Mortgage 1 Incorporated Rates, Fees & Info

STERLING HEIGHTS, MI

LEI: 549300IWE0Y507LPF493

Tax ID: 38-3133176

5 stars - Updated: 5/20/24 - out of 5 stars, based on 60 reviews

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

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Mortgage Data

Review & Overview

Mortgage 1 Incorporated is a smaller mortgage company specializing in Home Purchase loans. Mortgage 1 Incorporated has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Grand Rapids, Cape Coral, Muskegon, and Ann Arbor among others. We have data for 72 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mortgage 1 Incorporated 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. Mortgage 1 Incorporated is typically an average 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
30 Year Conventional Purchase 6.98% 5/20/24
30 Year Conventional Refi 6.81% 5/20/24
30 Year Cash-out Refi 7.05% 5/20/24
30 Year FHA Purchase 7.64% 5/20/24
30 Year FHA Refi 7.37% 5/20/24
30 Year VA Purchase 6.47% 5/20/24
30 Year VA Refi 6.85% 5/20/24
30 Year USDA Purchase 6.96% 5/20/24
30 Year USDA Refi 6.09% 5/20/24
15 Year Conventional Purchase 6.27% 5/20/24
15 Year Conventional Refi 6.12% 5/20/24
15 Year Cash-out Refi 6.12% 5/20/24
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.

Mortgage 1 Incorporated Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mortgage 1 Incorporated. 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

3,609

Origination Dollar Volume (All Markets)

$792,655,000
Show all (6) awards

Relative Rate

Mortgage 1 Incorporated's average 30 year fixed mortgage rate was 6.85%.

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

This yields a difference of 0.37%.

Relative Fees (Closing Costs)

Mortgage 1 Incorporated's average total fees/closing costs for a 30 year fixed rate mortgage were $6,526.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,608 $348,250,000 $216,573 $6,043 6.89%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 342 $80,480,000 $235,322 $6,406 6.86%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 251 $73,845,000 $294,203 $8,579 6.14%
MUSKEGON, MI (FHA|USDA|VA) 250 $49,050,000 $196,200 $6,068 7.00%
Outside of Metro Areas 190 $34,150,000 $179,737 $6,164 6.99%
ANN ARBOR, MI (FHA|USDA|VA) 116 $31,430,000 $270,948 $5,086 6.91%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 161 $27,275,000 $169,410 $6,502 6.88%
JACKSON, MI (FHA|USDA|VA) 142 $25,340,000 $178,451 $6,887 6.84%
FLINT, MI (FHA|USDA|VA) 98 $19,640,000 $200,408 $6,995 6.81%
MONROE, MI (FHA|USDA|VA) 61 $13,645,000 $223,689 $7,694 6.85%
SAGINAW, MI (FHA|USDA|VA) 37 $6,575,000 $177,703 $6,751 6.81%
PUNTA GORDA, FL (FHA|USDA|VA) 20 $6,390,000 $319,500 $7,292 6.72%
Ludington, MI (FHA|USDA|VA) 33 $5,485,000 $166,212 $5,913 6.97%
Holland, MI (FHA|USDA|VA) 22 $5,330,000 $242,273 $7,414 7.01%
Adrian, MI (FHA|USDA|VA) 25 $5,315,000 $212,600 $6,799 6.92%
GREAT FALLS, MT (FHA|USDA|VA) 11 $4,855,000 $441,364 $13,275 6.68%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 13 $4,465,000 $343,462 $9,564 6.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 8 $4,040,000 $505,000 $13,711 6.92%
Big Rapids, MI (FHA|USDA|VA) 16 $2,990,000 $186,875 $7,206 6.76%
BATTLE CREEK, MI (FHA|USDA|VA) 20 $2,980,000 $149,000 $5,714 6.76%
Cadillac, MI (FHA|USDA|VA) 20 $2,900,000 $145,000 $6,171 6.85%
JACKSONVILLE, FL (FHA|USDA|VA) 10 $2,540,000 $254,000 $7,452 6.09%
TOLEDO, OH (FHA|USDA|VA) 12 $2,490,000 $207,500 $6,910 7.19%
Traverse City, MI (FHA|USDA|VA) 10 $2,320,000 $232,000 $5,672 7.45%
DAYTON-KETTERING, OH (FHA|USDA|VA) 13 $2,315,000 $178,077 $5,736 7.10%
Key West, FL (FHA|USDA|VA) 1 $2,245,000 $2,245,000 $18,043 7.38%
Hillsdale, MI (FHA|USDA|VA) 12 $1,910,000 $159,167 $6,633 6.89%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 9 $1,865,000 $207,222 $7,744 6.75%
MIDLAND, MI (FHA|USDA|VA) 7 $1,515,000 $216,429 $5,110 6.64%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,515,000 $303,000 $8,349 6.67%
Alma, MI (FHA|USDA|VA) 9 $1,385,000 $153,889 $5,937 6.90%
NILES, MI (FHA|USDA|VA) 4 $1,320,000 $330,000 $6,812 6.19%
BAKERSFIELD, CA (FHA|USDA|VA) 5 $1,175,000 $235,000 $7,576 7.84%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $1,170,000 $292,500 $8,455 7.12%
BAY CITY, MI (FHA|USDA|VA) 7 $1,035,000 $147,857 $6,368 6.43%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $965,000 $321,667 $7,717 6.88%
Marquette, MI (FHA|USDA|VA) 2 $870,000 $435,000 $6,543 7.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 5 $795,000 $159,000 $8,080 7.18%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $725,000 $241,667 $6,761 7.08%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $725,000 $241,667 $7,807 7.71%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $720,000 $180,000 $2,578 6.69%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $670,000 $335,000 $10,292 6.56%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $615,000 $615,000 $6,935 6.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $550,000 $275,000 $7,481 6.99%
Sturgis, MI (FHA|USDA|VA) 2 $530,000 $265,000 $11,052 6.62%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $5,879 6.99%
MISSOULA, MT (FHA|USDA|VA) 1 $405,000 $405,000 $4,461 7.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $405,000 $405,000 $13,450 7.99%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $395,000 $131,667 $14,962 4.08%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $375,000 $375,000 $4,960 6.99%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $305,000 $305,000 $12,398 7.88%
Helena, MT (FHA|USDA|VA) 1 $305,000 $305,000 $12,887 7.63%
COLUMBUS, OH (FHA|USDA|VA) 1 $295,000 $295,000 $13,112 7.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $6,758 7.75%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $275,000 $275,000 $4,205 6.13%
PANAMA CITY, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,585 7.88%
Arcadia, FL (FHA|USDA|VA) 2 $240,000 $120,000 $0 3.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,509 5.63%
Mount Pleasant, MI (FHA|USDA|VA) 1 $195,000 $195,000 $15,131 6.75%
Fremont, OH (FHA|USDA|VA) 1 $175,000 $175,000 $8,137 6.63%
Coldwater, MI (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,158 6.99%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,111 7.25%
Wilmington, OH (FHA|USDA|VA) 1 $165,000 $165,000 $4,463 7.13%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $165,000 $165,000 $7,975 6.99%
Kendallville, IN (FHA|USDA|VA) 1 $145,000 $145,000 $5,982 5.88%
Madison, IN (FHA|USDA|VA) 1 $135,000 $135,000 $5,644 5.88%
GAINESVILLE, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,673 7.50%
Sandusky, OH (FHA|USDA|VA) 1 $125,000 $125,000 $4,633 6.88%
Marion, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,515 7.38%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $105,000 $105,000 $5,826 7.63%
Alpena, MI (FHA|USDA|VA) 1 $105,000 $105,000 $5,496 6.99%
Mortgage 1 Incorporated's top markets include Detroit, Grand Rapids, Cape Coral, Muskegon, and Ann Arbor among others.

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

    We use machine learning to identify the top lenders compared against MORTGAGE 1 INCORPORATED based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    1st State Financial, Ltd.
    Similarity Rank: 34
    Macatawa Bank
    Similarity Rank: 42
    Wildfire Credit Union
    Similarity Rank: 52
    United Bank of Michigan
    Similarity Rank: 56
    TLC COMMUNITY Credit Union
    Similarity Rank: 60
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 69
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    PFCU
    Similarity Rank: 100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,466 $554,460,000 $224,842 $5,302 6.92%
    FHA 900 $176,020,000 $195,578 $10,044 6.66%
    VA 182 $51,620,000 $283,626 $7,015 6.64%
    USDA 61 $10,555,000 $173,033 $7,498 6.41%

    For 2023, Mortgage 1 Incorporated's most frequently originated type of loan was Conventional, with 2,466 originations. Their 2nd most popular type was FHA, with 900 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,327 $740,925,000 $222,701 $6,532 6.81%
    Cash Out Refi 197 $34,795,000 $176,624 $6,148 7.12%
    Refi 85 $16,935,000 $199,235 $5,391 6.98%

    For 2023, Mortgage 1 Incorporated's most frequently cited loan purpose was Home Purchase, with 3,327 originations. The 2nd most popular reason was Cash Out Refi, with 197 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,512 $773,350,000 $220,202 $6,526 6.85%
    15 Year 72 $14,890,000 $206,806 $5,034 6.32%
    20 Year 22 $4,050,000 $184,091 $4,230 6.47%
    10 Year 2 $360,000 $180,000 $6,900 6.50%
    Other 1 $5,000 $5,000 $0 0.00%

    For 2023, Mortgage 1 Incorporated's most frequently cited loan duration was 30 Year, with 3,512 originations. The 2nd most popular length was 15 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,089 $240,075,000 $220,455
    $2k-3k 1,024 $186,790,000 $182,412
    $3k-4k 588 $121,530,000 $206,684
    $5k+ 472 $144,680,000 $306,525
    $4k-5k 337 $80,635,000 $239,273
    $<1k 99 $18,945,000 $191,364

    Mortgage 1 Incorporated's average total fees were $6,526, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,089 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 2,022 $423,300,000 $209,347
    7-8% 1,225 $286,575,000 $233,939
    5-6% 263 $64,895,000 $246,749
    Over 8% 61 $16,055,000 $263,197
    <2.5% 31 $445,000 $14,355
    4-5% 7 $1,385,000 $197,857

    During 2023, Mortgage 1 Incorporated's average interest rate for loans was 6.85%, while their most frequently originated rate bucket for loans was 6-7%, with 2,022 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,535 $234,185,000 $152,564 $5,622 6.82%
    $200k-400k 1,482 $405,230,000 $273,435 $7,115 6.96%
    $100,000 or less 349 $25,505,000 $73,080 $4,301 6.30%
    $400k-600k 188 $88,250,000 $469,415 $8,265 6.97%
    $600k-1MM 53 $36,035,000 $679,906 $8,977 6.95%
    $1MM+ 2 $3,450,000 $1,725,000 $28,496 6.69%

    2023 saw Mortgage 1 Incorporated place emphasis on $100k-200k loans with 1,535 originations, totaling $234,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,109 $195,235,000 $176,046 $6,069 6.77%
    $75k-100k 745 $164,345,000 $220,597 $6,731 6.79%
    $100k-150k 662 $176,540,000 $266,677 $7,002 7.00%
    $50k or less 601 $73,785,000 $122,770 $5,352 6.65%
    $150k-250k 361 $122,085,000 $338,186 $6,528 7.01%
    $250k+ 131 $60,665,000 $463,092 $7,925 7.20%

    Mortgage 1 Incorporated lent most frequently to those with incomes in the $50k-75k range, with 1,109 originations. The second most popular income band? $75k-100k, with 745 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 632 $136,180,000 $215,475 $5,845 6.88%
    20-30% 534 $110,510,000 $206,948 $5,556 6.86%
    44% 223 $45,525,000 $204,148 $6,314 6.87%
    50-60% 210 $50,750,000 $241,667 $9,682 6.64%
    43% 198 $44,230,000 $223,384 $6,626 6.83%
    39% 175 $38,555,000 $220,314 $6,462 6.90%
    41% 174 $37,170,000 $213,621 $6,210 6.84%
    42% 171 $37,745,000 $220,731 $6,399 6.88%
    49% 162 $40,000,000 $246,914 $6,793 7.00%
    40% 156 $33,910,000 $217,372 $6,306 6.78%
    38% 144 $30,450,000 $211,458 $6,610 6.90%
    45% 139 $33,975,000 $244,424 $6,702 6.87%
    37% 127 $25,365,000 $199,724 $6,528 6.88%
    36% 121 $24,845,000 $205,331 $5,751 6.93%
    <20% 117 $24,345,000 $208,077 $5,904 6.17%
    48% 112 $27,140,000 $242,321 $6,856 6.94%
    47% 107 $27,145,000 $253,692 $6,560 7.00%
    46% 99 $23,795,000 $240,354 $7,138 6.94%
    >60% 3 $945,000 $315,000 $11,825 7.00%

    Mortgage 1 Incorporated lent most frequently to those with DTI ratios of 30-36%, with 632 originations. The next most common DTI ratio? 20-30%, with 534 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,946 $655,850,000 $222,624 $6,423 6.84%
    Not provided 332 $68,730,000 $207,018 $6,247 6.90%
    Black 231 $42,215,000 $182,749 $7,861 6.74%
    Asian 79 $22,195,000 $280,949 $6,203 6.78%
    American Indian 19 $3,315,000 $174,474 $6,344 6.83%
    Native Hawaiian or Islander 2 $350,000 $175,000 $0 3.13%

    Approval Rates

    Total approvals of all applications
    96.94%

    Mortgage 1 Incorporated has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    73.79%

    Mortgage 1 Incorporated has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,609 $792,655,000 $219,633

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,609 $792,655,000 $219,633

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $9,765,000 $117,651 $4,247 6.97%
    40-60% 224 $40,370,000 $180,223 $4,935 6.94%
    60-80% 787 $186,265,000 $236,677 $5,883 7.10%
    80-100% 2,439 $543,995,000 $223,040 $6,945 6.82%
    Over 100% 38 $11,120,000 $292,632 $10,931 6.58%
    Under 20% 38 $1,140,000 $30,000 $3,228 1.47%