Michigan Legacy Credit Union Mortgage Rates, Fees & Info

Pontiac, MI

LEI: 549300GKFM8W0GQXCQ93

Tax ID: 38-1295875

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 Legacy Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Michigan Legacy Credit Union has a high proportion of conventional loans. Their top two markets are Detroit and Monroe .

    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.

    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

    19

    Origination Dollar Volume (All Markets)

    $3,415,000

    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) 17 $3,215,000 $189,118 $1,490 2.43%
    MONROE, MI (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.13%
    Outside of Metro Areas 1 $25,000 $25,000 $0 1.88%
    Michigan Legacy Credit Union's top markets include Detroit and Monroe among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • 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.

    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    SECURITY CREDIT UNION
    Similarity Rank: 387
    St James Mortgage Corporation
    Similarity Rank: 408
    Polish-American Federal Credit Union
    Similarity Rank: 434
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 472
    T&I Credit union
    Similarity Rank: 660
    Preston Home Loans Inc
    Similarity Rank: 736
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1280
    Extra
    Similarity Rank: 1386
    Isabella Bank
    Similarity Rank: 1792

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 19 $3,415,000 $179,737 $1,334 2.43%

    For 2020, Michigan Legacy Credit Union's most frequently originated type of loan was Conventional, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 9 $1,435,000 $159,444 $1,245 2.47%
    Cash Out Refi 5 $725,000 $145,000 $1,061 2.20%
    Home Purchase 3 $935,000 $311,667 $1,614 2.79%
    Other 1 $265,000 $265,000 $1,947 2.25%
    NA 1 $55,000 $55,000 $2,037 2.38%

    For 2020, Michigan Legacy Credit Union's most frequently cited loan purpose was Refi, with 9 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 10 $2,120,000 $212,000 $1,216 2.75%
    10 Year 3 $255,000 $85,000 $936 1.96%
    15 Year 3 $395,000 $131,667 $1,737 1.92%
    20 Year 3 $645,000 $215,000 $1,720 2.38%

    For 2020, Michigan Legacy Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 10 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 19 $3,415,000 $179,737

    Michigan Legacy Credit Union's average total fees were $1,216, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 11 $1,565,000 $142,273
    2.5-3% 6 $1,090,000 $181,667
    3-4% 2 $760,000 $380,000

    During 2020, Michigan Legacy Credit Union's average interest rate for loans was 2.75%, while their most frequently originated rate bucket for loans was <2.5%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 10 $1,640,000 $164,000 $1,219 2.46%
    $100,000 or less 4 $250,000 $62,500 $1,253 2.09%
    $200k-400k 4 $940,000 $235,000 $1,323 2.53%
    $400k-600k 1 $585,000 $585,000 $2,846 3.13%

    2020 saw Michigan Legacy Credit Union place emphasis on $100k-200k loans with 10 originations, totaling $1,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 8 $1,230,000 $153,750 $1,379 2.38%
    $100k-150k 5 $835,000 $167,000 $1,641 2.33%
    $150k-250k 4 $1,130,000 $282,500 $1,524 2.69%
    $50k-75k 1 $195,000 $195,000 $0 3.00%
    $50k or less 1 $25,000 $25,000 $0 1.88%

    Michigan Legacy Credit Union lent most frequently to those with incomes in the $75k-100k range, with 8 originations. The second most popular income band? $100k-150k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $1,290,000 $215,000 $1,897 2.31%
    <20% 5 $835,000 $167,000 $1,435 2.53%
    30-36% 3 $675,000 $225,000 $1,115 2.63%
    44% 2 $250,000 $125,000 $1,718 2.00%
    41% 1 $25,000 $25,000 $0 1.88%
    45% 1 $145,000 $145,000 $0 3.00%
    49% 1 $195,000 $195,000 $0 3.00%

    Michigan Legacy Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $3,095,000 $182,059 $1,273 2.50%
    Asian Indian 1 $165,000 $165,000 $1,729 1.88%
    Black 1 $155,000 $155,000 $1,971 1.88%

    Approval Rates

    Total approvals of all applications
    82.22%

    Michigan Legacy Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    36.84%

    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 19 $3,415,000 $179,737

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $25,000 $25,000
    Single Family (1-4 Units):Site-Built 18 $3,390,000 $188,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $25,000 $25,000 $0 1.88%
    40-60% 3 $395,000 $131,667 $1,638 2.17%
    60-80% 11 $1,855,000 $168,636 $1,465 2.47%
    80-100% 4 $1,140,000 $285,000 $1,078 2.69%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Struggling to pay mortgage 1 100.0%