Consumers Mortgage Rates, Fees & Info

Kalamazoo, MI

LEI: 549300GSYIBSO9N4PB10

Tax ID: 38-1438667

5 stars - Updated: 12/4/24 - out of 5 stars, based on 49 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Consumers is a smaller mortgage company specializing in Home Purchase and Refi loans. Consumers has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Kalamazoo, Holland, Muskegon, and Battle Creek among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)

Consumers 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. Consumers 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 relatively high 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) 5.44% 12/4/24
30 Year Conventional Purchase 6.80% 12/4/24
30 Year Conventional Refi 6.67% 12/4/24
30 Year Cash-out Refi 6.87% 12/4/24
30 Year FHA Purchase 6.27% 12/4/24
30 Year VA Purchase 6.27% 12/4/24
15 Year Conventional Purchase 6.12% 12/4/24
15 Year Conventional Refi 6.43% 12/4/24
15 Year Cash-out Refi 6.43% 12/4/24
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.

Consumers Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Consumers. 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

2,356

Origination Dollar Volume (All Markets)

$388,060,000
Show all (8) awards

Relative Rate

Consumers's average 30 year fixed mortgage rate was 6.84%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.36%.

Relative Fees (Closing Costs)

Consumers's average total fees/closing costs for a 30 year fixed rate mortgage were $3,436.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 745 $132,195,000 $177,443 $2,923 6.88%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 747 $120,495,000 $161,305 $2,893 6.93%
Outside of Metro Areas 269 $39,565,000 $147,082 $3,189 6.98%
Holland, MI (FHA|USDA|VA) 140 $22,090,000 $157,786 $2,794 6.91%
MUSKEGON, MI (FHA|USDA|VA) 91 $13,145,000 $144,451 $3,072 7.15%
BATTLE CREEK, MI (FHA|USDA|VA) 79 $12,045,000 $152,468 $3,085 7.11%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 67 $11,755,000 $175,448 $4,412 6.79%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 52 $8,260,000 $158,846 $3,090 6.83%
Traverse City, MI (FHA|USDA|VA) 17 $5,185,000 $305,000 $3,527 7.43%
Coldwater, MI (FHA|USDA|VA) 35 $3,395,000 $97,000 $1,766 7.03%
Sturgis, MI (FHA|USDA|VA) 21 $3,075,000 $146,429 $2,703 6.80%
NILES, MI (FHA|USDA|VA) 18 $2,690,000 $149,444 $2,825 7.15%
Big Rapids, MI (FHA|USDA|VA) 10 $1,660,000 $166,000 $2,437 7.22%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 12 $1,600,000 $133,333 $2,947 7.06%
Ludington, MI (FHA|USDA|VA) 5 $1,385,000 $277,000 $5,905 6.60%
Marquette, MI (FHA|USDA|VA) 1 $1,265,000 $1,265,000 $7,053 6.13%
ANN ARBOR, MI (FHA|USDA|VA) 4 $1,030,000 $257,500 $3,012 6.93%
FORT WAYNE, IN (FHA|USDA|VA) 3 $985,000 $328,333 $4,879 7.04%
Mount Pleasant, MI (FHA|USDA|VA) 5 $865,000 $173,000 $3,397 7.38%
JACKSON, MI (FHA|USDA|VA) 8 $780,000 $97,500 $1,313 6.69%
MONROE, MI (FHA|USDA|VA) 3 $535,000 $178,333 $3,287 6.62%
Adrian, MI (FHA|USDA|VA) 3 $465,000 $155,000 $3,513 6.75%
FLINT, MI (FHA|USDA|VA) 1 $445,000 $445,000 $3,856 5.88%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $445,000 $445,000 $2,618 7.88%
BAY CITY, MI (FHA|USDA|VA) 2 $430,000 $215,000 $2,694 8.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $355,000 $355,000 $2,844 5.38%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $340,000 $170,000 $2,177 7.63%
MIDLAND, MI (FHA|USDA|VA) 1 $315,000 $315,000 $3,628 7.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $270,000 $135,000 $2,769 7.19%
Cadillac, MI (FHA|USDA|VA) 2 $260,000 $130,000 $3,645 8.38%
Escanaba, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,907 6.50%
Hillsdale, MI (FHA|USDA|VA) 4 $160,000 $40,000 $3,214 6.71%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,655 6.38%
SAGINAW, MI (FHA|USDA|VA) 2 $120,000 $60,000 $2,307 7.63%
Alma, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,696 7.00%
Consumers's top markets include Grand Rapids, Kalamazoo, Holland, Muskegon, and Battle Creek among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against CONSUMERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    MARSHALL COMMUNITY CREDIT UNION
    Similarity Rank: 90
    Total Community Credit Union
    Similarity Rank: 94
    INTERRA CREDIT UNION
    Similarity Rank: 96
    St James Mortgage Corporation
    Similarity Rank: 104
    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,463 $312,175,000 $213,380 $2,986 7.19%
    HELOC 893 $75,885,000 $84,978 n/a 6.52%

    For 2023, Consumers's most frequently originated type of loan was Conventional, with 1,463 originations. Their 2nd most popular type was HELOC, with 893 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,128 $280,170,000 $248,378 $3,499 7.04%
    Refi 996 $83,590,000 $83,926 $649 6.84%
    Home Improvement 150 $9,970,000 $66,467 $269 6.61%
    Cash Out Refi 82 $14,330,000 $174,756 $3,274 7.20%

    For 2023, Consumers's most frequently cited loan purpose was Home Purchase, with 1,128 originations. The 2nd most popular reason was Refi, with 996 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,021 $340,445,000 $168,454 $3,436 6.84%
    15 Year 162 $18,880,000 $116,543 $1,373 7.38%
    10 Year 60 $3,710,000 $61,833 $309 7.84%
    30+ year 37 $18,365,000 $496,351 $5,099 7.28%
    5 Year 32 $850,000 $26,563 $56 7.73%
    Other 27 $1,825,000 $67,593 $297 7.98%
    20 Year 17 $3,985,000 $234,412 $3,172 6.95%

    For 2023, Consumers's most frequently cited loan duration was 30 Year, with 2,021 originations. The 2nd most popular length was 15 Year, with 162 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 877 $173,705,000 $198,067
    $1k-2k 334 $69,940,000 $209,401
    $2k-3k 129 $37,105,000 $287,636
    $3k-4k 51 $11,215,000 $219,902
    $5k+ 33 $10,375,000 $314,394
    $4k-5k 31 $7,635,000 $246,290

    Consumers's average total fees were $3,436, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 877 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 810 $83,980,000 $103,679
    7-8% 618 $124,770,000 $201,893
    6-7% 557 $135,075,000 $242,504
    Over 8% 364 $43,210,000 $118,709
    4-5% 5 $965,000 $193,000
    <2.5% 2 $60,000 $30,000

    During 2023, Consumers's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was 5-6%, with 810 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 942 $48,520,000 $51,507 $1,017 6.91%
    $200k-400k 656 $178,130,000 $271,540 $3,600 6.99%
    $100k-200k 631 $92,765,000 $147,013 $3,097 6.92%
    $400k-600k 96 $45,670,000 $475,729 $4,389 6.89%
    $600k-1MM 28 $19,640,000 $701,429 $5,004 7.15%
    $1MM+ 3 $3,335,000 $1,111,667 $3,893 7.25%

    2023 saw Consumers place emphasis on $100,000 or less loans with 942 originations, totaling $48,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 600 $99,600,000 $166,000 $2,940 7.01%
    $50k-75k 500 $63,550,000 $127,100 $2,671 6.94%
    $75k-100k 436 $63,550,000 $145,757 $2,994 6.91%
    $150k-250k 390 $85,540,000 $219,333 $3,441 7.04%
    $50k or less 269 $25,665,000 $95,409 $2,708 6.71%
    $250k+ 122 $42,030,000 $344,508 $4,220 6.78%

    Consumers lent most frequently to those with incomes in the $100k-150k range, with 600 originations. The second most popular income band? $50k-75k, with 500 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 589 $78,565,000 $133,387 $2,690 6.82%
    30-36% 543 $85,555,000 $157,560 $2,789 7.05%
    <20% 210 $27,820,000 $132,476 $2,803 6.72%
    39% 122 $20,140,000 $165,082 $2,918 6.94%
    37% 113 $22,355,000 $197,832 $3,014 7.20%
    38% 107 $19,295,000 $180,327 $3,189 7.23%
    36% 103 $17,705,000 $171,893 $3,019 6.91%
    40% 89 $16,785,000 $188,596 $3,224 6.92%
    41% 84 $15,430,000 $183,690 $2,998 7.05%
    42% 68 $13,400,000 $197,059 $3,162 6.75%
    44% 59 $13,305,000 $225,508 $3,749 6.99%
    43% 57 $11,395,000 $199,912 $3,303 6.94%
    49% 44 $10,350,000 $235,227 $3,527 7.00%
    47% 38 $8,550,000 $225,000 $3,399 6.83%
    46% 36 $8,300,000 $230,556 $4,051 6.92%
    45% 35 $8,515,000 $243,286 $3,856 6.85%
    48% 29 $6,635,000 $228,793 $3,397 6.94%
    50-60% 12 $930,000 $77,500 $1,262 6.31%
    >60% 11 $1,435,000 $130,455 $948 6.82%

    Consumers lent most frequently to those with DTI ratios of 20-30%, with 589 originations. The next most common DTI ratio? 30-36%, with 543 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,961 $327,915,000 $167,218 $2,994 6.92%
    Not provided 277 $39,615,000 $143,014 $2,850 6.93%
    Black 68 $9,990,000 $146,912 $3,215 7.20%
    Asian 39 $8,125,000 $208,333 $3,035 6.99%
    Not applicable 3 $1,375,000 $458,333 $0 8.13%
    American Indian 7 $855,000 $122,143 $2,343 7.51%
    Native Hawaiian or Islander 1 $185,000 $185,000 $2,706 7.25%

    Approval Rates

    Total approvals of all applications
    89.60%

    Consumers has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.20%

    Consumers has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,356 $388,060,000 $164,711

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,356 $388,060,000 $164,711

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 443 $41,925,000 $94,639 $993 6.76%
    40-60% 213 $33,215,000 $155,939 $2,937 6.74%
    60-80% 347 $80,575,000 $232,205 $3,556 7.04%
    80-100% 827 $209,575,000 $253,416 $3,492 7.08%
    Under 20% 526 $22,770,000 $43,289 $161 6.85%