Midwest Loan Solutions Mortgage Rates, Fees & Info
ANN ARBOR, MILEI: 549300L4YRGOSZO6BP34
Tax ID: 38-3024363
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Mortgage Data
Review & Overview
Midwest Loan Solutions is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Midwest Loan Solutions has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Philadelphia, Baltimore, New York, and Orlando among others. We have data for 121 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest Loan Solutions has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Midwest Loan Solutions 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.27% | 3/24/24 |
| 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. | ||
Midwest Loan Solutions Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
751Origination Dollar Volume (All Markets)
$208,575,000Awards
MIDWEST LOAN SOLUTIONS - 2019
MIDWEST LOAN SOLUTIONS is a 2019 , due to their low .
For 2019, 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) | 113 | $30,665,000 | $271,372 | $3,516 | 3.80% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 71 | $17,205,000 | $242,324 | $7,056 | 4.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 53 | $17,165,000 | $323,868 | $6,949 | 3.65% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 51 | $17,005,000 | $333,431 | $6,066 | 3.77% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 45 | $10,845,000 | $241,000 | $5,843 | 4.23% |
| ANN ARBOR, MI (FHA|USDA|VA) | 34 | $10,290,000 | $302,647 | $3,231 | 3.65% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 27 | $9,805,000 | $363,148 | $4,242 | 3.82% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 25 | $8,905,000 | $356,200 | $7,243 | 3.87% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 26 | $6,970,000 | $268,077 | $7,392 | 4.85% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 15 | $5,915,000 | $394,333 | $6,228 | 4.16% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 14 | $4,730,000 | $337,857 | $8,400 | 3.96% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 17 | $4,585,000 | $269,706 | $5,697 | 4.45% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 19 | $3,925,000 | $206,579 | $4,200 | 4.11% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 12 | $2,920,000 | $243,333 | $6,577 | 3.87% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 10 | $2,460,000 | $246,000 | $7,765 | 3.89% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $2,015,000 | $287,857 | $7,603 | 3.84% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 5 | $1,755,000 | $351,000 | $14,458 | 4.71% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $1,740,000 | $435,000 | $12,190 | 3.75% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 9 | $1,725,000 | $191,667 | $3,328 | 4.14% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 6 | $1,610,000 | $268,333 | $8,404 | 3.98% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 4 | $1,520,000 | $380,000 | $9,775 | 3.82% |
| Outside of Metro Areas | 8 | $1,460,000 | $182,500 | $4,529 | 4.17% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,355,000 | $451,667 | $5,131 | 3.79% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $5,632 | 4.46% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,220,000 | $203,333 | $5,114 | 4.27% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 4 | $1,190,000 | $297,500 | $2,471 | 4.53% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 6 | $1,070,000 | $178,333 | $7,100 | 4.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $6,611 | 4.56% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $7,146 | 4.15% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $5,258 | 4.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $10,081 | 3.83% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $7,741 | 4.63% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $6,720 | 4.39% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $15,423 | 5.25% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $9,668 | 3.88% |
| LOUISVILLE, KY (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $8,983 | 4.38% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $9,576 | 3.83% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $5,479 | 4.36% |
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $6,499 | 4.03% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $11,956 | 3.69% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $8,263 | 4.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $10,861 | 5.19% |
| FLINT, MI (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $3,341 | 3.58% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $16,526 | 3.25% |
| LINCOLN, NE (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $8,817 | 3.58% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $9,762 | 3.69% |
| Easton, MD (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $6,270 | 3.94% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $6,141 | 3.31% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $7,076 | 4.19% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $9,505 | 4.06% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $9,080 | 4.05% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $6,290 | 4.54% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $7,244 | 3.93% |
| Key West, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $11,832 | 3.50% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $8,694 | 4.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $3,050 | 4.05% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $9,596 | 3.81% |
| JACKSON, MI (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $3,323 | 3.92% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $8,539 | 4.38% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,899 | 4.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,980 | 3.75% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $6,754 | 4.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $7,933 | 3.63% |
| Adrian, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $1,845 | 4.00% |
| Forest City, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $8,459 | 3.63% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $9,293 | 4.56% |
| NILES, MI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,865 | 4.81% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $12,033 | 4.88% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $7,479 | 4.25% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $9,324 | 4.13% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $7,688 | 4.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,075 | 4.50% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $4,469 | 3.50% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,542 | 4.38% |
| Bogalusa, LA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,692 | 3.38% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,764 | 4.13% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $12,260 | 4.13% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,899 | 5.63% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $6,169 | 5.75% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,292 | 4.38% |
| MUSKEGON, MI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,678 | 4.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,286 | 3.50% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $11,874 | 4.13% |
| Butte-Silver Bow, MT (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $15,233 | 2.88% |
| DOVER, DE (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,978 | 3.88% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,835 | 3.75% |
| Atchison, KS (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,958 | 3.25% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,998 | 3.63% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,708 | 4.25% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,956 | 4.00% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,720 | 3.38% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,506 | 3.25% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,431 | 3.50% |
| Roseburg, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $11,382 | 4.13% |
| READING, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,631 | 3.63% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $9,664 | 4.13% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,390 | 4.50% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 3.82% |
| Scottsbluff, NE (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,418 | 5.25% |
| Holland, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,569 | 3.63% |
| Logansport, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,739 | 4.50% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,753 | 3.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,830 | 4.13% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,979 | 3.88% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,800 | 5.13% |
| OCALA, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,739 | 4.13% |
| Columbus, MS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,982 | 4.13% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,833 | 4.13% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,652 | 3.88% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,741 | 4.88% |
| MONROE, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,878 | 4.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.45% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,460 | 4.75% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,618 | 4.13% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,551 | 4.13% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,141 | 4.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,097 | 4.50% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,492 | 4.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,163 | 4.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,517 | 4.88% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.44% |
Similar Lenders
We use machine learning to identify the top lenders compared against MIDWEST LOAN SOLUTIONS 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 2019, Midwest Loan Solutions's most frequently originated type of loan was Conventional, with 475 originations. Their 2nd most popular type was FHA, with 160 originations.
Loan Reason
For 2019, Midwest Loan Solutions's most frequently cited loan purpose was Home Purchase, with 281 originations. The 2nd most popular reason was Cash Out Refi, with 274 originations.
Loan Duration/Length
For 2019, Midwest Loan Solutions's most frequently cited loan duration was 30 Year, with 539 originations. The 2nd most popular length was 15 Year, with 114 originations.
Origination Fees/Closing Costs
Midwest Loan Solutions's average total fees were $6,045, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 241 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 446 | $130,730,000 | $293,117 |
| 4-5% | 223 | $52,395,000 | $234,955 |
| 5-6% | 61 | $18,745,000 | $307,295 |
| 2.5-3% | 21 | $6,705,000 | $319,286 |
During 2019, Midwest Loan Solutions's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 446 originations.
Loan Sizing
2019 saw Midwest Loan Solutions place emphasis on $200k-400k loans with 378 originations, totaling $110,190,000 in origination value.
Applicant Income
Midwest Loan Solutions lent most frequently to those with incomes in the $100k-150k range, with 212 originations. The second most popular income band? $75k-100k, with 140 originations.
Applicant Debt to Income Ratio
Midwest Loan Solutions lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 126 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.15%
Midwest Loan Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination91.08%
Midwest Loan Solutions has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 751 | $208,575,000 | $277,730 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 751 | $208,575,000 | $277,730 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |