Michigan First Credit Union Mortgage Rates, Fees & Info

Lathrup Village, MI

LEI: 549300C6TQAJABMFOR79

Tax ID: 38-0481580

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    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, Flint, and Chicago among others. We have data for 26 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 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/28/24
    30 Year Conventional Purchase 6.62% 4/28/24
    30 Year Conventional Refi 6.86% 4/28/24
    30 Year Cash-out Refi 6.80% 4/28/24
    30 Year FHA Purchase 7.60% 4/28/24
    30 Year FHA Refi 7.42% 4/28/24
    30 Year VA Purchase 6.32% 4/28/24
    30 Year VA Refi 6.63% 4/28/24
    30 Year USDA Purchase 6.47% 4/28/24
    15 Year Conventional Purchase 6.51% 4/28/24
    15 Year Conventional Refi 6.55% 4/28/24
    15 Year Cash-out Refi 6.55% 4/28/24
    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

    814

    Origination Dollar Volume (All Markets)

    $138,930,000

    Awards

    MICHIGAN FIRST CREDIT UNION FHA Loans silver MICHIGAN FIRST CREDIT UNION FHA Loans silver MICHIGAN FIRST CREDIT UNION FHA Loans bronze
    Show all (3) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 672 $114,370,000 $170,193 $3,136 5.15%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 58 $7,890,000 $136,034 $3,355 5.83%
    ANN ARBOR, MI (FHA|USDA|VA) 16 $3,280,000 $205,000 $3,615 4.68%
    FLINT, MI (FHA|USDA|VA) 18 $3,170,000 $176,111 $3,704 4.94%
    Outside of Metro Areas 16 $2,860,000 $178,750 $2,866 4.98%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $1,260,000 $630,000 $0 4.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 10 $1,210,000 $121,000 $3,899 4.90%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $755,000 $755,000 $3,644 4.88%
    Traverse City, MI (FHA|USDA|VA) 3 $655,000 $218,333 $2,869 4.54%
    Bozeman, MT (FHA|USDA|VA) 1 $525,000 $525,000 $3,054 4.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $0 4.50%
    MONROE, MI (FHA|USDA|VA) 2 $420,000 $210,000 $2,465 4.69%
    MUSKEGON, MI (FHA|USDA|VA) 1 $375,000 $375,000 $2,605 4.38%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $6,195 4.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,595 4.63%
    Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,582 4.63%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 5.00%
    Ludington, MI (FHA|USDA|VA) 1 $155,000 $155,000 $4,945 4.25%
    BAY CITY, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,342 5.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,269 4.38%
    Hillsdale, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,089 4.88%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,619 5.13%
    AKRON, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.25%
    Holland, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.25%
    Michigan First Credit Union's top markets include Detroit, Grand Rapids, Ann Arbor, Flint, and Chicago among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Montana (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.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    St James Mortgage Corporation
    Similarity Rank: 120
    Dort Financial Credit Union
    Similarity Rank: 180
    Macatawa Bank
    Similarity Rank: 195
    Isabella Bank
    Similarity Rank: 209
    Community West Credit Union
    Similarity Rank: 276
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 280
    CASE
    Similarity Rank: 300
    West Michigan Community Bank
    Similarity Rank: 328
    FreeStar Financial Credit Union
    Similarity Rank: 345

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 644 $111,970,000 $173,866 $2,437 5.33%
    FHA 143 $20,765,000 $145,210 $5,211 4.62%
    VA 26 $6,060,000 $233,077 $6,433 4.43%
    USDA 1 $135,000 $135,000 $4,323 3.63%

    For 2018, Michigan First Credit Union's most frequently originated type of loan was Conventional, with 644 originations. Their 2nd most popular type was FHA, with 143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 542 $98,180,000 $181,144 $3,669 4.85%
    Refi 153 $30,285,000 $197,941 $3,052 4.89%
    Cash Out Refi 57 $8,145,000 $142,895 $2,809 5.52%
    Home Improvement 32 $1,180,000 $36,875 $0 8.03%
    Other 29 $1,125,000 $38,793 $0 8.78%
    NA 1 $15,000 $15,000 $0 8.75%

    For 2018, Michigan First Credit Union's most frequently cited loan purpose was Home Purchase, with 542 originations. The 2nd most popular reason was Refi, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 612 $114,840,000 $187,647 $3,752 4.86%
    15 Year 112 $13,140,000 $117,321 $1,146 6.36%
    20 Year 58 $9,030,000 $155,690 $3,119 5.13%
    10 Year 19 $1,415,000 $74,474 $834 6.81%
    Other 10 $430,000 $43,000 $0 7.89%
    5 Year 3 $75,000 $25,000 $0 6.42%

    For 2018, Michigan First Credit Union's most frequently cited loan duration was 30 Year, with 612 originations. The 2nd most popular length was 15 Year, with 112 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 598 $104,690,000 $175,067
    $1k-2k 83 $8,435,000 $101,627
    $2k-3k 67 $8,595,000 $128,284
    $3k-4k 34 $5,790,000 $170,294
    $5k+ 23 $9,295,000 $404,130
    $4k-5k 8 $1,930,000 $241,250

    Michigan First Credit Union's average total fees were $3,752, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 598 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 477 $88,835,000 $186,237
    5-6% 171 $24,215,000 $141,608
    3-4% 64 $19,280,000 $301,250
    6-7% 50 $4,550,000 $91,000
    Over 8% 37 $1,395,000 $37,703
    7-8% 15 $655,000 $43,667

    During 2018, Michigan First Credit Union's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 477 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 343 $49,765,000 $145,087 $3,461 4.89%
    $100,000 or less 232 $14,190,000 $61,164 $1,874 6.19%
    $200k-400k 208 $56,560,000 $271,923 $4,215 4.61%
    $400k-600k 20 $9,280,000 $464,000 $3,839 4.55%
    $600k-1MM 10 $7,990,000 $799,000 $3,596 4.25%
    $1MM+ 1 $1,145,000 $1,145,000 $0 3.50%

    2018 saw Michigan First Credit Union place emphasis on $100k-200k loans with 343 originations, totaling $49,765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 218 $29,680,000 $136,147 $3,147 5.25%
    $50k or less 203 $22,715,000 $111,897 $3,476 5.03%
    $75k-100k 150 $25,170,000 $167,800 $2,951 5.29%
    $100k-150k 147 $32,855,000 $223,503 $3,346 5.03%
    $150k-250k 58 $13,320,000 $229,655 $2,397 5.66%
    $250k+ 31 $14,055,000 $453,387 $3,003 4.89%

    Michigan First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 218 originations. The second most popular income band? $50k or less, with 203 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 156 $25,260,000 $161,923 $3,064 4.98%
    30-36% 133 $25,145,000 $189,060 $3,006 5.18%
    50-60% 58 $10,300,000 $177,586 $3,638 5.61%
    <20% 46 $7,310,000 $158,913 $2,497 4.93%
    44% 38 $6,430,000 $169,211 $4,066 5.10%
    38% 35 $5,385,000 $153,857 $3,303 4.89%
    >60% 33 $4,645,000 $140,758 $808 6.79%
    39% 32 $6,200,000 $193,750 $3,741 5.28%
    40% 30 $5,010,000 $167,000 $3,160 5.20%
    46% 29 $5,345,000 $184,310 $3,575 4.87%
    37% 29 $4,845,000 $167,069 $3,926 4.81%
    42% 27 $4,435,000 $164,259 $3,026 5.20%
    41% 27 $3,845,000 $142,407 $3,830 5.11%
    36% 27 $5,285,000 $195,741 $2,974 5.19%
    43% 27 $5,125,000 $189,815 $3,697 4.96%
    45% 24 $3,800,000 $158,333 $2,952 4.94%
    48% 21 $4,125,000 $196,429 $2,529 5.13%
    47% 19 $2,505,000 $131,842 $2,976 5.29%
    49% 18 $3,270,000 $181,667 $3,916 4.98%

    Michigan First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 156 originations. The next most common DTI ratio? 30-36%, with 133 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 480 $91,180,000 $189,958 $3,046 5.06%
    Black 268 $34,980,000 $130,522 $3,293 5.45%
    Not provided 43 $8,835,000 $205,465 $3,991 4.84%
    Asian 20 $3,490,000 $174,500 $2,530 4.84%
    American Indian 3 $445,000 $148,333 $3,318 5.71%

    Approval Rates

    Total approvals of all applications
    83.53%

    Michigan First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.24%

    Michigan First Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 814 $138,930,000 $170,676

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $105,000 $105,000
    Single Family (1-4 Units):Site-Built 813 $138,825,000 $170,756

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $2,425,000 $69,286 $553 7.59%
    40-60% 61 $8,755,000 $143,525 $2,126 5.30%
    60-80% 195 $39,175,000 $200,897 $2,926 4.90%
    80-100% 471 $85,715,000 $181,985 $3,888 4.82%
    Over 100% 8 $1,390,000 $173,750 $10,705 4.63%
    Under 20% 44 $1,470,000 $33,409 $0 8.19%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 50.0%
    Michigan Mutual, Inc. Other type of mortgage Trouble during payment process 1 50.0%