Advantage One Credit Union Mortgage Rates, Fees & Info

Brownstown Charter Township, MI

LEI: 549300WJVATE8FMFMR49

Tax ID: 38-1475121

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
  • Complaints
  • 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

    Advantage One Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Advantage One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Monroe, Flint, Ann Arbor, and Hillsdale among others. We have data for 9 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% 5/13/24
    30 Year Conventional Refi 7.14% 5/13/24
    30 Year Cash-out Refi 6.70% 5/13/24
    15 Year Conventional Purchase 6.15% 5/13/24
    15 Year Conventional Refi 6.08% 5/13/24
    15 Year Cash-out Refi 6.08% 5/13/24
    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

    313

    Origination Dollar Volume (All Markets)

    $30,785,000

    Awards

    ADVANTAGE ONE Credit Union 30 Year Conventional Loans bronze
    Show all (1) 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) 270 $24,990,000 $92,556 $1,739 3.60%
    MONROE, MI (FHA|USDA|VA) 20 $2,770,000 $138,500 $2,724 3.66%
    FLINT, MI (FHA|USDA|VA) 9 $905,000 $100,556 $2,530 3.33%
    ANN ARBOR, MI (FHA|USDA|VA) 4 $820,000 $205,000 $2,893 2.69%
    Outside of Metro Areas 6 $820,000 $136,667 $2,107 3.69%
    Hillsdale, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,929 2.25%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $135,000 $135,000 $4,081 2.88%
    SAGINAW, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,616 3.13%
    Big Rapids, MI (FHA|USDA|VA) 1 $35,000 $35,000 $2,356 2.00%
    Advantage One Credit Union's top markets include Detroit, Monroe, Flint, Ann Arbor, and Hillsdale 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.

    Polish-American Federal Credit Union
    Similarity Rank: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    T&I Credit union
    Similarity Rank: 618
    Extra
    Similarity Rank: 1024
    Zeal Credit Union
    Similarity Rank: 1078
    SECURITY CREDIT UNION
    Similarity Rank: 1080
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1305
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 1603
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 2000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 276 $29,140,000 $105,580 $1,865 3.39%
    HELOC 37 $1,645,000 $44,459 n/a 4.89%

    For 2021, Advantage One Credit Union's most frequently originated type of loan was Conventional, with 276 originations. Their 2nd most popular type was HELOC, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 90 $10,330,000 $114,778 $2,184 2.92%
    Cash Out Refi 70 $8,620,000 $123,143 $2,549 3.01%
    Home Improvement 56 $2,100,000 $37,500 $0 4.53%
    Other 52 $2,490,000 $47,885 $0 4.74%
    Home Purchase 45 $7,245,000 $161,000 $3,209 3.19%

    For 2021, Advantage One Credit Union's most frequently cited loan purpose was Refi, with 90 originations. The 2nd most popular reason was Cash Out Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 95 $14,655,000 $154,263 $2,956 3.14%
    15 Year 83 $7,415,000 $89,337 $1,602 3.33%
    20 Year 60 $4,720,000 $78,667 $2,430 4.16%
    10 Year 58 $3,560,000 $61,379 $745 3.95%
    5 Year 17 $435,000 $25,588 $0 3.70%

    For 2021, Advantage One Credit Union's most frequently cited loan duration was 30 Year, with 95 originations. The 2nd most popular length was 15 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 267 $27,375,000 $102,528
    $1k-2k 5 $905,000 $181,000
    $2k-3k 1 $265,000 $265,000
    $4k-5k 1 $355,000 $355,000
    $5k+ 1 $235,000 $235,000

    Advantage One Credit Union's average total fees were $2,956, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 267 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 116 $12,320,000 $106,207
    2.5-3% 86 $10,510,000 $122,209
    <2.5% 45 $4,885,000 $108,556
    4-5% 40 $2,010,000 $50,250
    5-6% 16 $640,000 $40,000
    6-7% 6 $210,000 $35,000
    7-8% 4 $210,000 $52,500

    During 2021, Advantage One Credit Union's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 187 $10,125,000 $54,144 $1,092 3.95%
    $100k-200k 98 $13,200,000 $134,694 $2,424 2.98%
    $200k-400k 28 $7,460,000 $266,429 $4,069 3.10%

    2021 saw Advantage One Credit Union place emphasis on $100,000 or less loans with 187 originations, totaling $10,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 86 $8,180,000 $95,116 $2,016 3.38%
    $50k or less 78 $5,470,000 $70,128 $1,603 3.55%
    $100k-150k 61 $6,485,000 $106,311 $1,691 3.69%
    $75k-100k 57 $6,335,000 $111,140 $1,885 3.72%
    $150k-250k 25 $3,665,000 $146,600 $2,475 3.61%
    $250k+ 2 $460,000 $230,000 $3,060 3.38%

    Advantage One Credit Union lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $50k or less, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 101 $10,825,000 $107,178 $2,138 3.28%
    30-36% 51 $5,775,000 $113,235 $2,368 3.37%
    <20% 33 $3,045,000 $92,273 $1,627 3.66%
    50-60% 18 $1,280,000 $71,111 $386 4.41%
    44% 11 $845,000 $76,818 $1,961 3.96%
    39% 10 $950,000 $95,000 $1,775 4.01%
    48% 10 $1,130,000 $113,000 $1,972 3.23%
    41% 9 $705,000 $78,333 $871 4.37%
    37% 9 $925,000 $102,778 $1,459 3.81%
    38% 8 $710,000 $88,750 $2,023 3.67%
    43% 8 $530,000 $66,250 $1,351 4.06%
    36% 8 $740,000 $92,500 $1,804 3.03%
    45% 8 $750,000 $93,750 $1,886 3.31%
    >60% 7 $415,000 $59,286 $412 4.66%
    42% 7 $675,000 $96,429 $1,732 3.48%
    46% 6 $510,000 $85,000 $1,976 3.69%
    40% 4 $450,000 $112,500 $1,361 3.71%
    47% 2 $150,000 $75,000 $2,792 4.31%
    49% 2 $290,000 $145,000 $3,163 3.38%

    Advantage One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 101 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 290 $28,990,000 $99,966 $1,893 3.52%
    Black 7 $655,000 $93,571 $1,423 4.40%
    Not provided 10 $650,000 $65,000 $1,622 4.01%
    Asian 1 $225,000 $225,000 $2,494 3.25%
    Other Pacific Islander 3 $155,000 $51,667 $0 5.28%
    American Indian 2 $110,000 $55,000 $1,271 3.43%

    Approval Rates

    Total approvals of all applications
    88.44%

    Advantage One Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.64%

    Advantage One Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 313 $30,785,000 $98,355

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    313 $30,785,000 $98,355

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 61 $3,375,000 $55,328 $713 4.33%
    40-60% 62 $6,130,000 $98,871 $1,958 3.14%
    60-80% 88 $12,600,000 $143,182 $2,517 2.97%
    80-100% 42 $6,740,000 $160,476 $3,467 3.29%
    Under 20% 59 $1,855,000 $31,441 $96 4.35%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Advantage Credit, Inc. Conventional home mortgage Trouble during payment process 1 100.0%