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 Improvement and Home Purchase loans. Dfcu Financial has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Grand Rapids, Monroe, and Lansing among others. We have data for 25 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 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) | 6.87% | 3/28/23 |
| 30 Year Conventional Purchase | 6.51% | 3/28/23 |
| 30 Year Conventional Refi | 6.57% | 3/28/23 |
| 30 Year Cash-out Refi | 6.52% | 3/28/23 |
| 15 Year Conventional Purchase | 6.05% | 3/28/23 |
| 15 Year Conventional Refi | 6.37% | 3/28/23 |
| 15 Year Cash-out Refi | 6.37% | 3/28/23 |
| 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. | ||
Originations
2,792Origination Dollar Volume (All Markets)
$361,120,000Relative Rate
Dfcu Financial's average 30 year fixed mortgage rate was
4.8%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.04%.
Relative Fees (Closing Costs)
Dfcu Financial's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,052.
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 $4,750.
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) | 2,166 | $280,730,000 | $129,608 | $3,118 | 5.19% |
| ANN ARBOR, MI (FHA|USDA|VA) | 258 | $39,090,000 | $151,512 | $3,595 | 4.92% |
| Outside of Metro Areas | 57 | $9,295,000 | $163,070 | $3,774 | 5.02% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 117 | $9,015,000 | $77,051 | $2,100 | 5.68% |
| MONROE, MI (FHA|USDA|VA) | 47 | $6,595,000 | $140,319 | $3,238 | 5.16% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 55 | $3,375,000 | $61,364 | $2,671 | 5.44% |
| JACKSON, MI (FHA|USDA|VA) | 20 | $3,140,000 | $157,000 | $3,236 | 4.49% |
| Adrian, MI (FHA|USDA|VA) | 16 | $2,040,000 | $127,500 | $3,588 | 4.70% |
| Holland, MI (FHA|USDA|VA) | 11 | $1,525,000 | $138,636 | $1,528 | 5.87% |
| FLINT, MI (FHA|USDA|VA) | 13 | $1,175,000 | $90,385 | $2,743 | 5.19% |
| MUSKEGON, MI (FHA|USDA|VA) | 8 | $1,150,000 | $143,750 | $4,790 | 4.56% |
| Ludington, MI (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $6,854 | 3.31% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $660,000 | $165,000 | $2,907 | 6.09% |
| Hillsdale, MI (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $3,100 | 5.71% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,405 | 4.88% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $9,897 | 5.88% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,933 | 4.81% |
| Houghton, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $13,036 | 7.13% |
| NILES, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,151 | 6.25% |
| Alma, MI (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $0 | 6.92% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 5.38% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.00% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,914 | 5.63% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,162 | 6.13% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 1,561 | $143,665,000 | $92,034 | n/a | 5.55% |
| Conventional | 1,231 | $217,455,000 | $176,649 | $3,180 | 4.72% |
For 2022, Dfcu Financial's most frequently originated type of loan was HELOC, with 1,561 originations. Their 2nd most popular type was Conventional, with 1,231 originations.
Loan Reason
For 2022, Dfcu Financial's most frequently cited loan purpose was Home Improvement, with 1,055 originations. The 2nd most popular reason was Other, with 563 originations.
Loan Duration/Length
For 2022, Dfcu Financial's most frequently cited loan duration was 5 Year, with 1,697 originations. The 2nd most popular length was 30 Year, with 708 originations.
Origination Fees/Closing Costs
Dfcu Financial's average total fees were $4,052, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 478 originations.
Interest Rates
During 2022, Dfcu Financial's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 853 originations.
Loan Sizing
2022 saw Dfcu Financial place emphasis on $100,000 or less loans with 1,400 originations, totaling $69,790,000 in origination value.
Applicant Income
Dfcu Financial lent most frequently to those with incomes in the $100k-150k range, with 728 originations. The second most popular income band? $50k-75k, with 598 originations.
Applicant Debt to Income Ratio
Dfcu Financial lent most frequently to those with DTI ratios of 20-30%, with 721 originations. The next most common DTI ratio? 30-36%, with 499 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.43%
Dfcu Financial has an average approval rate.
Pick Rate
Approvals leading to origination77.51%
Dfcu Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,792 | $361,120,000 | $129,341 |