Bank Of Ann Arbor Mortgage Rates, Fees & Info
Ann Arbor, MILEI: 549300PI8J8CV6B53I58
Tax ID: 38-3252110
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Mortgage Data
Review & Overview
Bank Of Ann Arbor is a smaller bank specializing in Home Purchase loans. Bank Of Ann Arbor has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Ann Arbor, Detroit, Lansing, Monroe, and Miami among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Of Ann Arbor 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. Bank Of Ann Arbor is typically a low 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 relatively high 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 | 6.35% | 11/17/24 |
| 30 Year Conventional Refi | 6.56% | 11/17/24 |
| 30 Year Cash-out Refi | 6.39% | 11/17/24 |
| 30 Year FHA Purchase | 7.42% | 11/17/24 |
| 30 Year VA Purchase | 6.60% | 11/17/24 |
| 15 Year Conventional Purchase | 5.95% | 11/17/24 |
| 15 Year Conventional Refi | 6.19% | 11/17/24 |
| 15 Year Cash-out Refi | 6.19% | 11/17/24 |
| 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. | ||
Bank Of Ann Arbor Mortgage Calculator
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This is not an official calculator from Bank Of Ann Arbor. 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
152Origination Dollar Volume (All Markets)
$73,640,000Awards
Bank of Ann Arbor - 2023
Bank of Ann Arbor is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Bank Of Ann Arbor's average 30 year fixed mortgage rate was
6.33%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.15%.
Relative Fees (Closing Costs)
Bank Of Ann Arbor's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,773.
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 $9,089.
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 |
|---|---|---|---|---|---|
| ANN ARBOR, MI (FHA|USDA|VA) | 72 | $35,320,000 | $490,556 | $3,886 | 6.32% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 55 | $21,035,000 | $382,455 | $3,745 | 6.49% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $8,600,000 | $4,300,000 | $2,777 | 7.31% |
| MONROE, MI (FHA|USDA|VA) | 1 | $2,625,000 | $2,625,000 | $0 | 6.25% |
| Outside of Metro Areas | 7 | $1,605,000 | $229,286 | $3,376 | 6.57% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $3,594 | 5.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $5,063 | 6.50% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $5,497 | 5.50% |
| FLINT, MI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $2,947 | 5.88% |
| Adrian, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,474 | 6.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $5,374 | 6.13% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,969 | 6.13% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,799 | 6.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,183 | 6.50% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,763 | 6.75% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,406 | 5.50% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,732 | 5.50% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,296 | 7.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank of Ann Arbor based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 15
Similarity Rank: 45
Similarity Rank: 94
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Similarity Rank: 162
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Similarity Rank: 450
Similarity Rank: 537
Similarity Rank: 575
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 147 | $71,865,000 | $488,878 | $3,593 | 6.39% |
| FHA | 4 | $1,160,000 | $290,000 | $9,413 | 6.25% |
| VA | 1 | $615,000 | $615,000 | $3,813 | 6.88% |
For 2023, Bank Of Ann Arbor's most frequently originated type of loan was Conventional, with 147 originations. Their 2nd most popular type was FHA, with 4 originations.
Loan Reason
For 2023, Bank Of Ann Arbor's most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
Loan Duration/Length
For 2023, Bank Of Ann Arbor's most frequently cited loan duration was 30 Year, with 140 originations. The 2nd most popular length was 5 Year, with 7 originations.
Origination Fees/Closing Costs
Bank Of Ann Arbor's average total fees were $3,773, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 105 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 82 | $31,690,000 | $386,463 |
| 5-6% | 49 | $23,435,000 | $478,265 |
| 7-8% | 16 | $16,630,000 | $1,039,375 |
| Over 8% | 4 | $1,120,000 | $280,000 |
| 4-5% | 1 | $765,000 | $765,000 |
During 2023, Bank Of Ann Arbor's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was 6-7%, with 82 originations.
Loan Sizing
2023 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 67 originations, totaling $19,655,000 in origination value.
Applicant Income
Bank Of Ann Arbor lent most frequently to those with incomes in the $250k+ range, with 38 originations. The second most popular income band? $100k-150k, with 34 originations.
Applicant Debt to Income Ratio
Bank Of Ann Arbor lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.18%
Bank Of Ann Arbor has an average approval rate.
Pick Rate
Approvals leading to origination87.50%
Bank Of Ann Arbor has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 152 | $73,640,000 | $484,474 |