Midland Mortgage Corporation Rates, Fees & Info

COLUMBIA, SC

LEI: 5493008B783OSGFDLN78

Tax ID: 57-0645910

5 stars - Updated: 7/20/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Midland Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Midland Mortgage Corporation has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Charleston, Columbia, Myrtle Beach, Spartanburg, and Orangeburg among others. We have data for 48 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midland Mortgage Corporation 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. Midland Mortgage Corporation is typically an average 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 relatively high 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 6.84% 7/20/24
30 Year Conventional Refi 6.85% 7/20/24
30 Year Cash-out Refi 6.91% 7/20/24
30 Year FHA Purchase 7.53% 7/20/24
30 Year FHA Refi 7.27% 7/20/24
30 Year VA Purchase 6.53% 7/20/24
30 Year VA Refi 6.67% 7/20/24
30 Year USDA Purchase 6.92% 7/20/24
15 Year Conventional Purchase 6.36% 7/20/24
15 Year Conventional Refi 6.69% 7/20/24
15 Year Cash-out Refi 6.69% 7/20/24
15 Year FHA Refi 5.68% 7/20/24
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.

Midland Mortgage Corporation Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midland Mortgage Corporation. 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

350

Origination Dollar Volume (All Markets)

$100,920,000

Awards

MIDLAND MORTGAGE CORPORATION FHA Loans silver MIDLAND MORTGAGE CORPORATION 30 Year Conventional Loans silver MIDLAND MORTGAGE CORPORATION FHA Loans gold MIDLAND MORTGAGE CORPORATION VA Loans gold
Show all (4) awards

Relative Rate

Midland Mortgage Corporation's average 30 year fixed mortgage rate was 6.69%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.21%.

Relative Fees (Closing Costs)

Midland Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,376.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 166 $53,620,000 $323,012 $7,566 6.63%
COLUMBIA, SC (FHA|USDA|VA) 67 $18,955,000 $282,910 $5,958 6.66%
Outside of Metro Areas 13 $2,975,000 $228,846 $5,669 6.71%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 6 $2,540,000 $423,333 $10,521 6.40%
SPARTANBURG, SC (FHA|USDA|VA) 11 $2,425,000 $220,455 $4,858 7.06%
Orangeburg, SC (FHA|USDA|VA) 10 $2,310,000 $231,000 $6,588 6.98%
Gaffney, SC (FHA|USDA|VA) 11 $2,255,000 $205,000 $5,002 6.93%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $1,595,000 $531,667 $7,658 6.46%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $1,215,000 $243,000 $11,201 6.53%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $920,000 $230,000 $13,129 6.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $905,000 $301,667 $8,050 7.54%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $735,000 $245,000 $11,031 6.08%
ASHEVILLE, NC (FHA|USDA|VA) 1 $725,000 $725,000 $4,455 7.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $715,000 $238,333 $9,170 6.67%
Newberry, SC (FHA|USDA|VA) 2 $660,000 $330,000 $5,098 7.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $595,000 $198,333 $8,474 6.88%
LOUISVILLE, KY (FHA|USDA|VA) 2 $510,000 $255,000 $15,845 6.69%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $475,000 $475,000 $5,547 7.63%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $460,000 $230,000 $10,872 6.69%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $405,000 $135,000 $5,920 7.13%
RICHMOND, VA (FHA|USDA|VA) 2 $400,000 $200,000 $12,743 6.00%
DECATUR, AL (FHA|USDA|VA) 3 $355,000 $118,333 $9,199 6.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $345,000 $345,000 $18,816 6.75%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $325,000 $325,000 $16,661 7.25%
COLUMBUS, OH (FHA|USDA|VA) 1 $295,000 $295,000 $5,994 6.25%
Danville, VA (FHA|USDA|VA) 1 $285,000 $285,000 $2,292 7.50%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $285,000 $285,000 $9,065 6.25%
LYNCHBURG, VA (FHA|USDA|VA) 1 $275,000 $275,000 $8,356 6.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $275,000 $275,000 $18,468 6.63%
Forest City, NC (FHA|USDA|VA) 1 $265,000 $265,000 $8,978 7.13%
Georgetown, SC (FHA|USDA|VA) 1 $245,000 $245,000 $2,585 7.13%
CLEVELAND, TN (FHA|USDA|VA) 1 $235,000 $235,000 $15,696 6.25%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $225,000 $225,000 $14,197 6.25%
SUMTER, SC (FHA|USDA|VA) 1 $225,000 $225,000 $10,700 6.25%
St. Marys, GA (FHA|USDA|VA) 1 $215,000 $215,000 $5,165 6.75%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $195,000 $195,000 $6,946 6.75%
MONROE, LA (FHA|USDA|VA) 1 $185,000 $185,000 $11,334 6.75%
DOTHAN, AL (FHA|USDA|VA) 1 $175,000 $175,000 $5,963 6.25%
ALEXANDRIA, LA (FHA|USDA|VA) 1 $145,000 $145,000 $5,607 6.25%
Cullowhee, NC (FHA|USDA|VA) 1 $145,000 $145,000 $10,190 6.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $115,000 $115,000 $8,055 6.75%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $115,000 $115,000 $8,827 5.75%
MONTGOMERY, AL (FHA|USDA|VA) 1 $115,000 $115,000 $3,053 7.50%
VALDOSTA, GA (FHA|USDA|VA) 1 $105,000 $105,000 $6,386 7.00%
Fort Payne, AL (FHA|USDA|VA) 1 $105,000 $105,000 $7,701 6.75%
HAMMOND, LA (FHA|USDA|VA) 1 $95,000 $95,000 $7,584 6.75%
Waycross, GA (FHA|USDA|VA) 1 $95,000 $95,000 $4,580 5.50%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $85,000 $85,000 $1,563 6.25%
Midland Mortgage Corporation's top markets include Charleston, Columbia, Myrtle Beach, Spartanburg, and Orangeburg among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Similar Lenders

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

    CENTRAL VIRGINIA
    Similarity Rank: 40
    SAFE FEDERAL CREDIT UNION
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    Security Federal Bank
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    GREENVILLE FEDERAL CREDIT UNION
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    IDB Global Federal Credit Union
    Similarity Rank: 416
    Barley Mortgage, LLC
    Similarity Rank: 420
    FREEDOM FIRST
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    Member Options, LLC
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    SHELTER LENDING SERVICES, L.L.C.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 175 $51,835,000 $296,200 $5,508 6.81%
    FHA 134 $35,080,000 $261,791 $9,860 6.62%
    VA 37 $12,855,000 $347,432 $7,289 6.40%
    USDA 4 $1,150,000 $287,500 $5,020 6.44%

    For 2023, Midland Mortgage Corporation's most frequently originated type of loan was Conventional, with 175 originations. Their 2nd most popular type was FHA, with 134 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 303 $91,155,000 $300,842 $6,909 6.69%
    Cash Out Refi 36 $7,310,000 $203,056 $11,117 6.68%
    Refi 11 $2,455,000 $223,182 $7,472 6.56%

    For 2023, Midland Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 303 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 346 $100,250,000 $289,740 $7,376 6.69%
    15 Year 3 $545,000 $181,667 $6,624 6.08%
    20 Year 1 $125,000 $125,000 $4,776 7.63%

    For 2023, Midland Mortgage Corporation's most frequently cited loan duration was 30 Year, with 346 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 105 $29,165,000 $277,762
    $5k+ 86 $30,170,000 $350,814
    $1k-2k 50 $13,770,000 $275,400
    $3k-4k 38 $9,940,000 $261,579
    $4k-5k 36 $9,730,000 $270,278
    $2k-3k 34 $7,800,000 $229,412

    Midland Mortgage Corporation's average total fees were $7,376, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 105 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 199 $55,735,000 $280,075
    7-8% 93 $26,875,000 $288,978
    5-6% 54 $16,900,000 $312,963
    Over 8% 4 $1,410,000 $352,500

    During 2023, Midland Mortgage Corporation's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 6-7%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 196 $57,010,000 $290,867 $7,711 6.65%
    $100k-200k 85 $12,855,000 $151,235 $5,564 6.79%
    $400k-600k 50 $23,750,000 $475,000 $9,541 6.75%
    $100,000 or less 10 $780,000 $78,000 $3,985 6.48%
    $600k-1MM 9 $6,525,000 $725,000 $8,491 6.50%

    2023 saw Midland Mortgage Corporation place emphasis on $200k-400k loans with 196 originations, totaling $57,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 90 $28,910,000 $321,222 $8,168 6.86%
    $50k-75k 90 $20,200,000 $224,444 $6,279 6.51%
    $75k-100k 72 $20,290,000 $281,806 $8,039 6.67%
    $150k-250k 44 $18,290,000 $415,682 $7,854 6.72%
    $50k or less 36 $5,170,000 $143,611 $5,632 6.65%
    $250k+ 18 $8,060,000 $447,778 $8,291 6.80%

    Midland Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $50k-75k, with 90 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 58 $15,240,000 $262,759 $6,885 6.68%
    50-60% 46 $14,850,000 $322,826 $9,712 6.46%
    20-30% 41 $10,845,000 $264,512 $5,927 6.74%
    45% 22 $5,580,000 $253,636 $6,242 7.04%
    40% 18 $5,550,000 $308,333 $6,766 6.59%
    42% 18 $5,450,000 $302,778 $7,291 6.67%
    44% 17 $5,045,000 $296,765 $7,585 6.42%
    43% 17 $4,745,000 $279,118 $6,903 6.74%
    49% 16 $5,110,000 $319,375 $8,554 6.69%
    39% 15 $3,995,000 $266,333 $7,468 7.04%
    38% 15 $4,935,000 $329,000 $7,133 6.88%
    41% 13 $3,185,000 $245,000 $6,816 6.71%
    47% 11 $3,695,000 $335,909 $8,168 6.48%
    <20% 10 $2,540,000 $254,000 $7,092 6.56%
    46% 10 $3,310,000 $331,000 $8,475 6.63%
    48% 9 $2,905,000 $322,778 $6,865 6.90%
    36% 9 $2,215,000 $246,111 $8,095 6.76%
    37% 4 $1,360,000 $340,000 $6,688 6.59%
    >60% 1 $365,000 $365,000 $1,606 7.00%

    Midland Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 58 originations. The next most common DTI ratio? 50-60%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 227 $66,395,000 $292,489 $7,291 6.73%
    Not provided 60 $18,670,000 $311,167 $7,319 6.63%
    Black 54 $13,460,000 $249,259 $7,633 6.57%
    Asian 6 $1,540,000 $256,667 $6,513 6.46%
    American Indian 2 $560,000 $280,000 $12,135 6.94%
    Asian Indian 1 $295,000 $295,000 $6,965 7.13%

    Approval Rates

    Total approvals of all applications
    93.58%

    Midland Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.29%

    Midland Mortgage Corporation 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 350 $100,920,000 $288,343

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    350 $100,920,000 $288,343

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,060,000 $106,000 $3,758 6.76%
    40-60% 30 $6,740,000 $224,667 $8,041 6.49%
    60-80% 73 $19,875,000 $272,260 $6,956 6.85%
    80-100% 224 $69,570,000 $310,580 $7,457 6.68%
    Over 100% 10 $3,340,000 $334,000 $11,096 6.28%
    Under 20% 3 $335,000 $111,667 $3,080 6.29%