Consumers Mortgage Rates, Fees & Info
Kalamazoo, MILEI: 549300GSYIBSO9N4PB10
Tax ID: 38-1438667
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.44% | 4/19/24 |
| 30 Year Conventional Purchase | 6.80% | 4/19/24 |
| 30 Year Conventional Refi | 6.67% | 4/19/24 |
| 30 Year Cash-out Refi | 6.87% | 4/19/24 |
| 30 Year FHA Purchase | 6.27% | 4/19/24 |
| 30 Year VA Purchase | 6.27% | 4/19/24 |
| 15 Year Conventional Purchase | 6.12% | 4/19/24 |
| 15 Year Conventional Refi | 6.43% | 4/19/24 |
| 15 Year Cash-out Refi | 6.43% | 4/19/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,356Origination Dollar Volume (All Markets)
$388,060,000Awards
CONSUMERS - 2023
CONSUMERS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 15
Similarity Rank: 45
Similarity Rank: 90
Similarity Rank: 94
Similarity Rank: 96
Similarity Rank: 104
Similarity Rank: 130
Similarity Rank: 154
Similarity Rank: 162
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
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
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
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
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
2023 saw Consumers place emphasis on $100,000 or less loans with 942 originations, totaling $48,520,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications89.60%
Consumers has an average approval rate.
Pick Rate
Approvals leading to origination72.20%
Consumers has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,356 | $388,060,000 | $164,711 |