Michigan Legacy Credit Union Mortgage Rates, Fees & Info
Pontiac, MILEI: 549300GKFM8W0GQXCQ93
Tax ID: 38-1295875
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Mortgage Data
Review & Overview
Michigan Legacy Credit Union is a smaller credit union specializing in Home Improvement and Other 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 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4Origination Dollar Volume (All Markets)
$460,000Top 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) | 4 | $460,000 | $115,000 | $1,003 | 4.87% |
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: 159
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $460,000 | $115,000 | $1,003 | 4.87% |
For 2019, Michigan Legacy Credit Union's most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 3 | $365,000 | $121,667 | $990 | 4.49% |
| Other | 1 | $95,000 | $95,000 | $1,042 | 5.98% |
For 2019, Michigan Legacy Credit Union's most frequently cited loan purpose was Home Improvement, with 3 originations. The 2nd most popular reason was Other, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 2 | $160,000 | $80,000 | $805 | 5.98% |
| 15 Year | 1 | $115,000 | $115,000 | $0 | 3.25% |
| 30 Year | 1 | $185,000 | $185,000 | $2,402 | 4.25% |
For 2019, Michigan Legacy Credit Union's most frequently cited loan duration was 10 Year, with 2 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $275,000 | $91,667 |
| $1k-2k | 1 | $185,000 | $185,000 |
Michigan Legacy Credit Union's average total fees were $2,402, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 2 | $160,000 | $80,000 |
| 3-4% | 1 | $115,000 | $115,000 |
| 4-5% | 1 | $185,000 | $185,000 |
During 2019, Michigan Legacy Credit Union's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 5-6%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 2 | $160,000 | $80,000 | $805 | 5.98% |
| $100k-200k | 2 | $300,000 | $150,000 | $1,201 | 3.75% |
2019 saw Michigan Legacy Credit Union place emphasis on $100,000 or less loans with 2 originations, totaling $160,000 in origination value.
Applicant Income
Michigan Legacy Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $50k-75k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 2 | $210,000 | $105,000 | $521 | 4.62% |
| 20-30% | 1 | $65,000 | $65,000 | $567 | 5.98% |
| 37% | 1 | $185,000 | $185,000 | $2,402 | 4.25% |
Michigan Legacy Credit Union lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 4 | $460,000 | $115,000 | $1,003 | 4.87% |
Approval Rates
Total approvals of all applications81.82%
Michigan Legacy Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination-400.00%
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 | 4 | $460,000 | $115,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4 | $460,000 | $115,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1 | $95,000 | $95,000 | $1,042 | 5.98% |
| 60-80% | 2 | $300,000 | $150,000 | $1,201 | 3.75% |
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% |