Bank Of Ann Arbor Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300PI8J8CV6B53I58

Tax ID: 38-3252110

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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, Flint, Traverse City, and Hillsdale 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 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%	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™ 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

287

Origination Dollar Volume (All Markets)

$80,595,000

Employee count

216

Awards

Bank of Ann Arbor 30 Year Conventional Loans bronze

Show all (2) 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
ANN ARBOR, MI (FHA\|USDA\|VA)	174	$45,220,000	$259,885	$2,908	4.54%
Detroit-Warren-Dearborn, MI (FHA\|USDA\|VA)	69	$21,015,000	$304,565	$3,436	4.61%
FLINT, MI (FHA\|USDA\|VA)	5	$4,425,000	$885,000	$4,454	4.78%
Traverse City, MI (FHA\|USDA\|VA)	7	$2,835,000	$405,000	$2,667	4.38%
Outside of Metro Areas	7	$1,695,000	$242,143	$3,919	4.43%
Hillsdale, MI (FHA\|USDA\|VA)	5	$1,375,000	$275,000	$2,070	5.18%
Adrian, MI (FHA\|USDA\|VA)	5	$645,000	$129,000	$4,386	5.00%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	2	$600,000	$300,000	$3,906	4.38%
MONROE, MI (FHA\|USDA\|VA)	2	$490,000	$245,000	$2,606	4.63%
COLUMBUS, OH (FHA\|USDA\|VA)	1	$365,000	$365,000	$3,226	4.38%
NEW ORLEANS-METAIRIE, LA (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,877	5.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	2	$300,000	$150,000	$5,162	5.18%
JACKSON, MI (FHA\|USDA\|VA)	2	$300,000	$150,000	$2,359	4.19%
URBAN HONOLULU, HI (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,296	4.50%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	1	$255,000	$255,000	$1,931	4.63%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,839	4.38%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,287	4.63%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	1	$145,000	$145,000	$2,406	4.50%

Bank Of Ann Arbor's top markets include Ann Arbor, Detroit, Flint, Traverse City, and Hillsdale among others.

Their top states include:

Michigan (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Ohio (FHA|USDA|VA)

Louisiana (FHA|USDA|VA)

Illinois (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.

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ELGA CREDIT UNION
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	278	$78,950,000	$283,993	$3,010	4.58%
FHA	9	$1,645,000	$182,778	$5,874	4.44%

For 2018, Bank Of Ann Arbor's most frequently originated type of loan was Conventional, with 278 originations. Their 2nd most popular type was FHA, with 9 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	204	$55,870,000	$273,873	$3,087	4.59%
Cash Out Refi	47	$13,865,000	$295,000	$3,244	4.61%
Refi	36	$10,860,000	$301,667	$3,016	4.51%

For 2018, Bank Of Ann Arbor's most frequently cited loan purpose was Home Purchase, with 204 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	238	$64,910,000	$272,731	$3,233	4.60%
15 Year	27	$5,995,000	$222,037	$2,384	4.09%
20 Year	9	$2,175,000	$241,667	$2,242	4.44%
5 Year	6	$1,920,000	$320,000	$403	5.49%
Other	6	$5,280,000	$880,000	$0	5.56%
10 Year	1	$315,000	$315,000	$2,214	3.75%

For 2018, Bank Of Ann Arbor's most frequently cited loan duration was 30 Year, with 238 originations. The 2nd most popular length was 15 Year, with 27 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	220	$54,440,000	$247,455
$1k-2k	21	$4,095,000	$195,000
$2k-3k	13	$3,085,000	$237,308
$5k+	9	$7,695,000	$855,000
$3k-4k	8	$2,090,000	$261,250
$4k-5k	3	$1,525,000	$508,333

Bank Of Ann Arbor's average total fees were $3,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 220 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	233	$63,615,000	$273,026
5-6%	29	$11,115,000	$383,276
3-4%	25	$5,865,000	$234,600

During 2018, Bank Of Ann Arbor's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 4-5%, with 233 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	132	$37,420,000	$283,485	$3,005	4.55%
$100k-200k	97	$14,545,000	$149,948	$2,712	4.53%
$400k-600k	26	$11,910,000	$458,077	$3,548	4.68%
$100,000 or less	16	$1,260,000	$78,750	$2,024	4.79%
$600k-1MM	12	$8,560,000	$713,333	$6,308	4.68%
$1MM+	4	$6,900,000	$1,725,000	$10,066	4.94%

2018 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 132 originations, totaling $37,420,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	63	$19,065,000	$302,619	$2,940	4.54%
$50k-75k	52	$8,890,000	$170,962	$2,856	4.46%
$100k-150k	50	$12,930,000	$258,600	$2,892	4.53%
$75k-100k	45	$8,905,000	$197,889	$2,783	4.61%
$250k+	42	$20,190,000	$480,714	$4,498	4.55%
$50k or less	18	$2,350,000	$130,556	$2,924	4.66%

Bank Of Ann Arbor lent most frequently to those with incomes in the $150k-250k range, with 63 originations. The second most popular income band? $50k-75k, with 52 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	68	$18,850,000	$277,206	$3,039	4.44%
30-36%	50	$13,530,000	$270,600	$3,093	4.54%
<20%	33	$9,985,000	$302,576	$3,290	4.54%
37%	15	$4,145,000	$276,333	$3,076	4.55%
42%	14	$4,800,000	$342,857	$3,258	4.59%
41%	11	$2,665,000	$242,273	$3,156	4.53%
40%	10	$2,120,000	$212,000	$2,603	4.52%
44%	9	$1,985,000	$220,556	$3,978	4.61%
39%	9	$2,465,000	$273,889	$3,232	4.47%
38%	7	$1,325,000	$189,286	$2,170	4.52%
43%	7	$1,685,000	$240,714	$4,117	4.75%
36%	6	$1,220,000	$203,333	$2,532	4.85%
49%	6	$1,550,000	$258,333	$2,999	4.61%
47%	6	$1,830,000	$305,000	$3,241	4.83%
45%	5	$1,125,000	$225,000	$3,551	4.45%
46%	5	$1,005,000	$201,000	$2,232	4.63%
48%	5	$1,175,000	$235,000	$3,132	4.85%
50-60%	2	$460,000	$230,000	$5,966	4.19%
>60%	1	$55,000	$55,000	$1,758	4.38%

Bank Of Ann Arbor lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 50 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	238	$63,420,000	$266,471	$3,139	4.56%
Not applicable	10	$6,760,000	$676,000	$0	5.65%
Not provided	24	$5,940,000	$247,500	$3,080	4.34%
Asian	10	$3,150,000	$315,000	$2,641	4.45%
Asian Indian	2	$560,000	$280,000	$2,500	4.13%
Black	2	$460,000	$230,000	$2,300	5.06%
American Indian	1	$305,000	$305,000	$2,740	4.70%

Approval Rates

Total approvals of all applications
95.26%

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
84.32%

Bank Of Ann Arbor has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	287	$80,595,000	$280,819

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	5	$5,545,000	$1,109,000
Single Family (1-4 Units):Site-Built	282	$75,050,000	$266,135

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	14	$2,850,000	$203,571	$2,783	4.42%
40-60%	33	$11,565,000	$350,455	$2,714	4.73%
60-80%	127	$38,445,000	$302,717	$3,221	4.58%
80-100%	111	$27,535,000	$248,063	$3,157	4.57%
Under 20%	2	$200,000	$100,000	$259	4.31%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
BANK OF THE WEST	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	4	14.8%
BANK OF THE WEST	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	3.7%
BANK OF THE WEST	Other type of mortgage	Trouble during payment process	3	11.1%
BANK OF THE WEST	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	3.7%
BANK OF THE WEST	Home equity loan or line of credit (HELOC)	Trouble during payment process	5	18.5%
BANK OF THE WEST	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	1	3.7%
BANK OF THE WEST	Home equity loan or line of credit (HELOC)	Incorrect information on your report	2	7.4%
BANK OF THE WEST	Home equity loan or line of credit (HELOC)	Closing on a mortgage	1	3.7%
BANK OF THE WEST	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	4	14.8%
BANK OF THE WEST	FHA mortgage	Closing on a mortgage	1	3.7%
BANK OF THE WEST	Conventional home mortgage	Trouble during payment process	1	3.7%
BANK OF THE WEST	Conventional home mortgage	Struggling to pay mortgage	1	3.7%
BANK OF THE WEST	Conventional home mortgage	Closing on a mortgage	2	7.4%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Bank of Ann Arbor	125 South Fifth Avenue Ann Arbor, MI 48107	Full Service B&M	$623,971
Bank of Ann Arbor	1333 West Ann Arbor Road Plymouth, MI 48170	Full Service B&M	$105,395
Bank of Ann Arbor	179 East Michigan Avenue Saline, MI 48176	Full Service B&M	$25,064
Bank of Ann Arbor	2204 West Stadium Boulevard Ann Arbor, MI 48103	Full Service B&M	$122,533
Bank of Ann Arbor	2601 Plymouth Road Ann Arbor, MI 48105	Full Service B&M	$64,467
Bank of Ann Arbor	33583 Woodward Avenue Birmingham, MI 48009	Full Service B&M	$205,626
Bank of Ann Arbor	7 West Michigan Avenue Ypsilanti, MI 48197	Full Service B&M	$50,201
Bank of Ann Arbor	801 West Ellsworth Road Ann Arbor, MI 48108	Full Service B&M	$117,564

For 2018, Bank Of Ann Arbor had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$74,490
Net interest income	$68,411
Total noninterest income	$14,083
Gross Fiduciary activities income	$7,061
Service charges on deposit accounts	$751
Trading account gains and fees	$0
Additional Noninterest Income	$6,271
Pre-tax net operating income	$37,940
Securities gains (or losses, -)	$0
Income before extraordinary items	$30,711
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$30,711
Minority interest net income	$0
Net income	$30,711
Sale, conversion, retirement of capital stock, net	$656
Net operating income	$30,711

Bank Of Ann Arbor's gross interest income from loans was $74,490,000.
Bank Of Ann Arbor's net interest income from loans was $68,411,000.
Bank Of Ann Arbor's fee based income from loans was $751,000.
Bank Of Ann Arbor's net income from loans was $30,711,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$6,079
Provision for credit losses	$2,814
Total noninterest expense	$41,740
Salaries and employee benefits	$26,791
Premises and equipment expense	$3,931
Additional noninterest expense	$11,018
Applicable income taxes	$7,229
Net charge-offs	$2,102
Cash dividends	$6,600

Bank Of Ann Arbor's interest expense for loans was $6,079,000.
Bank Of Ann Arbor's payroll and benefits expense were $26,791,000.
Bank Of Ann Arbor's property, plant and equipment expenses $3,931,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,381,854
Deposits held in domestic offices	$1,381,854
Deposits by Individuals, partnerships, and corporations	$1,257,004
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$123,883
Deposits by Commercial banks and other depository institutions in U.S.	$967
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$155,480
Demand deposits	$111,431
Nontransaction accounts	$1,226,374
Money market deposit accounts (MMDAs)	$252,506
Other savings deposits (excluding MMDAs)	$855,214
Total time deposits	$118,654
Total time and savings deposits	$1,270,423
Noninterest-bearing deposits	$155,480
Interest-bearing deposits	$1,226,374
Retail deposits	$1,262,316
IRAs and Keogh plan accounts	$7,738
Brokered deposits	$80,270
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,686,849
Cash & Balances due from depository institutions	$213,973
Interest-bearing balances	$179,470
Total securities	$104,076
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,290,217
Loan and leases loss allowance	$18,480
Trading account assets	$0
Bank premises and fixed assets	$19,610
Other real estate owned	$553
Goodwill and other intangibles	$16,018
All other assets	$42,402

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,686,849
Total Liabilities	$1,506,207
Total deposits	$1,381,854
Interest-bearing deposits	$1,226,374
Deposits held in domestic offices	$1,381,854
% insured (estimated)	$52
Federal funds purchased and repurchase agreements	$21,990
Trading liabilities	$0
Other borrowed funds	$90,000
Subordinated debt	$0
All other liabilities	$12,363

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,290,217
Loan and leases loss allowance	$18,480
Total loans and leases (domestic)	$1,308,697
All real estate loans	$886,510
Real estate loans in domestic offices	$886,510
Construction and development loans	$66,938
Residential 1-4 family construction	$64,897
Other construction, all land development and other land	$2,041
Loans secured by nonfarm nonresidential properties	$622,002
Nonfarm nonresidential secured by owner-occupied properties	$264,599
Commercial real estate & other non-farm, non-residential	$357,403
Multifamily residential real estate	$50,061
1-4 family residential loans	$146,970
Farmland loans	$539
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$219,077
To non-U.S. addressees	$0
Loans to individuals	$15,974
Credit card loans	$1,461
Related Plans	$2,734
Consumer Auto Loans	$458
Other loans to individuals	$11,321
All other loans & leases	$187,136
Loans to foreign governments and official institutions	$0
Other loans	$5,343
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$12,964
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Bank of Ann Arbor had $1,290,217,000 of loans outstanding in 2018. $886,510,000 of loans were in real estate loans. $66,938,000 of loans were in development loans. $50,061,000 of loans were in multifamily mortgage loans. $146,970,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $1,461,000 of loans were in credit card loans. $458,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	509	$152,265	$299,145
Nonfarm, nonresidential loans - <$100k	29	$1,571	$54,172
Nonfarm, nonresidential loans - $100-250k	134	$12,837	$95,799
Nonfarm, nonresidential loans - $250k-1MM	346	$137,857	$398,431
Commercial & Industrial, US addressed loans - <$1MM	518	$97,094	$187,440
Commercial & Industrial, US addressed loans - <$100k	188	$10,755	$57,207
Commercial & Industrial, US addressed loans - $100-250k	147	$18,918	$128,694
Commercial & Industrial, US addressed loans - $250k-1MM	183	$67,421	$368,421