United Bank Of Michigan Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 2549004W2JKWS6P17T44
Tax ID: 38-1151910
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Mortgage Data
Review & Overview
United Bank Of Michigan is a smaller bank specializing in Home Purchase and Refi loans. United Bank Of Michigan has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Kalamazoo, Muskegon, and Lansing among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)United Bank Of Michigan has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. United Bank Of Michigan 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 relatively high 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 | 6.19% | 12/4/24 |
30 Year Conventional Refi | 6.94% | 12/4/24 |
30 Year Cash-out Refi | 6.94% | 12/4/24 |
15 Year Conventional Purchase | 5.62% | 12/4/24 |
15 Year Conventional Refi | 6.03% | 12/4/24 |
15 Year Cash-out Refi | 6.03% | 12/4/24 |
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. |
United Bank Of Michigan Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
298Origination Dollar Volume (All Markets)
$95,040,000United Bank of Michigan - 2023
United Bank of Michigan is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
United Bank Of Michigan's average 30 year fixed mortgage rate was
6.49%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.01%.
Relative Fees (Closing Costs)
United Bank Of Michigan's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,408.
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 $9,089.
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) | 149 | $51,525,000 | $345,805 | $1,929 | 6.73% |
Holland, MI (FHA|USDA|VA) | 94 | $20,250,000 | $215,426 | $1,593 | 6.93% |
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 9 | $10,415,000 | $1,157,222 | $2,403 | 6.46% |
Outside of Metro Areas | 23 | $5,365,000 | $233,261 | $2,081 | 6.98% |
MUSKEGON, MI (FHA|USDA|VA) | 8 | $5,030,000 | $628,750 | $4,126 | 7.29% |
LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $1,463 | 7.00% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,059 | 7.25% |
Big Rapids, MI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $636 | 6.75% |
BATTLE CREEK, MI (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $2,165 | 7.96% |
Ludington, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,552 | 5.75% |
Traverse City, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,357 | 7.56% |
Sturgis, MI (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $1,921 | 7.62% |
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,259 | 7.63% |
NILES, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,633 | 7.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against United Bank of Michigan based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 130
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 298 | $95,040,000 | $318,926 | $1,859 | 6.85% |
For 2023, United Bank Of Michigan's most frequently originated type of loan was Conventional, with 298 originations.
Loan Reason
For 2023, United Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Home Improvement, with 36 originations.
Loan Duration/Length
For 2023, United Bank Of Michigan's most frequently cited loan duration was 30 Year, with 167 originations. The 2nd most popular length was 15 Year, with 64 originations.
Origination Fees/Closing Costs
United Bank Of Michigan's average total fees were $2,408, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 173 originations.
Interest Rates
During 2023, United Bank Of Michigan's average interest rate for loans was 6.49%, while their most frequently originated rate bucket for loans was 7-8%, with 114 originations.
Loan Sizing
2023 saw United Bank Of Michigan place emphasis on $100,000 or less loans with 96 originations, totaling $5,160,000 in origination value.
Applicant Income
United Bank Of Michigan lent most frequently to those with incomes in the $50k-75k range, with 72 originations. The second most popular income band? $75k-100k, with 53 originations.
Applicant Debt to Income Ratio
United Bank Of Michigan lent most frequently to those with DTI ratios of 30-36%, with 61 originations. The next most common DTI ratio? 20-30%, with 57 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.04%
United Bank Of Michigan has a below average approval rate.
Pick Rate
Approvals leading to origination71.81%
United Bank Of Michigan has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 298 | $95,040,000 | $318,926 |