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 Refi, 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 50 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 | 6.63% | 12/16/24 |
| 30 Year Conventional Refi | 6.59% | 12/16/24 |
| 30 Year Cash-out Refi | 6.80% | 12/16/24 |
| 30 Year FHA Purchase | 7.35% | 12/16/24 |
| 30 Year FHA Refi | 7.23% | 12/16/24 |
| 30 Year VA Purchase | 6.16% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.35% | 12/16/24 |
| 15 Year Conventional Refi | 6.07% | 12/16/24 |
| 15 Year Cash-out Refi | 6.07% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,654Origination Dollar Volume (All Markets)
$599,780,000Awards
MID-ISLAND MORTGAGE CORP. - 2020
MID-ISLAND MORTGAGE CORP. is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1,085 | $415,265,000 | $382,733 | $7,182 | 3.18% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 224 | $78,010,000 | $348,259 | $3,109 | 3.17% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 118 | $46,950,000 | $397,881 | $7,661 | 3.07% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 33 | $9,945,000 | $301,364 | $6,512 | 3.23% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 31 | $9,475,000 | $305,645 | $3,778 | 3.27% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 14 | $3,560,000 | $254,286 | $2,535 | 3.05% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 15 | $3,505,000 | $233,667 | $6,337 | 3.35% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 11 | $3,015,000 | $274,091 | $6,907 | 2.77% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 6 | $2,290,000 | $381,667 | $6,083 | 3.00% |
| Outside of Metro Areas | 10 | $1,990,000 | $199,000 | $3,144 | 3.08% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 7 | $1,975,000 | $282,143 | $6,664 | 3.35% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 6 | $1,880,000 | $313,333 | $4,595 | 2.96% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 5 | $1,805,000 | $361,000 | $2,408 | 3.03% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 10 | $1,780,000 | $178,000 | $3,790 | 3.00% |
| KINGSTON, NY (FHA|USDA|VA) | 6 | $1,690,000 | $281,667 | $5,591 | 3.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $1,680,000 | $280,000 | $10,944 | 3.31% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 7 | $1,515,000 | $216,429 | $1,261 | 2.95% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 7 | $1,375,000 | $196,429 | $6,208 | 3.66% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 6 | $1,280,000 | $213,333 | $5,526 | 3.12% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 4 | $1,240,000 | $310,000 | $3,318 | 3.16% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $6,712 | 3.08% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $3,584 | 3.25% |
| Laconia, NH (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $6,137 | 2.87% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $7,528 | 3.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $8,335 | 3.63% |
| SYRACUSE, NY (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $2,448 | 3.33% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,955 | 2.94% |
| LYNCHBURG, VA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,346 | 4.19% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,905 | 3.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,667 | 2.94% |
| ROCHESTER, NY (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,319 | 3.31% |
| Torrington, CT (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,030 | 2.88% |
| DOVER, DE (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,497 | 3.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,470 | 3.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,746 | 3.06% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $15,331 | 3.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.25% |
| Auburn, NY (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,216 | 3.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,874 | 2.25% |
| READING, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,551 | 3.00% |
| Keene, NH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,649 | 3.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,903 | 2.75% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,987 | 2.50% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,063 | 3.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,192 | 3.38% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,039 | 3.25% |
| Gloversville, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,915 | 3.25% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,238 | 2.63% |
| Oneonta, NY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,157 | 3.13% |
| Olean, NY (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,041 | 2.75% |
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Product Mix
For 2020, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 1,129 originations. Their 2nd most popular type was FHA, with 442 originations.
Loan Reason
For 2020, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Refi, with 954 originations. The 2nd most popular reason was Home Purchase, with 351 originations.
Loan Duration/Length
For 2020, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 1,369 originations. The 2nd most popular length was 15 Year, with 138 originations.
Origination Fees/Closing Costs
Mid-island Mortgage Corp.'s average total fees were $6,809, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,081 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 828 | $305,230,000 | $368,635 |
| 2.5-3% | 657 | $231,475,000 | $352,321 |
| <2.5% | 104 | $37,540,000 | $360,962 |
| 4-5% | 63 | $24,945,000 | $395,952 |
| 5-6% | 2 | $590,000 | $295,000 |
During 2020, Mid-island Mortgage Corp.'s average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 3-4%, with 828 originations.
Loan Sizing
2020 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 918 originations, totaling $283,860,000 in origination value.
Applicant Income
Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 466 originations. The second most popular income band? $50k or less, with 401 originations.
Applicant Debt to Income Ratio
Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 285 originations. The next most common DTI ratio? 30-36%, with 226 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.28%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination83.80%
Mid-island Mortgage Corp. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,654 | $599,780,000 | $362,624 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,654 | $599,780,000 | $362,624 |