Michigan Legacy Credit Union Mortgage Rates, Fees & Info
Pontiac, MILEI: 549300GKFM8W0GQXCQ93
Tax ID: 38-1295875
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Michigan Legacy Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Michigan Legacy Credit Union has a high proportion of conventional loans. Their top (well, only) market is Detroit.Michigan Legacy 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 Legacy 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 |
|---|---|---|
| 30 Year Conventional Purchase | 7.09% | 12/16/24 |
| 30 Year Cash-out Refi | 7.45% | 12/16/24 |
| 15 Year Conventional Refi | 6.68% | 12/16/24 |
| 15 Year Cash-out Refi | 6.68% | 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 Legacy 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 Legacy 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
7Origination Dollar Volume (All Markets)
$565,000Top 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) | 7 | $565,000 | $80,714 | $1,878 | 5.53% |
Similar Lenders
We use machine learning to identify the top lenders compared against Michigan Legacy Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
Similarity Rank: 95
Similarity Rank: 120
Similarity Rank: 345
Similarity Rank: 436
Similarity Rank: 448
Similarity Rank: 582
Similarity Rank: 700
Similarity Rank: 735
Similarity Rank: 819
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 7 | $565,000 | $80,714 | $1,878 | 5.53% |
For 2018, Michigan Legacy Credit Union's most frequently originated type of loan was Conventional, with 7 originations.
Loan Reason
For 2018, Michigan Legacy Credit Union's most frequently cited loan purpose was Home Purchase, with 3 originations. The 2nd most popular reason was Home Improvement, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 3 | $145,000 | $48,333 | $1,403 | 6.20% |
| 30 Year | 3 | $375,000 | $125,000 | $2,600 | 4.92% |
| 20 Year | 1 | $45,000 | $45,000 | $1,135 | 5.38% |
For 2018, Michigan Legacy Credit Union's most frequently cited loan duration was 15 Year, with 3 originations. The 2nd most popular length was 30 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $180,000 | $45,000 |
| $1k-2k | 3 | $385,000 | $128,333 |
Michigan Legacy Credit Union's average total fees were $2,600, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 3 | $395,000 | $131,667 |
| 5-6% | 2 | $120,000 | $60,000 |
| 6-7% | 1 | $25,000 | $25,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2018, Michigan Legacy Credit Union's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 4-5%, with 3 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 6 | $350,000 | $58,333 | $1,738 | 5.64% |
| $200k-400k | 1 | $215,000 | $215,000 | $2,717 | 4.88% |
2018 saw Michigan Legacy Credit Union place emphasis on $100,000 or less loans with 6 originations, totaling $350,000 in origination value.
Applicant Income
Michigan Legacy Credit Union lent most frequently to those with incomes in the $50k or less range, with 3 originations. The second most popular income band? $75k-100k, with 2 originations.
Applicant Debt to Income Ratio
Michigan Legacy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 6 | $540,000 | $90,000 | $2,023 | 5.33% |
| Black | 1 | $25,000 | $25,000 | $1,002 | 6.73% |
Approval Rates
Total approvals of all applications92.00%
Michigan Legacy Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination-85.71%
Michigan Legacy Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 7 | $565,000 | $80,714 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 7 | $565,000 | $80,714 |
LTV Distribution
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% |