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 small mortgage company specializing in Home Purchase and Refi 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, Ann Arbor, and Muskegon among others. We have data for 77 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
11,596Origination Dollar Volume (All Markets)
$2,269,980,000Awards
MORTGAGE 1 INCORPORATED - 2020
MORTGAGE 1 INCORPORATED is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 6,351 | $1,264,735,000 | $199,140 | $3,750 | 3.26% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1,142 | $226,690,000 | $198,503 | $3,863 | 3.28% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 703 | $163,605,000 | $232,724 | $5,992 | 3.27% |
| ANN ARBOR, MI (FHA|USDA|VA) | 515 | $125,725,000 | $244,126 | $3,514 | 3.17% |
| MUSKEGON, MI (FHA|USDA|VA) | 626 | $100,430,000 | $160,431 | $3,769 | 3.30% |
| Outside of Metro Areas | 367 | $61,455,000 | $167,452 | $4,127 | 3.28% |
| JACKSON, MI (FHA|USDA|VA) | 399 | $60,845,000 | $152,494 | $4,821 | 3.27% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 334 | $50,360,000 | $150,778 | $4,159 | 3.39% |
| FLINT, MI (FHA|USDA|VA) | 276 | $48,510,000 | $175,761 | $4,125 | 3.23% |
| Holland, MI (FHA|USDA|VA) | 107 | $22,045,000 | $206,028 | $4,526 | 3.32% |
| MONROE, MI (FHA|USDA|VA) | 99 | $18,155,000 | $183,384 | $5,121 | 3.32% |
| Ludington, MI (FHA|USDA|VA) | 86 | $14,510,000 | $168,721 | $4,548 | 3.25% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 86 | $13,260,000 | $154,186 | $4,631 | 3.45% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 20 | $11,130,000 | $556,500 | $3,554 | 2.93% |
| Adrian, MI (FHA|USDA|VA) | 52 | $9,220,000 | $177,308 | $4,555 | 3.29% |
| Hillsdale, MI (FHA|USDA|VA) | 49 | $8,315,000 | $169,694 | $6,058 | 3.30% |
| Cadillac, MI (FHA|USDA|VA) | 46 | $7,360,000 | $160,000 | $4,806 | 3.28% |
| SAGINAW, MI (FHA|USDA|VA) | 46 | $6,710,000 | $145,870 | $3,725 | 3.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 43 | $6,635,000 | $154,302 | $4,391 | 3.40% |
| Traverse City, MI (FHA|USDA|VA) | 24 | $5,600,000 | $233,333 | $3,925 | 3.23% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 21 | $5,165,000 | $245,952 | $4,959 | 3.15% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 14 | $4,360,000 | $311,429 | $5,105 | 3.03% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 18 | $3,700,000 | $205,556 | $6,593 | 3.32% |
| Big Rapids, MI (FHA|USDA|VA) | 16 | $2,050,000 | $128,125 | $4,126 | 3.24% |
| MIDLAND, MI (FHA|USDA|VA) | 9 | $1,625,000 | $180,556 | $4,783 | 3.62% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 12 | $1,420,000 | $118,333 | $4,032 | 3.35% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $1,390,000 | $695,000 | $3,620 | 2.99% |
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $7,745 | 3.68% |
| NILES, MI (FHA|USDA|VA) | 8 | $1,310,000 | $163,750 | $3,012 | 3.45% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $1,225,000 | $245,000 | $3,759 | 2.93% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $1,200,000 | $200,000 | $5,185 | 3.27% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $4,815 | 2.73% |
| Marquette, MI (FHA|USDA|VA) | 8 | $1,190,000 | $148,750 | $3,833 | 3.07% |
| TOLEDO, OH (FHA|USDA|VA) | 9 | $1,125,000 | $125,000 | $4,691 | 3.53% |
| Alpena, MI (FHA|USDA|VA) | 8 | $1,070,000 | $133,750 | $3,996 | 3.61% |
| Coldwater, MI (FHA|USDA|VA) | 6 | $960,000 | $160,000 | $6,400 | 3.25% |
| NAPA, CA (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $3,430 | 3.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $4,654 | 2.92% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $3,920 | 3.78% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $6,767 | 3.33% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $3,724 | 2.91% |
| BAY CITY, MI (FHA|USDA|VA) | 5 | $675,000 | $135,000 | $3,382 | 3.12% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $13,395 | 2.81% |
| Mount Pleasant, MI (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $2,841 | 3.28% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $3,731 | 3.21% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $5,903 | 2.56% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $7,088 | 3.25% |
| Alma, MI (FHA|USDA|VA) | 4 | $450,000 | $112,500 | $4,943 | 3.00% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,766 | 3.00% |
| VICTORIA, TX (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $1,856 | 3.25% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,024 | 2.69% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,309 | 3.25% |
| Celina, OH (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $17,399 | 3.63% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,490 | 4.43% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,193 | 3.50% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $11,851 | 3.25% |
| Sidney, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,161 | 3.06% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,066 | 2.62% |
| Arcadia, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $11,785 | 3.25% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,258 | 2.99% |
| Clewiston, FL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $8,124 | 3.75% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,031 | 2.99% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,391 | 2.99% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,485 | 3.50% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,468 | 3.00% |
| Marion, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,724 | 3.75% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,260 | 3.50% |
| AKRON, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,768 | 3.99% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,886 | 3.88% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,394 | 5.38% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,618 | 3.63% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,025 | 3.25% |
| Angola, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,458 | 3.38% |
| Wilmington, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,981 | 2.63% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $6,704 | 3.88% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,488 | 3.99% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,836 | 2.99% |
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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.
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Product Mix
For 2020, Mortgage 1 Incorporated's most frequently originated type of loan was Conventional, with 8,725 originations. Their 2nd most popular type was FHA, with 2,054 originations.
Loan Reason
For 2020, Mortgage 1 Incorporated's most frequently cited loan purpose was Home Purchase, with 6,100 originations. The 2nd most popular reason was Refi, with 3,877 originations.
Loan Duration/Length
For 2020, Mortgage 1 Incorporated's most frequently cited loan duration was 30 Year, with 8,997 originations. The 2nd most popular length was 15 Year, with 1,597 originations.
Origination Fees/Closing Costs
Mortgage 1 Incorporated's average total fees were $4,392, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 7,679 originations.
Interest Rates
During 2020, Mortgage 1 Incorporated's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 3-4%, with 5,940 originations.
Loan Sizing
2020 saw Mortgage 1 Incorporated place emphasis on $100k-200k loans with 5,582 originations, totaling $835,200,000 in origination value.
Applicant Income
Mortgage 1 Incorporated lent most frequently to those with incomes in the $50k-75k range, with 3,236 originations. The second most popular income band? $50k or less, with 2,959 originations.
Applicant Debt to Income Ratio
Mortgage 1 Incorporated lent most frequently to those with DTI ratios of 20-30%, with 2,502 originations. The next most common DTI ratio? 30-36%, with 2,275 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.40%
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 origination81.43%
Mortgage 1 Incorporated has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11,596 | $2,269,980,000 | $195,755 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 77 | $9,485,000 | $123,182 |
| Single Family (1-4 Units):Site-Built | 11,519 | $2,260,495,000 | $196,241 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE 1 INCORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| MORTGAGE 1 INCORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |