We compare mortgage interest rate and loan related closing costs at Michigan Educational Credit Union with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.12%)
Loan Related Closing Costs: similar to average (-$69)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Michigan Educational Credit Union originated 169 mortgages, a national market share of 0.0%. It was most active in MI (0.1% market share), NC (0.0% market share), and OH (0.0% market share).
On average, Michigan Educational Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.12%).1The comparable mortgages control for Michigan Educational 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 $2964, which was similar to those of comparable mortgages at $3033, with a difference of -$69. Overall, we estimate that Michigan Educational Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.13% compared to comparable mortgages at other lenders.2Cost 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 Michigan Educational Credit Union.
Michigan Educational Credit Union originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. 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 Michigan Educational Credit Union compared to other lenders
|Interest Rate Difference||-0.11%|
|Loan related Closing Cost Difference||+$54|
|Cost Adjusted Rate Difference||-0.10%|
Based on the table above, Michigan Educational Credit Union is cheap for Conforming purchase mortgages.
Mortgage Refinancing from Michigan Educational Credit Union compared to other lenders
|Interest Rate Difference||-0.13%|
|Loan Related Closing Cost Difference||-$236|
|Cost Adjusted Rate Difference||-0.16%|
Based on the table above, Michigan Educational Credit Union is cheap for Conforming mortgage refinance.
Other information about Michigan Educational Credit Union:
Regulator: National Credit Union Administration (NCUA)
Registered city and state: PLYMOUTH, MI, 48170