Lake Trust Credit Union Mortgage Rates, Fees & Info
Brighton, MILEI: 254900RQGXH1N2N6D695
Tax ID: 38-1250516
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Mortgage Data
Review & Overview
Lake Trust Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Lake Trust Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Lansing, Ann Arbor, Grand Rapids, and Jackson among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)Lake Trust Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 6.08% | 11/17/24 |
| 15 Year Cash-out Refi | 6.08% | 11/17/24 |
| 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. | ||
Lake Trust Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
470Origination Dollar Volume (All Markets)
$27,240,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 163 | $9,415,000 | $57,761 | $626 | 8.40% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 118 | $6,680,000 | $56,610 | $639 | 8.10% |
| ANN ARBOR, MI (FHA|USDA|VA) | 47 | $2,885,000 | $61,383 | $540 | 8.35% |
| Outside of Metro Areas | 44 | $2,550,000 | $57,955 | $664 | 8.02% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 33 | $1,925,000 | $58,333 | $674 | 8.06% |
| JACKSON, MI (FHA|USDA|VA) | 11 | $815,000 | $74,091 | $768 | 7.91% |
| MONROE, MI (FHA|USDA|VA) | 7 | $465,000 | $66,429 | $763 | 8.31% |
| Mount Pleasant, MI (FHA|USDA|VA) | 7 | $445,000 | $63,571 | $771 | 7.66% |
| Adrian, MI (FHA|USDA|VA) | 7 | $375,000 | $53,571 | $733 | 9.13% |
| MUSKEGON, MI (FHA|USDA|VA) | 7 | $275,000 | $39,286 | $740 | 7.35% |
| Big Rapids, MI (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $607 | 8.30% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $869 | 7.29% |
| Holland, MI (FHA|USDA|VA) | 4 | $210,000 | $52,500 | $939 | 7.67% |
| Traverse City, MI (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $1,493 | 8.34% |
| FLINT, MI (FHA|USDA|VA) | 5 | $185,000 | $37,000 | $648 | 8.55% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,019 | 5.64% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $711 | 5.66% |
| NILES, MI (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $1,036 | 8.05% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $286 | 8.60% |
| Alma, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $441 | 6.50% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $811 | 8.39% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $445 | 5.90% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 345 | $19,735,000 | $57,203 | $655 | 8.27% |
| HELOC | 125 | $7,505,000 | $60,040 | n/a | 7.98% |
For 2023, Lake Trust Credit Union's most frequently originated type of loan was Conventional, with 345 originations. Their 2nd most popular type was HELOC, with 125 originations.
Loan Reason
For 2023, Lake Trust Credit Union's most frequently cited loan purpose was Home Improvement, with 235 originations. The 2nd most popular reason was Other, with 151 originations.
Loan Duration/Length
For 2023, Lake Trust Credit Union's most frequently cited loan duration was 15 Year, with 253 originations. The 2nd most popular length was 20 Year, with 115 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 302 | $16,300,000 | $53,974 |
| 7-8% | 104 | $5,590,000 | $53,750 |
| 6-7% | 45 | $4,035,000 | $89,667 |
| 5-6% | 18 | $1,280,000 | $71,111 |
| 4-5% | 1 | $35,000 | $35,000 |
During 2023, Lake Trust Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 302 originations.
Loan Sizing
2023 saw Lake Trust Credit Union place emphasis on $100,000 or less loans with 423 originations, totaling $19,795,000 in origination value.
Applicant Income
Lake Trust Credit Union lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $150k-250k, with 100 originations.
Applicant Debt to Income Ratio
Lake Trust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 117 originations. The next most common DTI ratio? 30-36%, with 112 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications51.10%
Lake Trust Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination95.96%
Lake Trust Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 470 | $27,240,000 | $57,957 |