Dfcu Financial Mortgage Rates, Fees & Info
Dearborn, MILEI: 549300W6K140RN8NQB93
Tax ID: 38-1350130
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.87% | 4/21/24 |
| 30 Year Conventional Purchase | 6.51% | 4/21/24 |
| 30 Year Conventional Refi | 6.57% | 4/21/24 |
| 30 Year Cash-out Refi | 6.52% | 4/21/24 |
| 15 Year Conventional Purchase | 6.05% | 4/21/24 |
| 15 Year Conventional Refi | 6.37% | 4/21/24 |
| 15 Year Cash-out Refi | 6.37% | 4/21/24 |
| 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. | ||
Dfcu Financial Mortgage Calculator
Your Estimates
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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
2,195Origination Dollar Volume (All Markets)
$318,215,000Awards
DFCU FINANCIAL - 2023
DFCU FINANCIAL is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 15
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications85.11%
Dfcu Financial has an average approval rate.
Pick Rate
Approvals leading to origination70.07%
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 |