Michigan First Credit Union Mortgage Rates, Fees & Info
Lathrup Village, MILEI: 549300C6TQAJABMFOR79
Tax ID: 38-0481580
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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, Flint, and Lansing among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)Michigan First Credit Union 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.62% | 4/21/24 |
| 30 Year Conventional Refi | 6.86% | 4/21/24 |
| 30 Year Cash-out Refi | 6.80% | 4/21/24 |
| 30 Year FHA Purchase | 7.60% | 4/21/24 |
| 30 Year FHA Refi | 7.42% | 4/21/24 |
| 30 Year VA Purchase | 6.32% | 4/21/24 |
| 30 Year VA Refi | 6.63% | 4/21/24 |
| 30 Year USDA Purchase | 6.47% | 4/21/24 |
| 15 Year Conventional Purchase | 6.51% | 4/21/24 |
| 15 Year Conventional Refi | 6.55% | 4/21/24 |
| 15 Year Cash-out Refi | 6.55% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,210Origination Dollar Volume (All Markets)
$237,780,000Awards
MICHIGAN FIRST CREDIT UNION - 2019
MICHIGAN FIRST CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 997 | $192,435,000 | $193,014 | $3,519 | 4.39% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 70 | $12,700,000 | $181,429 | $3,373 | 4.47% |
| ANN ARBOR, MI (FHA|USDA|VA) | 32 | $8,150,000 | $254,688 | $3,463 | 4.12% |
| FLINT, MI (FHA|USDA|VA) | 20 | $3,870,000 | $193,500 | $3,398 | 4.15% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 22 | $3,030,000 | $137,727 | $3,920 | 4.70% |
| Outside of Metro Areas | 13 | $2,825,000 | $217,308 | $2,554 | 4.05% |
| MONROE, MI (FHA|USDA|VA) | 10 | $2,220,000 | $222,000 | $4,645 | 4.28% |
| Adrian, MI (FHA|USDA|VA) | 6 | $1,380,000 | $230,000 | $2,837 | 4.35% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $1,155,000 | $1,155,000 | $4,837 | 3.63% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $5,510 | 4.19% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $3,467 | 3.50% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $1,917 | 4.19% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $2,662 | 3.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,027 | 3.62% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,409 | 3.94% |
| Holland, MI (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,462 | 4.33% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 3.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,091 | 5.38% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $16,082 | 4.75% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,304 | 5.44% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,092 | 3.50% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $10,336 | 6.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,768 | 3.38% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,748 | 3.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,462 | 3.88% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,012 | 3.88% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,465 | 3.69% |
| NILES, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,713 | 4.00% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,488 | 3.75% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,969 | 3.88% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,570 | 4.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,071 | 4.50% |
| TOPEKA, KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,864 | 4.25% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,697 | 7.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,674 | 4.38% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,185 | 5.25% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,692 | 3.88% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,125 | 7.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,875 | 4.25% |
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.
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Product Mix
For 2019, Michigan First Credit Union's most frequently originated type of loan was Conventional, with 948 originations. Their 2nd most popular type was FHA, with 217 originations.
Loan Reason
For 2019, Michigan First Credit Union's most frequently cited loan purpose was Home Purchase, with 714 originations. The 2nd most popular reason was Refi, with 311 originations.
Loan Duration/Length
For 2019, Michigan First Credit Union's most frequently cited loan duration was 30 Year, with 1,047 originations. The 2nd most popular length was 15 Year, with 111 originations.
Origination Fees/Closing Costs
Michigan First Credit Union's average total fees were $3,646, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 916 originations.
Interest Rates
During 2019, Michigan First Credit Union's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 3-4%, with 530 originations.
Loan Sizing
2019 saw Michigan First Credit Union place emphasis on $100k-200k loans with 549 originations, totaling $79,635,000 in origination value.
Applicant Income
Michigan First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 336 originations. The second most popular income band? $50k or less, with 258 originations.
Applicant Debt to Income Ratio
Michigan First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 270 originations. The next most common DTI ratio? 30-36%, with 240 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.13%
Michigan First Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.17%
Michigan First Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,210 | $237,780,000 | $196,512 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $170,000 | $85,000 |
| Single Family (1-4 Units):Site-Built | 1,208 | $237,610,000 | $196,697 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Michigan Mutual, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Michigan Mutual, Inc. | FHA mortgage | Trouble during payment process | 1 | 50.0% |