Dfcu Financial Mortgage Rates, Fees & Info

Dearborn, MI

LEI: 549300W6K140RN8NQB93

Tax ID: 38-1350130

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Dfcu Financial is a smaller credit union specializing in Home Purchase and Cash Out Refi 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 19 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.

    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% 11/17/24
    30 Year Conventional Purchase 6.51% 11/17/24
    30 Year Conventional Refi 6.57% 11/17/24
    30 Year Cash-out Refi 6.52% 11/17/24
    15 Year Conventional Purchase 6.05% 11/17/24
    15 Year Conventional Refi 6.37% 11/17/24
    15 Year Cash-out Refi 6.37% 11/17/24
    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

    2,611

    Origination Dollar Volume (All Markets)

    $294,835,000
    Show all (5) awards

    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) 2,055 $229,685,000 $111,769 $2,407 5.34%
    ANN ARBOR, MI (FHA|USDA|VA) 241 $30,505,000 $126,577 $2,441 5.39%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 95 $9,315,000 $98,053 $2,588 5.31%
    Outside of Metro Areas 64 $8,400,000 $131,250 $2,482 5.02%
    MONROE, MI (FHA|USDA|VA) 32 $4,820,000 $150,625 $2,382 5.05%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 49 $3,425,000 $69,898 $2,299 5.33%
    Adrian, MI (FHA|USDA|VA) 13 $1,665,000 $128,077 $3,104 4.94%
    JACKSON, MI (FHA|USDA|VA) 17 $1,575,000 $92,647 $2,326 5.15%
    FLINT, MI (FHA|USDA|VA) 10 $1,250,000 $125,000 $2,711 5.41%
    Traverse City, MI (FHA|USDA|VA) 7 $1,125,000 $160,714 $2,664 4.75%
    Holland, MI (FHA|USDA|VA) 9 $1,045,000 $116,111 $2,272 5.67%
    MUSKEGON, MI (FHA|USDA|VA) 5 $625,000 $125,000 $3,862 4.95%
    Hillsdale, MI (FHA|USDA|VA) 4 $360,000 $90,000 $2,150 4.88%
    Coldwater, MI (FHA|USDA|VA) 2 $350,000 $175,000 $3,037 4.69%
    Cadillac, MI (FHA|USDA|VA) 3 $265,000 $88,333 $2,167 4.50%
    Houghton, MI (FHA|USDA|VA) 1 $225,000 $225,000 $0 5.50%
    Big Rapids, MI (FHA|USDA|VA) 2 $150,000 $75,000 $2,238 6.06%
    Escanaba, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.00%
    Ludington, MI (FHA|USDA|VA) 1 $15,000 $15,000 $242 4.75%
    Dfcu Financial's top markets include Detroit, Ann Arbor, Grand Rapids, Monroe, and Lansing among others.

    Their top states include:
  • Michigan (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.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    Dort Financial Credit Union
    Similarity Rank: 95
    St James Mortgage Corporation
    Similarity Rank: 120
    TLC COMMUNITY Credit Union
    Similarity Rank: 143
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 170
    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    First Federal Bank of the Midwest
    Similarity Rank: 276
    Community West Credit Union
    Similarity Rank: 276
    CASE
    Similarity Rank: 300

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,510 $218,390,000 $144,629 $2,426 4.79%
    HELOC 1,101 $76,445,000 $69,432 n/a 6.06%

    For 2018, Dfcu Financial's most frequently originated type of loan was Conventional, with 1,510 originations. Their 2nd most popular type was HELOC, with 1,101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 755 $38,835,000 $51,437 $462 5.92%
    Home Purchase 661 $125,935,000 $190,522 $3,176 4.72%
    Cash Out Refi 424 $65,600,000 $154,717 $2,791 4.58%
    Refi 386 $43,310,000 $112,202 $2,135 5.18%
    Other 385 $21,155,000 $54,948 $275 6.15%

    For 2018, Dfcu Financial's most frequently cited loan purpose was Home Improvement, with 755 originations. The 2nd most popular reason was Home Purchase, with 661 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 1,292 $81,030,000 $62,717 $261 5.93%
    30 Year 784 $148,280,000 $189,133 $2,995 4.55%
    15 Year 239 $32,055,000 $134,121 $2,425 4.84%
    10 Year 177 $12,755,000 $72,062 $1,311 5.50%
    20 Year 61 $10,715,000 $175,656 $3,387 4.58%
    Other 57 $9,985,000 $175,175 $2,886 4.64%
    3 Year 1 $15,000 $15,000 $431 4.75%

    For 2018, Dfcu Financial's most frequently cited loan duration was 5 Year, with 1,292 originations. The 2nd most popular length was 30 Year, with 784 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,024 $130,870,000 $127,803
    $1k-2k 305 $48,355,000 $158,541
    $2k-3k 101 $18,995,000 $188,069
    $3k-4k 47 $11,175,000 $237,766
    $5k+ 15 $4,785,000 $319,000
    $4k-5k 14 $3,800,000 $271,429

    Dfcu Financial's average total fees were $2,995, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,024 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 958 $78,720,000 $82,171
    4-5% 913 $136,375,000 $149,370
    6-7% 307 $17,155,000 $55,879
    3-4% 288 $55,590,000 $193,021
    7-8% 88 $4,190,000 $47,614
    Over 8% 56 $2,710,000 $48,393

    During 2018, Dfcu Financial's average interest rate for loans was 4.55%, while their most frequently originated rate bucket for loans was 5-6%, with 958 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,452 $67,190,000 $46,274 $1,277 5.75%
    $100k-200k 719 $101,775,000 $141,551 $2,789 4.89%
    $200k-400k 402 $107,040,000 $266,269 $3,527 4.67%
    $400k-600k 31 $14,005,000 $451,774 $3,462 4.30%
    $600k-1MM 7 $4,825,000 $689,286 $4,628 4.04%

    2018 saw Dfcu Financial place emphasis on $100,000 or less loans with 1,452 originations, totaling $67,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 641 $82,645,000 $128,931 $2,434 5.31%
    $50k-75k 566 $52,420,000 $92,615 $2,355 5.26%
    $75k-100k 528 $54,840,000 $103,864 $2,342 5.36%
    $50k or less 426 $28,560,000 $67,042 $2,343 5.45%
    $150k-250k 350 $55,110,000 $157,457 $2,584 5.30%
    $250k+ 87 $18,955,000 $217,874 $3,094 5.24%

    Dfcu Financial lent most frequently to those with incomes in the $100k-150k range, with 641 originations. The second most popular income band? $50k-75k, with 566 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 691 $73,155,000 $105,868 $2,367 5.23%
    30-36% 534 $62,090,000 $116,273 $2,367 5.33%
    <20% 396 $36,800,000 $92,929 $2,325 5.36%
    50-60% 96 $7,510,000 $78,229 $860 6.17%
    37% 89 $10,715,000 $120,393 $2,382 5.34%
    40% 79 $8,885,000 $112,468 $1,851 5.62%
    41% 77 $10,485,000 $136,169 $2,315 5.12%
    38% 76 $11,300,000 $148,684 $2,549 5.18%
    39% 75 $8,345,000 $111,267 $2,005 5.46%
    42% 72 $6,830,000 $94,861 $2,146 5.37%
    36% 58 $7,260,000 $125,172 $2,220 5.51%
    43% 53 $6,325,000 $119,340 $2,528 5.35%
    48% 53 $7,775,000 $146,698 $3,283 5.22%
    44% 51 $6,885,000 $135,000 $2,865 5.35%
    45% 50 $7,470,000 $149,400 $3,154 5.14%
    49% 44 $6,860,000 $155,909 $3,141 5.25%
    46% 40 $5,030,000 $125,750 $3,441 5.40%
    47% 38 $4,660,000 $122,632 $2,765 5.17%
    >60% 8 $1,200,000 $150,000 $2,566 5.63%

    Dfcu Financial lent most frequently to those with DTI ratios of 20-30%, with 691 originations. The next most common DTI ratio? 30-36%, with 534 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,002 $233,110,000 $116,439 $2,498 5.28%
    Not provided 401 $36,855,000 $91,908 $1,951 5.55%
    Black 131 $13,075,000 $99,809 $2,239 5.47%
    Asian 57 $8,655,000 $151,842 $2,878 5.07%
    Asian Indian 7 $1,435,000 $205,000 $2,565 4.93%
    American Indian 7 $805,000 $115,000 $2,601 4.82%
    Not applicable 2 $350,000 $175,000 $0 7.14%
    Other Asian 2 $290,000 $145,000 $1,531 5.88%
    Filipino 1 $195,000 $195,000 $5,293 4.88%
    Native Hawaiian or Islander 1 $65,000 $65,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    85.48%

    Dfcu Financial has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.84%

    Dfcu Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,611 $294,835,000 $112,920

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,611 $294,835,000 $112,920

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 503 $37,885,000 $75,318 $1,394 5.85%
    40-60% 295 $37,705,000 $127,814 $2,544 5.06%
    60-80% 557 $99,375,000 $178,411 $2,996 4.64%
    80-100% 440 $86,240,000 $196,000 $3,171 4.76%
    Under 20% 783 $27,535,000 $35,166 $334 5.94%