Advantage One Credit Union Mortgage Rates, Fees & Info

Brownstown Charter Township, MI

LEI: 549300WJVATE8FMFMR49

Tax ID: 38-1475121

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Mortgage Data

Review & Overview

Advantage One Credit Union is a smaller credit union specializing in Home Purchase loans. Advantage One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Monroe, Ann Arbor, Houghton, and Flint among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Advantage One Credit Union 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. Advantage One Credit Union 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
30 Year Conventional Purchase 6.60% 10/31/24
30 Year Conventional Refi 7.14% 10/31/24
30 Year Cash-out Refi 6.70% 10/31/24
15 Year Conventional Purchase 6.15% 10/31/24
15 Year Conventional Refi 6.08% 10/31/24
15 Year Cash-out Refi 6.08% 10/31/24
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.

Advantage One Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Advantage One Credit Union. 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

238

Origination Dollar Volume (All Markets)

$17,540,000

Awards

ADVANTAGE ONE Credit Union 30 Year Conventional Loans silver ADVANTAGE ONE Credit Union 30 Year Conventional Loans bronze
Show all (2) 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) 202 $14,390,000 $71,238 $1,009 4.87%
MONROE, MI (FHA|USDA|VA) 21 $1,575,000 $75,000 $987 5.61%
Outside of Metro Areas 6 $410,000 $68,333 $1,011 5.20%
ANN ARBOR, MI (FHA|USDA|VA) 2 $390,000 $195,000 $1,562 5.81%
Houghton, MI (FHA|USDA|VA) 1 $365,000 $365,000 $5,214 4.88%
FLINT, MI (FHA|USDA|VA) 4 $290,000 $72,500 $1,180 4.58%
Traverse City, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.49%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 2.99%
Advantage One Credit Union's top markets include Detroit, Monroe, Ann Arbor, Houghton, and Flint among others.

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

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

    St James Mortgage Corporation
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    ADVANTAGE ONE Credit Union
    Similarity Rank: 912

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 199 $15,345,000 $77,111 $1,027 4.90%
    HELOC 39 $2,195,000 $56,282 n/a 5.17%

    For 2022, Advantage One Credit Union's most frequently originated type of loan was Conventional, with 199 originations. Their 2nd most popular type was HELOC, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 83 $3,485,000 $41,988 $0 4.97%
    Other 71 $3,095,000 $43,592 $145 5.39%
    Home Purchase 34 $5,710,000 $167,941 $3,160 4.86%
    Refi 26 $1,930,000 $74,231 $1,538 4.42%
    Cash Out Refi 24 $3,320,000 $138,333 $2,270 4.21%

    For 2022, Advantage One Credit Union's most frequently cited loan purpose was Home Improvement, with 83 originations. The 2nd most popular reason was Other, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 71 $5,755,000 $81,056 $894 5.05%
    10 Year 49 $2,055,000 $41,939 $324 4.65%
    20 Year 44 $2,710,000 $61,591 $2,508 5.06%
    5 Year 39 $1,055,000 $27,051 $0 4.98%
    30 Year 35 $5,965,000 $170,429 $3,216 4.94%

    For 2022, Advantage One Credit Union's most frequently cited loan duration was 15 Year, with 71 originations. The 2nd most popular length was 10 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 195 $13,975,000 $71,667
    $3k-4k 3 $995,000 $331,667
    $2k-3k 1 $375,000 $375,000

    Advantage One Credit Union's average total fees were $3,216, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 195 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 59 $4,105,000 $69,576
    4-5% 58 $5,350,000 $92,241
    3-4% 55 $4,015,000 $73,000
    6-7% 32 $1,870,000 $58,438
    2.5-3% 18 $1,620,000 $90,000
    7-8% 12 $410,000 $34,167
    Over 8% 4 $170,000 $42,500

    During 2022, Advantage One Credit Union's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 5-6%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 184 $8,170,000 $44,402 $416 5.05%
    $100k-200k 39 $5,145,000 $131,923 $2,513 4.46%
    $200k-400k 15 $4,225,000 $281,667 $3,912 4.89%

    2022 saw Advantage One Credit Union place emphasis on $100,000 or less loans with 184 originations, totaling $8,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 63 $3,755,000 $59,603 $849 4.83%
    $75k-100k 52 $3,770,000 $72,500 $859 4.87%
    $100k-150k 45 $3,705,000 $82,333 $1,019 5.02%
    $50k or less 42 $2,540,000 $60,476 $1,216 5.16%
    $150k-250k 26 $2,620,000 $100,769 $1,368 4.98%
    $250k+ 5 $935,000 $187,000 $2,137 4.15%

    Advantage One Credit Union lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $75k-100k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 64 $5,370,000 $83,906 $1,143 4.58%
    30-36% 39 $2,445,000 $62,692 $861 5.34%
    <20% 26 $1,700,000 $65,385 $1,161 4.88%
    50-60% 16 $630,000 $39,375 $0 5.15%
    37% 13 $1,085,000 $83,462 $1,296 5.19%
    >60% 9 $415,000 $46,111 $0 4.88%
    38% 9 $785,000 $87,222 $1,219 5.60%
    41% 9 $1,015,000 $112,778 $1,818 4.88%
    36% 8 $590,000 $73,750 $845 5.12%
    42% 7 $585,000 $83,571 $1,472 4.95%
    43% 7 $645,000 $92,143 $1,278 5.31%
    40% 5 $525,000 $105,000 $1,732 5.08%
    45% 5 $355,000 $71,000 $1,285 4.56%
    48% 5 $385,000 $77,000 $1,400 4.63%
    46% 4 $220,000 $55,000 $1,617 4.44%
    47% 3 $185,000 $61,667 $858 4.62%
    44% 3 $205,000 $68,333 $1,306 5.30%
    49% 3 $275,000 $91,667 $0 4.56%
    39% 2 $40,000 $20,000 $0 5.37%

    Advantage One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 64 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 227 $16,665,000 $73,414 $1,043 4.93%
    Not provided 5 $475,000 $95,000 $761 5.05%
    Asian 2 $210,000 $105,000 $2,236 3.38%
    Black 2 $90,000 $45,000 $0 5.39%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 4.54%
    Other Asian 1 $45,000 $45,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    87.80%

    Advantage One Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.57%

    Advantage One Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 238 $17,540,000 $73,697

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    238 $17,540,000 $73,697

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $3,225,000 $58,636 $435 4.79%
    40-60% 19 $1,655,000 $87,105 $1,381 4.59%
    60-80% 35 $5,055,000 $144,429 $2,363 4.32%
    80-100% 24 $4,180,000 $174,167 $3,407 4.90%
    Under 20% 104 $3,280,000 $31,538 $49 5.30%