M/i Financial Mortgage Rates, Fees & Info

COLUMBUS, OH

LEI: 549300PXL1KA5TOL2O82

Tax ID: 31-1076317

3.2 stars - Updated: 10/29/24 - out of 5 stars, based on 73 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    M/i Financial is a small mortgage company specializing in Home Purchase loans. M/i Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Dallas, Tampa, Columbus, Chicago, and Orlando among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    M/i Financial 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. M/i Financial is typically a high 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.

    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 6.36% 10/29/24
    30 Year Cash-out Refi 6.54% 10/29/24
    30 Year FHA Purchase 7.07% 10/29/24
    30 Year VA Purchase 5.95% 10/29/24
    30 Year USDA Purchase 6.71% 10/29/24
    15 Year Conventional Purchase 5.92% 10/29/24
    15 Year VA Purchase 5.68% 10/29/24
    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.

    M/i Financial Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from M/i Financial. 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

    5,287

    Origination Dollar Volume (All Markets)

    $2,080,075,000
    Show all (36) awards

    Relative Rate

    M/i Financial's average 30 year fixed mortgage rate was 6.19%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.29%.

    Relative Fees (Closing Costs)

    M/i Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $11,818.

    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
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 602 $256,060,000 $425,349 $11,527 6.39%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 442 $200,360,000 $453,303 $13,104 6.04%
    COLUMBUS, OH (FHA|USDA|VA) 435 $178,595,000 $410,563 $9,629 6.38%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 410 $157,300,000 $383,659 $8,940 6.37%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 379 $156,025,000 $411,675 $12,169 6.57%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 410 $144,920,000 $353,463 $12,173 5.96%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 376 $137,650,000 $366,090 $10,760 6.08%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 361 $126,515,000 $350,457 $11,090 6.34%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 270 $124,290,000 $460,333 $16,748 5.95%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 399 $117,835,000 $295,326 $13,204 5.80%
    RALEIGH-CARY, NC (FHA|USDA|VA) 229 $113,315,000 $494,825 $8,340 6.49%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 299 $96,665,000 $323,294 $15,445 5.64%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 219 $91,325,000 $417,009 $11,750 6.21%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 131 $52,795,000 $403,015 $9,607 6.22%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 127 $48,945,000 $385,394 $9,277 6.25%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 67 $26,885,000 $401,269 $10,384 6.14%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 37 $16,665,000 $450,405 $12,452 6.09%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 34 $13,570,000 $399,118 $9,065 6.04%
    ANN ARBOR, MI (FHA|USDA|VA) 38 $13,010,000 $342,368 $9,031 5.77%
    PUNTA GORDA, FL (FHA|USDA|VA) 20 $6,350,000 $317,500 $13,420 5.84%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $545,000 $545,000 $25,897 5.50%
    Outside of Metro Areas 1 $455,000 $455,000 $12,784 5.88%
    M/i Financial's top markets include Dallas, Tampa, Columbus, Chicago, and Orlando among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against M/I FINANCIAL 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
    South Metro Federal Credit Union
    Similarity Rank: 55
    Total Community Credit Union
    Similarity Rank: 94
    St James Mortgage Corporation
    Similarity Rank: 104
    SCIENT Federal Credit Union
    Similarity Rank: 110
    MEMBERFOCUS COMMUNITY
    Similarity Rank: 162
    Dearborn Federal Savings Bank
    Similarity Rank: 184
    MY Credit Union
    Similarity Rank: 225
    AMOCO
    Similarity Rank: 258

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,826 $1,521,790,000 $397,750 $9,974 6.29%
    FHA 973 $349,725,000 $359,430 $16,615 5.96%
    VA 486 $207,960,000 $427,901 $15,018 5.75%
    USDA 2 $600,000 $300,000 $15,018 5.69%

    For 2023, M/i Financial's most frequently originated type of loan was Conventional, with 3,826 originations. Their 2nd most popular type was FHA, with 973 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 5,287 $2,080,075,000 $393,432 $11,669 6.18%

    For 2023, M/i Financial's most frequently cited loan purpose was Home Purchase, with 5,287 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,049 $2,004,025,000 $396,915 $11,818 6.19%
    15 Year 218 $68,950,000 $316,284 $8,482 5.87%
    20 Year 18 $6,900,000 $383,333 $9,194 6.69%
    10 Year 2 $200,000 $100,000 $4,959 5.31%

    For 2023, M/i Financial's most frequently cited loan duration was 30 Year, with 5,049 originations. The 2nd most popular length was 15 Year, with 218 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 3,178 $1,262,270,000 $397,190
    $1k-2k 1,206 $502,460,000 $416,633
    $4k-5k 355 $118,705,000 $334,380
    $3k-4k 263 $91,155,000 $346,597
    $2k-3k 235 $84,775,000 $360,745
    $<1k 27 $10,845,000 $401,667

    M/i Financial's average total fees were $11,818, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3,178 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 2,002 $800,820,000 $400,010
    5-6% 1,810 $714,780,000 $394,906
    7-8% 781 $308,315,000 $394,770
    4-5% 654 $242,800,000 $371,254
    Over 8% 34 $11,870,000 $349,118
    3-4% 6 $1,490,000 $248,333

    During 2023, M/i Financial's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was 6-7%, with 2,002 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 2,676 $848,480,000 $317,070 $11,176 6.15%
    $400k-600k 1,977 $948,735,000 $479,886 $12,748 6.19%
    $600k-1MM 375 $246,075,000 $656,200 $12,934 6.38%
    $100k-200k 217 $33,805,000 $155,783 $7,123 6.09%
    $100,000 or less 42 $2,980,000 $70,952 $4,582 6.13%

    2023 saw M/i Financial place emphasis on $200k-400k loans with 2,676 originations, totaling $848,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,983 $777,505,000 $392,085 $12,204 6.15%
    $150k-250k 1,657 $748,645,000 $451,807 $11,199 6.33%
    $75k-100k 830 $268,450,000 $323,434 $12,156 5.96%
    $250k+ 432 $192,550,000 $445,718 $10,773 6.50%
    $50k-75k 355 $88,245,000 $248,577 $11,185 5.82%
    $50k or less 30 $4,680,000 $156,000 $7,469 5.61%

    M/i Financial lent most frequently to those with incomes in the $100k-150k range, with 1,983 originations. The second most popular income band? $150k-250k, with 1,657 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 845 $334,235,000 $395,544 $10,760 6.18%
    20-30% 727 $265,475,000 $365,165 $10,291 6.18%
    50-60% 588 $225,740,000 $383,912 $15,853 5.98%
    49% 367 $150,345,000 $409,659 $11,378 6.32%
    48% 235 $96,115,000 $409,000 $11,665 6.26%
    45% 231 $96,365,000 $417,165 $11,735 6.28%
    44% 225 $89,955,000 $399,800 $11,203 6.14%
    47% 209 $86,325,000 $413,038 $11,267 6.23%
    46% 200 $79,300,000 $396,500 $11,828 6.28%
    42% 197 $81,125,000 $411,802 $11,360 6.28%
    43% 187 $76,015,000 $406,497 $11,143 6.24%
    41% 182 $73,960,000 $406,374 $11,814 6.27%
    <20% 174 $52,210,000 $300,057 $8,952 6.05%
    39% 172 $71,000,000 $412,791 $11,461 6.17%
    38% 167 $69,255,000 $414,701 $12,028 6.19%
    37% 164 $65,350,000 $398,476 $11,793 6.11%
    40% 163 $64,805,000 $397,577 $12,030 6.13%
    36% 152 $57,680,000 $379,474 $10,133 6.20%
    >60% 63 $29,485,000 $468,016 $16,416 5.92%

    M/i Financial lent most frequently to those with DTI ratios of 30-36%, with 845 originations. The next most common DTI ratio? 20-30%, with 727 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,546 $931,820,000 $365,994 $11,683 6.12%
    Asian 1,199 $525,395,000 $438,194 $10,770 6.32%
    Black 572 $231,270,000 $404,318 $13,563 6.03%
    Not provided 534 $203,080,000 $380,300 $12,211 6.13%
    Asian Indian 333 $149,045,000 $447,583 $10,756 6.45%
    American Indian 43 $16,185,000 $376,395 $11,932 6.10%
    Other Asian 31 $13,235,000 $426,935 $10,556 6.27%
    Chinese 10 $3,650,000 $365,000 $10,901 6.15%
    Filipino 5 $1,945,000 $389,000 $5,791 6.25%
    Native Hawaiian or Islander 5 $1,905,000 $381,000 $17,127 4.98%
    3 $865,000 $288,333 $11,774 5.96%
    Vietnamese 2 $490,000 $245,000 $4,736 6.69%
    Native Hawaiian 1 $445,000 $445,000 $13,551 7.13%
    Korean 1 $305,000 $305,000 $19,088 6.63%
    Guamanian 1 $265,000 $265,000 $19,303 6.75%
    Japanese 1 $175,000 $175,000 $12,743 5.25%

    Approval Rates

    Total approvals of all applications
    97.73%

    M/i Financial 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
    69.13%

    M/i Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,287 $2,080,075,000 $393,432

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,287 $2,080,075,000 $393,432

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 174 $28,610,000 $164,425 $6,266 6.18%
    40-60% 335 $91,885,000 $274,284 $8,081 6.16%
    60-80% 1,269 $488,865,000 $385,236 $10,303 6.35%
    80-100% 3,329 $1,407,845,000 $422,903 $12,533 6.13%
    Over 100% 106 $44,580,000 $420,566 $23,362 5.62%
    Under 20% 34 $2,930,000 $86,176 $5,136 6.31%