Community First Mortgage Rates, Fees & Info

Lakeview, MI

LEI: 5493006CRT5VJ5L0N291

Tax ID: 38-2608161

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

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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

    Community First is a smaller mortgage company specializing in Home Purchase and Other loans. Community First has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Big Rapids, Traverse City, Detroit, and Muskegon among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Community First has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Community First 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.

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    Originations

    200

    Origination Dollar Volume (All Markets)

    $16,140,000

    Awards

    COMMUNITY FIRST 30 Year Conventional Loans gold COMMUNITY FIRST 30 Year Conventional Loans silver
    Show all (2) 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) 154 $12,230,000 $79,416 $1,505 6.30%
    Big Rapids, MI (FHA|USDA|VA) 26 $2,360,000 $90,769 $1,829 6.10%
    Outside of Metro Areas 14 $940,000 $67,143 $1,660 5.52%
    Traverse City, MI (FHA|USDA|VA) 3 $245,000 $81,667 $1,044 6.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,584 4.63%
    MUSKEGON, MI (FHA|USDA|VA) 1 $135,000 $135,000 $1,967 5.00%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $25,000 $25,000 $817 7.50%
    Community First's top markets include Grand Rapids, Big Rapids, Traverse City, Detroit, and Muskegon among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against COMMUNITY FIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    Community West Credit Union
    Similarity Rank: 276
    West Michigan Community Bank
    Similarity Rank: 328
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 375
    PFCU
    Similarity Rank: 520
    AAC Credit Union
    Similarity Rank: 544
    Adventure Credit Union
    Similarity Rank: 752
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 191 $15,225,000 $79,712 $1,477 6.29%
    USDA 9 $915,000 $101,667 $3,172 4.54%

    For 2018, Community First's most frequently originated type of loan was Conventional, with 191 originations. Their 2nd most popular type was USDA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 97 $8,795,000 $90,670 $1,764 6.08%
    Other 61 $4,335,000 $71,066 $1,328 6.23%
    Cash Out Refi 21 $1,725,000 $82,143 $1,405 6.51%
    Refi 14 $960,000 $68,571 $1,590 6.27%
    Home Improvement 7 $325,000 $46,429 $909 6.86%

    For 2018, Community First's most frequently cited loan purpose was Home Purchase, with 97 originations. The 2nd most popular reason was Other, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 131 $8,765,000 $66,908 $1,150 6.89%
    30 Year 51 $5,335,000 $104,608 $2,349 4.87%
    Other 7 $925,000 $132,143 $1,851 5.75%
    20 Year 6 $570,000 $95,000 $2,185 4.92%
    15 Year 5 $545,000 $109,000 $2,226 4.25%

    For 2018, Community First's most frequently cited loan duration was 5 Year, with 131 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 185 $15,345,000 $82,946
    $1k-2k 2 $210,000 $105,000

    Community First's average total fees were $2,349, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 185 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 61 $6,115,000 $100,246
    5-6% 48 $4,410,000 $91,875
    6-7% 31 $1,775,000 $57,258
    7-8% 31 $2,015,000 $65,000
    Over 8% 27 $1,415,000 $52,407
    3-4% 2 $410,000 $205,000

    During 2018, Community First's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 4-5%, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 148 $7,850,000 $53,041 $1,387 6.47%
    $100k-200k 41 $5,675,000 $138,415 $1,989 5.44%
    $200k-400k 11 $2,615,000 $237,727 $2,118 5.58%

    2018 saw Community First place emphasis on $100,000 or less loans with 148 originations, totaling $7,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 103 $6,765,000 $65,680 $1,559 6.34%
    $50k-75k 50 $4,250,000 $85,000 $1,632 6.06%
    $75k-100k 23 $2,035,000 $88,478 $1,364 6.27%
    $100k-150k 18 $2,260,000 $125,556 $1,816 6.01%
    $150k-250k 6 $830,000 $138,333 $1,042 5.54%

    Community First lent most frequently to those with incomes in the $50k or less range, with 103 originations. The second most popular income band? $50k-75k, with 50 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 48 $3,520,000 $73,333 $1,344 5.88%
    20-30% 37 $2,745,000 $74,189 $1,511 6.53%
    30-36% 27 $2,335,000 $86,481 $1,937 5.95%
    >60% 24 $1,920,000 $80,000 $1,203 7.28%
    38% 11 $1,155,000 $105,000 $1,712 5.95%
    42% 10 $880,000 $88,000 $1,962 6.13%
    39% 6 $520,000 $86,667 $1,906 5.79%
    50-60% 6 $460,000 $76,667 $1,353 6.50%
    44% 6 $490,000 $81,667 $1,677 5.67%
    41% 5 $365,000 $73,000 $1,400 5.95%
    49% 4 $320,000 $80,000 $1,829 6.41%
    45% 4 $420,000 $105,000 $1,857 6.63%
    36% 3 $165,000 $55,000 $1,918 4.83%
    46% 2 $180,000 $90,000 $935 7.50%
    48% 2 $270,000 $135,000 $1,568 5.19%
    40% 2 $160,000 $80,000 $1,661 4.88%
    37% 2 $170,000 $85,000 $2,226 4.50%
    43% 1 $65,000 $65,000 $1,572 7.25%

    Community First lent most frequently to those with DTI ratios of <20%, with 48 originations. The next most common DTI ratio? 20-30%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 171 $13,345,000 $78,041 $1,567 6.14%
    Not provided 28 $2,700,000 $96,429 $1,508 6.61%
    Native Hawaiian or Islander 1 $95,000 $95,000 $1,534 7.00%

    Approval Rates

    Total approvals of all applications
    96.40%

    Community First has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    67.50%

    Community First 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 200 $16,140,000 $80,700

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 38 $1,930,000 $50,789
    Single Family (1-4 Units):Site-Built 162 $14,210,000 $87,716

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $615,000 $41,000 $921 7.22%
    40-60% 18 $1,060,000 $58,889 $1,550 6.49%
    60-80% 72 $6,170,000 $85,694 $1,565 6.27%
    80-100% 74 $7,150,000 $96,622 $1,834 5.78%
    Over 100% 4 $460,000 $115,000 $1,332 6.88%
    Under 20% 12 $300,000 $25,000 $786 6.40%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Community Lending of America, Inc. VA mortgage Closing on a mortgage 1 100.0%