Lake Trust Credit Union Mortgage Rates, Fees & Info
Brighton, MILEI: 254900RQGXH1N2N6D695
Tax ID: 38-1250516
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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 Jackson among others. We have data for 20 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 a below 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.
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 |
|---|---|---|
| 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
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
396Origination Dollar Volume (All Markets)
$22,270,000Top 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) | 121 | $7,445,000 | $61,529 | $622 | 4.47% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 128 | $7,120,000 | $55,625 | $665 | 4.22% |
| ANN ARBOR, MI (FHA|USDA|VA) | 32 | $2,030,000 | $63,438 | $643 | 4.51% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 35 | $1,725,000 | $49,286 | $608 | 4.49% |
| Outside of Metro Areas | 19 | $1,005,000 | $52,895 | $651 | 4.42% |
| JACKSON, MI (FHA|USDA|VA) | 16 | $740,000 | $46,250 | $606 | 4.37% |
| Mount Pleasant, MI (FHA|USDA|VA) | 7 | $455,000 | $65,000 | $636 | 4.21% |
| MUSKEGON, MI (FHA|USDA|VA) | 6 | $340,000 | $56,667 | $672 | 4.51% |
| FLINT, MI (FHA|USDA|VA) | 6 | $210,000 | $35,000 | $624 | 4.87% |
| MONROE, MI (FHA|USDA|VA) | 5 | $175,000 | $35,000 | $512 | 4.38% |
| Adrian, MI (FHA|USDA|VA) | 4 | $160,000 | $40,000 | $570 | 4.96% |
| Alma, MI (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $561 | 3.78% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,195 | 3.60% |
| Holland, MI (FHA|USDA|VA) | 4 | $120,000 | $30,000 | $380 | 4.73% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $635 | 4.75% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $564 | 3.50% |
| Traverse City, MI (FHA|USDA|VA) | 3 | $95,000 | $31,667 | $487 | 4.85% |
| Marquette, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $442 | 4.75% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $746 | 4.50% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $434 | 4.38% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 389 | $21,925,000 | $56,362 | $633 | 4.39% |
| HELOC | 7 | $345,000 | $49,286 | n/a | 4.44% |
For 2020, Lake Trust Credit Union's most frequently originated type of loan was Conventional, with 389 originations. Their 2nd most popular type was HELOC, with 7 originations.
Loan Reason
For 2020, Lake Trust Credit Union's most frequently cited loan purpose was Home Improvement, with 162 originations. The 2nd most popular reason was Other, with 102 originations.
Loan Duration/Length
For 2020, Lake Trust Credit Union's most frequently cited loan duration was 10 Year, with 132 originations. The 2nd most popular length was 20 Year, with 114 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 389 | $21,925,000 | $56,362 |
Lake Trust Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 389 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 175 | $8,555,000 | $48,886 |
| 3-4% | 160 | $10,900,000 | $68,125 |
| 5-6% | 53 | $2,505,000 | $47,264 |
| 6-7% | 8 | $310,000 | $38,750 |
During 2020, Lake Trust Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 175 originations.
Loan Sizing
2020 saw Lake Trust Credit Union place emphasis on $100,000 or less loans with 351 originations, totaling $15,325,000 in origination value.
Applicant Income
Lake Trust Credit Union lent most frequently to those with incomes in the $50k-75k range, with 98 originations. The second most popular income band? $100k-150k, with 97 originations.
Applicant Debt to Income Ratio
Lake Trust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 72 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.70%
Lake Trust Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination88.38%
Lake Trust Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 396 | $22,270,000 | $56,237 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 396 | $22,270,000 | $56,237 |