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 Other and Home Improvement loans. Meijer Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Muskegon, Sturgis, Niles, and Lansing among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Meijer Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
31Origination Dollar Volume (All Markets)
$1,015,000Top 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) | 24 | $840,000 | $35,000 | $344 | 7.53% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $250 | 12.99% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $250 | 10.99% |
| NILES, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $150 | 5.49% |
| Outside of Metro Areas | 1 | $15,000 | $15,000 | $745 | 5.99% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $150 | 4.74% |
| Ludington, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $745 | 6.49% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $250 | 9.74% |
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 | 31 | $1,015,000 | $32,742 | $348 | 7.65% |
For 2019, Meijer Credit Union's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 18 | $590,000 | $32,778 | $386 | 8.55% |
| Home Improvement | 12 | $340,000 | $28,333 | $299 | 6.43% |
| Home Purchase | 1 | $85,000 | $85,000 | $250 | 6.24% |
For 2019, Meijer Credit Union's most frequently cited loan purpose was Other, with 18 originations. The 2nd most popular reason was Home Improvement, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 5 Year | 13 | $255,000 | $19,615 | $303 | 6.68% |
| 15 Year | 11 | $455,000 | $41,364 | $500 | 8.13% |
| 10 Year | 7 | $305,000 | $43,571 | $193 | 8.70% |
For 2019, Meijer Credit Union's most frequently cited loan duration was 5 Year, with 13 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 31 | $1,015,000 | $32,742 |
Meijer Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 10 | $300,000 | $30,000 |
| Over 8% | 9 | $355,000 | $39,444 |
| 4-5% | 7 | $135,000 | $19,286 |
| 6-7% | 4 | $190,000 | $47,500 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2019, Meijer Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 31 | $1,015,000 | $32,742 | $348 | 7.65% |
2019 saw Meijer Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,015,000 in origination value.
Applicant Income
Meijer Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $50k or less, with 8 originations.
Applicant Debt to Income Ratio
Meijer Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 27 | $825,000 | $30,556 | $337 | 7.26% |
| Not provided | 4 | $190,000 | $47,500 | $425 | 10.30% |
Approval Rates
Total approvals of all applications100.00%
Meijer Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.55%
Meijer Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $1,015,000 | $32,742 |