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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.63% | 4/1/23 |
| 30 Year Conventional Refi | 6.59% | 4/1/23 |
| 30 Year Cash-out Refi | 6.80% | 4/1/23 |
| 30 Year FHA Purchase | 7.35% | 4/1/23 |
| 30 Year FHA Refi | 7.23% | 4/1/23 |
| 30 Year VA Purchase | 6.16% | 4/1/23 |
| 30 Year VA Refi | 6.27% | 4/1/23 |
| 15 Year Conventional Purchase | 6.35% | 4/1/23 |
| 15 Year Conventional Refi | 6.07% | 4/1/23 |
| 15 Year Cash-out Refi | 6.07% | 4/1/23 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
529Origination Dollar Volume (All Markets)
$201,485,000Awards
MID-ISLAND MORTGAGE CORP. - 2022
MID-ISLAND MORTGAGE CORP. is a 2022 , due to their low .
For 2022, 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
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% |
Similar Lenders
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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
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
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
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
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
2022 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 238 originations, totaling $72,560,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications91.86%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination65.41%
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 |