000 $1,928 3.13%

    Kent County Credit Union lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $50k or less, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $6,640,000 $122,963 $1,893 3.43%
    30-36% 33 $4,485,000 $135,909 $2,057 3.47%
    <20% 28 $2,850,000 $101,786 $1,861 3.17%
    40% 9 $1,805,000 $200,556 $2,100 3.04%
    39% 6 $600,000 $100,000 $1,713 3.71%
    42% 3 $665,000 $221,667 $2,557 3.25%
    38% 3 $595,000 $198,333 $2,804 3.87%
    43% 3 $545,000 $181,667 $2,075 3.79%
    44% 3 $515,000 $171,667 $2,141 3.50%
    45% 3 $515,000 $171,667 $2,201 2.75%
    49% 2 $310,000 $155,000 $1,207 3.62%
    47% 2 $330,000 $165,000 $2,486 4.12%
    41% 2 $230,000 $115,000 $2,158 3.06%
    36% 2 $170,000 $85,000 $1,741 4.31%
    48% 1 $155,000 $155,000 $2,519 3.25%
    50-60% 1 $105,000 $105,000 $2,392 2.50%
    >60% 1 $155,000 $155,000 $1,927 3.13%
    37% 1 $35,000 $35,000 $0 5.99%

    Kent County Credit Union lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 145 $18,965,000 $130,793 $1,971 3.39%
    Black 12 $1,740,000 $145,000 $2,060 3.57%

    Approval Rates

    Total approvals of all applications
    97.24%

    Kent County Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.90%

    Kent County Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 157 $20,705,000 $131,879

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $765,000 $85,000
    Single Family (1-4 Units):Site-Built 148 $19,940,000 $134,730

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,170,000 $58,500 $1,188 4.08%
    40-60% 26 $3,410,000 $131,154 $1,944 2.91%
    60-80% 68 $10,580,000 $155,588 $2,155 3.14%
    80-100% 30 $5,260,000 $175,333 $2,089 3.32%
    Under 20% 13 $285,000 $21,923 $661 4.92%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Kentucky Housing Corporation FHA mortgage Struggling to pay mortgage 1 100.0%