We compare mortgage interest rate and loan related closing costs at West Michigan Credit Union with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: lower than average (-$2080)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, West Michigan Credit Union originated 58 mortgages, a national market share of 0.0%. It was primarily active in MI, with a 0.0% market share.
On average, West Michigan Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).3The comparable mortgages control for West Michigan 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 county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $0, which was lower than those of comparable mortgages at $2080, with a difference of -$2080. Overall, we estimate that West Michigan Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.38% compared to comparable mortgages at other lenders.4Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with West Michigan Credit Union.
West Michigan Credit Union originated Conforming mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from West Michigan Credit Union compared to other lenders
|Interest Rate Difference||-0.08%|
|Loan related Closing Cost Difference||-$2080|
|Cost Adjusted Rate Difference||-0.38%|
Based on the table above, West Michigan Credit Union is cheap for Conforming purchase mortgages.
Other information about West Michigan Credit Union:
Regulator: National Credit Union Administration (NCUA)
Registered city and state: Grand Rapids, MI, 49504