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 Refi and Home Purchase loans. Michigan First Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Detroit, Grand Rapids, Ann Arbor, Lansing, and Flint among others. We have data for 41 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% 12/16/24
    30 Year Conventional Purchase 6.62% 12/16/24
    30 Year Conventional Refi 6.86% 12/16/24
    30 Year Cash-out Refi 6.80% 12/16/24
    30 Year FHA Purchase 7.60% 12/16/24
    30 Year FHA Refi 7.42% 12/16/24
    30 Year VA Purchase 6.32% 12/16/24
    30 Year VA Refi 6.63% 12/16/24
    30 Year USDA Purchase 6.47% 12/16/24
    15 Year Conventional Purchase 6.51% 12/16/24
    15 Year Conventional Refi 6.55% 12/16/24
    15 Year Cash-out Refi 6.55% 12/16/24
    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

    2,027

    Origination Dollar Volume (All Markets)

    $429,755,000

    Awards

    MICHIGAN FIRST CREDIT UNION 30 Year Conventional Loans silver MICHIGAN FIRST CREDIT UNION FHA Loans silver
    Show all (2) 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) 1,660 $344,110,000 $207,295 $2,986 3.41%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 135 $26,085,000 $193,222 $2,866 3.47%
    ANN ARBOR, MI (FHA|USDA|VA) 62 $20,140,000 $324,839 $3,175 3.32%
    Outside of Metro Areas 31 $5,605,000 $180,806 $2,971 3.08%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 31 $4,865,000 $156,935 $3,301 3.59%
    FLINT, MI (FHA|USDA|VA) 25 $4,165,000 $166,600 $2,568 3.28%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $2,940,000 $1,470,000 $6,085 2.50%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $2,110,000 $527,500 $5,395 2.56%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $1,885,000 $377,000 $4,614 3.35%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,480,000 $740,000 $2,643 2.50%
    JACKSON, MI (FHA|USDA|VA) 7 $1,475,000 $210,714 $2,707 3.41%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,285,000 $428,333 $7,834 3.54%
    MUSKEGON, MI (FHA|USDA|VA) 4 $1,130,000 $282,500 $3,743 3.25%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $1,110,000 $555,000 $3,925 2.69%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $1,075,000 $358,333 $3,337 2.71%
    Holland, MI (FHA|USDA|VA) 5 $755,000 $151,000 $1,874 4.48%
    THE VILLAGES, FL (FHA|USDA|VA) 2 $750,000 $375,000 $3,710 3.13%
    MONROE, MI (FHA|USDA|VA) 5 $695,000 $139,000 $2,590 3.03%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 5 $685,000 $137,000 $2,574 3.25%
    Traverse City, MI (FHA|USDA|VA) 2 $660,000 $330,000 $3,191 2.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $645,000 $645,000 $14,186 4.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $640,000 $320,000 $4,291 2.75%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $595,000 $198,333 $3,106 3.17%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $535,000 $535,000 $3,166 2.25%
    TOLEDO, OH (FHA|USDA|VA) 3 $485,000 $161,667 $2,527 2.92%
    Adrian, MI (FHA|USDA|VA) 3 $475,000 $158,333 $3,338 4.04%
    Big Rapids, MI (FHA|USDA|VA) 3 $395,000 $131,667 $2,649 2.83%
    NILES, MI (FHA|USDA|VA) 1 $365,000 $365,000 $3,305 3.25%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $365,000 $365,000 $2,118 3.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,888 2.50%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $325,000 $325,000 $3,026 3.38%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $260,000 $130,000 $3,345 5.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $255,000 $255,000 $11,387 5.50%
    Escanaba, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,505 3.38%
    BATTLE CREEK, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,131 3.06%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,268 3.00%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,612 6.00%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $145,000 $145,000 $4,868 6.50%
    MIDLAND, MI (FHA|USDA|VA) 1 $125,000 $125,000 $7,464 3.25%
    Alpena, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,145 4.00%
    Alma, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,239 4.25%
    Michigan First Credit Union's top markets include Detroit, Grand Rapids, Ann Arbor, Lansing, and Flint among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (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: 212
    St James Mortgage Corporation
    Similarity Rank: 304
    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    PREFERRED CREDIT UNION
    Similarity Rank: 532
    MEMBERS FIRST Credit Union
    Similarity Rank: 561
    West Michigan Credit Union
    Similarity Rank: 572
    T&I Credit union
    Similarity Rank: 618
    Isabella Bank
    Similarity Rank: 630
    Macatawa Bank
    Similarity Rank: 792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,828 $394,590,000 $215,859 $2,702 3.41%
    FHA 165 $26,365,000 $159,788 $6,020 3.47%
    VA 34 $8,800,000 $258,824 $6,526 2.78%

    For 2021, Michigan First Credit Union's most frequently originated type of loan was Conventional, with 1,828 originations. Their 2nd most popular type was FHA, with 165 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 940 $206,230,000 $219,394 $2,540 3.03%
    Home Purchase 834 $186,950,000 $224,161 $3,902 3.36%
    Cash Out Refi 148 $29,610,000 $200,068 $2,785 3.59%
    Home Improvement 73 $5,425,000 $74,315 $675 6.45%
    Other 31 $1,505,000 $48,548 $0 7.77%
    NA 1 $35,000 $35,000 $0 7.75%

    For 2021, Michigan First Credit Union's most frequently cited loan purpose was Refi, with 940 originations. The 2nd most popular reason was Home Purchase, with 834 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,541 $343,545,000 $222,936 $3,354 3.30%
    15 Year 338 $58,000,000 $171,598 $1,917 3.68%
    20 Year 64 $16,460,000 $257,188 $2,673 2.88%
    10 Year 52 $8,880,000 $170,769 $1,862 3.53%
    Other 31 $2,855,000 $92,097 $931 6.13%
    5 Year 1 $15,000 $15,000 $0 9.75%

    For 2021, Michigan First Credit Union's most frequently cited loan duration was 30 Year, with 1,541 originations. The 2nd most popular length was 15 Year, with 338 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,573 $345,555,000 $219,679
    $1k-2k 279 $42,505,000 $152,348
    $2k-3k 84 $15,070,000 $179,405
    $3k-4k 33 $6,605,000 $200,152
    $5k+ 31 $11,935,000 $385,000
    $4k-5k 25 $7,715,000 $308,600

    Michigan First Credit Union's average total fees were $3,354, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,573 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 877 $175,465,000 $200,074
    2.5-3% 772 $183,280,000 $237,409
    <2.5% 167 $48,525,000 $290,569
    5-6% 71 $7,015,000 $98,803
    4-5% 65 $11,415,000 $175,615
    Over 8% 35 $1,435,000 $41,000
    6-7% 26 $2,110,000 $81,154
    7-8% 14 $510,000 $36,429

    During 2021, Michigan First Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 877 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 869 $127,525,000 $146,749 $3,004 3.25%
    $200k-400k 649 $177,125,000 $272,920 $3,310 3.09%
    $100,000 or less 330 $21,840,000 $66,182 $1,876 4.67%
    $400k-600k 127 $59,825,000 $471,063 $3,773 2.98%
    $600k-1MM 46 $33,810,000 $735,000 $4,782 2.93%
    $1MM+ 6 $9,630,000 $1,605,000 $5,956 2.71%

    2021 saw Michigan First Credit Union place emphasis on $100k-200k loans with 869 originations, totaling $127,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 545 $87,045,000 $159,716 $2,960 3.54%
    $100k-150k 397 $96,655,000 $243,463 $2,979 3.34%
    $50k or less 380 $45,290,000 $119,184 $3,104 3.59%
    $75k-100k 353 $70,315,000 $199,193 $2,897 3.29%
    $150k-250k 218 $72,580,000 $332,936 $2,976 3.21%
    $250k+ 93 $51,145,000 $549,946 $3,886 2.96%

    Michigan First Credit Union lent most frequently to those with incomes in the $50k-75k range, with 545 originations. The second most popular income band? $100k-150k, with 397 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 492 $110,310,000 $224,207 $2,737 3.27%
    30-36% 412 $88,850,000 $215,655 $2,910 3.30%
    <20% 185 $35,475,000 $191,757 $2,434 3.54%
    39% 85 $20,255,000 $238,294 $3,542 3.42%
    41% 82 $14,330,000 $174,756 $3,241 3.40%
    37% 81 $17,615,000 $217,469 $2,979 3.50%
    42% 80 $16,980,000 $212,250 $3,368 3.39%
    43% 76 $15,540,000 $204,474 $3,606 3.55%
    38% 75 $16,245,000 $216,600 $3,625 3.57%
    36% 69 $14,885,000 $215,725 $3,071 3.28%
    40% 67 $14,185,000 $211,716 $3,054 3.54%
    44% 65 $12,915,000 $198,692 $3,610 3.46%
    50-60% 48 $8,520,000 $177,500 $4,085 4.06%
    45% 48 $10,820,000 $225,417 $3,184 3.32%
    47% 43 $8,735,000 $203,140 $3,366 3.32%
    46% 34 $7,760,000 $228,235 $3,184 3.34%
    48% 31 $5,875,000 $189,516 $2,980 3.37%
    49% 29 $6,895,000 $237,759 $3,396 3.04%
    >60% 11 $985,000 $89,545 $206 7.00%

    Michigan First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 492 originations. The next most common DTI ratio? 30-36%, with 412 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,232 $292,630,000 $237,524 $2,962 3.21%
    Black 570 $88,940,000 $156,035 $3,118 3.81%
    Not provided 181 $34,125,000 $188,536 $3,014 3.56%
    Asian 32 $12,680,000 $396,250 $3,248 2.96%
    American Indian 12 $1,380,000 $115,000 $2,770 3.46%

    Approval Rates

    Total approvals of all applications
    87.82%

    Michigan First Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.91%

    Michigan First Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,027 $429,755,000 $212,015

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,027 $429,755,000 $212,015

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 118 $17,380,000 $147,288 $1,754 4.32%
    40-60% 317 $58,315,000 $183,959 $2,366 3.17%
    60-80% 736 $167,740,000 $227,908 $2,744 3.17%
    80-100% 787 $180,105,000 $228,850 $3,852 3.35%
    Over 100% 4 $1,140,000 $285,000 $10,720 3.56%
    Under 20% 51 $2,325,000 $45,588 $258 7.03%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. Conventional home mortgage Closing on a mortgage 3 42.9%
    Michigan Mutual, Inc. Conventional home mortgage Trouble during payment process 2 28.6%
    Michigan Mutual, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 14.3%