Bank Of Ann Arbor Mortgage Rates, Fees & InfoAnn Arbor, MI
Tax ID: 38-3252110
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewBank 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.
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|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.|
Origination Dollar Volume (All Markets)$118,735,000
Bank Of Ann Arbor's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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.
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|
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.
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.
2022 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 110 originations, totaling $31,910,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Bank Of Ann Arbor has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Bank Of Ann Arbor has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|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%|