Lake Trust Credit Union Mortgage Rates, Fees & Info

Brighton, MI

LEI: 254900RQGXH1N2N6D695

Tax ID: 38-1250516

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
  • 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

    Lake Trust Credit Union is a smaller credit union specializing in Home Improvement, Other, and Cash Out Refi 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 Mount Pleasant 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 an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

    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
    15 Year Conventional Refi 6.08% 11/23/24
    15 Year Cash-out Refi 6.08% 11/23/24
    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






    Your Estimates

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

    This is not an official calculator from Lake Trust Credit Union. 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

    615

    Origination Dollar Volume (All Markets)

    $32,615,000

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 234 $13,590,000 $58,077 $653 5.91%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 135 $6,405,000 $47,444 $567 5.27%
    ANN ARBOR, MI (FHA|USDA|VA) 80 $4,140,000 $51,750 $591 5.39%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 59 $3,155,000 $53,475 $627 5.26%
    Outside of Metro Areas 38 $1,810,000 $47,632 $616 5.17%
    Mount Pleasant, MI (FHA|USDA|VA) 14 $600,000 $42,857 $561 5.19%
    JACKSON, MI (FHA|USDA|VA) 11 $545,000 $49,545 $737 5.79%
    MONROE, MI (FHA|USDA|VA) 10 $470,000 $47,000 $730 5.09%
    BATTLE CREEK, MI (FHA|USDA|VA) 4 $440,000 $110,000 $952 5.30%
    Traverse City, MI (FHA|USDA|VA) 2 $300,000 $150,000 $950 5.40%
    MUSKEGON, MI (FHA|USDA|VA) 6 $270,000 $45,000 $529 5.15%
    FLINT, MI (FHA|USDA|VA) 5 $225,000 $45,000 $349 5.12%
    Alma, MI (FHA|USDA|VA) 3 $185,000 $61,667 $757 5.34%
    Holland, MI (FHA|USDA|VA) 3 $85,000 $28,333 $609 5.33%
    SAGINAW, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,036 4.50%
    Coldwater, MI (FHA|USDA|VA) 2 $70,000 $35,000 $350 5.02%
    Adrian, MI (FHA|USDA|VA) 2 $70,000 $35,000 $292 5.65%
    Hillsdale, MI (FHA|USDA|VA) 2 $50,000 $25,000 $530 5.10%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $35,000 $35,000 $767 4.95%
    Ludington, MI (FHA|USDA|VA) 1 $35,000 $35,000 $767 5.25%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $25,000 $25,000 $767 5.50%
    Big Rapids, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.50%
    Lake Trust Credit Union's top markets include Detroit, Lansing, Ann Arbor, Grand Rapids, and Mount Pleasant among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 512 $27,270,000 $53,262 $622 5.56%
    HELOC 103 $5,345,000 $51,893 n/a 5.36%

    For 2019, Lake Trust Credit Union's most frequently originated type of loan was Conventional, with 512 originations. Their 2nd most popular type was HELOC, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 313 $12,765,000 $40,783 $592 5.33%
    Other 159 $8,615,000 $54,182 $601 6.14%
    Cash Out Refi 81 $7,525,000 $92,901 $766 5.21%
    Refi 62 $3,710,000 $59,839 $619 5.32%

    For 2019, Lake Trust Credit Union's most frequently cited loan purpose was Home Improvement, with 313 originations. The 2nd most popular reason was Other, with 159 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 264 $14,230,000 $53,902 $624 5.53%
    5 Year 104 $5,550,000 $53,365 $1,291 5.36%
    10 Year 103 $3,405,000 $33,058 $544 6.07%
    20 Year 101 $8,055,000 $79,752 $738 5.24%
    Other 43 $1,375,000 $31,977 $504 5.28%

    For 2019, Lake Trust Credit Union's most frequently cited loan duration was 15 Year, with 264 originations. The 2nd most popular length was 5 Year, with 104 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 394 $20,840,000 $52,893
    4-5% 171 $9,475,000 $55,409
    6-7% 44 $2,110,000 $47,955
    7-8% 5 $165,000 $33,000
    Over 8% 1 $25,000 $25,000

    During 2019, Lake Trust Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 394 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 564 $23,640,000 $41,915 $569 5.55%
    $100k-200k 41 $5,625,000 $137,195 $1,103 5.22%
    $200k-400k 8 $2,310,000 $288,750 $1,386 5.20%
    $400k-600k 2 $1,040,000 $520,000 $1,728 5.68%

    2019 saw Lake Trust Credit Union place emphasis on $100,000 or less loans with 564 originations, totaling $23,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 162 $9,640,000 $59,506 $700 5.39%
    $50k-75k 160 $7,060,000 $44,125 $566 5.31%
    $75k-100k 106 $4,790,000 $45,189 $578 6.40%
    $150k-250k 83 $4,955,000 $59,699 $695 5.41%
    $50k or less 81 $3,135,000 $38,704 $548 5.25%
    $250k+ 12 $2,330,000 $194,167 $841 5.37%

    Lake Trust Credit Union lent most frequently to those with incomes in the $100k-150k range, with 162 originations. The second most popular income band? $50k-75k, with 160 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 195 $10,175,000 $52,179 $618 5.27%
    30-36% 124 $5,950,000 $47,984 $604 6.33%
    <20% 86 $3,520,000 $40,930 $519 5.13%
    40% 31 $1,835,000 $59,194 $709 5.51%
    42% 27 $1,525,000 $56,481 $720 5.54%
    39% 25 $1,655,000 $66,200 $655 5.54%
    41% 23 $1,595,000 $69,348 $733 5.36%
    43% 23 $1,405,000 $61,087 $693 5.53%
    38% 19 $1,455,000 $76,579 $753 5.47%
    37% 19 $1,475,000 $77,632 $669 5.23%
    36% 17 $855,000 $50,294 $484 5.27%
    45% 7 $275,000 $39,286 $636 5.59%
    44% 6 $290,000 $48,333 $602 5.46%
    >60% 4 $190,000 $47,500 $767 5.78%
    48% 3 $215,000 $71,667 $454 4.83%
    49% 2 $50,000 $25,000 $0 5.38%
    50-60% 2 $90,000 $45,000 $565 5.94%
    47% 1 $25,000 $25,000 $767 4.75%
    46% 1 $35,000 $35,000 $767 5.52%

    Lake Trust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 195 originations. The next most common DTI ratio? 30-36%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 564 $29,220,000 $51,809 $620 5.54%
    Black 27 $1,895,000 $70,185 $641 5.29%
    Not provided 14 $750,000 $53,571 $535 5.25%
    Asian 6 $600,000 $100,000 $775 5.20%
    American Indian 4 $150,000 $37,500 $765 5.90%

    Approval Rates

    Total approvals of all applications
    80.31%

    Lake Trust Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    94.96%

    Lake Trust Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 615 $32,615,000 $53,033

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $115,000 $38,333
    Single Family (1-4 Units):Site-Built 612 $32,500,000 $53,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 215 $11,705,000 $54,442 $619 5.38%
    40-60% 56 $4,840,000 $86,429 $697 5.22%
    60-80% 49 $4,945,000 $100,918 $713 5.01%
    80-100% 18 $2,670,000 $148,333 $1,031 4.81%
    Under 20% 276 $8,420,000 $30,507 $559 5.84%