Dfcu Financial Mortgage Rates, Fees & Info

Dearborn, MI

LEI: 549300W6K140RN8NQB93

Tax ID: 38-1350130

5 stars - Updated: 5/27/24 - out of 5 stars, based on 47 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Dfcu Financial is a smaller credit union specializing in Home Purchase loans. Dfcu Financial has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Tampa, Grand Rapids, and Monroe among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

Dfcu Financial 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. Dfcu Financial 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.87% 5/27/24
30 Year Conventional Purchase 6.51% 5/27/24
30 Year Conventional Refi 6.57% 5/27/24
30 Year Cash-out Refi 6.52% 5/27/24
15 Year Conventional Purchase 6.05% 5/27/24
15 Year Conventional Refi 6.37% 5/27/24
15 Year Cash-out Refi 6.37% 5/27/24
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.

Dfcu Financial Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Dfcu Financial. 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

2,195

Origination Dollar Volume (All Markets)

$318,215,000

Awards

DFCU FINANCIAL 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Dfcu Financial's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

Dfcu Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $4,418.

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 $9,089.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,614 $214,690,000 $133,017 $2,815 7.93%
ANN ARBOR, MI (FHA|USDA|VA) 187 $30,245,000 $161,738 $2,914 8.08%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 56 $18,880,000 $337,143 $7,317 8.45%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 99 $11,635,000 $117,525 $2,257 7.89%
MONROE, MI (FHA|USDA|VA) 46 $6,750,000 $146,739 $3,607 7.52%
Outside of Metro Areas 42 $6,070,000 $144,524 $3,934 7.52%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 47 $4,255,000 $90,532 $2,420 8.53%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $3,720,000 $620,000 $7,209 6.94%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $2,945,000 $420,714 $6,290 7.05%
JACKSON, MI (FHA|USDA|VA) 15 $2,035,000 $135,667 $2,593 7.56%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,690,000 $845,000 $11,207 6.94%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,685,000 $561,667 $9,057 7.79%
FLINT, MI (FHA|USDA|VA) 11 $1,495,000 $135,909 $2,485 7.28%
Holland, MI (FHA|USDA|VA) 7 $1,385,000 $197,857 $2,333 7.07%
Hillsdale, MI (FHA|USDA|VA) 5 $1,295,000 $259,000 $6,662 8.30%
Adrian, MI (FHA|USDA|VA) 11 $1,125,000 $102,273 $2,732 8.17%
MUSKEGON, MI (FHA|USDA|VA) 3 $755,000 $251,667 $5,700 6.92%
MIDLAND, MI (FHA|USDA|VA) 3 $755,000 $251,667 $4,687 7.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $730,000 $365,000 $5,860 6.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $725,000 $725,000 $6,545 7.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $625,000 $625,000 $7,463 6.75%
Big Rapids, MI (FHA|USDA|VA) 2 $550,000 $275,000 $0 9.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $520,000 $260,000 $8,102 6.31%
Traverse City, MI (FHA|USDA|VA) 3 $495,000 $165,000 $0 8.83%
BATTLE CREEK, MI (FHA|USDA|VA) 3 $495,000 $165,000 $4,006 7.54%
SAGINAW, MI (FHA|USDA|VA) 2 $490,000 $245,000 $4,535 6.31%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $485,000 $161,667 $7,246 7.58%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $420,000 $210,000 $2,937 8.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $405,000 $405,000 $0 9.25%
Mount Pleasant, MI (FHA|USDA|VA) 3 $365,000 $121,667 $3,211 7.67%
THE VILLAGES, FL (FHA|USDA|VA) 2 $300,000 $150,000 $9,996 8.25%
Cadillac, MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 9.75%
Alpena, MI (FHA|USDA|VA) 1 $75,000 $75,000 $4,361 6.75%
NILES, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.50%
Dfcu Financial's top markets include Detroit, Ann Arbor, Tampa, Grand Rapids, and Monroe among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against DFCU FINANCIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    TLC COMMUNITY Credit Union
    Similarity Rank: 105
    Adventure Credit Union
    Similarity Rank: 130
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Macatawa Bank
    Similarity Rank: 168

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,269 $227,985,000 $179,657 $3,021 6.82%
    HELOC 926 $90,230,000 $97,441 n/a 9.45%

    For 2023, Dfcu Financial's most frequently originated type of loan was Conventional, with 1,269 originations. Their 2nd most popular type was HELOC, with 926 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 693 $61,105,000 $88,175 $835 8.64%
    Home Purchase 564 $154,480,000 $273,901 $4,642 6.85%
    Other 532 $43,320,000 $81,429 $958 8.59%
    Refi 222 $23,780,000 $107,117 $1,871 7.99%
    Cash Out Refi 184 $35,530,000 $193,098 $3,872 6.61%

    For 2023, Dfcu Financial's most frequently cited loan purpose was Home Improvement, with 693 originations. The 2nd most popular reason was Home Purchase, with 564 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 1,136 $97,530,000 $85,854 $493 8.91%
    30 Year 708 $184,500,000 $260,593 $4,418 6.74%
    10 Year 200 $13,940,000 $69,700 $861 7.22%
    15 Year 106 $14,000,000 $132,075 $2,242 7.41%
    20 Year 42 $7,140,000 $170,000 $3,964 6.42%
    30+ year 2 $1,070,000 $535,000 $11,722 7.63%
    Other 1 $35,000 $35,000 $495 7.24%

    For 2023, Dfcu Financial's most frequently cited loan duration was 5 Year, with 1,136 originations. The 2nd most popular length was 30 Year, with 708 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 528 $40,660,000 $77,008
    $1k-2k 454 $95,480,000 $210,308
    $2k-3k 142 $38,420,000 $270,563
    $3k-4k 76 $26,870,000 $353,553
    $5k+ 37 $14,365,000 $388,243
    $4k-5k 31 $12,155,000 $392,097

    Dfcu Financial's average total fees were $4,418, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 528 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 1,000 $96,730,000 $96,730
    6-7% 683 $130,405,000 $190,930
    7-8% 368 $67,470,000 $183,342
    5-6% 142 $22,860,000 $160,986
    4-5% 2 $750,000 $375,000

    During 2023, Dfcu Financial's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was Over 8%, with 1,000 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,090 $54,610,000 $50,101 $1,039 8.33%
    $100k-200k 567 $78,475,000 $138,404 $3,401 7.83%
    $200k-400k 408 $111,870,000 $274,191 $4,558 7.29%
    $400k-600k 97 $44,875,000 $462,629 $5,394 7.12%
    $600k-1MM 25 $17,885,000 $715,400 $7,722 6.95%
    $1MM+ 8 $10,500,000 $1,312,500 $12,472 6.91%

    2023 saw Dfcu Financial place emphasis on $100,000 or less loans with 1,090 originations, totaling $54,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 618 $86,160,000 $139,417 $2,804 7.89%
    $150k-250k 429 $81,325,000 $189,569 $3,095 7.76%
    $50k-75k 410 $39,950,000 $97,439 $2,847 7.96%
    $75k-100k 369 $46,765,000 $126,734 $3,040 7.93%
    $50k or less 219 $16,725,000 $76,370 $2,676 8.43%
    $250k+ 132 $46,000,000 $348,485 $4,665 7.67%

    Dfcu Financial lent most frequently to those with incomes in the $100k-150k range, with 618 originations. The second most popular income band? $150k-250k, with 429 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 450 $64,710,000 $143,800 $3,062 7.77%
    30-36% 434 $62,500,000 $144,009 $2,805 7.58%
    <20% 247 $26,055,000 $105,486 $2,731 8.37%
    50-60% 143 $17,725,000 $123,951 $4,314 9.41%
    42% 97 $13,655,000 $140,773 $2,118 7.55%
    40% 90 $11,560,000 $128,444 $2,183 7.68%
    36% 87 $13,385,000 $153,851 $2,623 7.59%
    37% 78 $12,800,000 $164,103 $2,914 7.54%
    38% 78 $10,870,000 $139,359 $2,571 7.68%
    41% 74 $9,990,000 $135,000 $2,526 8.05%
    39% 63 $7,635,000 $121,190 $2,677 7.69%
    44% 54 $8,560,000 $158,519 $4,116 8.00%
    48% 53 $9,385,000 $177,075 $4,753 8.22%
    43% 53 $8,935,000 $168,585 $4,125 7.83%
    45% 49 $11,615,000 $237,041 $5,175 8.04%
    47% 46 $8,610,000 $187,174 $4,583 8.33%
    49% 46 $10,180,000 $221,304 $4,450 8.22%
    46% 45 $9,055,000 $201,222 $4,817 7.92%
    >60% 8 $990,000 $123,750 $1,897 8.26%

    Dfcu Financial lent most frequently to those with DTI ratios of 20-30%, with 450 originations. The next most common DTI ratio? 30-36%, with 434 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,645 $224,165,000 $136,271 $2,790 7.99%
    Not provided 278 $55,940,000 $201,223 $3,971 7.26%
    Black 185 $21,045,000 $113,757 $2,722 8.42%
    Asian 52 $12,580,000 $241,923 $4,347 7.95%
    American Indian 21 $2,085,000 $99,286 $2,214 7.88%
    Asian Indian 6 $1,690,000 $281,667 $4,864 8.06%
    Native Hawaiian or Islander 3 $395,000 $131,667 $2,715 7.66%
    Other Pacific Islander 3 $215,000 $71,667 $495 8.75%
    Other Asian 2 $100,000 $50,000 $2,660 7.25%

    Approval Rates

    Total approvals of all applications
    85.11%

    Dfcu Financial has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.07%

    Dfcu Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,195 $318,215,000 $144,973

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,195 $318,215,000 $144,973

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 548 $60,500,000 $110,401 $1,799 8.55%
    40-60% 217 $36,435,000 $167,903 $3,490 8.00%
    60-80% 317 $81,225,000 $256,230 $4,725 7.09%
    80-100% 369 $105,105,000 $284,837 $4,625 6.96%
    Under 20% 744 $34,950,000 $46,976 $616 8.30%