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, Lansing, and Monroe among others. We have data for 24 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% 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

    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

    2,864

    Origination Dollar Volume (All Markets)

    $365,120,000

    Awards

    DFCU FINANCIAL 30 Year Conventional Loans gold DFCU FINANCIAL 30 Year Conventional Loans gold DFCU FINANCIAL 30 Year Conventional Loans gold
    Show all (3) 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) 2,226 $286,810,000 $128,845 $2,660 5.21%
    ANN ARBOR, MI (FHA|USDA|VA) 271 $37,995,000 $140,203 $2,666 5.47%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 150 $14,820,000 $98,800 $3,025 5.27%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 58 $5,870,000 $101,207 $2,575 5.27%
    MONROE, MI (FHA|USDA|VA) 36 $5,850,000 $162,500 $3,021 5.05%
    Outside of Metro Areas 45 $5,535,000 $123,000 $6,581 5.07%
    Adrian, MI (FHA|USDA|VA) 16 $1,500,000 $93,750 $2,731 4.83%
    JACKSON, MI (FHA|USDA|VA) 12 $1,330,000 $110,833 $2,663 4.64%
    FLINT, MI (FHA|USDA|VA) 12 $1,230,000 $102,500 $2,047 5.26%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $490,000 $245,000 $3,556 3.81%
    Hillsdale, MI (FHA|USDA|VA) 5 $485,000 $97,000 $2,526 4.83%
    Big Rapids, MI (FHA|USDA|VA) 5 $465,000 $93,000 $2,418 4.48%
    MUSKEGON, MI (FHA|USDA|VA) 4 $400,000 $100,000 $2,430 5.41%
    NILES, MI (FHA|USDA|VA) 2 $380,000 $190,000 $2,592 4.13%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $340,000 $85,000 $1,822 5.25%
    Traverse City, MI (FHA|USDA|VA) 2 $290,000 $145,000 $2,339 3.75%
    Holland, MI (FHA|USDA|VA) 5 $265,000 $53,000 $0 6.75%
    Sturgis, MI (FHA|USDA|VA) 1 $265,000 $265,000 $3,700 4.00%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,442 3.63%
    SAGINAW, MI (FHA|USDA|VA) 3 $215,000 $71,667 $2,389 5.66%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,386 4.38%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,932 4.00%
    Ludington, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,304 4.38%
    Coldwater, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.24%
    Dfcu Financial's top markets include Detroit, Ann Arbor, Grand Rapids, Lansing, and Monroe 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.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 238
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    Macatawa Bank
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    TLC COMMUNITY Credit Union
    Similarity Rank: 378

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,776 $293,050,000 $165,006 $2,739 4.37%
    HELOC 1,088 $72,070,000 $66,241 n/a 6.61%

    For 2019, Dfcu Financial's most frequently originated type of loan was Conventional, with 1,776 originations. Their 2nd most popular type was HELOC, with 1,088 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 774 $43,930,000 $56,757 $623 6.48%
    Home Purchase 661 $128,705,000 $194,713 $3,403 4.16%
    Cash Out Refi 591 $94,635,000 $160,127 $3,092 4.61%
    Other 424 $32,330,000 $76,250 $1,282 6.17%
    Refi 414 $65,520,000 $158,261 $2,585 4.49%

    For 2019, Dfcu Financial's most frequently cited loan purpose was Home Improvement, with 774 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 1,246 $76,660,000 $61,525 $259 6.48%
    30 Year 1,058 $212,710,000 $201,049 $3,277 4.12%
    15 Year 281 $43,575,000 $155,071 $2,631 4.15%
    10 Year 160 $11,720,000 $73,250 $1,327 5.48%
    20 Year 84 $15,570,000 $185,357 $3,394 3.96%
    Other 35 $4,885,000 $139,571 $2,632 4.22%

    For 2019, Dfcu Financial's most frequently cited loan duration was 5 Year, with 1,246 originations. The 2nd most popular length was 30 Year, with 1,058 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,071 $154,485,000 $144,244
    $1k-2k 403 $70,295,000 $174,429
    $2k-3k 189 $38,785,000 $205,212
    $3k-4k 66 $16,740,000 $253,636
    $5k+ 21 $6,345,000 $302,143
    $4k-5k 20 $5,930,000 $296,500

    Dfcu Financial's average total fees were $3,277, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,071 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 934 $181,650,000 $194,486
    6-7% 761 $50,895,000 $66,879
    4-5% 557 $99,065,000 $177,855
    5-6% 332 $20,130,000 $60,633
    7-8% 165 $8,385,000 $50,818
    Over 8% 113 $4,715,000 $41,726
    2.5-3% 1 $75,000 $75,000

    During 2019, Dfcu Financial's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 934 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,414 $67,500,000 $47,737 $1,562 6.12%
    $100k-200k 828 $117,990,000 $142,500 $2,916 4.46%
    $200k-400k 553 $146,865,000 $265,579 $3,561 4.23%
    $400k-600k 62 $28,300,000 $456,452 $3,946 4.02%
    $600k-1MM 7 $4,465,000 $637,857 $3,342 3.93%

    2019 saw Dfcu Financial place emphasis on $100,000 or less loans with 1,414 originations, totaling $67,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 702 $102,180,000 $145,556 $2,835 5.10%
    $50k-75k 670 $64,880,000 $96,836 $2,553 5.26%
    $75k-100k 531 $60,245,000 $113,456 $2,905 5.27%
    $150k-250k 466 $85,470,000 $183,412 $2,776 5.06%
    $50k or less 397 $28,765,000 $72,456 $2,521 5.55%
    $250k+ 96 $23,360,000 $243,333 $2,941 5.09%

    Dfcu Financial lent most frequently to those with incomes in the $100k-150k range, with 702 originations. The second most popular income band? $50k-75k, with 670 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 799 $107,115,000 $134,061 $2,714 5.07%
    30-36% 565 $75,595,000 $133,796 $2,974 5.08%
    <20% 411 $44,665,000 $108,674 $2,533 5.25%
    38% 109 $12,975,000 $119,037 $2,294 5.43%
    50-60% 106 $7,860,000 $74,151 $1,691 6.71%
    42% 88 $10,700,000 $121,591 $2,159 5.30%
    41% 85 $11,055,000 $130,059 $2,895 5.05%
    40% 85 $11,835,000 $139,235 $2,412 5.22%
    37% 84 $9,840,000 $117,143 $2,438 5.43%
    39% 82 $12,930,000 $157,683 $2,941 4.90%
    43% 79 $11,155,000 $141,203 $3,121 5.04%
    36% 69 $8,685,000 $125,870 $2,454 5.27%
    44% 61 $8,025,000 $131,557 $3,422 5.09%
    45% 56 $6,880,000 $122,857 $2,645 5.52%
    47% 47 $6,365,000 $135,426 $3,437 5.36%
    49% 43 $5,325,000 $123,837 $2,832 5.43%
    46% 42 $7,050,000 $167,857 $2,832 5.20%
    48% 40 $5,860,000 $146,500 $3,013 5.37%
    >60% 11 $955,000 $86,818 $1,237 6.52%

    Dfcu Financial lent most frequently to those with DTI ratios of 20-30%, with 799 originations. The next most common DTI ratio? 30-36%, with 565 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,204 $288,510,000 $130,903 $2,754 5.12%
    Not provided 384 $40,250,000 $104,818 $1,994 5.74%
    Black 167 $17,055,000 $102,126 $2,871 5.66%
    Asian 80 $14,110,000 $176,375 $2,868 4.85%
    Asian Indian 9 $2,085,000 $231,667 $2,441 4.46%
    American Indian 10 $1,490,000 $149,000 $18,028 4.75%
    Native Hawaiian or Islander 4 $620,000 $155,000 $3,363 5.34%
    Other Asian 3 $535,000 $178,333 $0 6.08%
    Not applicable 1 $205,000 $205,000 $0 0.00%
    Chinese 1 $155,000 $155,000 $2,563 3.50%
    Other Pacific Islander 1 $105,000 $105,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    86.53%

    Dfcu Financial has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.85%

    Dfcu Financial has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 921 $61,205,000 $66,455
    NA 1,943 $303,915,000 $156,415

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,864 $365,120,000 $127,486

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 525 $40,145,000 $76,467 $1,718 6.10%
    40-60% 373 $55,215,000 $148,029 $2,603 4.67%
    60-80% 738 $142,550,000 $193,157 $3,418 4.25%
    80-100% 476 $98,990,000 $207,962 $3,300 4.23%
    Under 20% 745 $27,045,000 $36,302 $315 6.49%