Frankenmuth Credit Union Mortgage Interest Rate and Cost Review

Is Frankenmuth Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Frankenmuth Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.11%)
Loan Related Closing Costssimilar to average (+$49)
National Rate and Closing Cost Rating(4.0)
Websitehttps://frankenmuthcu.org

On average, Frankenmuth Credit Union’s interest rates were lower than those of other lenders (-0.11%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of +$49. Overall, combining interest rates and closing costs we estimate that Frankenmuth Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Frankenmuth Credit Union’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Frankenmuth Credit Union was most active in:

  1. Midland, MI
  2. Mayville, MI
  3. Lansing, MI
  4. Sterling Heights, MI
  5. Prudenville, MI

Furthermore, Frankenmuth Credit Union is our top ranked mortgage lender in terms of interest rate and closing costs in Mayville, MI, overall.

You can click through to check out Frankenmuth Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Frankenmuth Credit Union’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Frankenmuth Credit Union originated Conforming, Jumbo and USDA mortgages for new home purchases. It also originated Conforming and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingJumboUSDA
Interest Rate Difference-0.02%-0.00%-0.02%
Loan Related Closing Cost Difference+$154-$1-$159
Cost Adjusted Rate Difference-0.00%-0.00%-0.05%
Star Rating(3.5)(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.25%+0.01%
Loan Related Closing Cost Difference-$35-$9
Cost Adjusted Rate Difference-0.26%+0.01%
Star Rating(5.0)(3.5)

As a summary, Frankenmuth Credit Union is similar to other lenders for Conforming, Jumbo and USDA purchase mortgages. For refinancing mortgages, Frankenmuth Credit Union is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Frankenmuth Credit Union:

Registered name: Frankenmuth Credit Union
Registered city and state: Frankenmuth, MI, 48734
Regulator: National Credit Union Administration (NCUA)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Frankenmuth Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.