United Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 2549004W2JKWS6P17T44

Tax ID: 38-1151910

5 stars - Updated: 11/11/24 - out of 5 stars, based on 17 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.19% 11/11/24
    30 Year Conventional Refi 6.94% 11/11/24
    30 Year Cash-out Refi 6.94% 11/11/24
    15 Year Conventional Purchase 5.62% 11/11/24
    15 Year Conventional Refi 6.03% 11/11/24
    15 Year Cash-out Refi 6.03% 11/11/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from United Bank Of Michigan. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    298

    Origination Dollar Volume (All Markets)

    $95,040,000
    Show all (6) awards

    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%
    United Bank Of Michigan's top markets include Grand Rapids, Holland, Kalamazoo, Muskegon, and Lansing among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    Macatawa Bank
    Similarity Rank: 210
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 253
    PFCU
    Similarity Rank: 400
    Isabella Bank
    Similarity Rank: 400
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 462
    AAC Credit Union
    Similarity Rank: 488
    MICHIGAN ONE COMMUNITY Credit Union
    Similarity Rank: 528
    Community West Credit Union
    Similarity Rank: 552

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $56,165,000 $320,943 $2,317 6.46%
    Home Improvement 36 $2,990,000 $83,056 $779 7.57%
    Refi 31 $30,115,000 $971,452 $1,314 7.02%
    Other 29 $2,185,000 $75,345 $1,091 7.84%
    Cash Out Refi 27 $3,585,000 $132,778 $1,861 7.19%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 167 $45,895,000 $274,820 $2,408 6.49%
    15 Year 64 $6,990,000 $109,219 $1,210 7.47%
    10 Year 28 $1,990,000 $71,071 $681 7.44%
    Other 20 $31,110,000 $1,555,500 $551 6.83%
    5 Year 19 $9,055,000 $476,579 $471 7.08%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 173 $26,295,000 $151,994
    $1k-2k 22 $4,870,000 $221,364
    $2k-3k 14 $3,250,000 $232,143
    $3k-4k 7 $2,025,000 $289,286
    $4k-5k 2 $740,000 $370,000
    $5k+ 1 $1,025,000 $1,025,000

    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

    Loan Rate Originations Total Value Average Loan
    7-8% 114 $34,070,000 $298,860
    6-7% 92 $28,110,000 $305,543
    5-6% 49 $24,835,000 $506,837
    Over 8% 27 $2,415,000 $89,444
    4-5% 11 $3,885,000 $353,182
    3-4% 4 $1,060,000 $265,000
    2.5-3% 1 $665,000 $665,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 96 $5,160,000 $53,750 $864 7.56%
    $200k-400k 85 $24,365,000 $286,647 $2,300 6.37%
    $100k-200k 67 $9,755,000 $145,597 $2,229 6.80%
    $400k-600k 30 $14,410,000 $480,333 $2,777 6.39%
    $1MM+ 13 $35,565,000 $2,735,769 $10,446 6.55%
    $600k-1MM 7 $5,785,000 $826,429 $2,400 6.05%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 72 $9,420,000 $130,833 $1,670 6.92%
    $75k-100k 53 $10,445,000 $197,075 $1,762 6.60%
    $100k-150k 49 $10,495,000 $214,184 $1,854 6.98%
    $150k-250k 32 $7,290,000 $227,813 $1,875 6.79%
    $50k or less 27 $2,335,000 $86,481 $1,469 7.19%
    $250k+ 23 $12,525,000 $544,565 $3,724 6.41%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 61 $11,615,000 $190,410 $1,656 6.85%
    20-30% 57 $12,325,000 $216,228 $1,647 6.68%
    <20% 23 $5,115,000 $222,391 $3,102 6.86%
    38% 15 $3,215,000 $214,333 $1,570 6.63%
    42% 15 $3,925,000 $261,667 $2,251 6.76%
    41% 14 $2,870,000 $205,000 $1,808 6.73%
    40% 13 $1,215,000 $93,462 $1,217 7.43%
    43% 13 $2,155,000 $165,769 $2,047 7.20%
    37% 11 $2,285,000 $207,727 $1,392 7.21%
    36% 10 $1,400,000 $140,000 $1,241 7.11%
    39% 9 $1,845,000 $205,000 $1,734 6.80%
    49% 5 $1,105,000 $221,000 $2,456 7.03%
    46% 5 $1,395,000 $279,000 $2,078 6.82%
    48% 4 $1,280,000 $320,000 $1,113 6.09%
    45% 4 $940,000 $235,000 $2,777 6.69%
    44% 3 $725,000 $241,667 $4,579 7.04%
    50-60% 2 $820,000 $410,000 $2,372 6.44%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 229 $45,805,000 $200,022 $1,901 6.81%
    Not applicable 32 $40,360,000 $1,261,250 $0 6.87%
    Not provided 29 $8,045,000 $277,414 $1,721 6.90%
    Asian 3 $475,000 $158,333 $1,926 7.08%
    Black 5 $355,000 $71,000 $844 7.99%

    Approval Rates

    Total approvals of all applications
    82.04%

    United Bank Of Michigan has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.81%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    298 $95,040,000 $318,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $4,855,000 $118,415 $1,158 7.29%
    40-60% 42 $15,060,000 $358,571 $2,059 6.39%
    60-80% 100 $49,270,000 $492,700 $2,233 6.52%
    80-100% 51 $14,265,000 $279,706 $2,726 6.64%
    Over 100% 6 $8,620,000 $1,436,667 $0 6.67%
    Under 20% 58 $2,970,000 $51,207 $947 7.65%