Mid-island Mortgage Corp. Rates, Fees & Info

WESTBURY, NY

LEI: 549300NZ2IPWRMLAYZ30

Tax ID: 11-2108436

1 stars - Updated: 3/3/24 - out of 5 stars, based on 23 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Mid-island Mortgage Corp. is a smaller mortgage company specializing in Home Purchase and Cash Out Refi 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 Providence among others. We have data for 49 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 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 6.63% 3/3/24
30 Year Conventional Refi 6.59% 3/3/24
30 Year Cash-out Refi 6.80% 3/3/24
30 Year FHA Purchase 7.35% 3/3/24
30 Year FHA Refi 7.23% 3/3/24
30 Year VA Purchase 6.16% 3/3/24
30 Year VA Refi 6.27% 3/3/24
15 Year Conventional Purchase 6.35% 3/3/24
15 Year Conventional Refi 6.07% 3/3/24
15 Year Cash-out Refi 6.07% 3/3/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mid-island Mortgage Corp.. 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

529

Origination Dollar Volume (All Markets)

$201,485,000

Awards

MID-ISLAND MORTGAGE CORP. 30 Year Conventional Loans gold MID-ISLAND MORTGAGE CORP. FHA Loans bronze MID-ISLAND MORTGAGE CORP. 30 Year Conventional Loans gold MID-ISLAND MORTGAGE CORP. FHA Loans bronze
Show all (4) awards

Relative Rate

Mid-island Mortgage Corp.'s average 30 year fixed mortgage rate was 4.85%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.09%.

Relative Fees (Closing Costs)

Mid-island Mortgage Corp.'s average total fees/closing costs for a 30 year fixed rate mortgage were $10,748.

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 $4,750.

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) 345 $144,815,000 $419,754 $11,732 4.66%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 43 $15,975,000 $371,512 $4,701 4.82%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 25 $9,485,000 $379,400 $12,642 4.85%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 15 $4,685,000 $312,333 $9,049 4.63%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $2,235,000 $447,000 $4,923 4.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $2,060,000 $343,333 $11,919 4.94%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 5 $1,695,000 $339,000 $11,611 4.28%
WORCESTER, MA-CT (FHA|USDA|VA) 6 $1,580,000 $263,333 $2,099 4.54%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $1,525,000 $305,000 $12,715 4.40%
Outside of Metro Areas 6 $1,210,000 $201,667 $7,673 5.29%
RICHMOND, VA (FHA|USDA|VA) 4 $1,010,000 $252,500 $10,060 4.19%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $915,000 $305,000 $13,833 5.00%
SPRINGFIELD, MA (FHA|USDA|VA) 4 $850,000 $212,500 $3,214 5.24%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $825,000 $275,000 $10,542 5.46%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $805,000 $268,333 $4,343 5.67%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $785,000 $261,667 $2,525 4.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $645,000 $215,000 $8,117 5.17%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $640,000 $320,000 $15,774 5.19%
KINGSTON, NY (FHA|USDA|VA) 2 $590,000 $295,000 $3,305 4.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $590,000 $295,000 $10,391 5.93%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $580,000 $290,000 $11,762 4.95%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $580,000 $290,000 $13,589 5.49%
EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $470,000 $235,000 $8,093 5.88%
Torrington, CT (FHA|USDA|VA) 1 $465,000 $465,000 $16,448 5.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $460,000 $230,000 $5,218 5.06%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $445,000 $445,000 $11,960 4.50%
SYRACUSE, NY (FHA|USDA|VA) 3 $435,000 $145,000 $2,558 5.67%
Vineyard Haven, MA (FHA|USDA|VA) 1 $435,000 $435,000 $2,152 3.88%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2 $420,000 $210,000 $2,622 5.19%
COLUMBIA, SC (FHA|USDA|VA) 2 $360,000 $180,000 $4,602 4.87%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $330,000 $165,000 $8,365 5.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $285,000 $285,000 $3,965 2.98%
PITTSBURGH, PA (FHA|USDA|VA) 2 $270,000 $135,000 $8,722 4.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $10,718 5.25%
ITHACA, NY (FHA|USDA|VA) 1 $245,000 $245,000 $7,899 5.38%
Keene, NH (FHA|USDA|VA) 1 $235,000 $235,000 $8,114 5.75%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $8,779 3.88%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $8,304 3.75%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $3,721 6.13%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $215,000 $215,000 $3,189 5.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $13,682 6.00%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $205,000 $205,000 $8,104 3.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $195,000 $195,000 $7,479 6.63%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $175,000 $175,000 $3,164 3.25%
PITTSFIELD, MA (FHA|USDA|VA) 1 $165,000 $165,000 $3,809 4.88%
Sunbury, PA (FHA|USDA|VA) 1 $145,000 $145,000 $4,165 3.38%
HARRISONBURG, VA (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.88%
GLENS FALLS, NY (FHA|USDA|VA) 1 $95,000 $95,000 $4,734 5.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.38%
Mid-island Mortgage Corp.'s top markets include New York, Boston, Washington, Poughkeepsie, and Providence among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • 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.

    Homestar Mortgage, Inc.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 430 $159,600,000 $371,163 $8,488 4.71%
    FHA 86 $36,000,000 $418,605 $18,613 4.87%
    VA 13 $5,885,000 $452,692 $15,977 4.60%

    For 2022, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 430 originations. Their 2nd most popular type was FHA, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $115,395,000 $407,756 $10,728 5.09%
    Cash Out Refi 184 $65,690,000 $357,011 $10,315 4.57%
    Refi 62 $20,400,000 $329,032 $8,790 3.60%

    For 2022, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Cash Out Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 479 $186,795,000 $389,969 $10,748 4.85%
    15 Year 32 $9,650,000 $301,563 $7,228 3.45%
    Other 9 $2,745,000 $305,000 $6,216 4.00%
    20 Year 7 $1,825,000 $260,714 $5,602 3.21%
    10 Year 2 $470,000 $235,000 $5,280 4.55%

    For 2022, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 479 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 228 $99,380,000 $435,877
    $<1k 150 $50,540,000 $336,933
    $2k-3k 41 $11,835,000 $288,659
    $1k-2k 36 $11,710,000 $325,278
    $3k-4k 29 $9,415,000 $324,655
    $4k-5k 24 $8,080,000 $336,667

    Mid-island Mortgage Corp.'s average total fees were $10,748, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 228 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 172 $62,400,000 $362,791
    5-6% 154 $58,200,000 $377,922
    4-5% 108 $44,200,000 $409,259
    6-7% 63 $24,395,000 $387,222
    2.5-3% 22 $7,790,000 $354,091
    7-8% 6 $3,050,000 $508,333
    <2.5% 4 $1,450,000 $362,500

    During 2022, Mid-island Mortgage Corp.'s average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 3-4%, with 172 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 238 $72,560,000 $304,874 $8,558 4.69%
    $400k-600k 183 $89,125,000 $487,022 $12,480 4.79%
    $100k-200k 55 $8,535,000 $155,182 $5,023 4.57%
    $600k-1MM 41 $28,465,000 $694,268 $21,245 4.98%
    $100,000 or less 10 $790,000 $79,000 $4,655 4.77%
    $1MM+ 2 $2,010,000 $1,005,000 $11,513 3.56%

    2022 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 238 originations, totaling $72,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 206 $82,340,000 $399,709 $10,786 4.63%
    $150k-250k 125 $58,965,000 $471,720 $11,680 4.91%
    $75k-100k 97 $30,905,000 $318,608 $9,992 4.79%
    $50k-75k 63 $15,615,000 $247,857 $8,118 4.72%
    $250k+ 22 $10,840,000 $492,727 $9,598 4.87%
    $50k or less 12 $1,570,000 $130,833 $6,072 4.30%

    Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 206 originations. The second most popular income band? $150k-250k, with 125 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 82 $29,000,000 $353,659 $8,193 4.53%
    20-30% 60 $17,850,000 $297,500 $6,278 4.46%
    44% 41 $15,165,000 $369,878 $10,703 4.87%
    49% 35 $15,935,000 $455,286 $14,720 4.85%
    43% 35 $13,045,000 $372,714 $8,778 4.82%
    50-60% 35 $15,115,000 $431,857 $20,580 4.86%
    41% 28 $10,710,000 $382,500 $9,925 4.69%
    38% 26 $10,270,000 $395,000 $8,713 4.92%
    37% 26 $8,620,000 $331,538 $8,268 4.62%
    45% 24 $9,890,000 $412,083 $9,321 5.04%
    48% 24 $11,110,000 $462,917 $11,387 4.90%
    40% 22 $9,270,000 $421,364 $10,457 4.75%
    47% 21 $8,625,000 $410,714 $13,112 4.57%
    36% 18 $7,250,000 $402,778 $11,173 4.53%
    39% 18 $7,560,000 $420,000 $9,491 5.07%
    46% 13 $5,405,000 $415,769 $14,709 5.33%
    42% 12 $4,050,000 $337,500 $8,511 4.96%
    <20% 5 $1,365,000 $273,000 $4,460 4.23%

    Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 82 originations. The next most common DTI ratio? 20-30%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 268 $94,660,000 $353,209 $8,085 4.73%
    Not provided 151 $60,705,000 $402,020 $10,990 4.54%
    Black 82 $33,390,000 $407,195 $16,321 4.96%
    Asian 24 $11,440,000 $476,667 $12,334 5.01%
    Native Hawaiian or Islander 1 $645,000 $645,000 $5,106 6.38%
    Other Pacific Islander 1 $335,000 $335,000 $14,424 6.38%
    Asian Indian 1 $165,000 $165,000 $2,141 5.75%
    American Indian 1 $145,000 $145,000 $10,135 3.88%

    Approval Rates

    Total approvals of all applications
    91.86%

    Mid-island Mortgage Corp. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.41%

    Mid-island Mortgage Corp. has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 529 $201,485,000 $380,879

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    529 $201,485,000 $380,879

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $8,760,000 $257,647 $6,770 4.26%
    40-60% 90 $29,940,000 $332,667 $7,318 4.29%
    60-80% 198 $75,400,000 $380,808 $10,426 4.83%
    80-100% 192 $83,430,000 $434,531 $12,339 4.96%
    Over 100% 4 $2,060,000 $515,000 $20,553 4.28%
    Under 20% 7 $645,000 $92,143 $4,205 4.48%