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, Lansing, Holland, Muskegon, and Detroit among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Meijer 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. 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 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 | 7.02% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 7.13% | 11/21/24 |
| 15 Year Conventional Purchase | 5.82% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| 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. | ||
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™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
79Origination Dollar Volume (All Markets)
$9,025,000Top 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) | 56 | $6,780,000 | $121,071 | $2,444 | 5.98% |
| Outside of Metro Areas | 5 | $615,000 | $123,000 | $2,393 | 5.35% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $2,432 | 5.88% |
| Holland, MI (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $3,798 | 6.04% |
| MUSKEGON, MI (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $1,928 | 5.94% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $2,235 | 7.81% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,256 | 5.88% |
| Ludington, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,699 | 4.88% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,085 | 6.13% |
| FLINT, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,388 | 4.88% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,550 | 5.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 79 | $9,025,000 | $114,241 | $2,469 | 5.93% |
For 2018, Meijer Credit Union's most frequently originated type of loan was Conventional, with 79 originations.
Loan Reason
For 2018, Meijer Credit Union's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.
Loan Duration/Length
For 2018, Meijer Credit Union's most frequently cited loan duration was 30 Year, with 33 originations. The 2nd most popular length was 10 Year, with 29 originations.
Origination Fees/Closing Costs
Meijer Credit Union's average total fees were $2,972, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 45 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 34 | $4,220,000 | $124,118 |
| 6-7% | 22 | $2,790,000 | $126,818 |
| 4-5% | 19 | $1,905,000 | $100,263 |
| Over 8% | 4 | $110,000 | $27,500 |
During 2018, Meijer Credit Union's average interest rate for loans was 5.38%, while their most frequently originated rate bucket for loans was 5-6%, with 34 originations.
Loan Sizing
2018 saw Meijer Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,780,000 in origination value.
Applicant Income
Meijer Credit Union lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 21 originations.
Applicant Debt to Income Ratio
Meijer Credit Union lent most frequently to those with DTI ratios of 30-36%, with 17 originations. The next most common DTI ratio? 20-30%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.16%
Meijer Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination72.15%
Meijer Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 79 | $9,025,000 | $114,241 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $405,000 | $81,000 |
| Single Family (1-4 Units):Site-Built | 74 | $8,620,000 | $116,486 |