Monroe County Community Credit Union Mortgage Rates, Fees & Info

Monroe, MI

LEI: 549300UNNQFHOGHIFO55

Tax ID: 38-1449622

5 stars - Updated: 12/16/24 - out of 5 stars, based on 12 reviews

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

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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.

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 6.59% 12/16/24
30 Year Conventional Refi 6.76% 12/16/24
30 Year Cash-out Refi 7.19% 12/16/24
15 Year Conventional Purchase 6.68% 12/16/24
15 Year Conventional Refi 6.49% 12/16/24
15 Year Cash-out Refi 6.49% 12/16/24
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






Your Estimates

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

This is not an official calculator from Monroe County Community 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

146

Origination Dollar Volume (All Markets)

$9,100,000

Awards

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

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%
Monroe County Community Credit Union's top markets include Monroe, Detroit, Toledo, and Adrian among others.

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

    TLC COMMUNITY Credit Union
    Similarity Rank: 60
    MORTGAGE CENTER L.C
    Similarity Rank: 260
    Directions Credit Union, Inc.
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    STAUNTON FINANCIAL, INC.
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    DFCU FINANCIAL
    Similarity Rank: 714
    LAKE MICHIGAN CREDIT UNION
    Similarity Rank: 720
    First Merchants Bank
    Similarity Rank: 2600
    EQUITY RESOURCES, INC.
    Similarity Rank: 3060
    Mortgage Research Center, LLC
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 112 $5,230,000 $46,696 $31 7.65%
    Refi 20 $1,420,000 $71,000 $158 7.18%
    Home Purchase 14 $2,450,000 $175,000 $2,838 7.20%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 60 $3,530,000 $58,833 $0 7.56%
    10 Year 28 $890,000 $31,786 $95 7.23%
    20 Year 28 $1,270,000 $45,357 $0 8.18%
    30 Year 16 $2,990,000 $186,875 $2,657 7.20%
    5 Year 8 $230,000 $28,750 $0 6.96%
    Other 6 $190,000 $31,667 $0 7.45%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 124 $5,280,000 $42,581 $55 7.58%
    $100k-200k 16 $2,230,000 $139,375 $1,741 7.34%
    $200k-400k 6 $1,590,000 $265,000 $2,592 7.31%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 37 $2,075,000 $56,081 $551 7.51%
    $100k-150k 33 $2,205,000 $66,818 $309 7.65%
    $75k-100k 32 $2,020,000 $63,125 $335 7.36%
    $50k or less 21 $795,000 $37,857 $305 7.44%
    $150k-250k 18 $1,710,000 $95,000 $606 7.85%
    $250k+ 4 $240,000 $60,000 $0 7.31%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 41 $2,995,000 $73,049 $677 7.61%
    30-36% 26 $1,790,000 $68,846 $550 7.56%
    38% 12 $590,000 $49,167 $0 7.62%
    <20% 12 $470,000 $39,167 $290 7.35%
    36% 11 $635,000 $57,727 $0 7.60%
    42% 9 $635,000 $70,556 $407 7.65%
    41% 8 $580,000 $72,500 $764 7.26%
    39% 6 $390,000 $65,000 $0 7.35%
    40% 5 $135,000 $27,000 $0 7.94%
    44% 3 $245,000 $81,667 $0 7.49%
    50-60% 2 $40,000 $20,000 $0 7.37%
    37% 2 $110,000 $55,000 $0 7.49%
    43% 2 $110,000 $55,000 $0 7.37%
    >60% 1 $35,000 $35,000 $0 8.49%
    45% 1 $175,000 $175,000 $2,508 6.88%
    46% 1 $45,000 $45,000 $0 6.74%
    47% 1 $25,000 $25,000 $0 6.00%
    48% 1 $25,000 $25,000 $0 8.25%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 143 $8,955,000 $62,622 $403 7.54%
    Black 2 $110,000 $55,000 $0 7.99%
    American Indian 1 $35,000 $35,000 $0 6.49%

    Approval Rates

    Total approvals of all applications
    92.39%

    Monroe County Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.34%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    146 $9,100,000 $62,329

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $2,410,000 $57,381 $0 7.63%
    40-60% 9 $1,155,000 $128,333 $717 7.40%
    60-80% 9 $1,675,000 $186,111 $2,479 7.28%
    80-100% 6 $1,050,000 $175,000 $2,410 7.19%
    Under 20% 80 $2,810,000 $35,125 $45 7.56%