Mortgage 1 Incorporated Rates, Fees & Info

STERLING HEIGHTS, MI

LEI: 549300IWE0Y507LPF493

Tax ID: 38-3133176

4.2 stars - out of 5 stars, based on 100 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Mortgage 1 Incorporated is a small mortgage company specializing in 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. 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: Detroit, Grand Rapids, Cape Coral, Muskegon, and Ann Arbor among others. We have data for 92 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 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
    30 Year Conventional Purchase 6.97% 1/29/23
    30 Year Conventional Refi 6.72% 1/29/23
    30 Year Cash-out Refi 6.93% 1/29/23
    30 Year FHA Purchase 8.02% 1/29/23
    30 Year FHA Refi 7.39% 1/29/23
    30 Year VA Purchase 6.68% 1/29/23
    30 Year VA Refi 6.35% 1/29/23
    30 Year USDA Purchase 7.24% 1/29/23
    30 Year USDA Refi 6.83% 1/29/23
    15 Year Conventional Purchase 6.21% 1/29/23
    15 Year Conventional Refi 6.14% 1/29/23
    15 Year Cash-out Refi 6.14% 1/29/23
    15 Year FHA Refi 5.68% 1/29/23
    15 Year VA Purchase 6.18% 1/29/23
    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.


    Originations

    10,053

    Origination Dollar Volume (All Markets)

    $2,001,765,000

    Relative Rate

    Mortgage 1 Incorporated's average 30 year fixed mortgage rate was 3.39%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.24%.

    Relative Fees (Closing Costs)

    Mortgage 1 Incorporated's average total fees/closing costs for a 30 year fixed rate mortgage were $4,784.

    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.

    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) 5,102 $1,024,100,000 $200,725 $4,223 3.28%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,015 $211,765,000 $208,635 $4,469 3.31%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 596 $162,270,000 $272,265 $5,716 3.23%
    MUSKEGON, MI (FHA|USDA|VA) 586 $96,760,000 $165,119 $4,133 3.38%
    ANN ARBOR, MI (FHA|USDA|VA) 345 $80,995,000 $234,768 $3,680 3.21%
    Outside of Metro Areas 387 $64,735,000 $167,274 $4,515 3.31%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 353 $48,985,000 $138,768 $4,443 3.33%
    JACKSON, MI (FHA|USDA|VA) 324 $48,820,000 $150,679 $5,126 3.36%
    FLINT, MI (FHA|USDA|VA) 277 $48,335,000 $174,495 $4,747 3.28%
    MONROE, MI (FHA|USDA|VA) 151 $27,375,000 $181,291 $5,475 3.35%
    Holland, MI (FHA|USDA|VA) 90 $18,170,000 $201,889 $4,702 3.38%
    Ludington, MI (FHA|USDA|VA) 66 $12,390,000 $187,727 $4,954 3.20%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 37 $11,495,000 $310,676 $5,599 3.18%
    Adrian, MI (FHA|USDA|VA) 62 $11,050,000 $178,226 $4,367 3.38%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 17 $11,035,000 $649,118 $6,474 3.01%
    WICHITA, KS (FHA|USDA|VA) 61 $10,495,000 $172,049 $5,271 3.46%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 52 $9,560,000 $183,846 $5,179 3.45%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 62 $9,490,000 $153,065 $4,828 3.46%
    Cadillac, MI (FHA|USDA|VA) 55 $8,545,000 $155,364 $4,933 3.35%
    SAGINAW, MI (FHA|USDA|VA) 48 $7,320,000 $152,500 $4,469 3.40%
    Hillsdale, MI (FHA|USDA|VA) 41 $6,905,000 $168,415 $5,519 3.28%
    PUNTA GORDA, FL (FHA|USDA|VA) 17 $5,235,000 $307,941 $5,139 3.14%
    Traverse City, MI (FHA|USDA|VA) 20 $4,540,000 $227,000 $4,361 3.21%
    BATTLE CREEK, MI (FHA|USDA|VA) 23 $4,005,000 $174,130 $4,787 3.27%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 16 $3,840,000 $240,000 $4,636 3.10%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 12 $3,460,000 $288,333 $9,551 3.25%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $3,355,000 $305,000 $5,468 3.03%
    Big Rapids, MI (FHA|USDA|VA) 21 $3,095,000 $147,381 $3,910 3.33%
    MIDLAND, MI (FHA|USDA|VA) 18 $3,020,000 $167,778 $4,558 3.54%
    NILES, MI (FHA|USDA|VA) 14 $2,730,000 $195,000 $5,036 3.67%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 9 $2,365,000 $262,778 $6,042 3.26%
    Alma, MI (FHA|USDA|VA) 15 $2,025,000 $135,000 $4,807 3.32%
    TOLEDO, OH (FHA|USDA|VA) 14 $1,820,000 $130,000 $5,419 3.55%
    Coldwater, MI (FHA|USDA|VA) 9 $1,815,000 $201,667 $3,325 3.12%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $1,610,000 $268,333 $2,651 3.14%
    Helena, MT (FHA|USDA|VA) 6 $1,560,000 $260,000 $7,221 3.21%
    JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,505,000 $301,000 $9,628 3.12%
    COLUMBUS, OH (FHA|USDA|VA) 5 $1,455,000 $291,000 $4,354 3.25%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 5 $1,375,000 $275,000 $4,985 3.67%
    GREAT FALLS, MT (FHA|USDA|VA) 6 $1,370,000 $228,333 $6,521 3.48%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,250,000 $312,500 $6,142 3.59%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $1,035,000 $207,000 $3,545 3.13%
    Mount Pleasant, MI (FHA|USDA|VA) 6 $970,000 $161,667 $6,611 3.44%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $915,000 $305,000 $5,139 3.29%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $805,000 $805,000 $3,881 2.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 4 $800,000 $200,000 $6,374 3.34%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $795,000 $159,000 $5,016 3.60%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $720,000 $360,000 $4,946 3.50%
    Alpena, MI (FHA|USDA|VA) 4 $690,000 $172,500 $4,790 3.47%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $625,000 $625,000 $4,179 2.25%
    Houghton, MI (FHA|USDA|VA) 2 $560,000 $280,000 $3,121 3.38%
    OWENSBORO, KY (FHA|USDA|VA) 1 $545,000 $545,000 $4,134 2.13%
    Okeechobee, FL (FHA|USDA|VA) 1 $535,000 $535,000 $6,610 3.50%
    Clewiston, FL (FHA|USDA|VA) 4 $530,000 $132,500 $5,829 2.63%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,250 3.18%
    Key West, FL (FHA|USDA|VA) 1 $495,000 $495,000 $11,810 2.75%
    SPRINGFIELD, OH (FHA|USDA|VA) 3 $465,000 $155,000 $3,341 3.46%
    Sidney, OH (FHA|USDA|VA) 3 $455,000 $151,667 $6,494 3.24%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $425,000 $425,000 $18,855 2.75%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $420,000 $210,000 $4,003 2.68%
    BAY CITY, MI (FHA|USDA|VA) 5 $415,000 $83,000 $3,159 3.62%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $385,000 $385,000 $4,251 2.99%
    STOCKTON, CA (FHA|USDA|VA) 1 $375,000 $375,000 $2,625 2.99%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $370,000 $185,000 $6,126 3.31%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $365,000 $365,000 $12,001 2.88%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $345,000 $345,000 $3,848 2.63%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $345,000 $345,000 $3,400 2.88%
    Sturgis, MI (FHA|USDA|VA) 2 $320,000 $160,000 $3,212 3.56%
    Hutchinson, KS (FHA|USDA|VA) 1 $315,000 $315,000 $564 3.63%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $300,000 $150,000 $3,219 2.88%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,984 3.25%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,314 2.99%
    Bellefontaine, OH (FHA|USDA|VA) 1 $255,000 $255,000 $10,468 3.50%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,061 2.99%
    Palatka, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,627 3.25%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,327 3.50%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $235,000 $235,000 $4,837 3.25%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $225,000 $225,000 $7,015 2.38%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,893 3.25%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $3,584 2.99%
    OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,262 3.38%
    Wilmington, OH (FHA|USDA|VA) 1 $185,000 $185,000 $6,710 3.99%
    Marquette, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,612 3.13%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $165,000 $165,000 $5,108 2.99%
    Portsmouth, OH (FHA|USDA|VA) 1 $155,000 $155,000 $7,819 3.25%
    EL PASO, TX (FHA|USDA|VA) 1 $105,000 $105,000 $7,707 2.75%
    Winfield, KS (FHA|USDA|VA) 1 $105,000 $105,000 $6,394 4.25%
    Angola, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,494 3.63%
    Pittsburg, KS (FHA|USDA|VA) 1 $85,000 $85,000 $2,888 3.25%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,901 3.99%
    Frankfort, KY (FHA|USDA|VA) 1 $85,000 $85,000 $2,071 2.99%
    Greenville, OH (FHA|USDA|VA) 1 $55,000 $55,000 $5,192 3.75%
    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)
  • California (FHA|USDA|VA)
  • Kansas (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.

    PREFERRED CREDIT UNION
    Similarity Rank: 28
    Isabella Bank
    Similarity Rank: 84
    1st State Financial, Ltd.
    Similarity Rank: 154
    JOLT CREDIT UNION
    Similarity Rank: 168
    Macatawa Bank
    Similarity Rank: 192
    Lake Huron Credit Union
    Similarity Rank: 204
    UNITED FINANCIAL Credit Union
    Similarity Rank: 270
    KALSEE CREDIT UNION
    Similarity Rank: 310
    BlueOx Credit Union
    Similarity Rank: 350

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,599 $1,556,305,000 $204,804 $3,607 3.25%
    FHA 1,864 $321,810,000 $172,645 $7,719 3.52%
    VA 332 $82,290,000 $247,861 $6,316 3.11%
    USDA 257 $41,305,000 $160,720 $6,080 3.24%
    FHA 1 $55,000 $55,000 $0 2.44%

    For 2021, Mortgage 1 Incorporated's most frequently originated type of loan was Conventional, with 7,599 originations. Their 2nd most popular type was FHA, with 1,864 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6,357 $1,304,075,000 $205,140 $5,043 3.39%
    Refi 2,030 $384,430,000 $189,374 $3,133 3.01%
    Cash Out Refi 1,666 $313,260,000 $188,031 $4,006 3.26%

    For 2021, Mortgage 1 Incorporated's most frequently cited loan purpose was Home Purchase, with 6,357 originations. The 2nd most popular reason was Refi, with 2,030 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 8,309 $1,681,805,000 $202,408 $4,784 3.39%
    15 Year 1,100 $198,830,000 $180,755 $2,957 2.66%
    20 Year 396 $76,190,000 $192,399 $3,156 3.11%
    Other 164 $32,210,000 $196,402 $3,248 3.15%
    10 Year 84 $12,730,000 $151,548 $2,757 2.67%

    For 2021, Mortgage 1 Incorporated's most frequently cited loan duration was 30 Year, with 8,309 originations. The 2nd most popular length was 15 Year, with 1,100 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 5,938 $1,200,490,000 $202,171
    $2k-3k 2,248 $385,160,000 $171,335
    $3k-4k 1,019 $204,915,000 $201,094
    $4k-5k 437 $104,405,000 $238,913
    $5k+ 307 $83,855,000 $273,143
    $<1k 102 $22,420,000 $219,804

    Mortgage 1 Incorporated's average total fees were $4,784, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5,938 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 6,459 $1,242,615,000 $192,385
    2.5-3% 2,730 $584,790,000 $214,209
    <2.5% 577 $129,195,000 $223,908
    4-5% 280 $44,170,000 $157,750
    5-6% 7 $995,000 $142,143

    During 2021, Mortgage 1 Incorporated's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 6,459 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 4,849 $725,265,000 $149,570 $4,280 3.36%
    $200k-400k 3,550 $951,580,000 $268,051 $4,976 3.20%
    $100,000 or less 1,187 $92,475,000 $77,906 $3,361 3.37%
    $400k-600k 430 $204,080,000 $474,605 $5,022 3.09%
    $600k-1MM 34 $25,040,000 $736,471 $6,963 2.94%
    $1MM+ 3 $3,325,000 $1,108,333 $8,562 3.17%

    2021 saw Mortgage 1 Incorporated place emphasis on $100k-200k loans with 4,849 originations, totaling $725,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2,903 $515,875,000 $177,704 $4,632 3.34%
    $50k or less 2,689 $353,675,000 $131,527 $4,317 3.40%
    $75k-100k 1,762 $375,790,000 $213,275 $4,615 3.26%
    $100k-150k 1,665 $422,235,000 $253,595 $4,320 3.17%
    $150k-250k 781 $232,455,000 $297,638 $4,245 3.12%
    $250k+ 243 $99,035,000 $407,551 $4,812 3.14%

    Mortgage 1 Incorporated lent most frequently to those with incomes in the $50k-75k range, with 2,903 originations. The second most popular income band? $50k or less, with 2,689 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,103 $416,875,000 $198,229 $3,903 3.21%
    30-36% 2,012 $392,690,000 $195,174 $4,247 3.30%
    <20% 602 $112,840,000 $187,442 $3,575 3.12%
    43% 476 $96,400,000 $202,521 $4,567 3.40%
    44% 454 $89,960,000 $198,150 $4,622 3.40%
    42% 425 $85,685,000 $201,612 $4,671 3.39%
    40% 425 $85,205,000 $200,482 $4,541 3.33%
    38% 397 $77,665,000 $195,630 $4,525 3.36%
    39% 396 $78,820,000 $199,040 $4,740 3.37%
    37% 385 $73,375,000 $190,584 $4,472 3.39%
    41% 382 $77,410,000 $202,644 $4,569 3.38%
    36% 371 $72,555,000 $195,566 $4,399 3.35%
    50-60% 329 $67,575,000 $205,395 $7,942 3.29%
    45% 254 $51,840,000 $204,094 $4,714 3.30%
    47% 253 $54,385,000 $214,960 $4,952 3.31%
    48% 250 $53,950,000 $215,800 $5,121 3.26%
    49% 249 $53,055,000 $213,072 $4,893 3.27%
    46% 241 $51,825,000 $215,041 $5,238 3.27%
    >60% 7 $1,625,000 $232,143 $5,161 3.27%

    Mortgage 1 Incorporated lent most frequently to those with DTI ratios of 20-30%, with 2,103 originations. The next most common DTI ratio? 30-36%, with 2,012 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8,375 $1,667,915,000 $199,154 $4,384 3.28%
    Not provided 852 $173,710,000 $203,885 $4,474 3.33%
    Black 609 $107,675,000 $176,806 $5,481 3.49%
    Asian 175 $43,345,000 $247,686 $4,990 3.17%
    American Indian 38 $8,460,000 $222,632 $5,442 3.39%
    Native Hawaiian or Islander 3 $575,000 $191,667 $4,183 3.17%
    Not applicable 1 $85,000 $85,000 $3,245 2.50%

    Approval Rates

    Total approvals of all applications
    98.13%

    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
    78.06%

    Mortgage 1 Incorporated has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,053 $2,001,765,000 $199,121

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    10,053 $2,001,765,000 $199,121

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 231 $29,205,000 $126,429 $2,861 2.91%
    40-60% 1,005 $177,475,000 $176,592 $3,053 2.98%
    60-80% 3,221 $667,335,000 $207,183 $3,839 3.24%
    80-100% 5,520 $1,109,060,000 $200,917 $5,128 3.40%
    Over 100% 65 $17,875,000 $275,000 $10,589 3.09%
    Under 20% 11 $815,000 $74,091 $2,453 2.81%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MORTGAGE 1 INCORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%