United Bank Of Michigan Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 2549004W2JKWS6P17T44

Tax ID: 38-1151910

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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, Detroit, Lansing, and Tampa among others. We have data for 16 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 about average 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% 4/28/24
    30 Year Conventional Refi 6.94% 4/28/24
    30 Year Cash-out Refi 6.94% 4/28/24
    15 Year Conventional Purchase 5.62% 4/28/24
    15 Year Conventional Refi 6.03% 4/28/24
    15 Year Cash-out Refi 6.03% 4/28/24
    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

    434

    Origination Dollar Volume (All Markets)

    $125,240,000
    Show all (5) awards

    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) 233 $79,335,000 $340,494 $2,257 4.59%
    Holland, MI (FHA|USDA|VA) 117 $24,465,000 $209,103 $2,027 5.08%
    Outside of Metro Areas 44 $8,360,000 $190,000 $2,078 5.07%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $5,975,000 $1,991,667 $0 4.70%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $1,625,000 $232,143 $2,131 4.43%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,050,000 $525,000 $5,464 4.31%
    MUSKEGON, MI (FHA|USDA|VA) 13 $935,000 $71,923 $2,159 6.41%
    Ludington, MI (FHA|USDA|VA) 1 $605,000 $605,000 $0 5.70%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $585,000 $195,000 $2,810 4.87%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $525,000 $525,000 $3,977 3.25%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $430,000 $215,000 $2,432 4.81%
    Big Rapids, MI (FHA|USDA|VA) 2 $410,000 $205,000 $1,724 5.44%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $330,000 $165,000 $2,236 3.16%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,292 5.00%
    Cadillac, MI (FHA|USDA|VA) 2 $240,000 $120,000 $1,661 4.94%
    Coldwater, MI (FHA|USDA|VA) 1 $65,000 $65,000 $1,344 5.25%
    United Bank Of Michigan's top markets include Grand Rapids, Holland, Detroit, Lansing, and Tampa 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.

    RIVER VALLEY CREDIT UNION
    Similarity Rank: 318
    OAK MORTGAGE, LLC
    Similarity Rank: 384
    Macatawa Bank
    Similarity Rank: 396
    Honor Credit Union
    Similarity Rank: 549
    Adventure Credit Union
    Similarity Rank: 560
    Community West Credit Union
    Similarity Rank: 600
    PFCU
    Similarity Rank: 756
    PREFERRED CREDIT UNION
    Similarity Rank: 840
    Isabella Bank
    Similarity Rank: 860
    AAC Credit Union
    Similarity Rank: 930

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 434 $125,240,000 $288,571 $2,187 4.83%

    For 2022, United Bank Of Michigan's most frequently originated type of loan was Conventional, with 434 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 222 $69,010,000 $310,856 $2,515 4.83%
    Refi 80 $36,050,000 $450,625 $2,274 4.27%
    Cash Out Refi 60 $12,810,000 $213,500 $2,199 4.73%
    Home Improvement 51 $5,495,000 $107,745 $1,237 5.61%
    Other 21 $1,875,000 $89,286 $1,134 5.36%

    For 2022, United Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 222 originations. The 2nd most popular reason was Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 247 $62,665,000 $253,704 $2,540 4.99%
    10 Year 63 $23,065,000 $366,111 $642 5.30%
    15 Year 57 $13,595,000 $238,509 $2,217 3.85%
    Other 48 $23,470,000 $488,958 $567 4.57%
    20 Year 15 $2,175,000 $145,000 $2,089 4.65%
    5 Year 4 $270,000 $67,500 $503 5.31%

    For 2022, United Bank Of Michigan's most frequently cited loan duration was 30 Year, with 247 originations. The 2nd most popular length was 10 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 227 $43,265,000 $190,595
    $1k-2k 65 $12,555,000 $193,154
    $2k-3k 22 $4,840,000 $220,000
    $3k-4k 8 $3,030,000 $378,750
    $5k+ 5 $1,905,000 $381,000
    $4k-5k 2 $620,000 $310,000

    United Bank Of Michigan's average total fees were $2,540, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 227 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 130 $50,460,000 $388,154
    5-6% 119 $24,375,000 $204,832
    4-5% 88 $33,250,000 $377,841
    6-7% 55 $8,315,000 $151,182
    7-8% 20 $3,090,000 $154,500
    2.5-3% 14 $3,230,000 $230,714
    <2.5% 8 $2,520,000 $315,000

    During 2022, United Bank Of Michigan's average interest rate for loans was 4.99%, while their most frequently originated rate bucket for loans was 3-4%, with 130 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 135 $37,015,000 $274,185 $2,437 4.71%
    $100k-200k 126 $19,350,000 $153,571 $2,256 4.80%
    $100,000 or less 97 $5,435,000 $56,031 $1,283 5.47%
    $400k-600k 46 $21,850,000 $475,000 $3,095 4.37%
    $600k-1MM 18 $12,790,000 $710,556 $3,118 4.08%
    $1MM+ 12 $28,800,000 $2,400,000 $7,587 4.20%

    2022 saw United Bank Of Michigan place emphasis on $200k-400k loans with 135 originations, totaling $37,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 88 $14,980,000 $170,227 $1,980 4.75%
    $75k-100k 68 $14,850,000 $218,382 $2,172 4.95%
    $100k-150k 65 $16,065,000 $247,154 $2,034 4.95%
    $150k-250k 60 $17,300,000 $288,333 $2,502 4.85%
    $50k or less 60 $7,220,000 $120,333 $2,012 5.04%
    $250k+ 26 $10,670,000 $410,385 $3,124 4.73%

    United Bank Of Michigan lent most frequently to those with incomes in the $50k-75k range, with 88 originations. The second most popular income band? $75k-100k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 82 $16,440,000 $200,488 $2,177 4.85%
    20-30% 71 $13,405,000 $188,803 $1,924 4.68%
    <20% 29 $7,565,000 $260,862 $2,398 4.34%
    41% 24 $5,740,000 $239,167 $2,153 5.32%
    37% 19 $3,455,000 $181,842 $1,840 4.93%
    42% 17 $3,495,000 $205,588 $1,954 5.41%
    43% 16 $2,920,000 $182,500 $1,994 4.68%
    40% 15 $2,695,000 $179,667 $1,845 4.98%
    38% 14 $3,070,000 $219,286 $2,361 5.63%
    44% 14 $3,520,000 $251,429 $2,495 4.90%
    39% 13 $1,995,000 $153,462 $2,106 5.61%
    36% 11 $2,355,000 $214,091 $2,147 4.73%
    45% 10 $2,530,000 $253,000 $2,568 4.61%
    48% 10 $3,280,000 $328,000 $2,676 4.13%
    47% 9 $2,935,000 $326,111 $2,386 5.63%
    46% 9 $2,475,000 $275,000 $2,059 4.94%
    50-60% 6 $1,650,000 $275,000 $4,223 6.08%
    49% 5 $1,665,000 $333,000 $2,452 4.30%
    >60% 3 $1,385,000 $461,667 $4,028 5.25%

    United Bank Of Michigan lent most frequently to those with DTI ratios of 30-36%, with 82 originations. The next most common DTI ratio? 20-30%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 325 $70,915,000 $218,200 $2,150 4.92%
    Not applicable 57 $42,665,000 $748,509 $0 4.36%
    Not provided 43 $10,125,000 $235,465 $2,344 4.70%
    American Indian 5 $885,000 $177,000 $2,215 5.15%
    Black 4 $650,000 $162,500 $3,377 4.78%

    Approval Rates

    Total approvals of all applications
    84.78%

    United Bank Of Michigan has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    57.60%

    United Bank Of Michigan has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 434 $125,240,000 $288,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    434 $125,240,000 $288,571

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $10,635,000 $200,660 $1,739 4.74%
    40-60% 66 $14,100,000 $213,636 $2,017 4.32%
    60-80% 180 $69,510,000 $386,167 $2,503 4.77%
    80-100% 82 $24,740,000 $301,707 $2,922 5.00%
    Over 100% 6 $4,000,000 $666,667 $0 4.71%
    Under 20% 46 $1,960,000 $42,609 $709 5.66%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    UNITED COMMUNITY BANK Conventional home mortgage Closing on a mortgage 1 100.0%