Advantage One Credit Union Mortgage Rates, Fees & Info
Brownstown Charter Township, MILEI: 549300WJVATE8FMFMR49
Tax ID: 38-1475121
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Mortgage Data
Review & Overview
Advantage One Credit Union is a smaller credit union specializing in Other loans. Advantage One Credit Union has an average proportion of conventional loans. Their top two markets are Detroit and Jackson .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.
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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.60% | 12/16/24 |
| 30 Year Conventional Refi | 7.14% | 12/16/24 |
| 30 Year Cash-out Refi | 6.70% | 12/16/24 |
| 15 Year Conventional Purchase | 6.15% | 12/16/24 |
| 15 Year Conventional Refi | 6.08% | 12/16/24 |
| 15 Year Cash-out Refi | 6.08% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
56Origination Dollar Volume (All Markets)
$2,530,000Top 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) | 55 | $2,505,000 | $45,545 | $240 | 5.51% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
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.
Similarity Rank: 32
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Similarity Rank: 700
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 48 | $2,330,000 | $48,542 | n/a | 5.34% |
| Conventional | 8 | $200,000 | $25,000 | $240 | 6.47% |
For 2018, Advantage One Credit Union's most frequently originated type of loan was HELOC, with 48 originations. Their 2nd most popular type was Conventional, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 54 | $2,490,000 | $46,111 | $240 | 5.53% |
| Home Improvement | 2 | $40,000 | $20,000 | $0 | 4.88% |
For 2018, Advantage One Credit Union's most frequently cited loan purpose was Other, with 54 originations. The 2nd most popular reason was Home Improvement, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 42 | $2,040,000 | $48,571 | $0 | 4.89% |
| 10 Year | 8 | $290,000 | $36,250 | $240 | 6.68% |
| 15 Year | 6 | $200,000 | $33,333 | $0 | 8.21% |
For 2018, Advantage One Credit Union's most frequently cited loan duration was Other, with 42 originations. The 2nd most popular length was 10 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 36 | $1,640,000 | $45,556 |
| 5-6% | 8 | $510,000 | $63,750 |
| 7-8% | 6 | $190,000 | $31,667 |
| 6-7% | 4 | $150,000 | $37,500 |
| Over 8% | 2 | $40,000 | $20,000 |
During 2018, Advantage One Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 53 | $2,145,000 | $40,472 | $240 | 5.54% |
| $100k-200k | 3 | $385,000 | $128,333 | $0 | 4.92% |
2018 saw Advantage One Credit Union place emphasis on $100,000 or less loans with 53 originations, totaling $2,145,000 in origination value.
Applicant Income
Advantage One Credit Union lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $50k-75k, with 16 originations.
Applicant Debt to Income Ratio
Advantage One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 54 | $2,350,000 | $43,519 | $0 | 5.48% |
| Not provided | 1 | $125,000 | $125,000 | $0 | 5.00% |
| Black | 1 | $55,000 | $55,000 | $240 | 7.24% |
Approval Rates
Total approvals of all applications72.73%
Advantage One Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination71.43%
Advantage One Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 56 | $2,530,000 | $45,179 |