Consumers Mortgage Rates, Fees & Info

Kalamazoo, MI

LEI: 549300GSYIBSO9N4PB10

Tax ID: 38-1438667

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

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  • 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

    Consumers is a smaller mortgage company specializing in Home Purchase loans. Consumers has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Kalamazoo, Grand Rapids, Holland, Coldwater, and Battle Creek among others. We have data for 24 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 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
    Home Equity Line of Credit (HELOC) 5.44% 10/29/24
    30 Year Conventional Purchase 6.80% 10/29/24
    30 Year Conventional Refi 6.67% 10/29/24
    30 Year Cash-out Refi 6.87% 10/29/24
    30 Year FHA Purchase 6.27% 10/29/24
    30 Year VA Purchase 6.27% 10/29/24
    15 Year Conventional Purchase 6.12% 10/29/24
    15 Year Conventional Refi 6.43% 10/29/24
    15 Year Cash-out Refi 6.43% 10/29/24
    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

    2,116

    Origination Dollar Volume (All Markets)

    $280,970,000
    Show all (11) awards

    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
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 829 $110,265,000 $133,010 $2,235 4.89%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 593 $87,825,000 $148,103 $2,257 4.95%
    Outside of Metro Areas 329 $38,175,000 $116,033 $2,072 5.06%
    Holland, MI (FHA|USDA|VA) 141 $17,835,000 $126,489 $2,118 4.99%
    Coldwater, MI (FHA|USDA|VA) 60 $5,920,000 $98,667 $1,672 4.99%
    BATTLE CREEK, MI (FHA|USDA|VA) 50 $5,840,000 $116,800 $2,197 4.62%
    NILES, MI (FHA|USDA|VA) 25 $3,295,000 $131,800 $2,122 5.00%
    Sturgis, MI (FHA|USDA|VA) 19 $2,895,000 $152,368 $2,117 4.93%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 15 $2,465,000 $164,333 $2,652 5.03%
    MUSKEGON, MI (FHA|USDA|VA) 12 $1,990,000 $165,833 $2,231 4.61%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $1,190,000 $148,750 $2,746 4.58%
    Big Rapids, MI (FHA|USDA|VA) 6 $800,000 $133,333 $2,781 4.44%
    Hillsdale, MI (FHA|USDA|VA) 9 $655,000 $72,778 $2,246 4.79%
    Traverse City, MI (FHA|USDA|VA) 5 $375,000 $75,000 $1,368 4.81%
    SAGINAW, MI (FHA|USDA|VA) 1 $315,000 $315,000 $2,706 5.13%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $225,000 $75,000 $2,252 4.08%
    JACKSON, MI (FHA|USDA|VA) 3 $215,000 $71,667 $2,529 4.29%
    Angola, IN (FHA|USDA|VA) 1 $175,000 $175,000 $1,941 5.13%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.25%
    MONROE, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,005 4.88%
    Cadillac, MI (FHA|USDA|VA) 2 $100,000 $50,000 $1,945 5.25%
    Ludington, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,002 5.00%
    Adrian, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,007 4.50%
    FLINT, MI (FHA|USDA|VA) 1 $25,000 $25,000 $2,163 4.38%
    Consumers's top markets include Kalamazoo, Grand Rapids, Holland, Coldwater, and Battle Creek among others.

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

    HARBORLIGHT
    Similarity Rank: 28
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    Circle Federal Credit Union
    Similarity Rank: 243
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    KENT COUNTY CREDIT UNION
    Similarity Rank: 344
    West Michigan Credit Union
    Similarity Rank: 364
    Macatawa Bank
    Similarity Rank: 396

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,544 $236,040,000 $152,876 $2,055 4.70%
    HELOC 499 $31,655,000 $63,437 n/a 5.80%
    FHA 60 $10,100,000 $168,333 $5,243 4.03%
    VA 13 $3,175,000 $244,231 $4,289 3.68%

    For 2019, Consumers's most frequently originated type of loan was Conventional, with 1,544 originations. Their 2nd most popular type was HELOC, with 499 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 932 $169,590,000 $181,964 $2,681 4.48%
    Cash Out Refi 413 $42,635,000 $103,232 $1,593 5.20%
    Home Improvement 388 $18,960,000 $48,866 $421 5.91%
    Refi 383 $49,785,000 $129,987 $1,977 4.77%

    For 2019, Consumers's most frequently cited loan purpose was Home Purchase, with 932 originations. The 2nd most popular reason was Cash Out Refi, with 413 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,565 $228,415,000 $145,952 $2,643 4.91%
    15 Year 249 $30,655,000 $123,112 $1,733 4.53%
    10 Year 137 $7,875,000 $57,482 $719 5.69%
    5 Year 60 $1,790,000 $29,833 $412 5.77%
    20 Year 59 $9,875,000 $167,373 $2,181 4.07%
    Other 46 $2,360,000 $51,304 $793 5.79%

    For 2019, Consumers's most frequently cited loan duration was 30 Year, with 1,565 originations. The 2nd most popular length was 15 Year, with 249 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,254 $181,630,000 $144,841
    $1k-2k 274 $54,260,000 $198,029
    $2k-3k 9 $1,465,000 $162,778
    $3k-4k 6 $1,690,000 $281,667

    Consumers's average total fees were $2,643, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,254 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 755 $117,795,000 $156,020
    3-4% 549 $98,425,000 $179,281
    5-6% 473 $48,765,000 $103,097
    6-7% 202 $10,060,000 $49,802
    7-8% 115 $4,565,000 $39,696
    Over 8% 12 $350,000 $29,167
    2.5-3% 10 $1,010,000 $101,000

    During 2019, Consumers's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 755 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 901 $42,625,000 $47,309 $1,220 5.59%
    $100k-200k 768 $111,970,000 $145,794 $2,437 4.50%
    $200k-400k 406 $105,830,000 $260,665 $2,850 4.32%
    $400k-600k 35 $16,295,000 $465,571 $3,304 4.57%
    $600k-1MM 6 $4,250,000 $708,333 $4,245 4.63%

    2019 saw Consumers place emphasis on $100,000 or less loans with 901 originations, totaling $42,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 562 $68,580,000 $122,028 $2,152 4.86%
    $50k or less 479 $45,225,000 $94,415 $2,098 4.76%
    $75k-100k 426 $56,550,000 $132,746 $2,183 4.99%
    $100k-150k 415 $65,925,000 $158,855 $2,314 5.06%
    $150k-250k 184 $33,140,000 $180,109 $2,310 5.08%
    $250k+ 50 $11,550,000 $231,000 $2,740 5.29%

    Consumers lent most frequently to those with incomes in the $50k-75k range, with 562 originations. The second most popular income band? $50k or less, with 479 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 889 $116,125,000 $130,624 $2,217 4.72%
    20-30% 751 $108,455,000 $144,414 $2,298 4.87%
    30-36% 225 $30,685,000 $136,378 $2,107 5.22%
    36% 26 $3,400,000 $130,769 $1,813 5.41%
    37% 24 $2,460,000 $102,500 $1,310 5.88%
    38% 22 $2,430,000 $110,455 $2,143 5.63%
    40% 22 $2,010,000 $91,364 $1,746 5.54%
    39% 21 $2,855,000 $135,952 $1,971 5.02%
    43% 20 $1,810,000 $90,500 $1,961 5.17%
    >60% 17 $1,155,000 $67,941 $1,367 6.18%
    50-60% 17 $1,375,000 $80,882 $398 6.58%
    45% 15 $1,565,000 $104,333 $1,795 5.49%
    44% 15 $1,455,000 $97,000 $1,208 5.73%
    41% 14 $1,240,000 $88,571 $1,932 5.66%
    42% 13 $1,415,000 $108,846 $1,853 5.31%
    46% 9 $1,195,000 $132,778 $2,826 5.50%
    47% 6 $390,000 $65,000 $1,929 6.71%
    49% 5 $765,000 $153,000 $2,423 4.40%
    48% 4 $160,000 $40,000 $555 6.02%

    Consumers lent most frequently to those with DTI ratios of <20%, with 889 originations. The next most common DTI ratio? 20-30%, with 751 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,958 $261,020,000 $133,309 $2,194 4.91%
    Not provided 70 $7,210,000 $103,000 $1,831 5.55%
    Asian 29 $5,665,000 $195,345 $2,529 4.61%
    Black 43 $5,445,000 $126,628 $2,511 4.93%
    American Indian 6 $800,000 $133,333 $2,169 5.48%
    Not applicable 7 $505,000 $72,143 $450 5.74%
    Native Hawaiian or Islander 1 $185,000 $185,000 $2,386 4.88%
    Asian Indian 2 $140,000 $70,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    90.76%

    Consumers has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.45%

    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
    NA 2,116 $280,970,000 $132,784

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 47 $3,605,000 $76,702
    Single Family (1-4 Units):Site-Built 2,069 $277,365,000 $134,058

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 257 $16,275,000 $63,327 $932 5.57%
    40-60% 193 $24,345,000 $126,140 $1,898 4.55%
    60-80% 402 $65,040,000 $161,791 $2,305 4.39%
    80-100% 849 $162,205,000 $191,054 $2,671 4.51%
    Over 100% 1 $245,000 $245,000 $7,450 3.50%
    Under 20% 409 $12,675,000 $30,990 $472 6.12%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Consumer Real Estate Finance Co. FHA mortgage Closing on a mortgage 1 50.0%
    Consumer Real Estate Finance Co. Other type of mortgage Closing on a mortgage 1 50.0%