River Valley Credit Union Mortgage Rates, Fees & Info
Ada, MILEI: 549300YSHLM42Y6DYI34
Tax ID: 38-6119310
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Mortgage Data
Review & Overview
River Valley Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. River Valley Credit Union has a high proportion of conventional loans. Their top two markets are Grand Rapids and Lansing .River Valley Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. River Valley 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.49% | 4/5/25 |
| 15 Year Conventional Purchase | 6.21% | 4/5/25 |
| 15 Year Conventional Refi | 5.93% | 4/5/25 |
| 15 Year Cash-out Refi | 5.93% | 4/5/25 |
| 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. | ||
River Valley Credit Union Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from River Valley Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
45Origination Dollar Volume (All Markets)
$3,995,000Relative Rate
River Valley Credit Union's average 30 year fixed mortgage rate was
6.13%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.43%.
Relative Fees (Closing Costs)
River Valley Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,049.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 41 | $3,745,000 | $91,341 | $1,084 | 7.56% |
| Outside of Metro Areas | 3 | $205,000 | $68,333 | $526 | 7.90% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $218 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against RIVER VALLEY CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 64
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Similarity Rank: 1071
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $3,995,000 | $88,778 | $1,028 | 7.55% |
For 2024, River Valley Credit Union's most frequently originated type of loan was Conventional, with 45 originations.
Loan Reason
For 2024, River Valley Credit Union's most frequently cited loan purpose was Home Improvement, with 11 originations. The 2nd most popular reason was Other, with 11 originations.
Loan Duration/Length
For 2024, River Valley Credit Union's most frequently cited loan duration was 10 Year, with 31 originations. The 2nd most popular length was 5 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6 | $1,470,000 | $245,000 |
| $2k-3k | 2 | $370,000 | $185,000 |
River Valley Credit Union's average total fees were $5,049, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 17 | $895,000 | $52,647 |
| 7-8% | 14 | $810,000 | $57,857 |
| 6-7% | 11 | $1,505,000 | $136,818 |
| 5-6% | 3 | $785,000 | $261,667 |
During 2024, River Valley Credit Union's average interest rate for loans was 6.13%, while their most frequently originated rate bucket for loans was Over 8%, with 17 originations.
Loan Sizing
2024 saw River Valley Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,650,000 in origination value.
Applicant Income
River Valley Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $150k-250k, with 11 originations.
Applicant Debt to Income Ratio
River Valley Credit Union lent most frequently to those with DTI ratios of 30-36%, with 10 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.74%
River Valley Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.11%
River Valley Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $3,995,000 | $88,778 |