Monroe County Community Credit Union Mortgage Rates, Fees & Info

Monroe, MI

LEI: 549300UNNQFHOGHIFO55

Tax ID: 38-1449622

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
  • 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

    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. Their top markets by origination volume include: Monroe, Detroit, Toledo, Adrian, and Ann Arbor among others. We have data for 6 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% 5/5/24
    30 Year Conventional Refi 6.76% 5/5/24
    30 Year Cash-out Refi 7.19% 5/5/24
    15 Year Conventional Purchase 6.68% 5/5/24
    15 Year Conventional Refi 6.49% 5/5/24
    15 Year Cash-out Refi 6.49% 5/5/24
    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

    189

    Origination Dollar Volume (All Markets)

    $13,325,000

    Awards

    MONROE COUNTY COMMUNITY CREDIT UNION 30 Year Conventional Loans gold MONROE COUNTY COMMUNITY CREDIT UNION 30 Year Conventional Loans gold
    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) 173 $12,325,000 $71,243 $643 5.11%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 7 $515,000 $73,571 $1,221 5.25%
    TOLEDO, OH (FHA|USDA|VA) 4 $230,000 $57,500 $1,112 5.25%
    Adrian, MI (FHA|USDA|VA) 3 $195,000 $65,000 $1,300 5.46%
    Outside of Metro Areas 1 $35,000 $35,000 $0 4.99%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.50%
    Monroe County Community Credit Union's top markets include Monroe, Detroit, Toledo, Adrian, and Ann Arbor 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.

    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 162
    TLC COMMUNITY Credit Union
    Similarity Rank: 360
    STAUNTON FINANCIAL, INC.
    Similarity Rank: 900
    DFCU FINANCIAL
    Similarity Rank: 950
    MORTGAGE CENTER L.C
    Similarity Rank: 960
    BLG HOLDINGS, INC.
    Similarity Rank: 1012
    Directions Credit Union, Inc.
    Similarity Rank: 1225
    LAKE MICHIGAN CREDIT UNION
    Similarity Rank: 1898
    GreenStone Farm Credit Services, FLCA
    Similarity Rank: 2226
    Old National Bank
    Similarity Rank: 2460

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $13,325,000 $70,503 $669 5.12%

    For 2022, Monroe County Community Credit Union's most frequently originated type of loan was Conventional, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 131 $6,025,000 $45,992 $33 5.07%
    Refi 23 $2,105,000 $91,522 $512 5.34%
    Home Purchase 21 $3,235,000 $154,048 $2,546 5.46%
    Cash Out Refi 14 $1,960,000 $140,000 $2,346 4.75%

    For 2022, Monroe County Community Credit Union's most frequently cited loan purpose was Home Improvement, with 131 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 76 $4,860,000 $63,947 $173 5.46%
    20 Year 36 $1,890,000 $52,500 $0 4.31%
    30 Year 34 $5,300,000 $155,882 $2,426 5.37%
    10 Year 29 $945,000 $32,586 $89 5.18%
    5 Year 11 $185,000 $16,818 $0 4.52%
    Other 3 $145,000 $48,333 $0 5.16%

    For 2022, Monroe County Community Credit Union's most frequently cited loan duration was 15 Year, with 76 originations. The 2nd most popular length was 20 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 139 $10,625,000 $76,439

    Monroe County Community Credit Union's average total fees were $2,426, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 139 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 80 $4,380,000 $54,750
    5-6% 52 $4,620,000 $88,846
    6-7% 25 $2,025,000 $81,000
    3-4% 24 $1,690,000 $70,417
    7-8% 4 $450,000 $112,500
    2.5-3% 3 $125,000 $41,667
    Over 8% 1 $35,000 $35,000

    During 2022, Monroe County Community Credit Union's average interest rate for loans was 5.37%, while their most frequently originated rate bucket for loans was 4-5%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 145 $6,625,000 $45,690 $116 5.03%
    $100k-200k 36 $4,880,000 $135,556 $1,938 5.44%
    $200k-400k 8 $1,820,000 $227,500 $2,460 5.33%

    2022 saw Monroe County Community Credit Union place emphasis on $100,000 or less loans with 145 originations, totaling $6,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 54 $3,700,000 $68,519 $819 4.80%
    $100k-150k 39 $3,205,000 $82,179 $587 5.47%
    $50k or less 39 $2,505,000 $64,231 $889 5.16%
    $75k-100k 36 $2,390,000 $66,389 $613 5.11%
    $150k-250k 17 $1,265,000 $74,412 $23 5.29%
    $250k+ 3 $205,000 $68,333 $0 4.83%

    Monroe County Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 54 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $2,895,000 $61,596 $348 5.12%
    30-36% 29 $1,895,000 $65,345 $539 5.21%
    <20% 28 $1,880,000 $67,143 $831 4.93%
    42% 12 $890,000 $74,167 $634 5.77%
    38% 11 $1,145,000 $104,091 $781 5.48%
    37% 10 $610,000 $61,000 $338 4.83%
    39% 8 $390,000 $48,750 $382 4.50%
    40% 7 $355,000 $50,714 $460 5.53%
    45% 7 $525,000 $75,000 $415 5.05%
    46% 5 $465,000 $93,000 $742 4.37%
    43% 5 $455,000 $91,000 $1,668 4.67%
    44% 4 $340,000 $85,000 $1,233 4.59%
    36% 4 $120,000 $30,000 $0 6.37%
    41% 3 $125,000 $41,667 $0 4.41%
    47% 3 $285,000 $95,000 $1,560 4.41%
    49% 2 $310,000 $155,000 $2,303 6.94%
    50-60% 2 $260,000 $130,000 $2,854 5.31%
    48% 1 $225,000 $225,000 $2,851 4.38%

    Monroe County Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 182 $13,020,000 $71,538 $695 5.13%
    Black 4 $190,000 $47,500 $100 4.93%
    American Indian 3 $115,000 $38,333 $0 5.07%

    Approval Rates

    Total approvals of all applications
    90.51%

    Monroe County Community Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.84%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 189 $13,325,000 $70,503

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    189 $13,325,000 $70,503

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $3,715,000 $65,175 $150 5.25%
    40-60% 20 $1,950,000 $97,500 $910 5.53%
    60-80% 22 $3,390,000 $154,091 $2,316 5.20%
    80-100% 9 $1,545,000 $171,667 $2,731 5.10%
    Under 20% 81 $2,725,000 $33,642 $5 4.91%