Mid-island Mortgage Corp. Rates, Fees & Info
WESTBURY, NYLEI: 549300NZ2IPWRMLAYZ30
Tax ID: 11-2108436
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Mortgage Data
Review & Overview
Mid-island Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Mid-island Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Boston, Washington, Poughkeepsie, and Philadelphia among others. We have data for 46 markets. (Some data included below & more in-depth data is available with an active subscription.)Mid-island Mortgage Corp. 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. Mid-island Mortgage Corp. is typically a high 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 | 6.63% | 11/17/24 |
| 30 Year Conventional Refi | 6.59% | 11/17/24 |
| 30 Year Cash-out Refi | 6.80% | 11/17/24 |
| 30 Year FHA Purchase | 7.35% | 11/17/24 |
| 30 Year FHA Refi | 7.23% | 11/17/24 |
| 30 Year VA Purchase | 6.16% | 11/17/24 |
| 30 Year VA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.35% | 11/17/24 |
| 15 Year Conventional Refi | 6.07% | 11/17/24 |
| 15 Year Cash-out Refi | 6.07% | 11/17/24 |
| 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. | ||
Mid-island Mortgage Corp. Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
320Origination Dollar Volume (All Markets)
$128,310,000Awards
MID-ISLAND MORTGAGE CORP. - 2023
MID-ISLAND MORTGAGE CORP. is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Mid-island Mortgage Corp.'s average 30 year fixed mortgage rate was
6.68%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.2%.
Relative Fees (Closing Costs)
Mid-island Mortgage Corp.'s average total fees/closing costs for a 30 year fixed rate
mortgage were $11,061.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 193 | $88,105,000 | $456,503 | $12,201 | 6.60% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 16 | $7,970,000 | $498,125 | $5,450 | 7.05% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 17 | $7,285,000 | $428,529 | $18,622 | 6.59% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 15 | $4,665,000 | $311,000 | $11,876 | 6.49% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 5 | $1,735,000 | $347,000 | $9,019 | 7.33% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $1,550,000 | $387,500 | $10,914 | 7.09% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $12,461 | 6.47% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $1,075,000 | $358,333 | $6,886 | 7.04% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 4 | $1,050,000 | $262,500 | $12,825 | 6.19% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $1,716 | 7.21% |
| KINGSTON, NY (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $4,070 | 7.83% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $4,641 | 7.00% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $18,108 | 6.44% |
| Outside of Metro Areas | 3 | $715,000 | $238,333 | $7,200 | 6.96% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $5,091 | 6.28% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $11,370 | 7.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $7,386 | 6.19% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $4,674 | 7.13% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,301 | 7.08% |
| OCALA, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $9,662 | 7.19% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,747 | 7.63% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,388 | 6.49% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $11,894 | 6.13% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $5,535 | 6.68% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $8,479 | 6.69% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $13,440 | 8.63% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $13,901 | 6.63% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,384 | 5.63% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,346 | 5.99% |
| BINGHAMTON, NY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,788 | 7.25% |
| Bradford, PA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $6,364 | 6.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,213 | 6.13% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,433 | 7.38% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $12,086 | 6.63% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,218 | 6.62% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,398 | 6.25% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,237 | 7.75% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,775 | 6.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,212 | 6.62% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 7.50% |
| Keene, NH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,624 | 6.50% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.50% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,400 | 6.13% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,279 | 7.38% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,597 | 5.88% |
| UTICA-ROME, NY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,525 | 6.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against MID-ISLAND MORTGAGE CORP. 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 243 | $95,845,000 | $394,424 | $8,293 | 6.78% |
| FHA | 64 | $27,040,000 | $422,500 | $19,811 | 6.46% |
| VA | 13 | $5,425,000 | $417,308 | $15,680 | 5.84% |
For 2023, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 243 originations. Their 2nd most popular type was FHA, with 64 originations.
Loan Reason
For 2023, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 255 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.
Loan Duration/Length
For 2023, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 317 originations. The 2nd most popular length was 20 Year, with 2 originations.
Origination Fees/Closing Costs
Mid-island Mortgage Corp.'s average total fees were $11,061, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 131 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 165 | $66,505,000 | $403,061 |
| 7-8% | 87 | $35,785,000 | $411,322 |
| 5-6% | 61 | $23,425,000 | $384,016 |
| Over 8% | 5 | $1,545,000 | $309,000 |
| 4-5% | 2 | $1,050,000 | $525,000 |
During 2023, Mid-island Mortgage Corp.'s average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 165 originations.
Loan Sizing
2023 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 120 originations, totaling $35,850,000 in origination value.
Applicant Income
Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $150k-250k, with 101 originations.
Applicant Debt to Income Ratio
Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 32 originations. The next most common DTI ratio? 20-30%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.41%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination71.88%
Mid-island Mortgage Corp. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 320 | $128,310,000 | $400,969 |