Consumers Credit Union Michigan Mortgage Interest Rate and Cost Review

Is Consumers Credit Union Michigan a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Consumers Credit Union Michigan to those of other lenders for a comparable set of borrowers. Here is our review of Consumers Credit Union Michigan nationally:

Review ItemConsumers Credit Union Michigan
Interest Ratehigher than other lenders (+0.14%)
Loan Related Closing Costssimilar to other lenders (-$118)
National Rate and Closing Cost Star Rating(3)

On average, Consumers Credit Union Michigan’s interest rates were higher than those of other lenders (+0.14%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$118. Overall, combining interest rates and closing costs we estimate that Consumers Credit Union Michigan tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 3 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Consumers Credit Union Michigan, its website is located at: https://www.consumerscu.org.

Consumers Credit Union Michigan’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Consumers Credit Union Michigan was most active in:

  1. Portage, MI
  2. Grand Rapids, MI
  3. South Bend, IN
  4. Big Rapids, MI
  5. Sterling Heights, MI

Consumers Credit Union Michigan’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Consumers Credit Union Michigan originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference+0.09%-0.16%+0.04%-0.05%
Loan Related Closing Cost Difference+$95-$190+$42+$25
Cost Adjusted Rate Difference+0.11%-0.18%+0.04%-0.05%
National Star Rating(3)(4.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference+0.23%-0.01%+0.02%-0.01%
Loan Related Closing Cost Difference-$417-$29+$8-$19
Cost Adjusted Rate Difference+0.14%-0.01%+0.02%-0.01%
Average Star Rating(3)(3.5)(3.5)(3.5)

As a summary, Consumers Credit Union Michigan is cheap for FHA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing, Consumers Credit Union Michigan is similar to other lenders for FHA, Jumbo and VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Consumers Credit Union Michigan:

Registered name: Consumers Credit Union
Registered city and state: OSHTEMO, MI, 49077
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 Consumers Credit Union Michigan’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.