Mortgage 1 Incorporated Rates, Fees & Info
STERLING HEIGHTS, MILEI: 549300IWE0Y507LPF493
Tax ID: 38-3133176
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.98% | 4/18/24 |
| 30 Year Conventional Refi | 6.81% | 4/18/24 |
| 30 Year Cash-out Refi | 7.05% | 4/18/24 |
| 30 Year FHA Purchase | 7.64% | 4/18/24 |
| 30 Year FHA Refi | 7.37% | 4/18/24 |
| 30 Year VA Purchase | 6.47% | 4/18/24 |
| 30 Year VA Refi | 6.85% | 4/18/24 |
| 30 Year USDA Purchase | 6.96% | 4/18/24 |
| 30 Year USDA Refi | 6.09% | 4/18/24 |
| 15 Year Conventional Purchase | 6.27% | 4/18/24 |
| 15 Year Conventional Refi | 6.12% | 4/18/24 |
| 15 Year Cash-out Refi | 6.12% | 4/18/24 |
| 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
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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
3,609Origination Dollar Volume (All Markets)
$792,655,000Awards
MORTGAGE 1 INCORPORATED - 2023
MORTGAGE 1 INCORPORATED is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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Product Mix
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
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
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
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
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
2023 saw Mortgage 1 Incorporated place emphasis on $100k-200k loans with 1,535 originations, totaling $234,185,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.94%
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 origination73.79%
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 |