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 64 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 7.16% | 4/5/25 |
| 30 Year Conventional Refi | 6.94% | 4/5/25 |
| 30 Year Cash-out Refi | 7.62% | 4/5/25 |
| 30 Year FHA Purchase | 7.64% | 4/5/25 |
| 30 Year FHA Refi | 7.32% | 4/5/25 |
| 30 Year VA Purchase | 6.88% | 4/5/25 |
| 30 Year VA Refi | 6.24% | 4/5/25 |
| 30 Year USDA Purchase | 7.23% | 4/5/25 |
| 30 Year USDA Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.61% | 4/5/25 |
| 15 Year Conventional Refi | 6.33% | 4/5/25 |
| 15 Year Cash-out Refi | 6.33% | 4/5/25 |
| 15 Year FHA Purchase | 6.00% | 4/5/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,581Origination Dollar Volume (All Markets)
$836,855,000Relative Rate
Mortgage 1 Incorporated's average 30 year fixed mortgage rate was
6.76%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.21%.
Relative Fees (Closing Costs)
Mortgage 1 Incorporated's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,196.
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 $8,356.
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) | 1,649 | $388,865,000 | $235,819 | $5,683 | 6.78% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 355 | $93,385,000 | $263,056 | $5,829 | 6.73% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 180 | $54,960,000 | $305,333 | $8,339 | 6.27% |
| MUSKEGON, MI (FHA|USDA|VA) | 273 | $54,735,000 | $200,495 | $6,398 | 6.80% |
| Outside of Metro Areas | 205 | $39,765,000 | $193,976 | $6,444 | 6.79% |
| ANN ARBOR, MI (FHA|USDA|VA) | 106 | $33,270,000 | $313,868 | $4,856 | 6.81% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 182 | $31,530,000 | $173,242 | $6,341 | 6.75% |
| FLINT, MI (FHA|USDA|VA) | 97 | $21,105,000 | $217,577 | $6,506 | 6.89% |
| JACKSON, MI (FHA|USDA|VA) | 83 | $16,085,000 | $193,795 | $6,930 | 6.73% |
| MONROE, MI (FHA|USDA|VA) | 66 | $13,720,000 | $207,879 | $8,620 | 6.64% |
| Ludington, MI (FHA|USDA|VA) | 58 | $11,360,000 | $195,862 | $5,590 | 6.80% |
| Adrian, MI (FHA|USDA|VA) | 33 | $7,015,000 | $212,576 | $6,196 | 6.75% |
| SAGINAW, MI (FHA|USDA|VA) | 36 | $7,000,000 | $194,444 | $6,558 | 6.83% |
| Holland, MI (FHA|USDA|VA) | 24 | $6,280,000 | $261,667 | $6,344 | 6.84% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 11 | $4,125,000 | $375,000 | $7,879 | 6.92% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 16 | $3,640,000 | $227,500 | $7,318 | 6.66% |
| GREAT FALLS, MT (FHA|USDA|VA) | 9 | $3,625,000 | $402,778 | $6,962 | 7.15% |
| Cadillac, MI (FHA|USDA|VA) | 20 | $3,550,000 | $177,500 | $6,591 | 6.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 8 | $3,160,000 | $395,000 | $6,577 | 7.32% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 12 | $2,990,000 | $249,167 | $5,655 | 6.15% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 15 | $2,855,000 | $190,333 | $9,575 | 6.68% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 11 | $2,605,000 | $236,818 | $6,673 | 6.24% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $2,130,000 | $1,065,000 | $25,449 | 8.18% |
| TOLEDO, OH (FHA|USDA|VA) | 17 | $2,095,000 | $123,235 | $4,405 | 6.16% |
| Mount Pleasant, MI (FHA|USDA|VA) | 10 | $2,040,000 | $204,000 | $5,969 | 6.59% |
| Bozeman, MT (FHA|USDA|VA) | 3 | $1,735,000 | $578,333 | $5,077 | 6.66% |
| NILES, MI (FHA|USDA|VA) | 7 | $1,505,000 | $215,000 | $7,758 | 6.53% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $7,219 | 6.83% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $5,488 | 6.81% |
| Big Rapids, MI (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $7,872 | 6.33% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $1,065,000 | $1,065,000 | $9,251 | 6.99% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $7,749 | 6.65% |
| MIDLAND, MI (FHA|USDA|VA) | 6 | $1,030,000 | $171,667 | $4,589 | 6.87% |
| BAY CITY, MI (FHA|USDA|VA) | 7 | $1,005,000 | $143,571 | $5,142 | 6.68% |
| Alma, MI (FHA|USDA|VA) | 6 | $1,000,000 | $166,667 | $6,586 | 6.60% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $6,440 | 6.69% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $7,928 | 6.50% |
| Hillsdale, MI (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $8,354 | 6.19% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 5 | $855,000 | $171,000 | $8,140 | 5.35% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $6,741 | 6.94% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $7,351 | 7.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $7,664 | 6.63% |
| Coldwater, MI (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $7,338 | 6.71% |
| Escanaba, MI (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $9,413 | 6.91% |
| Clewiston, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $10,405 | 6.81% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,274 | 6.94% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,478 | 6.94% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,744 | 6.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,000 | 6.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $6,139 | 7.75% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,291 | 7.00% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,755 | 7.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,788 | 6.63% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,884 | 7.63% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,941 | 7.63% |
| Helena, MT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,113 | 6.63% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $7,222 | 6.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,140 | 6.75% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $11,394 | 5.99% |
| Butte-Silver Bow, MT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,531 | 6.63% |
| Houghton, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $9,425 | 7.13% |
| Alpena, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,932 | 7.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $6,221 | 6.88% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,308 | 6.13% |
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Product Mix
For 2024, Mortgage 1 Incorporated's most frequently originated type of loan was Conventional, with 2,638 originations. Their 2nd most popular type was FHA, with 733 originations.
Loan Reason
For 2024, Mortgage 1 Incorporated's most frequently cited loan purpose was Home Purchase, with 3,179 originations. The 2nd most popular reason was Cash Out Refi, with 221 originations.
Loan Duration/Length
For 2024, Mortgage 1 Incorporated's most frequently cited loan duration was 30 Year, with 3,461 originations. The 2nd most popular length was 15 Year, with 82 originations.
Origination Fees/Closing Costs
Mortgage 1 Incorporated's average total fees were $6,196, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,120 originations.
Interest Rates
During 2024, Mortgage 1 Incorporated's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was 6-7%, with 2,244 originations.
Loan Sizing
2024 saw Mortgage 1 Incorporated place emphasis on $200k-400k loans with 1,622 originations, totaling $441,540,000 in origination value.
Applicant Income
Mortgage 1 Incorporated lent most frequently to those with incomes in the $50k-75k range, with 1,064 originations. The second most popular income band? $75k-100k, with 755 originations.
Applicant Debt to Income Ratio
Mortgage 1 Incorporated lent most frequently to those with DTI ratios of 30-36%, with 653 originations. The next most common DTI ratio? 20-30%, with 501 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.62%
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 origination73.83%
Mortgage 1 Incorporated has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,581 | $836,855,000 | $233,693 |