Michigan First Credit Union Mortgage Rates, Fees & Info

Lathrup Village, MI

LEI: 549300C6TQAJABMFOR79

Tax ID: 38-0481580

5 stars - out of 5 stars, based on 44 reviews

Latest/2022 | 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 and Refi 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, Lansing, and Kalamazoo among others. We have data for 50 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 an 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 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.

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% 5/27/23
30 Year Conventional Purchase 6.62% 5/27/23
30 Year Conventional Refi 6.86% 5/27/23
30 Year Cash-out Refi 6.80% 5/27/23
30 Year FHA Purchase 7.60% 5/27/23
30 Year FHA Refi 7.42% 5/27/23
30 Year VA Purchase 6.32% 5/27/23
30 Year VA Refi 6.63% 5/27/23
30 Year USDA Purchase 6.47% 5/27/23
15 Year Conventional Purchase 6.51% 5/27/23
15 Year Conventional Refi 6.55% 5/27/23
15 Year Cash-out Refi 6.55% 5/27/23
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

1,951

Origination Dollar Volume (All Markets)

$300,875,000

Awards

MICHIGAN FIRST CREDIT UNION 30 Year Conventional Loans silver MICHIGAN FIRST CREDIT UNION FHA Loans silver
Show all (2) awards

Relative Rate

Michigan First Credit Union's average 30 year fixed mortgage rate was 4.9%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.14%.

Relative Fees (Closing Costs)

Michigan First Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,183.

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 $4,750.

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) 1,574 $222,900,000 $141,614 $3,125 5.97%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 161 $21,485,000 $133,447 $2,737 5.62%
ANN ARBOR, MI (FHA|USDA|VA) 39 $8,675,000 $222,436 $2,843 5.03%
Outside of Metro Areas 31 $8,075,000 $260,484 $4,096 5.55%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 35 $5,295,000 $151,286 $3,495 5.98%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 12 $4,740,000 $395,000 $3,691 5.63%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $3,900,000 $1,950,000 $5,535 3.88%
Key West, FL (FHA|USDA|VA) 2 $2,960,000 $1,480,000 $11,593 4.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $2,320,000 $1,160,000 $4,179 3.50%
FLINT, MI (FHA|USDA|VA) 12 $1,790,000 $149,167 $4,208 5.23%
MUSKEGON, MI (FHA|USDA|VA) 8 $1,700,000 $212,500 $3,821 6.09%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $1,390,000 $695,000 $4,364 3.31%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $7,776 5.08%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $1,225,000 $1,225,000 $3,376 4.25%
MONROE, MI (FHA|USDA|VA) 9 $1,165,000 $129,444 $3,882 6.31%
Adrian, MI (FHA|USDA|VA) 6 $870,000 $145,000 $4,467 5.27%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $805,000 $805,000 $19,070 4.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $800,000 $200,000 $5,872 5.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $690,000 $345,000 $8,381 4.38%
COLUMBIA, SC (FHA|USDA|VA) 1 $655,000 $655,000 $17,416 4.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $645,000 $645,000 $9,879 4.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $505,000 $505,000 $4,224 3.13%
COLUMBUS, OH (FHA|USDA|VA) 1 $505,000 $505,000 $4,777 5.63%
Big Rapids, MI (FHA|USDA|VA) 3 $495,000 $165,000 $5,553 6.08%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $485,000 $161,667 $4,120 4.79%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $475,000 $475,000 $4,066 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $330,000 $165,000 $5,387 5.56%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $325,000 $325,000 $3,336 3.88%
Morehead City, NC (FHA|USDA|VA) 1 $325,000 $325,000 $8,401 6.25%
Traverse City, MI (FHA|USDA|VA) 2 $310,000 $155,000 $0 6.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,067 3.88%
JACKSON, MI (FHA|USDA|VA) 3 $295,000 $98,333 $3,316 5.67%
LOUISVILLE, KY (FHA|USDA|VA) 2 $290,000 $145,000 $2,407 3.69%
Holland, MI (FHA|USDA|VA) 2 $290,000 $145,000 $1,358 4.31%
Marquette, MI (FHA|USDA|VA) 1 $255,000 $255,000 $4,549 3.38%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $255,000 $255,000 $8,883 7.75%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $225,000 $225,000 $3,042 3.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $220,000 $110,000 $1,871 5.38%
MONTGOMERY, AL (FHA|USDA|VA) 1 $185,000 $185,000 $6,047 3.75%
BAY CITY, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,656 3.63%
PEORIA, IL (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.88%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $175,000 $175,000 $4,816 3.63%
MIDLAND, MI (FHA|USDA|VA) 1 $165,000 $165,000 $7,440 6.13%
Mount Pleasant, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,715 4.25%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $160,000 $80,000 $2,371 5.69%
STAUNTON, VA (FHA|USDA|VA) 1 $135,000 $135,000 $2,951 5.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $95,000 $95,000 $5,306 4.75%
Cadillac, MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 6.00%
SAGINAW, MI (FHA|USDA|VA) 2 $70,000 $35,000 $0 7.75%
TOLEDO, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 12.25%
Michigan First Credit Union's top markets include Detroit, Grand Rapids, Ann Arbor, Lansing, and Kalamazoo among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Missouri (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.

    St James Mortgage Corporation
    Similarity Rank: 114
    Community West Credit Union
    Similarity Rank: 340
    PREFERRED CREDIT UNION
    Similarity Rank: 380
    West Michigan Credit Union
    Similarity Rank: 468
    MEMBERS FIRST Credit Union
    Similarity Rank: 495
    KENT COUNTY CREDIT UNION
    Similarity Rank: 553
    Isabella Bank
    Similarity Rank: 600
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 658

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,111 $236,055,000 $212,471 $2,848 5.53%
    HELOC 705 $41,585,000 $58,986 n/a 6.58%
    FHA 122 $20,010,000 $164,016 $6,476 5.09%
    VA 11 $2,835,000 $257,727 $6,858 4.83%
    USDA 2 $390,000 $195,000 $6,032 5.31%

    For 2022, Michigan First Credit Union's most frequently originated type of loan was Conventional, with 1,111 originations. Their 2nd most popular type was HELOC, with 705 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 717 $175,105,000 $244,219 $4,305 5.00%
    Home Improvement 531 $31,415,000 $59,162 $100 6.57%
    Other 352 $16,890,000 $47,983 $0 7.51%
    Refi 283 $67,995,000 $240,265 $3,566 4.76%
    Cash Out Refi 68 $9,470,000 $139,265 $2,475 5.94%

    For 2022, Michigan First Credit Union's most frequently cited loan purpose was Home Purchase, with 717 originations. The 2nd most popular reason was Home Improvement, with 531 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 896 $226,240,000 $252,500 $4,183 4.90%
    Other 650 $31,980,000 $49,200 $109 6.84%
    15 Year 261 $20,875,000 $79,981 $707 6.87%
    20 Year 109 $13,895,000 $127,477 $3,233 5.39%
    10 Year 26 $1,570,000 $60,385 $191 7.78%
    30+ year 7 $6,285,000 $897,857 $7,577 5.13%
    5 Year 2 $30,000 $15,000 $0 8.38%

    For 2022, Michigan First Credit Union's most frequently cited loan duration was 30 Year, with 896 originations. The 2nd most popular length was Other, with 650 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 768 $160,390,000 $208,841
    $1k-2k 235 $41,845,000 $178,064
    $2k-3k 130 $21,460,000 $165,077
    $3k-4k 49 $11,305,000 $230,714
    $5k+ 44 $19,040,000 $432,727
    $4k-5k 20 $5,250,000 $262,500

    Michigan First Credit Union's average total fees were $4,183, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 768 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 441 $86,195,000 $195,454
    5-6% 405 $57,085,000 $140,951
    4-5% 360 $78,290,000 $217,472
    Over 8% 315 $15,985,000 $50,746
    6-7% 218 $29,590,000 $135,734
    7-8% 166 $13,670,000 $82,349
    2.5-3% 43 $18,255,000 $424,535
    <2.5% 3 $1,805,000 $601,667

    During 2022, Michigan First Credit Union's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 3-4%, with 441 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 996 $45,760,000 $45,944 $1,097 6.82%
    $100k-200k 472 $69,660,000 $147,585 $3,794 5.19%
    $200k-400k 346 $95,070,000 $274,769 $4,124 4.72%
    $400k-600k 94 $44,700,000 $475,532 $4,823 4.52%
    $600k-1MM 31 $22,885,000 $738,226 $6,419 4.06%
    $1MM+ 12 $22,800,000 $1,900,000 $7,211 4.02%

    2022 saw Michigan First Credit Union place emphasis on $100,000 or less loans with 996 originations, totaling $45,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 538 $56,520,000 $105,056 $3,083 6.11%
    $100k-150k 367 $64,035,000 $174,482 $3,220 5.82%
    $75k-100k 349 $47,225,000 $135,315 $3,194 6.03%
    $50k or less 330 $26,200,000 $79,394 $2,944 5.87%
    $150k-250k 200 $47,010,000 $235,050 $4,049 5.63%
    $250k+ 120 $55,740,000 $464,500 $4,595 5.10%

    Michigan First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 538 originations. The second most popular income band? $100k-150k, with 367 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 328 $54,560,000 $166,341 $2,957 5.32%
    30-36% 308 $54,850,000 $178,084 $3,243 5.58%
    >60% 214 $12,960,000 $60,561 $236 7.10%
    50-60% 185 $17,725,000 $95,811 $3,257 6.63%
    <20% 144 $23,590,000 $163,819 $2,860 5.55%
    42% 71 $11,115,000 $156,549 $3,647 5.76%
    41% 65 $11,095,000 $170,692 $3,763 5.49%
    44% 62 $10,210,000 $164,677 $4,265 5.85%
    43% 62 $12,410,000 $200,161 $3,903 5.69%
    40% 61 $12,905,000 $211,557 $3,886 5.38%
    39% 60 $16,030,000 $267,167 $3,940 5.73%
    36% 58 $11,810,000 $203,621 $3,289 5.16%
    37% 58 $7,820,000 $134,828 $2,714 6.44%
    38% 53 $8,375,000 $158,019 $3,119 5.91%
    45% 46 $8,900,000 $193,478 $3,419 5.71%
    48% 41 $6,475,000 $157,927 $4,275 5.89%
    46% 41 $8,375,000 $204,268 $4,410 5.80%
    49% 38 $5,370,000 $141,316 $3,472 5.85%
    47% 37 $5,075,000 $137,162 $3,444 6.29%

    Michigan First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 328 originations. The next most common DTI ratio? 30-36%, with 308 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 906 $187,600,000 $207,064 $3,429 5.37%
    Black 792 $69,960,000 $88,333 $2,856 6.60%
    Not provided 196 $29,430,000 $150,153 $3,384 5.53%
    Asian 46 $11,520,000 $250,435 $3,737 4.99%
    American Indian 8 $1,510,000 $188,750 $3,268 5.27%
    Asian Indian 2 $750,000 $375,000 $3,494 6.25%
    Native Hawaiian or Islander 1 $105,000 $105,000 $1,897 2.75%

    Approval Rates

    Total approvals of all applications
    72.61%

    Michigan First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    92.62%

    Michigan First Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 705 $41,585,000 $58,986
    NA 1,246 $259,290,000 $208,098

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,951 $300,875,000 $154,216

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 350 $24,790,000 $70,829 $752 6.68%
    40-60% 213 $31,685,000 $148,756 $2,641 5.65%
    60-80% 353 $93,045,000 $263,584 $3,719 5.12%
    80-100% 554 $130,430,000 $235,433 $4,404 5.06%
    Over 100% 2 $560,000 $280,000 $13,081 5.00%
    Under 20% 474 $19,590,000 $41,329 $17 6.92%