Monroe County Community Credit Union Mortgage Rates, Fees & Info

Monroe, MI

LEI: 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, Refi, and Home Purchase loans. Monroe County Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Monroe, Ann Arbor, Detroit, Hillsdale, and Battle Creek among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Monroe County Community Credit Union has an 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 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 6.59% 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

129

Origination Dollar Volume (All Markets)

$8,375,000

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

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) 119 $7,445,000 $62,563 $2,304 5.29%
ANN ARBOR, MI (FHA|USDA|VA) 4 $370,000 $92,500 $2,519 4.94%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,508 5.31%
Hillsdale, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,423 4.25%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,261 3.88%
Outside of Metro Areas 1 $85,000 $85,000 $2,210 4.50%
Adrian, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.75%
Monroe County Community Credit Union's top markets include Monroe, Ann Arbor, Detroit, Hillsdale, and Battle Creek among others.

Their top states include:
  • Michigan (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.

    HOME MORTGAGE ASSURED CORPORATION
    Similarity Rank: 160
    TLC COMMUNITY Credit Union
    Similarity Rank: 196
    The State Bank and Trust Company
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    STAUNTON FINANCIAL, INC.
    Similarity Rank: 558
    DFCU FINANCIAL
    Similarity Rank: 912
    First Merchants Bank
    Similarity Rank: 1635
    MORTGAGE CENTER L.C
    Similarity Rank: 1952
    Old National Bank
    Similarity Rank: 2028
    Level One Bank
    Similarity Rank: 3264

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 93 $7,115,000 $76,505 $2,319 5.19%
    HELOC 36 $1,260,000 $35,000 n/a 5.47%

    For 2019, Monroe County Community Credit Union's most frequently originated type of loan was Conventional, with 93 originations. Their 2nd most popular type was HELOC, with 36 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 66 $2,110,000 $31,970 $0 5.73%
    Refi 48 $4,440,000 $92,500 $2,240 4.77%
    Home Purchase 11 $1,705,000 $155,000 $2,523 4.32%
    Other 4 $120,000 $30,000 $0 6.25%

    For 2019, Monroe County Community Credit Union's most frequently cited loan purpose was Home Improvement, with 66 originations. The 2nd most popular reason was Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 41 $1,885,000 $45,976 $2,296 5.28%
    10 Year 30 $1,190,000 $39,667 $2,088 5.80%
    30 Year 24 $3,410,000 $142,083 $2,367 4.40%
    15 Year 20 $1,640,000 $82,000 $2,250 5.18%
    5 Year 13 $235,000 $18,077 $0 5.73%
    Other 1 $15,000 $15,000 $0 5.50%

    For 2019, Monroe County Community Credit Union's most frequently cited loan duration was 20 Year, with 41 originations. The 2nd most popular length was 10 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 38 $4,950,000 $130,263

    Monroe County Community Credit Union's average total fees were $2,367, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 58 $2,330,000 $40,172
    6-7% 27 $975,000 $36,111
    4-5% 25 $2,925,000 $117,000
    3-4% 19 $2,145,000 $112,895

    During 2019, Monroe County Community Credit Union's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 5-6%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $4,015,000 $39,752 $2,135 5.51%
    $100k-200k 22 $3,050,000 $138,636 $2,382 4.43%
    $200k-400k 6 $1,310,000 $218,333 $2,552 4.31%

    2019 saw Monroe County Community Credit Union place emphasis on $100,000 or less loans with 101 originations, totaling $4,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $2,950,000 $73,750 $2,335 5.08%
    $50k or less 35 $1,555,000 $44,429 $2,229 5.30%
    $100k-150k 28 $1,880,000 $67,143 $2,378 5.36%
    $75k-100k 22 $1,430,000 $65,000 $2,321 5.48%
    $150k-250k 3 $455,000 $151,667 $2,397 4.67%
    $250k+ 1 $105,000 $105,000 $0 6.50%

    Monroe County Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $50k or less, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 32 $2,250,000 $70,313 $2,370 5.14%
    30-36% 32 $1,780,000 $55,625 $2,319 5.55%
    <20% 18 $1,220,000 $67,778 $2,249 5.02%
    39% 9 $365,000 $40,556 $2,235 5.33%
    37% 7 $595,000 $85,000 $2,431 5.46%
    36% 6 $360,000 $60,000 $2,221 4.92%
    38% 6 $460,000 $76,667 $2,288 5.08%
    41% 5 $205,000 $41,000 $0 5.25%
    42% 5 $375,000 $75,000 $2,786 5.80%
    40% 4 $440,000 $110,000 $2,198 4.28%
    44% 2 $240,000 $120,000 $2,322 5.44%
    43% 1 $25,000 $25,000 $0 6.25%
    45% 1 $45,000 $45,000 $0 6.75%
    48% 1 $15,000 $15,000 $0 4.75%

    Monroe County Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 32 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $8,080,000 $64,127 $2,314 5.28%
    Black 1 $205,000 $205,000 $2,786 4.50%
    Not provided 2 $90,000 $45,000 $2,048 4.75%

    Approval Rates

    Total approvals of all applications
    82.51%

    Monroe County Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    58.14%

    Monroe County Community Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 129 $8,375,000 $64,922

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 128 $8,250,000 $64,453

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $1,410,000 $54,231 $2,130 5.46%
    40-60% 15 $1,665,000 $111,000 $2,301 5.07%
    60-80% 17 $2,235,000 $131,471 $2,296 4.29%
    80-100% 11 $1,505,000 $136,818 $2,491 4.43%
    Under 20% 60 $1,560,000 $26,000 $2,092 5.67%