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, Poughkeepsie, Washington, and Albany among others. We have data for 37 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.88% | 4/5/25 |
| 30 Year Conventional Refi | 6.94% | 4/5/25 |
| 30 Year Cash-out Refi | 7.02% | 4/5/25 |
| 30 Year FHA Purchase | 7.32% | 4/5/25 |
| 30 Year FHA Refi | 7.03% | 4/5/25 |
| 30 Year VA Purchase | 6.39% | 4/5/25 |
| 30 Year VA Refi | 5.85% | 4/5/25 |
| 15 Year Conventional Purchase | 6.54% | 4/5/25 |
| 15 Year Conventional Refi | 6.12% | 4/5/25 |
| 15 Year Cash-out Refi | 6.12% | 4/5/25 |
| 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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This is not an official calculator from Mid-island Mortgage Corp.. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
348Origination Dollar Volume (All Markets)
$146,890,000Awards
MID-ISLAND MORTGAGE CORP. - 2024
MID-ISLAND MORTGAGE CORP. is a 2024 , due to their low .
For 2024, 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
6.65%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.1%.
Relative Fees (Closing Costs)
Mid-island Mortgage Corp.'s average total fees/closing costs for a 30 year fixed rate
mortgage were $8,533.
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 $8,356.
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) | 223 | $104,645,000 | $469,260 | $9,112 | 6.58% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 29 | $12,845,000 | $442,931 | $5,292 | 6.87% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 15 | $5,265,000 | $351,000 | $10,782 | 6.74% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 8 | $3,830,000 | $478,750 | $15,037 | 6.95% |
| Outside of Metro Areas | 9 | $2,845,000 | $316,111 | $8,006 | 7.08% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 10 | $2,720,000 | $272,000 | $4,453 | 6.54% |
| SYRACUSE, NY (FHA|USDA|VA) | 8 | $1,520,000 | $190,000 | $4,242 | 6.77% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 5 | $1,495,000 | $299,000 | $3,554 | 7.03% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $1,355,000 | $451,667 | $14,328 | 6.91% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $12,992 | 6.04% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $4,673 | 7.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $12,711 | 6.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $8,903 | 6.49% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $8,748 | 6.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $10,088 | 7.50% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $10,099 | 7.13% |
| BINGHAMTON, NY (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $5,178 | 6.37% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $13,144 | 6.42% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $7,685 | 6.99% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $17,980 | 7.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 6.63% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 8.13% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,139 | 6.50% |
| COLUMBIA, SC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $7,219 | 6.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,415 | 7.38% |
| Hudson, NY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,091 | 6.49% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,945 | 7.49% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,051 | 6.38% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,444 | 6.38% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,278 | 6.62% |
| Gloversville, NY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $12,698 | 5.75% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $10,136 | 6.25% |
| Cortland, NY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,636 | 5.99% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,331 | 6.63% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,676 | 6.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,090 | 6.88% |
| Ogdensburg-Massena, NY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,344 | 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.
Similarity Rank: 63
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 273 | $112,265,000 | $411,227 | $6,327 | 6.76% |
| FHA | 58 | $26,120,000 | $450,345 | $17,894 | 6.34% |
| VA | 17 | $8,505,000 | $500,294 | $9,969 | 6.03% |
For 2024, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 273 originations. Their 2nd most popular type was FHA, with 58 originations.
Loan Reason
For 2024, 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 72 originations.
Loan Duration/Length
For 2024, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 340 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Mid-island Mortgage Corp.'s average total fees were $8,533, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 179 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 238 | $100,130,000 | $420,714 |
| 7-8% | 64 | $26,640,000 | $416,250 |
| 5-6% | 42 | $17,930,000 | $426,905 |
| Over 8% | 3 | $1,725,000 | $575,000 |
| 4-5% | 1 | $465,000 | $465,000 |
During 2024, Mid-island Mortgage Corp.'s average interest rate for loans was 6.65%, while their most frequently originated rate bucket for loans was 6-7%, with 238 originations.
Loan Sizing
2024 saw Mid-island Mortgage Corp. place emphasis on $400k-600k loans with 143 originations, totaling $71,315,000 in origination value.
Applicant Income
Mid-island Mortgage Corp. lent most frequently to those with incomes in the $150k-250k range, with 125 originations. The second most popular income band? $100k-150k, with 110 originations.
Applicant Debt to Income Ratio
Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 58 originations. The next most common DTI ratio? 20-30%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.65%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination68.39%
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 | 348 | $146,890,000 | $422,098 |