Consumers Mortgage Rates, Fees & InfoKalamazoo, MI
Tax ID: 38-1438667
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewConsumers is a smaller mortgage company specializing in Home Purchase loans. Consumers has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Kalamazoo, Holland, Battle Creek, and Muskegon among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)
Consumers 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. 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||5.44%||12/4/23|
|30 Year Conventional Purchase||6.80%||12/4/23|
|30 Year Conventional Refi||6.67%||12/4/23|
|30 Year Cash-out Refi||6.87%||12/4/23|
|30 Year FHA Purchase||6.27%||12/4/23|
|30 Year VA Purchase||6.27%||12/4/23|
|15 Year Conventional Purchase||6.12%||12/4/23|
|15 Year Conventional Refi||6.43%||12/4/23|
|15 Year Cash-out Refi||6.43%||12/4/23|
|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 EstimatesEstimated 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.
Origination Dollar Volume (All Markets)$503,020,000
CONSUMERS - 2022
CONSUMERS is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Consumers's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.44%.
Relative Fees (Closing Costs)
Consumers's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,923.
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 $4,750.
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)||1,041||$183,205,000||$175,989||$2,586||5.11%|
|KALAMAZOO-PORTAGE, MI (FHA|USDA|VA)||1,030||$157,660,000||$153,068||$2,672||5.13%|
|Outside of Metro Areas||393||$57,225,000||$145,611||$2,826||5.13%|
|Holland, MI (FHA|USDA|VA)||207||$31,445,000||$151,908||$2,696||5.07%|
|BATTLE CREEK, MI (FHA|USDA|VA)||91||$13,345,000||$146,648||$2,631||5.39%|
|MUSKEGON, MI (FHA|USDA|VA)||84||$12,920,000||$153,810||$2,581||5.55%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||40||$6,480,000||$162,000||$2,755||5.26%|
|Coldwater, MI (FHA|USDA|VA)||68||$6,350,000||$93,382||$2,325||5.12%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||29||$5,875,000||$202,586||$3,041||5.13%|
|NILES, MI (FHA|USDA|VA)||29||$5,405,000||$186,379||$3,106||4.95%|
|Traverse City, MI (FHA|USDA|VA)||19||$5,035,000||$265,000||$3,217||5.38%|
|Sturgis, MI (FHA|USDA|VA)||34||$4,480,000||$131,765||$2,855||5.21%|
|ANN ARBOR, MI (FHA|USDA|VA)||7||$2,015,000||$287,857||$5,037||4.84%|
|Big Rapids, MI (FHA|USDA|VA)||9||$1,775,000||$197,222||$2,546||5.18%|
|SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA)||16||$1,630,000||$101,875||$2,232||5.64%|
|JACKSON, MI (FHA|USDA|VA)||9||$1,315,000||$146,111||$2,312||5.24%|
|Ludington, MI (FHA|USDA|VA)||6||$1,040,000||$173,333||$2,590||5.06%|
|SAGINAW, MI (FHA|USDA|VA)||5||$905,000||$181,000||$2,691||5.83%|
|Hillsdale, MI (FHA|USDA|VA)||9||$845,000||$93,889||$3,713||4.75%|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||2||$720,000||$360,000||$2,624||5.63%|
|Alma, MI (FHA|USDA|VA)||4||$710,000||$177,500||$2,591||6.47%|
|Mount Pleasant, MI (FHA|USDA|VA)||4||$590,000||$147,500||$2,624||6.88%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||1||$505,000||$505,000||$2,317||6.38%|
|Cadillac, MI (FHA|USDA|VA)||2||$420,000||$210,000||$2,494||6.13%|
|BAY CITY, MI (FHA|USDA|VA)||1||$365,000||$365,000||$2,730||6.13%|
|Marquette, MI (FHA|USDA|VA)||1||$215,000||$215,000||$7,513||5.63%|
|Adrian, MI (FHA|USDA|VA)||1||$205,000||$205,000||$3,684||4.50%|
|MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA)||1||$165,000||$165,000||$2,914||6.50%|
|Sault Ste. Marie, MI (FHA|USDA|VA)||2||$160,000||$80,000||$2,325||5.00%|
|FLINT, MI (FHA|USDA|VA)||1||$15,000||$15,000||$0||5.50%|
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.
Similarity Rank: 114
Similarity Rank: 159
Similarity Rank: 340
Similarity Rank: 340
Similarity Rank: 380
Similarity Rank: 430
Similarity Rank: 468
Similarity Rank: 495
Similarity Rank: 522
Similarity Rank: 553
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Consumers's most frequently originated type of loan was Conventional, with 1,960 originations. Their 2nd most popular type was HELOC, with 1,186 originations.
For 2022, Consumers's most frequently cited loan purpose was Home Purchase, with 1,415 originations. The 2nd most popular reason was Refi, with 982 originations.
For 2022, Consumers's most frequently cited loan duration was 30 Year, with 2,684 originations. The 2nd most popular length was 15 Year, with 254 originations.
Origination Fees/Closing Costs
Consumers's average total fees were $2,923, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,315 originations.
During 2022, Consumers's average interest rate for loans was 5.20%, while their most frequently originated rate bucket for loans was 5-6%, with 855 originations.
2022 saw Consumers place emphasis on $100,000 or less loans with 1,252 originations, totaling $63,590,000 in origination value.
Consumers lent most frequently to those with incomes in the $50k-75k range, with 751 originations. The second most popular income band? $100k-150k, with 707 originations.
Applicant Debt to Income Ratio
Consumers lent most frequently to those with DTI ratios of <20%, with 1,381 originations. The next most common DTI ratio? 20-30%, with 1,078 originations.
Approval RatesTotal approvals of all applications
Consumers has an average approval rate.
Pick RateApprovals leading to origination
Consumers 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|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|CMG MORTGAGE, INC||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||1||50.0%|
|CMG MORTGAGE, INC||Conventional home mortgage||Trouble during payment process||1||50.0%|