Michigan First Credit Union Mortgage Rates, Fees & Info
Lathrup Village, MILEI: 549300C6TQAJABMFOR79
Tax ID: 38-0481580
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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% | 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
1,951Origination Dollar Volume (All Markets)
$300,875,000Awards
MICHIGAN FIRST CREDIT UNION - 2022
MICHIGAN FIRST CREDIT UNION is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
Work for MICHIGAN FIRST CREDIT UNION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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% |
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.
Similarity Rank: 57
Similarity Rank: 93
Similarity Rank: 108
Similarity Rank: 286
Similarity Rank: 318
Similarity Rank: 340
Similarity Rank: 340
Similarity Rank: 413
Similarity Rank: 528
Similarity Rank: 544
Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications72.61%
Michigan First Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination92.62%
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 |