Bank Of Ann Arbor Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300PI8J8CV6B53I58

Tax ID: 38-3252110

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 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 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.

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    Originations

    152

    Origination Dollar Volume (All Markets)

    $73,640,000
    Show all (5) 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) 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%
    Bank Of Ann Arbor's top markets include Ann Arbor, Detroit, Lansing, Monroe, and Miami among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Tennessee (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.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    Polish-American Federal Credit Union
    Similarity Rank: 45
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    FINANCIAL PLUS CREDIT UNION
    Similarity Rank: 312
    SECURITY CREDIT UNION
    Similarity Rank: 450
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 537
    MICHIGAN SCHOOLS AND GOVERNMENT
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 120 $56,930,000 $474,417 $3,878 6.41%
    Cash Out Refi 14 $5,980,000 $427,143 $3,317 6.15%
    Refi 12 $5,750,000 $479,167 $3,041 6.37%
    Other 4 $1,400,000 $350,000 $3,651 6.34%
    Home Improvement 2 $3,580,000 $1,790,000 $0 6.88%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 140 $50,070,000 $357,643 $3,773 6.33%
    5 Year 7 $17,195,000 $2,456,429 $0 7.04%
    Other 4 $6,240,000 $1,560,000 $0 6.95%
    15 Year 1 $135,000 $135,000 $0 6.88%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 105 $40,075,000 $381,667
    $1k-2k 11 $3,275,000 $297,727
    $2k-3k 6 $1,210,000 $201,667
    $4k-5k 6 $2,330,000 $388,333
    $3k-4k 3 $915,000 $305,000
    $5k+ 1 $495,000 $495,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 67 $19,655,000 $293,358 $3,715 6.51%
    $100k-200k 38 $5,760,000 $151,579 $3,026 6.47%
    $400k-600k 17 $8,295,000 $487,941 $5,032 6.07%
    $1MM+ 15 $30,785,000 $2,052,333 $5,064 6.46%
    $600k-1MM 12 $8,970,000 $747,500 $3,870 5.76%
    $100,000 or less 3 $175,000 $58,333 $2,682 6.58%

    2023 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 67 originations, totaling $19,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 38 $21,570,000 $567,632 $4,192 6.24%
    $100k-150k 34 $8,970,000 $263,824 $3,608 6.51%
    $150k-250k 31 $11,905,000 $384,032 $4,218 6.32%
    $75k-100k 18 $3,920,000 $217,778 $3,414 6.16%
    $50k-75k 12 $2,100,000 $175,000 $3,223 6.59%
    $50k or less 3 $355,000 $118,333 $2,398 6.33%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 33 $14,405,000 $436,515 $4,195 6.11%
    20-30% 31 $9,315,000 $300,484 $3,609 6.39%
    <20% 11 $3,435,000 $312,273 $3,794 6.42%
    40% 10 $4,650,000 $465,000 $3,680 6.44%
    42% 9 $2,055,000 $228,333 $3,044 6.83%
    37% 8 $2,820,000 $352,500 $3,606 6.66%
    39% 8 $3,740,000 $467,500 $3,455 6.17%
    36% 7 $1,515,000 $216,429 $3,683 6.77%
    45% 5 $1,875,000 $375,000 $3,084 5.93%
    41% 4 $960,000 $240,000 $3,421 6.44%
    38% 4 $2,050,000 $512,500 $3,530 6.34%
    44% 3 $1,005,000 $335,000 $3,661 5.75%
    43% 3 $815,000 $271,667 $4,487 5.75%
    47% 2 $530,000 $265,000 $2,795 5.81%
    48% 1 $455,000 $455,000 $11,512 6.50%
    49% 1 $375,000 $375,000 $3,474 7.88%
    >60% 1 $205,000 $205,000 $3,899 6.13%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 105 $37,215,000 $354,429 $3,588 6.32%
    Not applicable 11 $23,435,000 $2,130,455 $0 7.01%
    Not provided 34 $12,550,000 $369,118 $4,104 6.35%
    American Indian 1 $275,000 $275,000 $11,405 5.88%
    Black 1 $165,000 $165,000 $2,947 7.88%

    Approval Rates

    Total approvals of all applications
    94.18%

    Bank Of Ann Arbor has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    152 $73,640,000 $484,474

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,310,000 $163,750 $2,826 5.92%
    40-60% 20 $9,700,000 $485,000 $3,084 6.17%
    60-80% 63 $38,755,000 $615,159 $3,776 6.52%
    80-100% 59 $23,615,000 $400,254 $4,055 6.39%
    Under 20% 2 $260,000 $130,000 $3,899 6.18%