Michigan First Credit Union Mortgage Rates, Fees & Info

Lathrup Village, MI

LEI: 549300C6TQAJABMFOR79

Tax ID: 38-0481580

5 stars - Updated: 5/20/24 - out of 5 stars, based on 37 reviews

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

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Mortgage Data

Review & Overview

Michigan First Credit Union is a smaller credit union specializing in Home Purchase loans. Michigan First Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Grand Rapids, Ann Arbor, Naples, and Lansing among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

Michigan First 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. Michigan First Credit Union 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 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
Home Equity Line of Credit (HELOC) 6.27% 5/20/24
30 Year Conventional Purchase 6.62% 5/20/24
30 Year Conventional Refi 6.86% 5/20/24
30 Year Cash-out Refi 6.80% 5/20/24
30 Year FHA Purchase 7.60% 5/20/24
30 Year FHA Refi 7.42% 5/20/24
30 Year VA Purchase 6.32% 5/20/24
30 Year VA Refi 6.63% 5/20/24
30 Year USDA Purchase 6.47% 5/20/24
15 Year Conventional Purchase 6.51% 5/20/24
15 Year Conventional Refi 6.55% 5/20/24
15 Year Cash-out Refi 6.55% 5/20/24
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.

Michigan First Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Michigan First 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

1,371

Origination Dollar Volume (All Markets)

$196,625,000

Awards

MICHIGAN FIRST CREDIT UNION FHA Loans gold MICHIGAN FIRST CREDIT UNION FHA Loans gold
Show all (2) awards

Relative Rate

Michigan First Credit Union's average 30 year fixed mortgage rate was 7.13%.

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

This yields a difference of 0.65%.

Relative Fees (Closing Costs)

Michigan First Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,616.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,095 $136,845,000 $124,973 $3,039 9.07%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 126 $19,850,000 $157,540 $3,572 8.46%
ANN ARBOR, MI (FHA|USDA|VA) 31 $7,655,000 $246,935 $3,996 8.22%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $6,270,000 $1,567,500 $9,766 5.94%
Outside of Metro Areas 21 $6,045,000 $287,857 $4,506 7.68%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 20 $3,470,000 $173,500 $4,190 7.88%
JACKSON, MI (FHA|USDA|VA) 6 $1,250,000 $208,333 $5,153 7.40%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $1,250,000 $625,000 $6,257 8.25%
FLINT, MI (FHA|USDA|VA) 9 $1,135,000 $126,111 $2,469 8.35%
MONROE, MI (FHA|USDA|VA) 7 $1,085,000 $155,000 $4,566 7.89%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 5 $935,000 $187,000 $3,604 9.00%
MUSKEGON, MI (FHA|USDA|VA) 4 $890,000 $222,500 $3,324 7.34%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $855,000 $285,000 $2,160 9.00%
Big Rapids, MI (FHA|USDA|VA) 4 $760,000 $190,000 $3,810 8.16%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $715,000 $715,000 $5,888 6.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $680,000 $340,000 $7,037 6.81%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $645,000 $645,000 $6,993 5.88%
Traverse City, MI (FHA|USDA|VA) 3 $615,000 $205,000 $3,342 6.79%
Ludington, MI (FHA|USDA|VA) 2 $560,000 $280,000 $7,101 9.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $545,000 $545,000 $6,980 7.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $525,000 $525,000 $9,542 7.50%
Holland, MI (FHA|USDA|VA) 1 $465,000 $465,000 $13,993 5.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,971 7.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,735 6.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,533 6.75%
Nogales, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $14,073 4.88%
Georgetown, SC (FHA|USDA|VA) 1 $285,000 $285,000 $4,150 5.88%
Houghton, MI (FHA|USDA|VA) 1 $265,000 $265,000 $8,104 11.25%
Mount Pleasant, MI (FHA|USDA|VA) 2 $260,000 $130,000 $4,713 6.63%
Adrian, MI (FHA|USDA|VA) 2 $250,000 $125,000 $5,474 12.38%
THE VILLAGES, FL (FHA|USDA|VA) 2 $230,000 $115,000 $1,424 7.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $220,000 $110,000 $0 9.75%
COLUMBUS, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,525 6.00%
Alma, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 10.25%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $125,000 $125,000 $4,163 11.25%
SAGINAW, MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.00%
ANCHORAGE, AK (FHA|USDA|VA) 1 $105,000 $105,000 $2,688 6.63%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.50%
NILES, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 15.00%
Michigan First Credit Union's top markets include Detroit, Grand Rapids, Ann Arbor, Naples, and Lansing among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Macatawa Bank
    Similarity Rank: 168
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    LAFCU
    Similarity Rank: 266

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 816 $150,200,000 $184,069 $2,746 8.23%
    HELOC 436 $24,350,000 $55,849 n/a 10.76%
    FHA 110 $19,830,000 $180,273 $7,029 6.69%
    VA 8 $2,010,000 $251,250 $6,220 6.23%
    USDA 1 $235,000 $235,000 $6,304 6.25%

    For 2023, Michigan First Credit Union's most frequently originated type of loan was Conventional, with 816 originations. Their 2nd most popular type was HELOC, with 436 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 570 $141,910,000 $248,965 $4,581 7.06%
    Home Improvement 365 $18,255,000 $50,014 $0 10.41%
    Other 255 $12,405,000 $48,647 $0 10.56%
    Refi 93 $16,195,000 $174,140 $4,307 8.52%
    Cash Out Refi 88 $7,860,000 $89,318 $2,134 10.11%

    For 2023, Michigan First Credit Union's most frequently cited loan purpose was Home Purchase, with 570 originations. The 2nd most popular reason was Home Improvement, with 365 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 621 $148,355,000 $238,897 $4,616 7.13%
    Other 432 $20,890,000 $48,356 $0 10.80%
    15 Year 245 $16,505,000 $67,367 $192 9.81%
    20 Year 37 $6,465,000 $174,730 $3,559 9.63%
    10 Year 28 $1,190,000 $42,500 $0 10.17%
    30+ year 6 $3,180,000 $530,000 $7,825 7.25%
    5 Year 2 $40,000 $20,000 $0 8.75%

    For 2023, Michigan First Credit Union's most frequently cited loan duration was 30 Year, with 621 originations. The 2nd most popular length was Other, with 432 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 446 $113,730,000 $255,000
    $<1k 267 $15,655,000 $58,633
    $2k-3k 115 $19,895,000 $173,000
    $3k-4k 35 $8,715,000 $249,000
    $5k+ 26 $9,150,000 $351,923
    $4k-5k 17 $3,605,000 $212,059

    Michigan First Credit Union's average total fees were $4,616, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 446 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 761 $49,925,000 $65,604
    6-7% 346 $79,350,000 $229,335
    7-8% 203 $43,145,000 $212,537
    5-6% 57 $23,275,000 $408,333
    4-5% 2 $860,000 $430,000

    During 2023, Michigan First Credit Union's average interest rate for loans was 7.13%, while their most frequently originated rate bucket for loans was Over 8%, with 761 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 732 $33,350,000 $45,560 $817 10.25%
    $100k-200k 311 $46,175,000 $148,473 $4,186 7.58%
    $200k-400k 249 $67,995,000 $273,072 $4,884 7.22%
    $400k-600k 53 $25,105,000 $473,679 $5,070 6.97%
    $600k-1MM 22 $16,340,000 $742,727 $5,431 6.81%
    $1MM+ 4 $7,660,000 $1,915,000 $9,576 5.88%

    2023 saw Michigan First Credit Union place emphasis on $100,000 or less loans with 732 originations, totaling $33,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 351 $36,485,000 $103,946 $3,264 9.02%
    $75k-100k 289 $32,795,000 $113,478 $3,104 9.03%
    $100k-150k 273 $43,735,000 $160,201 $3,481 8.84%
    $50k or less 208 $14,180,000 $68,173 $2,882 9.07%
    $150k-250k 174 $41,160,000 $236,552 $3,298 8.58%
    $250k+ 67 $25,885,000 $386,343 $4,456 8.40%

    Michigan First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 351 originations. The second most popular income band? $75k-100k, with 289 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 202 $25,930,000 $128,366 $2,781 8.77%
    30-36% 202 $37,010,000 $183,218 $3,549 8.23%
    >60% 166 $8,990,000 $54,157 $0 10.60%
    50-60% 165 $18,815,000 $114,030 $3,233 9.68%
    <20% 68 $7,830,000 $115,147 $2,022 9.55%
    44% 53 $8,725,000 $164,623 $4,318 7.74%
    37% 51 $9,235,000 $181,078 $3,289 8.32%
    38% 50 $8,720,000 $174,400 $4,041 7.99%
    41% 50 $8,200,000 $164,000 $3,698 8.43%
    40% 48 $8,850,000 $184,375 $4,456 8.38%
    42% 44 $8,910,000 $202,500 $4,346 7.92%
    36% 42 $8,350,000 $198,810 $3,356 8.37%
    39% 40 $7,140,000 $178,500 $3,785 8.07%
    43% 37 $5,875,000 $158,784 $4,804 9.02%
    45% 35 $5,125,000 $146,429 $3,671 8.72%
    49% 32 $5,830,000 $182,188 $3,069 9.27%
    46% 29 $4,545,000 $156,724 $4,292 8.53%
    48% 25 $4,675,000 $187,000 $4,218 7.80%
    47% 25 $3,525,000 $141,000 $3,372 9.27%

    Michigan First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 202 originations. The next most common DTI ratio? 30-36%, with 202 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 604 $121,150,000 $200,579 $3,596 8.19%
    Black 619 $48,815,000 $78,861 $2,711 9.67%
    Not provided 111 $18,215,000 $164,099 $4,149 8.83%
    Asian 29 $7,195,000 $248,103 $3,967 7.58%
    Asian Indian 1 $685,000 $685,000 $4,448 6.88%
    American Indian 5 $445,000 $89,000 $3,632 9.58%
    Other Pacific Islander 1 $85,000 $85,000 $2,419 7.50%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 9.75%

    Approval Rates

    Total approvals of all applications
    72.86%

    Michigan First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    59.37%

    Michigan First Credit Union 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
    0.0 396 $21,440,000 $54,141
    NA 975 $175,185,000 $179,677

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,371 $196,625,000 $143,417

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 284 $21,100,000 $74,296 $712 10.19%
    40-60% 120 $19,980,000 $166,500 $3,264 9.10%
    60-80% 188 $39,670,000 $211,011 $4,088 8.16%
    80-100% 415 $100,905,000 $243,145 $4,839 7.02%
    Under 20% 360 $14,770,000 $41,028 $81 10.36%