Monroe County Community Credit Union Mortgage Rates, Fees & Info
Monroe, MILEI: 549300UNNQFHOGHIFO55
Tax ID: 38-1449622
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Mortgage Data
Review & Overview
Monroe County Community Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Monroe County Community Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Monroe, Detroit, Toledo, and Adrian among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Monroe County Community 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. Monroe County Community 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 relatively high 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 | 6.59% | 4/21/24 |
| 30 Year Conventional Refi | 6.76% | 4/21/24 |
| 30 Year Cash-out Refi | 7.19% | 4/21/24 |
| 15 Year Conventional Purchase | 6.68% | 4/21/24 |
| 15 Year Conventional Refi | 6.49% | 4/21/24 |
| 15 Year Cash-out Refi | 6.49% | 4/21/24 |
| 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. | ||
Monroe County Community 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
146Origination Dollar Volume (All Markets)
$9,100,000Awards
MONROE COUNTY COMMUNITY CREDIT UNION - 2023
MONROE COUNTY COMMUNITY CREDIT UNION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Monroe County Community Credit Union's average 30 year fixed mortgage rate was
7.2%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.72%.
Relative Fees (Closing Costs)
Monroe County Community Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,657.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| MONROE, MI (FHA|USDA|VA) | 136 | $8,660,000 | $63,676 | $399 | 7.52% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $966 | 7.54% |
| TOLEDO, OH (FHA|USDA|VA) | 5 | $205,000 | $41,000 | $0 | 8.04% |
| Adrian, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.49% |
| Outside of Metro Areas | 1 | $15,000 | $15,000 | $0 | 7.49% |
Similar Lenders
We use machine learning to identify the top lenders compared against MONROE COUNTY COMMUNITY CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 60
Similarity Rank: 115
Similarity Rank: 260
Similarity Rank: 385
Similarity Rank: 666
Similarity Rank: 714
Similarity Rank: 720
Similarity Rank: 2600
Similarity Rank: 3060
Similarity Rank: 3672
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 118 | $7,780,000 | $65,932 | $396 | 7.41% |
| HELOC | 27 | $1,255,000 | $46,481 | n/a | 8.13% |
| FHA | 1 | $65,000 | $65,000 | $0 | 6.74% |
For 2023, Monroe County Community Credit Union's most frequently originated type of loan was Conventional, with 118 originations. Their 2nd most popular type was HELOC, with 27 originations.
Loan Reason
For 2023, Monroe County Community Credit Union's most frequently cited loan purpose was Home Improvement, with 112 originations. The 2nd most popular reason was Refi, with 20 originations.
Loan Duration/Length
For 2023, Monroe County Community Credit Union's most frequently cited loan duration was 15 Year, with 60 originations. The 2nd most popular length was 10 Year, with 28 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 115 | $7,655,000 | $66,565 |
Monroe County Community Credit Union's average total fees were $2,657, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 115 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 69 | $4,215,000 | $61,087 |
| 6-7% | 44 | $2,970,000 | $67,500 |
| Over 8% | 32 | $1,890,000 | $59,063 |
| 5-6% | 1 | $25,000 | $25,000 |
During 2023, Monroe County Community Credit Union's average interest rate for loans was 7.20%, while their most frequently originated rate bucket for loans was 7-8%, with 69 originations.
Loan Sizing
2023 saw Monroe County Community Credit Union place emphasis on $100,000 or less loans with 124 originations, totaling $5,280,000 in origination value.
Applicant Income
Monroe County Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 37 originations. The second most popular income band? $100k-150k, with 33 originations.
Applicant Debt to Income Ratio
Monroe County Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.39%
Monroe County Community Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination75.34%
Monroe County Community Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 146 | $9,100,000 | $62,329 |