Bank Of Ann Arbor Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300PI8J8CV6B53I58

Tax ID: 38-3252110

5 stars - out of 5 stars, based on 17 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Bank Of Ann Arbor is a smaller bank specializing in 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: Detroit, Ann Arbor, Naples, Austin, and Adrian among others. We have data for 22 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 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 6.35% 3/24/23
    30 Year Conventional Refi 6.56% 3/24/23
    30 Year Cash-out Refi 6.39% 3/24/23
    30 Year FHA Purchase 7.42% 3/24/23
    30 Year VA Purchase 6.60% 3/24/23
    15 Year Conventional Purchase 5.95% 3/24/23
    15 Year Conventional Refi 6.19% 3/24/23
    15 Year Cash-out Refi 6.19% 3/24/23
    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.


    Originations

    299

    Origination Dollar Volume (All Markets)

    $118,735,000
    Show all (5) awards

    Relative Rate

    Bank Of Ann Arbor's average 30 year fixed mortgage rate was 4.91%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    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 $3,759.

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 137 $52,645,000 $384,270 $3,501 4.92%
    ANN ARBOR, MI (FHA|USDA|VA) 98 $41,270,000 $421,122 $3,462 4.72%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $8,935,000 $2,978,333 $15,168 4.92%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 5.50%
    Adrian, MI (FHA|USDA|VA) 24 $2,600,000 $108,333 $4,160 7.01%
    Outside of Metro Areas 7 $1,885,000 $269,286 $3,223 4.50%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,760,000 $440,000 $7,256 4.81%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $5,191 3.75%
    FLINT, MI (FHA|USDA|VA) 6 $980,000 $163,333 $4,711 4.90%
    JACKSON, MI (FHA|USDA|VA) 3 $875,000 $291,667 $3,310 4.83%
    Traverse City, MI (FHA|USDA|VA) 1 $605,000 $605,000 $4,262 5.63%
    Sault Ste. Marie, MI (FHA|USDA|VA) 2 $470,000 $235,000 $2,828 5.31%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $440,000 $220,000 $2,651 4.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $405,000 $405,000 $6,829 5.38%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $385,000 $385,000 $3,891 3.38%
    Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $385,000 $385,000 $3,442 5.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $350,000 $175,000 $3,483 5.19%
    MONROE, MI (FHA|USDA|VA) 1 $295,000 $295,000 $4,792 4.38%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $285,000 $285,000 $2,310 5.00%
    Ludington, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,509 3.88%
    TOLEDO, OH (FHA|USDA|VA) 1 $195,000 $195,000 $3,266 3.88%
    Alma, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    Bank Of Ann Arbor's top markets include Detroit, Ann Arbor, Naples, Austin, and Adrian among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)

    • 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.

    St James Mortgage Corporation
    Similarity Rank: 114
    Polish-American Federal Credit Union
    Similarity Rank: 159
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 658
    Extra
    Similarity Rank: 768
    Zeal Credit Union
    Similarity Rank: 882
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 980
    SECURITY CREDIT UNION
    Similarity Rank: 984
    ADVANTAGE ONE Credit Union
    Similarity Rank: 1160
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 1394

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 287 $116,345,000 $405,383 $3,569 4.98%
    FHA 10 $1,850,000 $185,000 $6,784 5.16%
    VA 2 $540,000 $270,000 $7,391 6.00%

    For 2022, Bank Of Ann Arbor's most frequently originated type of loan was Conventional, with 287 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 192 $73,930,000 $385,052 $4,125 5.31%
    Cash Out Refi 48 $23,070,000 $480,625 $3,014 4.41%
    Refi 37 $9,605,000 $259,595 $2,873 3.87%
    Other 12 $2,270,000 $189,167 $2,479 5.61%
    Home Improvement 10 $9,860,000 $986,000 $2,872 5.34%

    For 2022, Bank Of Ann Arbor's most frequently cited loan purpose was Home Purchase, with 192 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 231 $79,145,000 $342,619 $3,759 4.91%
    5 Year 29 $8,395,000 $289,483 $0 6.79%
    15 Year 18 $5,430,000 $301,667 $3,272 4.10%
    Other 11 $14,785,000 $1,344,091 $5,818 4.84%
    10 Year 5 $2,415,000 $483,000 $2,798 3.50%
    20 Year 3 $1,705,000 $568,333 $3,352 3.17%
    3 Year 1 $6,355,000 $6,355,000 $0 6.50%
    30+ year 1 $505,000 $505,000 $7,944 3.25%

    For 2022, Bank Of Ann Arbor's most frequently cited loan duration was 30 Year, with 231 originations. The 2nd most popular length was 5 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 167 $64,785,000 $387,934
    $1k-2k 34 $7,210,000 $212,059
    $2k-3k 14 $3,540,000 $252,857
    $5k+ 9 $5,035,000 $559,444
    $3k-4k 5 $1,495,000 $299,000
    $4k-5k 4 $1,620,000 $405,000

    Bank Of Ann Arbor's average total fees were $3,759, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 167 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 99 $35,535,000 $358,939
    4-5% 71 $31,835,000 $448,380
    3-4% 70 $29,680,000 $424,000
    6-7% 32 $13,490,000 $421,563
    7-8% 14 $2,230,000 $159,286
    2.5-3% 8 $5,380,000 $672,500
    Over 8% 3 $135,000 $45,000
    <2.5% 2 $450,000 $225,000

    During 2022, Bank Of Ann Arbor's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 5-6%, with 99 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 110 $31,910,000 $290,091 $3,314 4.93%
    $100k-200k 80 $12,640,000 $158,000 $3,094 4.80%
    $400k-600k 40 $18,890,000 $472,250 $4,708 4.85%
    $100,000 or less 35 $2,055,000 $58,714 $2,360 6.34%
    $600k-1MM 20 $14,840,000 $742,000 $5,518 4.35%
    $1MM+ 14 $38,400,000 $2,742,857 $9,247 4.62%

    2022 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 110 originations, totaling $31,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 57 $17,165,000 $301,140 $3,613 4.74%
    $150k-250k 54 $19,770,000 $366,111 $3,992 4.78%
    $250k+ 46 $31,380,000 $682,174 $5,645 4.44%
    $50k-75k 45 $8,375,000 $186,111 $2,923 4.98%
    $75k-100k 38 $8,860,000 $233,158 $3,142 5.06%
    $50k or less 14 $1,670,000 $119,286 $2,782 4.88%

    Bank Of Ann Arbor lent most frequently to those with incomes in the $100k-150k range, with 57 originations. The second most popular income band? $150k-250k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $22,250,000 $370,833 $3,633 4.71%
    30-36% 41 $13,145,000 $320,610 $3,706 4.69%
    <20% 21 $5,875,000 $279,762 $2,992 4.71%
    39% 13 $4,505,000 $346,538 $3,867 5.00%
    43% 13 $3,775,000 $290,385 $3,131 4.59%
    48% 12 $3,140,000 $261,667 $3,913 4.95%
    38% 12 $9,860,000 $821,667 $5,481 4.41%
    42% 11 $2,435,000 $221,364 $3,260 5.26%
    36% 10 $2,400,000 $240,000 $3,830 5.07%
    47% 9 $1,745,000 $193,889 $2,926 4.89%
    37% 9 $3,135,000 $348,333 $3,234 4.88%
    44% 9 $2,795,000 $310,556 $4,394 4.90%
    41% 9 $3,195,000 $355,000 $6,176 4.60%
    40% 8 $2,430,000 $303,750 $2,991 5.16%
    46% 7 $2,465,000 $352,143 $4,272 5.11%
    49% 7 $2,045,000 $292,143 $2,916 5.13%
    45% 6 $1,980,000 $330,000 $3,227 4.52%
    >60% 2 $1,110,000 $555,000 $2,970 3.75%

    Bank Of Ann Arbor lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 194 $62,910,000 $324,278 $3,519 4.83%
    Not applicable 40 $30,450,000 $761,250 $0 6.35%
    Not provided 54 $21,290,000 $394,259 $4,309 4.71%
    Black 7 $2,335,000 $333,571 $5,230 4.46%
    Asian 3 $965,000 $321,667 $3,064 4.17%
    Other Asian 1 $785,000 $785,000 $3,932 4.75%

    Approval Rates

    Total approvals of all applications
    97.43%

    Bank Of Ann Arbor has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.29%

    Bank Of Ann Arbor has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 299 $118,735,000 $397,107

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    299 $118,735,000 $397,107

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $3,920,000 $217,778 $2,481 4.95%
    40-60% 51 $23,815,000 $466,961 $3,354 4.39%
    60-80% 120 $61,010,000 $508,417 $3,874 4.77%
    80-100% 106 $28,060,000 $264,717 $4,013 5.57%
    Under 20% 4 $1,930,000 $482,500 $2,478 4.62%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 7 46.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.7%