Kent County Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 549300SJPU5FBHX6JQ61
Tax ID: 38-1598795
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Mortgage Data
Review & Overview
Kent County Credit Union is a smaller credit union specializing in Home Purchase loans. Kent County Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Traverse City, Big Rapids, Lansing, and Sault Ste. Marie among others. We have data for 7 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.69% | 5/13/24 |
| 30 Year Conventional Refi | 6.85% | 5/13/24 |
| 30 Year Cash-out Refi | 6.66% | 5/13/24 |
| 15 Year Conventional Purchase | 6.18% | 5/13/24 |
| 15 Year Conventional Refi | 6.99% | 5/13/24 |
| 15 Year Cash-out Refi | 6.99% | 5/13/24 |
| 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
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This is not an official calculator from Kent County Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
63Origination Dollar Volume (All Markets)
$5,715,000Top 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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 52 | $4,520,000 | $86,923 | $926 | 4.94% |
| Outside of Metro Areas | 5 | $325,000 | $65,000 | $664 | 5.44% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,363 | 7.13% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $1,981 | 5.19% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,281 | 5.25% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,935 | 6.25% |
| Holland, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $139 | 6.74% |
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.
Similarity Rank: 286
Similarity Rank: 318
Similarity Rank: 544
Similarity Rank: 560
Similarity Rank: 600
Similarity Rank: 704
Similarity Rank: 756
Similarity Rank: 840
Similarity Rank: 860
Similarity Rank: 930
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 63 | $5,715,000 | $90,714 | $988 | 5.08% |
For 2022, Kent County Credit Union's most frequently originated type of loan was Conventional, with 63 originations.
Loan Reason
For 2022, Kent County Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2022, Kent County Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 20 Year, with 12 originations.
Interest Rates
During 2022, Kent County Credit Union's average interest rate for loans was 5.13%, while their most frequently originated rate bucket for loans was 5-6%, with 19 originations.
Loan Sizing
2022 saw Kent County Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $1,675,000 in origination value.
Applicant Income
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 19 originations.
Applicant Debt to Income Ratio
Kent County Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? <20%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 57 | $5,185,000 | $90,965 | $998 | 4.98% |
| Black | 6 | $530,000 | $88,333 | $889 | 6.04% |
Approval Rates
Total approvals of all applications100.00%
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 origination93.65%
Kent County Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 258.75 | 1 | $65,000 | $65,000 |
| NA | 62 | $5,650,000 | $91,129 |