Meijer Credit Union Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 549300VH184HHOFFT776
Tax ID: 38-1629407
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Mortgage Data
Review & Overview
Meijer Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Meijer Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Detroit, Indianapolis, Lansing, and Ann Arbor among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Meijer Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Meijer 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.05% | 4/5/25 |
| 30 Year Conventional Purchase | 7.01% | 4/5/25 |
| 30 Year Cash-out Refi | 7.35% | 4/5/25 |
| 15 Year Conventional Purchase | 7.16% | 4/5/25 |
| 15 Year Conventional Refi | 7.75% | 4/5/25 |
| 15 Year Cash-out Refi | 7.75% | 4/5/25 |
| 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. | ||
Meijer Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Meijer 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
81Origination Dollar Volume (All Markets)
$11,975,000Awards
Meijer Credit Union - 2024
Meijer Credit Union is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Meijer Credit Union's average 30 year fixed mortgage rate was
7.04%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.49%.
Relative Fees (Closing Costs)
Meijer Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,957.
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 $8,356.
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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 44 | $7,250,000 | $164,773 | $1,266 | 7.99% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 10 | $1,260,000 | $126,000 | $1,436 | 8.47% |
| Outside of Metro Areas | 6 | $1,100,000 | $183,333 | $1,021 | 7.25% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $4,304 | 5.88% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $1,080 | 8.40% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,647 | 7.13% |
| Holland, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,254 | 6.88% |
| Cadillac, MI (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $1,382 | 7.31% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,157 | 7.63% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,207 | 7.13% |
| Escanaba, MI (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $1,386 | 7.56% |
| FLINT, MI (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $450 | 10.87% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $450 | 7.24% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $450 | 6.24% |
| MONROE, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $450 | 8.24% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $450 | 6.24% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $450 | 6.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against Meijer Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 64
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 74 | $10,590,000 | $143,108 | $1,367 | 7.81% |
| HELOC | 7 | $1,385,000 | $197,857 | n/a | 8.93% |
For 2024, Meijer Credit Union's most frequently originated type of loan was Conventional, with 74 originations. Their 2nd most popular type was HELOC, with 7 originations.
Loan Reason
For 2024, Meijer Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Home Improvement, with 23 originations.
Loan Duration/Length
For 2024, Meijer Credit Union's most frequently cited loan duration was 10 Year, with 29 originations. The 2nd most popular length was 15 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 67 | $8,725,000 | $130,224 |
| $1k-2k | 5 | $1,355,000 | $271,000 |
| $3k-4k | 1 | $245,000 | $245,000 |
| $4k-5k | 1 | $265,000 | $265,000 |
Meijer Credit Union's average total fees were $2,957, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 67 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 36 | $5,520,000 | $153,333 |
| 6-7% | 21 | $3,085,000 | $146,905 |
| Over 8% | 21 | $2,535,000 | $120,714 |
| 5-6% | 3 | $835,000 | $278,333 |
During 2024, Meijer Credit Union's average interest rate for loans was 7.04%, while their most frequently originated rate bucket for loans was 7-8%, with 36 originations.
Loan Sizing
2024 saw Meijer Credit Union place emphasis on $100,000 or less loans with 40 originations, totaling $1,860,000 in origination value.
Applicant Income
Meijer Credit Union lent most frequently to those with incomes in the $150k-250k range, with 18 originations. The second most popular income band? $50k-75k, with 18 originations.
Applicant Debt to Income Ratio
Meijer Credit Union lent most frequently to those with DTI ratios of 30-36%, with 18 originations. The next most common DTI ratio? 20-30%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications59.06%
Meijer Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination98.77%
Meijer Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 81 | $11,975,000 | $147,840 |