Mid-island Mortgage Corp. Rates, Fees & Info

WESTBURY, NY

LEI: 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, Cash Out Refi, and 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 Worcester among others. We have data for 53 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.

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% 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






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

1,447

Origination Dollar Volume (All Markets)

$525,875,000

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

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) 968 $373,630,000 $385,981 $8,010 3.02%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 176 $63,950,000 $363,352 $2,845 3.05%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 96 $34,700,000 $361,458 $7,497 2.98%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 23 $6,955,000 $302,391 $6,477 3.10%
WORCESTER, MA-CT (FHA|USDA|VA) 24 $6,590,000 $274,583 $2,750 3.04%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 12 $4,380,000 $365,000 $5,207 2.92%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 13 $3,815,000 $293,462 $6,995 3.29%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $3,215,000 $292,273 $7,439 3.11%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 11 $2,635,000 $239,545 $4,838 2.96%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 9 $2,155,000 $239,444 $6,203 3.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 6 $1,500,000 $250,000 $6,606 3.25%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $1,480,000 $246,667 $3,146 3.21%
Outside of Metro Areas 7 $1,405,000 $200,714 $4,145 3.07%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $1,285,000 $257,000 $5,592 3.33%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $1,265,000 $421,667 $12,006 2.67%
SPRINGFIELD, MA (FHA|USDA|VA) 6 $1,160,000 $193,333 $3,050 3.17%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 6 $1,150,000 $191,667 $3,311 3.15%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,090,000 $272,500 $1,781 2.41%
KINGSTON, NY (FHA|USDA|VA) 4 $970,000 $242,500 $4,946 3.06%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $855,000 $285,000 $7,546 2.83%
RICHMOND, VA (FHA|USDA|VA) 3 $765,000 $255,000 $5,662 3.17%
ROCHESTER, NY (FHA|USDA|VA) 4 $660,000 $165,000 $2,764 2.91%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $640,000 $320,000 $12,145 2.79%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $620,000 $310,000 $4,217 3.19%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $600,000 $300,000 $6,480 3.38%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 2 $580,000 $290,000 $14,751 3.13%
GLENS FALLS, NY (FHA|USDA|VA) 3 $565,000 $188,333 $3,827 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,177 3.25%
UTICA-ROME, NY (FHA|USDA|VA) 2 $450,000 $225,000 $3,697 3.13%
COLUMBIA, SC (FHA|USDA|VA) 2 $440,000 $220,000 $7,156 2.94%
SYRACUSE, NY (FHA|USDA|VA) 3 $405,000 $135,000 $2,850 2.96%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $380,000 $190,000 $7,455 2.94%
Auburn, NY (FHA|USDA|VA) 2 $380,000 $190,000 $3,317 2.88%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $370,000 $185,000 $6,782 3.69%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $360,000 $180,000 $3,810 2.75%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $325,000 $325,000 $7,590 2.50%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $325,000 $325,000 $8,685 2.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.63%
Lebanon, NH-VT (FHA|USDA|VA) 1 $285,000 $285,000 $2,056 3.38%
Keene, NH (FHA|USDA|VA) 2 $280,000 $140,000 $1,530 2.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $265,000 $265,000 $3,934 3.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $5,352 4.25%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $245,000 $245,000 $3,218 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $235,000 $235,000 $1,961 2.25%
Malone, NY (FHA|USDA|VA) 1 $195,000 $195,000 $4,401 3.13%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $165,000 $165,000 $9,935 3.13%
St. Marys, GA (FHA|USDA|VA) 1 $165,000 $165,000 $7,887 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $155,000 $155,000 $5,527 2.38%
Cortland, NY (FHA|USDA|VA) 1 $145,000 $145,000 $3,004 3.00%
ROANOKE, VA (FHA|USDA|VA) 1 $125,000 $125,000 $4,256 2.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.13%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $115,000 $115,000 $4,186 2.75%
Mid-island Mortgage Corp.'s top markets include New York, Boston, Washington, Poughkeepsie, and Worcester among others.

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

    SOMERSET
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    Homestar Mortgage, Inc.
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    FALL RIVER MUNICIPAL CREDIT UNION
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    LUSO-AMERICAN CREDIT UNION
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    Rhode Island Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,110 $391,060,000 $352,306 $5,622 3.09%
    FHA 288 $113,470,000 $393,993 $11,690 2.85%
    VA 49 $21,345,000 $435,612 $8,698 2.63%

    For 2021, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 1,110 originations. Their 2nd most popular type was FHA, with 288 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 681 $234,655,000 $344,574 $6,397 2.86%
    Cash Out Refi 447 $156,875,000 $350,951 $6,869 3.17%
    Home Purchase 315 $132,805,000 $421,603 $8,278 3.17%
    Home Improvement 3 $1,105,000 $368,333 $7,890 3.83%
    Other 1 $435,000 $435,000 $13,755 3.13%

    For 2021, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Refi, with 681 originations. The 2nd most popular reason was Cash Out Refi, with 447 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,157 $443,755,000 $383,539 $7,587 3.10%
    15 Year 156 $42,980,000 $275,513 $4,198 2.57%
    20 Year 73 $21,335,000 $292,260 $4,533 2.98%
    Other 40 $12,900,000 $322,500 $5,890 2.93%
    10 Year 21 $4,905,000 $233,571 $4,189 2.46%

    For 2021, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 1,157 originations. The 2nd most popular length was 15 Year, with 156 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 765 $268,475,000 $350,948
    $5k+ 238 $106,310,000 $446,681
    $1k-2k 111 $34,675,000 $312,387
    $2k-3k 101 $33,525,000 $331,931
    $3k-4k 93 $30,895,000 $332,204
    $4k-5k 76 $28,170,000 $370,658

    Mid-island Mortgage Corp.'s average total fees were $7,587, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 765 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 625 $240,025,000 $384,040
    2.5-3% 601 $209,905,000 $349,260
    <2.5% 201 $68,135,000 $338,980
    4-5% 20 $7,810,000 $390,500

    During 2021, Mid-island Mortgage Corp.'s average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 3-4%, with 625 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 767 $232,895,000 $303,644 $5,851 3.01%
    $400k-600k 450 $215,390,000 $478,644 $8,636 3.07%
    $100k-200k 142 $22,110,000 $155,704 $3,834 2.94%
    $600k-1MM 77 $54,565,000 $708,636 $15,040 3.11%
    $100,000 or less 11 $915,000 $83,182 $2,960 2.78%

    2021 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 767 originations, totaling $232,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 444 $167,640,000 $377,568 $7,118 3.07%
    $150k-250k 291 $120,885,000 $415,412 $6,911 3.08%
    $75k-100k 257 $82,675,000 $321,693 $6,985 3.11%
    $50k-75k 141 $34,555,000 $245,071 $5,815 3.09%
    $250k+ 63 $29,165,000 $462,937 $6,406 3.01%
    $50k or less 30 $5,400,000 $180,000 $4,757 3.06%

    Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 444 originations. The second most popular income band? $150k-250k, with 291 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 237 $74,125,000 $312,764 $4,928 3.00%
    30-36% 221 $79,625,000 $360,294 $6,206 3.03%
    42% 67 $25,915,000 $386,791 $6,542 3.22%
    44% 57 $20,825,000 $365,351 $7,856 3.19%
    41% 54 $20,970,000 $388,333 $7,562 3.10%
    39% 54 $20,150,000 $373,148 $6,544 3.06%
    40% 53 $19,425,000 $366,509 $6,318 3.05%
    <20% 52 $14,880,000 $286,154 $4,531 2.87%
    38% 52 $19,360,000 $372,308 $6,482 3.15%
    43% 50 $19,120,000 $382,400 $6,145 3.19%
    49% 50 $18,900,000 $378,000 $8,421 3.22%
    48% 44 $14,890,000 $338,409 $6,499 3.07%
    47% 44 $18,640,000 $423,636 $8,600 3.24%
    36% 43 $15,415,000 $358,488 $6,241 3.01%
    46% 41 $16,505,000 $402,561 $8,629 3.18%
    45% 40 $15,080,000 $377,000 $10,449 3.08%
    37% 36 $13,070,000 $363,056 $5,969 3.18%
    50-60% 34 $14,970,000 $440,294 $18,238 3.06%
    >60% 1 $405,000 $405,000 $3,394 2.75%

    Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 237 originations. The next most common DTI ratio? 30-36%, with 221 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 806 $278,740,000 $345,831 $5,521 3.04%
    Not provided 357 $133,365,000 $373,571 $7,946 2.98%
    Black 218 $86,530,000 $396,927 $10,189 3.03%
    Asian 59 $24,225,000 $410,593 $8,378 3.07%
    Native Hawaiian or Islander 4 $1,860,000 $465,000 $13,485 3.04%
    American Indian 2 $820,000 $410,000 $11,327 3.06%
    Asian Indian 1 $335,000 $335,000 $7,228 2.50%

    Approval Rates

    Total approvals of all applications
    92.91%

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

    Pick Rate

    Approvals leading to origination
    85.28%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,447 $525,875,000 $363,424

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,447 $525,875,000 $363,424

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 96 $20,970,000 $218,438 $4,267 2.79%
    40-60% 299 $95,185,000 $318,344 $5,292 2.96%
    60-80% 539 $203,215,000 $377,022 $6,623 3.16%
    80-100% 273 $115,995,000 $424,890 $8,898 3.16%
    Over 100% 10 $4,500,000 $450,000 $29,373 3.24%
    Under 20% 11 $1,855,000 $168,636 $3,726 2.74%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MID-ISLAND MORTGAGE CORP. Conventional home mortgage Incorrect information on your report 1 20.0%
    MID-ISLAND MORTGAGE CORP. Conventional home mortgage Trouble during payment process 3 60.0%
    MID-ISLAND MORTGAGE CORP. Other type of mortgage Closing on a mortgage 1 20.0%